Alternative Investments

Form 424B2 CREDIT SUISSE AG


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Pricing Supplement No. F1909

To Product Supplement No. I-A dated
June 18, 2020,

Prospectus Supplement dated June 18,
2020 and

Prospectus dated June 18, 2020

Filed Pursuant
to Rule 424(b)(2)

Registration Statement
No. 333-238458-02

December
6, 2021

$3,640,000

Contingent Coupon Autocallable
Reverse Convertible Securities due December 9, 2022

Linked to the Performance of
the Common Stock of Valero Energy Corporation

· The securities do not guarantee any return of principal or delivery of securities at maturity
and do not provide for the regular payment of interest.
If these securities have not been previously automatically redeemed, and if a Coupon Barrier Event has not occurred on an Observation
Date, we will pay a contingent coupon on the immediately following Contingent Coupon Payment Date in an
amount of $40 (equivalent to approximately 16.00% per annum) per $1,000 principal amount of securities. However, if a Coupon Barrier Event
has occurred on an Observation Date, no contingent coupon will be paid with respect to that Observation Date. Contingent coupons should
not be viewed as ordinary periodic interest payments.
If an Autocall Event has occurred, the securities will be automatically redeemed and you will receive a cash payment equal to the
principal amount of the securities you hold and the contingent coupon payable on the immediately following Contingent Coupon Payment Date.
No further payments will be made following an Automatic Redemption.
Investors should be willing to (i) forgo dividends and the potential to participate in any
appreciation of the Underlying, (ii) accept the risks of owning equities in general and the Underlying in particular and (iii) if a Knock-In
Event has occurred, lose some or all of their investment, excluding contingent coupons on the securities, if any.
Senior unsecured obligations of Credit Suisse maturing December 9, 2022. Any payment or delivery on the securities is subject to our
ability to meet our obligations as they become due.
Minimum purchase of $1,000. Minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.
The offering price for the securities was determined on December 6, 2021 (the “Trade Date”), and the securities are expected
to settle on December 9, 2021 (the “Settlement Date”). Delivery of the securities in book-entry form only will be made through
The Depository Trust Company.
· The securities will not be listed on any exchange.

Investing in the securities involves a number of risks. See
“Selected Risk Considerations” beginning on page 9 of this pricing supplement and “Risk Factors” beginning on
page PS-3 of any accompanying product supplement.

Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of the securities or passed upon the accuracy or the adequacy of this pricing supplement or any
accompanying product supplement, the prospectus supplement and the prospectus. Any representation to the contrary is a criminal offense.

   Price to Public Underwriting Discounts and Commissions(1) Proceeds to Issuer
Per security $1,000 $12.50 $987.50
Total $3,640,000 $45,500 $3,594,500

(1)
Citigroup Global Markets Inc., which we refer to as CGMI, will act as placement agent for the securities. CGMI will receive discounts
and commissions from Credit Suisse or one of our affiliates of $12.50 per $1,000 principal amount of securities.

For more information, see “Supplemental
Plan of Distribution” in this pricing supplement.

Credit Suisse currently estimates the value of each $1,000 principal
amount of the securities on the Trade Date is $982.40 (as determined by reference to our pricing models and the rate we are currently
paying to borrow funds through issuance of the securities (our “internal funding rate”)). See “Selected Risk Considerations”
in this pricing supplement.

The securities are not deposit liabilities and are not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency of the United States, Switzerland or any other
jurisdiction.

Citigroup

December 6, 2021

 

 

Key Terms

 

 

Issuer

Credit Suisse AG (“Credit Suisse”), acting
through its London branch

 

Reference Share Issuer

The issuer of the Underlying.

 

Underlying

The securities are linked to the performance of the Underlying
set forth in the table below. The Underlying, ticker symbol, Initial Level, Knock-In Level, Coupon Barrier Level and Autocall Level are
set forth in the table below. For additional information on the Underlying, see “The Underlying” herein.

 

Underlying Ticker Initial Level Knock-In Level Coupon Barrier Level Autocall Level
Common stock of Valero Energy Corporation VLO UN <Equity> $70.41 $49.287 (70% of Initial Level) $49.287 (70% of Initial Level)  $70.41 (100% of Initial Level)

 

Contingent Coupons

If these securities have
not been previously automatically redeemed and if a Coupon Barrier Event has not occurred on an Observation Date, we will pay the Contingent
Coupon Amount on the immediately following Contingent Coupon Payment Date. However, if a Coupon Barrier Event has occurred on an Observation
Date, no contingent coupon will be paid with respect to that Observation Date. If any Contingent Coupon Payment Date is not a business
day, the contingent coupon will be payable on the first following business day, unless that business day falls in the next calendar month,
in which case payment will be made on the first preceding business day. The amount of any contingent coupon will not be adjusted with
respect to any postponement of a Contingent Coupon Payment Date and no interest or other payment will be payable hereon because of any
such postponement of a Contingent Coupon Payment Date. No contingent coupons will be payable following an Automatic Redemption. Contingent
coupons, if any, will be payable on the applicable Contingent Coupon Payment Date to the holder of record at the close of business on
the business day immediately preceding the applicable Contingent Coupon Payment Date, provided that the contingent coupon payable on the
Automatic Redemption Date or Maturity Date, as applicable, will be payable to the person to whom the Automatic Redemption Amount or the
Redemption Amount, as applicable, is payable.

 

Contingent Coupon Amount

$40 (equivalent to approximately
16.00% per annum) per $1,000 principal amount of securities.

 

Coupon Barrier Event

A Coupon Barrier Event
will occur if, on any Observation Date, the closing level of the Underlying on such Observation Date is less than the Coupon Barrier Level.

 

Redemption Amount

If these securities
have not been previously automatically redeemed, at maturity, the Redemption Amount you will receive will depend on the performance of
the Underlying and whether a Knock-In Event has occurred. For each $1,000 principal amount of securities, the Redemption Amount consisting
of cash or shares we will pay or deliver will be determined as follows:

· If a Knock-In Event has not occurred, a cash payment equal to $1,000. Therefore, you will
not participate in any appreciation of the Underlying.
· If a Knock-In Event has occurred, a number of shares of the Underlying equal to the Physical Delivery
Amount, plus a cash amount in respect of any fractional share, subject to our election to pay cash instead of delivering the Physical
Delivery Amount as described below under “Physical Delivery

 

Contingent Coupon Autocallable Reverse Convertible Securities 2

 

Amount.”
The value of the shares or cash as of the Valuation Date will be less than $700 per
$1,000 principal amount of securities. You could lose your entire investment.

Any payment or delivery
on the securities is subject to our ability to meet our obligations as they become due.

 

Physical Delivery Amount

The Physical Delivery
Amount per $1,000 principal amount of securities is a number of shares of the Underlying rounded down to the nearest whole number equal
to the product of (i) $1,000 divided by the Initial Level and (ii) the share adjustment factor. The share adjustment factor is initially
set equal to 1.0 on the Trade Date, subject to adjustment as described under “Description of the Securities—Adjustments”
in the relevant product supplement. In lieu of any fractional shares in respect of the Physical Delivery Amount we will pay a cash amount
equal to such fractional share multiplied by the Final Level. If the fractional share amount to be paid in cash is a de minimis amount,
as determined by the calculation agent, the holder will not receive such amount. If the Physical Delivery Amount is less than one share,
the Redemption Amount will be paid in cash. The Physical Delivery Amount (together with any cash amount paid in lieu of fractional shares)
will be determined for each $1,000 principal amount of securities you hold. At our election, you may receive cash instead of the Physical
Delivery Amount, in an amount equal to the product of (i) $1,000 divided by the Initial Level and (ii) the Final Level. If we exercise
our option to deliver cash, we will give notice of our election at least one business day before the Valuation Date.

 

Automatic Redemption

If an Autocall Event
has occurred, the securities will be automatically redeemed and you will receive a cash payment equal to $1,000 for each $1,000 principal
amount of the securities (the “Automatic Redemption Amount”) and the contingent coupon payable, if any, on the immediately
following Contingent Coupon Payment Date. No further payments will be made following an Automatic Redemption. Payment will be made with
respect to such Automatic Redemption on the Contingent Coupon Payment Date immediately following the relevant Autocall Observation Date
(the “Automatic Redemption Date”). Any payment or delivery on the securities is subject to our ability to meet our obligations
as they become due.

 

Autocall Event

An Autocall Event will
occur if, on any Autocall Observation Date, the closing level of the Underlying on such Autocall Observation Date is equal to or greater
than the Autocall Level.

 

Knock-In Event

A Knock-In Event will
occur if the Final Level is less than the Knock-In Level.

 

Initial Level

The closing level of
the Underlying on the Trade Date, as set forth in the table above.

 

Final Level

The closing level of
the Underlying on the Valuation Date.

 

Trade Date December 6, 2021  
Settlement Date Expected to be December 9, 2021  
Valuation Date December 6, 2022 Subject to postponement as set forth in any accompanying product supplement under “Description of the Securities—Postponement of calculation dates.”
Maturity Date December 9, 2022 Subject to postponement as set forth in any accompanying product supplement under “Description of the Securities—Postponement of calculation dates.” If the Maturity Date is not a business day, the Redemption Amount will be payable on the

 

Contingent Coupon Autocallable Reverse Convertible Securities 3

 

    first following business day, unless that business day falls in the next calendar month, in which case payment will be made on the first preceding business day.

 

Events of Default

With respect to these
securities, the first bullet of the first sentence of “Description of Debt Securities—Events of Default” in the accompanying
prospectus is amended to read in its entirety as follows:

 

· a default in payment of the principal or any premium on any debt security of that series when due,
and such default continues for 30 days;

 

CUSIP

22550MYF0

 

Key Dates

Each Observation Date, Autocall Observation Date and Contingent
Coupon Payment Date is set forth in the table below. The Key Dates are subject to postponement as set forth in any accompanying product
supplement under “Description of the Securities—Postponement of calculation dates.”

 

Observation Dates

Autocall Observation Dates

Contingent Coupon Payment Dates
March 4, 2022 March 4, 2022 March 9, 2022
June 6, 2022 June 6, 2022 June 9, 2022
September 6, 2022 September 6, 2022 September 9, 2022
Valuation Date   Maturity Date

 

Contingent Coupon Autocallable Reverse Convertible Securities 4

 

Additional Terms Specific to the Securities

 

 

You should read this pricing supplement together with the
product supplement dated June 18, 2020, the prospectus supplement dated June 18, 2020 and the prospectus dated June 18, 2020, relating
to our Medium-Term Notes of which these securities are a part. You may access these documents on the SEC website at www.sec.gov as follows
(or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

 

•    Product Supplement No. I-A dated June 18, 2020:

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

 

•    Prospectus Supplement and Prospectus dated June
18, 2020:

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

 

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

 

For purposes of any accompanying product supplement, an
“Autocall Observation Date” is a “calculation date.”

 

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

 

This pricing supplement, together with the documents listed
above, contains the terms of the securities and supersedes all other prior or contemporaneous oral statements as well as any other written
materials including preliminary or indicative pricing terms, fact sheets, correspondence, trade ideas, structures for implementation,
sample structures, brochures or other educational materials of ours. We may, without the consent of the registered holder of the securities
and the owner of any beneficial interest in the securities, amend the securities to conform to its terms as set forth in this pricing
supplement and the documents listed above, and the trustee is authorized to enter into any such amendment without any such consent. You
should carefully consider, among other things, the matters set forth in “Selected Risk Considerations” in this pricing supplement
and “Risk Factors” in any accompanying product supplement, “Foreign Currency Risks” in the accompanying prospectus,
and any risk factors we describe in the combined Annual Report on Form 20-F of Credit Suisse Group AG and us incorporated by reference
therein, and any additional risk factors we describe in future filings we make with the SEC under the Securities Exchange Act of 1934,
as amended, as the securities involve risks not associated with conventional debt securities. You should consult your investment, legal,
tax, accounting and other advisors before deciding to invest in the securities.

 

Contingent Coupon Autocallable Reverse Convertible Securities 5

 

Hypothetical Redemption Amounts and Total Payments on the Securities

 

 

The tables and examples below illustrate, for a $1,000
investment in the securities, hypothetical Redemption Amounts payable at maturity for a hypothetical range of performance of the Underlying
and, in the case of Table 2, total contingent coupons over the term of the securities, which will depend on the number of Coupon Barrier
Events that have occurred over the term of the securities. The tables and examples below make the following assumptions and assume the
securities are not automatically redeemed prior to maturity and if the Physical Delivery Amount is to be delivered at maturity, we do
not exercise our right to pay cash instead of the Physical Delivery Amount. The hypothetical Initial Level of $100 has been chosen for
illustrative purposes only and does not represent the actual Initial Level of the Underlying. Accordingly, the Physical Delivery Amount
below does not represent the actual number of shares you would receive, which would be determined by the actual Initial Level of the Underlying
and its share adjustment factor. The actual Initial Level, Contingent Coupon Amount, Knock-In Level and Coupon Barrier Level are set forth
in “Key Terms” herein. The examples are intended to illustrate hypothetical calculations of only the Redemption Amount and
do not illustrate the calculation or payment of any individual contingent coupon.

 

The hypothetical Redemption Amounts and total contingent
coupons set forth below are for illustrative purposes only. The actual Redemption Amount and total contingent coupons applicable to a
purchaser of the securities will depend on the number of Coupon Barrier Events that have occurred over the term of the securities, whether
a Knock-In Event has occurred and on the Final Level. It is not possible to predict how many Coupon Barrier Events will occur, if any,
or whether a Knock-In Event will occur and, in the event that there is a Knock-In Event, by how much the level of the Underlying has decreased
from the Initial Level to the Final Level. Furthermore, it is not possible to predict whether an Autocall Event will occur. If an Autocall
Event occurs, the securities will be automatically redeemed for a cash payment equal to the principal amount of the securities you hold
and the contingent coupon payable and no further payments will be made in respect of the securities. If the Physical Delivery Amount is
less than one share, the Redemption Amount will be paid in cash.

 

You will not participate in any appreciation in the Underlying.
You should consider carefully whether the securities are suitable to your investment goals. Any payment or delivery on the securities
is subject to our ability to meet our obligations as they become due. The numbers below have been rounded for ease of analysis.

 

Principal Amount  $1,000 per security
Initial Level $100
Share Adjustment Factor 1.0
Knock-In Level 70% of Initial Level
Coupon Barrier Level 70% of Initial Level
Contingent Coupon Amount $38.875 per $1,000 principal amount of securities

 

Contingent Coupon Autocallable Reverse Convertible Securities 6

 

TABLE 1: Hypothetical Redemption
Amounts

 

Percentage Change from the Initial Level to the Final Level Return on the Securities as of the Valuation Date (excluding contingent coupons, if any) Redemption Amount (excluding contingent coupons, if any)* Total Contingent Coupons
100% 0% $1,000

(See Table 2

below)

 

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% 0% $1,000
−20% 0% $1,000
−30% 0% $1,000
−31% −31% 10 shares
−40% −40% 10 shares
−50% −50% 10 shares
−60% −60% 10 shares
−70% −70% 10 shares
−80% −80% 10 shares
−90% −90% 10 shares
−100% −100% $0

 

*If shares are delivered, the Redemption Amount will be comprised
of a number of shares plus a cash amount in lieu of any fractional shares. The value of the shares delivered at maturity will depend on
the value of the Underlying at the time of delivery, but based on the value of the shares on the Valuation Date their value will be less
than $700 per security. Because the Valuation Date is prior to the Maturity Date, the return on the securities may differ from and may
be lower than the percentage change in the level of the Underlying from the Initial Level to the Final Level. See “Selected Risk
Considerations—The value of the Physical Delivery Amount could be less on the Maturity Date than on the Valuation Date” herein.

 

TABLE 2:

 

The expected total contingent coupons will depend on how
many Coupon Barrier Events occur.

 

Number of Coupon Barrier Events Total Contingent Coupons
A Coupon Barrier Event does not occur on any Observation Date $155.500
A Coupon Barrier Event occurs on 1 Observation Date $116.625
A Coupon Barrier Event occurs on 2 Observation Dates $77.750
A Coupon Barrier Event occurs on 3 Observation Dates $38.875
A Coupon Barrier Event occurs on 4 Observation Dates $0.000

 

The total payment or delivery on the securities will be equal
to the Redemption Amount applicable to an investor plus the total contingent coupons on the securities.

 

Contingent Coupon Autocallable Reverse Convertible Securities 7

 

Examples

 

The following examples illustrate how the Redemption Amount
(excluding contingent coupons) is calculated.

 

1. A Knock-In Event has occurred because the Final Level
is less than the Knock-In Level.

 

Final Level: 40% of Initial Level

 

Because the Final Level is less than the Knock-In Level,
a Knock-In Event has occurred. Therefore, the Redemption Amount will equal the Physical Delivery Amount, calculated as follows:

 

Physical Delivery Amount = $1,000/Initial Level
= $1,000/$100
= 10 shares of the Underlying
Redemption Amount = Physical Delivery Amount
= 10 shares of the Underlying

 

In this example, at maturity an investor would receive a
Redemption Amount equal to 10 shares of the Underlying. The value of the Redemption Amount on the Valuation Date, which is the date on
which the Final Level is determined, is $400, calculated as follows:

 

Physical Delivery Amount = 10 shares of the Underlying
Value of Redemption Amount on the Valuation Date = 10 shares of the Underlying × $40
= $400

 

In these circumstances, the investor will be exposed to
any depreciation in the level of the Underlying from the Initial Level to the time of delivery.

 

2. A Knock-In Event has not occurred because the Final
Level is equal to or greater than the Knock-In Level; the Final Level is greater than the Initial Level.

 

Final Level: 105% of Initial Level

 

Because the Final Level is not less than the Knock-In Level,
a Knock-In Event has not occurred. Even though the Final Level is greater than the Initial Level, you will not participate in the appreciation
of the Underlying.

 

Therefore, the Redemption Amount equals $1,000.

 

3. A Knock-In Event has not occurred because the Final
Level is equal to or greater than the Knock-In Level; the Final Level is less than the Initial Level.

 

Final Level: 90% of Initial Level

 

Even though the Final Level is less than the Initial Level,
since the Final Level is equal to or greater than the Knock-In Level, a Knock-In Event has not occurred.

 

Therefore, the Redemption Amount equals $1,000.

 

Contingent Coupon Autocallable Reverse Convertible Securities 8

 

Selected Risk Considerations

 

 

An investment in the
securities involves significant risks. This section describes material risks relating to an investment in the securities. These risks
are explained in more detail in the “Risk Factors” section of any accompanying product supplement.

 

Risks Relating to the Securities Generally

 

YOU MAY RECEIVE LESS THAN THE PRINCIPAL AMOUNT AT MATURITY

If the securities are not automatically redeemed prior
to the Maturity Date, you may receive less at maturity than you originally invested in the securities, or you may receive nothing, excluding
contingent coupons, if any. If a Knock-In Event has occurred, you will be fully exposed to any depreciation in the Underlying. In this
case, the value of the Redemption Amount as of the Valuation Date will be less than the principal amount of the securities, and you could
lose your entire investment. It is not possible to predict whether a Knock-In Event will occur, and in the event that there is a Knock-In
Event, by how much the level of the Underlying has decreased from the Initial Level to the Final Level. Any payment or delivery on the
securities is subject to our ability to meet our obligations as they become due.

 

REGARDLESS OF THE AMOUNT OF ANY PAYMENT OR DELIVERY
YOU RECEIVE ON THE SECURITIES, YOUR ACTUAL YIELD MAY BE DIFFERENT IN REAL VALUE TERMS

Inflation may cause the real value of any payment or delivery
you receive on the securities to be less at maturity than it is at the time you invest. An investment in the securities also represents
a forgone opportunity to invest in an alternative asset that generates a higher real return. You should carefully consider whether an
investment that may result in a return that is lower than the return on alternative investments is appropriate for you.

 

THE SECURITIES WILL NOT PAY MORE THAN THE PRINCIPAL
AMOUNT PLUS CONTINGENT COUPONS, IF ANY

The securities will not pay more than the principal amount
plus contingent coupons, if any, regardless of the performance of the Underlying. Even if the Final Level is greater than the Initial
Level, you will not participate in the appreciation of the Underlying. Therefore, the maximum amount payable with respect to the securities
(excluding contingent coupons, if any) is $1,000 for each $1,000 principal amount of the securities. This payment will not be increased
to include reimbursement for any discounts or commissions and hedging and other transaction costs, even upon an Automatic Redemption.

 

THE SECURITIES DO NOT PROVIDE FOR REGULAR FIXED INTEREST
PAYMENTS

Unlike conventional debt securities, the securities do
not provide for regular fixed interest payments. Instead, the number of contingent coupons you receive over the term of the securities,
if any, will depend on the performance of the Underlying during the term of the securities. This is because the closing level of the Underlying
will determine (i) the number of Coupon Barrier Events that occur and (ii) whether and when the securities are automatically redeemed.
No contingent coupon will be paid with respect to any Observation Date on which a Coupon Barrier Event occurs. Accordingly, if a Coupon
Barrier Event occurs on every Observation Date, you will not receive any contingent coupons during the term of the securities.

 

The number of contingent coupons you will be paid, if any,
could also be limited by the Automatic Redemption feature of the securities. If an Autocall Event occurs, the securities will be automatically
redeemed and you will receive a cash payment equal to the principal amount of the securities you hold and the contingent coupon payable
on the immediately following Contingent Coupon Payment Date. No further payments will be made with respect to the securities following
an Automatic Redemption. Therefore, if the securities are automatically redeemed, you will not have the opportunity to receive further
contingent coupons.

 

In addition, if interest rates generally increase over
the term of the securities, it is more likely that the contingent coupon, if any, could be less than the yield one might receive based
on market rates at that time. This would have the further effect of decreasing the value of your securities both nominally in terms of
below-market coupons and in real value terms. Furthermore, it is possible that you will not receive some or all of the contingent coupons
over the term of the securities, and still lose your principal amount. Even if you do receive

 

Contingent Coupon Autocallable Reverse Convertible Securities 9

 

some or all of your principal amount at maturity, you will
not be compensated for the time value of money. These securities are not short-term investments, so you should carefully consider these
risks before investing.

 

Because the number of contingent coupons is variable and
may be zero, the securities are not a suitable investment for investors who require regular fixed income payments.

 

WHETHER A CONTINGENT COUPON IS PAID ON A CONTINGENT
COUPON PAYMENT DATE WILL DEPEND ON THE CLOSING LEVEL OF THE UNDERLYING ON THE RELATED OBSERVATION DATE

Whether a contingent coupon will be paid on a Coupon Payment
Date will depend on the closing level of the Underlying on the immediately preceding Observation Date. As a result, you will not know
whether you will receive a contingent coupon until shortly before the relevant Coupon Payment Date. Moreover, if the closing level of
the Underlying is less than the Coupon Barrier Level on an Observation Date, you will not receive the contingent coupon with respect to
such Observation Date, even if the closing level was higher than the Coupon Barrier Level on other days during the relevant period.

 

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 to the frequency and magnitude
of changes in the level of the Underlying. The greater the expected volatility with respect to the Underlying on the Trade Date, the higher
the expectation as of the Trade Date that the closing level of the Underlying could be less than (i) the Coupon Barrier Level on any Observation
Date or (ii) the Knock-In Level on the Valuation Date, indicating a higher expected risk of loss on the securities. This greater expected
risk will generally be reflected in a higher contingent coupon than the yield payable on our conventional debt securities with a similar
maturity, or in more favorable terms (such as a lower Coupon Barrier Level or Knock-In Level) than for similar securities linked to the
performance of an underlying with a lower expected volatility as of the Trade Date. You should therefore understand that a relatively
higher contingent coupon may indicate an increased risk of loss. Further, a relatively lower Coupon Barrier Level or Knock-In Level may
not necessarily indicate that you will receive a contingent coupon on any Contingent Coupon Payment Date or that the securities have a
greater likelihood of a return of principal at maturity. The volatility of the Underlying can change significantly over the term of the
securities. The level of the Underlying for your securities could fall sharply, which could result in a significant loss of principal.
You should be willing to accept the downside market risk of the Underlying and the potential to lose a significant amount of your principal
at maturity.

 

THE SECURITIES ARE SUBJECT TO A POTENTIAL AUTOMATIC
REDEMPTION, WHICH EXPOSES YOU TO REINVESTMENT RISK

The securities are subject to a potential Automatic Redemption.
If the securities are automatically redeemed prior to the Maturity Date, you may be unable to invest in other securities with a similar
level of risk that provide you with the opportunity to be paid the same coupons as the securities.

 

AN AUTOMATIC REDEMPTION WOULD ELIMINATE YOUR OPPORTUNITY
TO BE PAID CONTINGENT COUPONS OVER THE FULL TERM OF THE SECURITIES


If an Autocall Event occurs, the securities will be automatically redeemed and you will receive a cash payment equal to the principal
amount of the securities you hold and the contingent coupon payable on that Contingent Coupon Payment Date. No further payments will be
made with respect to the securities following an Automatic Redemption.

 

Further, a lower Autocall Level relative to the Coupon
Barrier Level will increase the likelihood of an Automatic Redemption and therefore could limit your opportunity to be paid contingent
coupons. Because the number of contingent coupons you receive over the term of securities, if any, will depend on (i) the number of Coupon
Barrier Events that occur and (ii) whether and when an Autocall Event occurs, a relatively lower Autocall Level will narrow the range
of possible closing levels at which you will receive the contingent coupon on any particular Coupon Payment Date and the securities will
remain outstanding until at least the next Coupon Payment Date. If the closing level of the Underlying on an Observation Date that is
also an Autocall Observation Date is greater than or equal to the Coupon Barrier Level, you will receive the Contingent Coupon on the
related Coupon Payment Date, but the securities will only remain outstanding in the event that the closing level of the Underlying is
also less than the Autocall Level. The lower the Autocall Level is, the less likely it is that the securities will remain outstanding.

 

Contingent Coupon Autocallable Reverse Convertible Securities 10

 

THE VALUE OF THE PHYSICAL DELIVERY AMOUNT COULD BE
LESS ON THE MATURITY DATE THAN ON THE VALUATION DATE

If a Knock-In Event has occurred, you will receive on the
Maturity Date the Physical Delivery Amount, which will consist of a whole number of shares of the Underlying plus an amount in cash corresponding
to any fractional share, subject to our election to pay cash instead. The value of the Physical Delivery Amount on the Valuation Date
will be less than $1,000 per $1,000 principal amount of securities and could fluctuate, possibly decreasing, in the period between the
Valuation Date and the Maturity Date. We will make no adjustments to the Physical Delivery Amount to account for any such fluctuation
and you will bear the risk of any decrease in the value of the Physical Delivery Amount between the Valuation Date and the Maturity Date.
If the Physical Delivery Amount is less than one share, the Redemption Amount will be paid in cash.

 

THE U.S. FEDERAL TAX CONSEQUENCES OF AN INVESTMENT
IN THE SECURITIES ARE UNCLEAR

There is no direct legal authority regarding the proper
U.S. federal tax treatment of the securities, and we do not plan to request a ruling from the Internal Revenue Service (the “IRS”).
Consequently, significant aspects of the tax treatment of the securities are uncertain, and the IRS or a court might not agree with the
treatment of the securities as described in “United States Federal Tax Considerations” below. If the IRS were successful in
asserting an alternative treatment, the tax consequences of ownership and disposition of the securities, including the timing and character
of income recognized by U.S. investors and the withholding tax consequences to non-U.S. investors, might be materially and adversely affected.
Moreover, future legislation, Treasury regulations or IRS guidance could adversely affect the U.S. federal tax treatment of the securities,
possibly retroactively.

 

Risks Relating to the Underlying

 

NO AFFILIATION WITH THE REFERENCE SHARE ISSUER

We are not affiliated with the Reference Share Issuer.
You should make your own investigation into the Underlying and the Reference Share Issuer. In connection with the offering of the securities,
neither we nor our affiliates have participated in the preparation of any publicly available documents or made any due diligence inquiry
with respect to the Reference Share Issuer.

 

NO OWNERSHIP RIGHTS IN THE UNDERLYING

Your return on the securities will not reflect the return
you would realize if you actually owned shares of the Underlying. The return on your investment is not the same as the total return based
on a purchase of shares of the Underlying.

 

NO DIVIDEND PAYMENTS OR VOTING RIGHTS

As a holder of the securities, you will not have any ownership
interest or rights in the Underlying, such as voting rights or dividend payments. In addition, the issuer of the Underlying will not have
any obligation to consider your interests as a holder of the securities in taking any corporate action that might affect the value of
the Underlying and therefore, the value of the securities.

 

ANTI-DILUTION PROTECTION IS LIMITED

The calculation agent will make anti-dilution adjustments
for certain events affecting the Underlying. However, an adjustment will not be required in response to all events that could affect the
Underlying. If an event has occurred that does not require the calculation agent to make an adjustment, or if an adjustment is made but
such adjustment does not fully reflect the economics of such event, the value of the securities may be materially and adversely affected.
See “Description of the Securities—Adjustments” in the relevant product supplement.

 

GOVERNMENT REGULATORY ACTION, INCLUDING LEGISLATIVE
ACTS AND EXECUTIVE ORDERS, COULD RESULT IN MATERIAL CHANGES TO THE UNDERLYING AND COULD NEGATIVELY AFFECT YOUR RETURN ON THE SECURITIES


Government regulatory action, including legislative acts and executive orders, could materially affect the Underlying. For example,
in response to recent executive orders, stocks of companies that are determined to be linked to the People’s Republic of China military,
intelligence and security apparatus may be delisted from a U.S. exchange, removed as a component in indices or exchange traded funds,
or transactions in, or holdings of, securities with exposure to such stocks may otherwise become prohibited under U.S. law. If government
regulatory action results in such consequences, there may be a material and negative effect on the securities.

 

Contingent Coupon Autocallable Reverse Convertible Securities 11

 

Risks Relating to the Issuer

 

THE SECURITIES ARE SUBJECT TO THE CREDIT RISK OF CREDIT
SUISSE

Investors are dependent on our ability to pay all amounts
due on the securities and, therefore, if we were to default on our obligations, you may not receive any amounts owed to you under the
securities. In addition, any decline in our credit ratings, any adverse changes in the market’s view of our creditworthiness or
any increase in our credit spreads is likely to adversely affect the value of the securities prior to maturity.

 

CREDIT SUISSE IS SUBJECT TO SWISS REGULATION

As a Swiss bank, Credit Suisse is subject to regulation
by governmental agencies, supervisory authorities and self-regulatory organizations in Switzerland. Such regulation is increasingly more
extensive and complex and subjects Credit Suisse to risks. For example, pursuant to Swiss banking laws, the Swiss Financial Market Supervisory
Authority (FINMA) may open resolution proceedings if there are justified concerns that Credit Suisse is over-indebted, has serious liquidity
problems or no longer fulfills capital adequacy requirements. FINMA has broad powers and discretion in the case of resolution proceedings,
which include the power to convert debt instruments and other liabilities of Credit Suisse into equity and/or cancel such liabilities
in whole or in part. If one or more of these measures were imposed, such measures may adversely affect the terms and market value of the
securities and/or the ability of Credit Suisse to make payments thereunder and you may not receive any amounts owed to you under the securities.

 

Risks Relating to Conflicts of Interest

 

HEDGING AND TRADING ACTIVITY

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

 

POTENTIAL CONFLICTS

We and our affiliates play a variety of roles in connection
with the issuance of the securities, including acting as calculation agent and as agent of the issuer for the offering of the securities,
hedging our obligations under the securities and determining their estimated value. In performing these duties, the economic interests
of us and our affiliates are potentially adverse to your interests as an investor in the securities. Further, hedging activities may adversely
affect any payment on or the value of the securities. Any profit in connection with such hedging activities will be in addition to any
other compensation that we and our affiliates receive for the sale of the securities, which creates an additional incentive to sell the
securities to you. We and/or our affiliates may also currently or from time to time engage in business with the Reference Share Issuer,
including extending loans to, or making equity investments in, the Reference Share Issuer or providing advisory services to the Reference
Share Issuer. In addition, one or more of our affiliates may publish research reports or otherwise express opinions with respect to the
Reference Share Issuer and these reports may or may not recommend that investors buy or hold shares of the Underlying. As a prospective
purchaser of the securities, you should undertake an independent investigation of the Reference Share Issuer that in your judgment is
appropriate to make an informed decision with respect to an investment in the securities.

 

Risks Relating to the Estimated Value and Secondary
Market Prices of the Securities

 

UNPREDICTABLE ECONOMIC AND MARKET FACTORS WILL AFFECT
THE VALUE OF THE SECURITIES

The payout on the securities can be replicated using a
combination of the components described in “The estimated value of the securities on the Trade Date is less than the Price to Public.”
Therefore, in addition to the level of the Underlying, the terms of the securities at issuance and the value of the securities prior to
maturity may be influenced by factors that impact the value of fixed income securities and options in general, such as:

 

· the expected and actual volatility of the Underlying;

 

· the time to maturity of the securities;

 

· the dividend rate on the Underlying;

 

· interest and yield rates in the market generally;

 

Contingent Coupon Autocallable Reverse Convertible Securities 12

 

· investors’ expectations with respect to the rate of inflation;

 

· events affecting companies engaged in the industry of the Reference Share Issuer;

 

· geopolitical conditions and economic, financial, political, regulatory, judicial or other events that affect the Reference Share Issuer
or markets generally and which may affect the level of the Underlying; and

 

· our creditworthiness, including actual or anticipated downgrades in our credit ratings.

 

Some or all of these factors may influence the price that
you will receive if you choose to sell your securities prior to maturity. The impact of any of the factors set forth above may enhance
or offset some or all of any change resulting from another factor or factors.

 

THE ESTIMATED VALUE OF THE SECURITIES ON THE TRADE
DATE IS LESS THAN THE PRICE TO PUBLIC

The initial estimated value of your securities on the Trade
Date (as determined by reference to our pricing models and our internal funding rate) is less than the original Price to Public. The Price
to Public of the securities includes any discounts or commissions as well as transaction costs such as expenses incurred to create, document
and market the securities and the cost of hedging our risks as issuer of the securities through one or more of our affiliates (which includes
a projected profit). These costs will be effectively borne by you as an investor in the securities. These amounts will be retained by
Credit Suisse or our affiliates in connection with our structuring and offering of the securities (except to the extent discounts or commissions
are reallowed to other broker-dealers or any costs are paid to third parties).

 

On the Trade Date, we value the components of the securities
in accordance with our pricing models. These include a fixed income component valued using our internal funding rate, and individual option
components valued using proprietary pricing models dependent on inputs such as volatility, correlation, dividend rates, interest rates
and other factors, including assumptions about future market events and/or environments. These inputs may be market-observable or may
be based on assumptions made by us in our discretionary judgment. As such, the payout on the securities can be replicated using a combination
of these components and the value of these components, as determined by us using our pricing models, will impact the terms of the securities
at issuance. Our option valuation models are proprietary. Our pricing models take into account factors such as interest rates, volatility
and time to maturity of the securities, and they rely in part on certain assumptions about future events, which may prove to be incorrect.

 

Because Credit Suisse’s pricing models may differ
from other issuers’ valuation models, and because funding rates taken into account by other issuers may vary materially from the
rates used by Credit Suisse (even among issuers with similar creditworthiness), our estimated value at any time may not be comparable
to estimated values of similar securities of other issuers.

 

EFFECT OF INTEREST RATE USED IN STRUCTURING THE SECURITIES

The internal funding rate we use in structuring notes such
as these securities is typically lower than the interest rate that is reflected in the yield on our conventional debt securities of similar
maturity in the secondary market (our “secondary market credit spreads”). If on the Trade Date our internal funding rate is
lower than our secondary market credit spreads, we expect that the economic terms of the securities will generally be less favorable to
you than they would have been if our secondary market credit spread had been used in structuring the securities. We will also use our
internal funding rate to determine the price of the securities if we post a bid to repurchase your securities in secondary market transactions.
See “—Secondary Market Prices” below.

 

SECONDARY MARKET PRICES

If Credit Suisse (or an affiliate) bids for your securities
in secondary market transactions, which we are not obligated to do, the secondary market price (and the value used for account statements
or otherwise) may be higher or lower than the Price to Public and the estimated value of the securities on the Trade Date. The estimated
value of the securities on the cover of this pricing supplement does not represent a minimum price at which we would be willing to buy
the securities in the secondary market (if any exists) at any time. The secondary market price of your securities at any time cannot be
predicted and will reflect the then-current estimated value determined by reference to our pricing models, the related inputs and other
factors, including our internal funding rate, customary bid and ask spreads and other transaction costs, changes in market conditions
and deterioration or improvement in our creditworthiness. In circumstances where our internal

 

Contingent Coupon Autocallable Reverse Convertible Securities 13

 

funding rate is higher than our secondary market credit
spreads, our secondary market bid for your securities could be less favorable than what other dealers might bid because, assuming all
else equal, we use the higher internal funding rate to price the securities and other dealers might use the lower secondary market credit
spread to price them. Furthermore, assuming no change in market conditions from the Trade Date, the secondary market price of your securities
will be lower than the Price to Public because it will not include any discounts or commissions and hedging and other transaction costs.
If you sell your securities to a dealer in a secondary market transaction, the dealer may impose an additional discount or commission,
and as a result the price you receive on your securities may be lower than the price at which we may repurchase the securities from such
dealer.

 

We (or an affiliate) may initially post a bid to repurchase
the securities from you at a price that will exceed the then-current estimated value of the securities. That higher price reflects our
projected profit and costs, which may include discounts and commissions that were included in the Price to Public, and that higher price
may also be initially used for account statements or otherwise. We (or our affiliate) may offer to pay this higher price, for your benefit,
but the amount of any excess over the then-current estimated value will be temporary and is expected to decline over a period of approximately
three months.

 

The securities are not designed to be short-term trading
instruments and any sale prior to maturity could result in a substantial loss to you. You should be willing and able to hold your securities
to maturity.

 

LACK OF LIQUIDITY

The securities will not be listed on any securities exchange.
Credit Suisse (or its affiliates) intends to offer to purchase the securities in the secondary market but is not required to do so. Even
if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the securities when you wish to do so.
Because other dealers are not likely to make a secondary market for the securities, the price at which you may be able to trade your securities
is likely to depend on the price, if any, at which Credit Suisse (or its affiliates) is willing to buy the securities. If you have to
sell your securities prior to maturity, you may not be able to do so or you may have to sell them at a substantial loss.

 

Contingent Coupon Autocallable Reverse Convertible Securities 14

 

Supplemental Use of Proceeds and Hedging

 

 

We intend to use the proceeds of this offering for our
general corporate purposes, which may include the refinancing of existing debt outside Switzerland. Some or all of the proceeds we receive
from the sale of the securities may be used in connection with hedging our obligations under the securities through one or more of our
affiliates. Such hedging or trading activities on or prior to the Trade Date and during the term of the securities (including on any calculation
date, as defined in any accompanying product supplement) could adversely affect the value of the Underlying and, as a result, could decrease
the amount you may receive on the securities at maturity. For additional information, see “Supplemental Use of Proceeds and Hedging”
in any accompanying product supplement.

 

Contingent Coupon Autocallable Reverse Convertible Securities 15

 

The Underlying

 

 

Companies with securities registered under the Securities
Exchange Act of 1934 (the “Exchange Act”) are required to periodically file certain financial and other information specified
by the SEC. Information provided to or filed with the SEC by the Reference Share Issuer pursuant to the Exchange Act can be located by
reference to the SEC file number provided below.

 

According to its publicly available filings with the SEC,
Valero Energy Corporation owns and operates 15 petroleum refineries that produce conventional gasolines, premium gasolines, diesel and
other refined petroleum products. The common stock of Valero Energy Corporation is listed on the New York Stock Exchange. Valero Energy
Corporation’s SEC file number is 001-13175 and can be accessed through www.sec.gov.

 

This pricing supplement relates only to the securities offered
hereby and does not relate to the Underlying or other securities of the Reference Share Issuer. We have derived all disclosures contained
in this pricing supplement regarding the Underlying and the Reference Share Issuer from the publicly available documents described in
the preceding paragraph. In connection with the offering of the securities, neither we nor our affiliates have participated in the preparation
of such documents or made any due diligence inquiry with respect to the Reference Share Issuer.

 

Contingent Coupon Autocallable Reverse Convertible Securities 16

 

Historical Information

 

 

The following graph sets forth the historical performance
of the Underlying based on the closing level of the Underlying from January 4, 2016 through December 6, 2021. We obtained the historical
information below from Bloomberg, without independent verification.

 

You should not take the historical levels of the Underlying
as an indication of future performance of the Underlying or the securities. Any historical trend in the level of the Underlying during
any period set forth below is not an indication that the level of the Underlying is more or less likely to increase or decrease at any
time over the term of the securities. The graph below may have been adjusted to reflect certain corporate actions such as stock splits
and reverse stock splits.

 

For additional information on the Underlying, see “The
Underlying” herein.

 

The closing level of the Underlying
on December 6, 2021 was $70.41.

 

 

Contingent Coupon Autocallable Reverse Convertible Securities 17

 

United States Federal Tax Considerations

 

 

This discussion supplements and, to the extent inconsistent
therewith, supersedes the discussion in the accompanying product supplement under “United States Federal Tax Considerations.”

 

Due to the lack of any controlling legal authority, there
is substantial uncertainty regarding the U.S. federal tax consequences of an investment in the securities. In the opinion of our counsel,
Davis Polk & Wardwell LLP, it is reasonable under current law to treat the securities for U.S. federal income tax purposes as prepaid
financial contracts with associated coupons that will be treated as gross income to you at the time received or accrued in accordance
with your regular method of tax accounting. However, our counsel has advised us that it is unable to conclude affirmatively that this
treatment is more likely than not to be upheld, and that alternative treatments are possible that could materially affect the timing and
character of income or loss you recognize on the securities.

 

Assuming this treatment of the securities is respected
and subject to the discussion in “United States Federal Tax Considerations” in the accompanying product supplement, the following
U.S. federal income tax consequences should result:

 

· Any coupons paid on the securities should be taxable as ordinary income to you at the time received or accrued in accordance with
your regular method of accounting for U.S. federal income tax purposes.

 

· Upon a sale or other disposition (including retirement for cash) of a security, you should recognize capital gain or loss equal to
the difference between the amount realized and your tax basis in the security. For this purpose, the amount realized does not include
any coupon paid on retirement and may not include sale proceeds attributable to an accrued coupon, which may be treated as a coupon payment.
Such gain or loss should be short-term capital gain or loss.

 

· If you receive shares of the Underlying (and cash in lieu of any fractional shares) at maturity, you should not recognize gain or
loss with respect to the shares received. Instead, you should have an aggregate tax basis in the shares received (including any fractional
shares deemed received) equal to your tax basis in the securities. Your holding period for any shares received should start on the day
after receipt. With respect to any cash received in lieu of a fractional share, you should recognize capital loss in an amount equal to
the difference between the amount of cash received in lieu of the fractional share and the portion of your tax basis in the securities
that is allocable to the fractional share.

 

We do not plan to request a ruling from the IRS regarding
the treatment of the securities, and the IRS or a court might not agree with the treatment described herein. In particular, the securities
might be determined to be contingent payment debt instruments, in which case the tax consequences of ownership and disposition of the
securities, including the timing and character of income recognized, might be materially and adversely affected. Moreover, the U.S. Treasury
Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of “prepaid forward
contracts” and similar financial instruments and have indicated that such transactions may be the subject of future regulations
or other guidance. In addition, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any
legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect
the tax consequences of an investment in the securities, possibly with retroactive effect. You should consult your tax advisor regarding
possible alternative tax treatments of the securities and potential changes in applicable law.

 

This discussion does not address the U.S. federal tax consequences
of the ownership or disposition of shares of the Underlying that you may receive at maturity. You should consult your tax advisor regarding
the U.S. federal tax consequences of the ownership and disposition of shares of the Underlying.

 

Contingent Coupon Autocallable Reverse Convertible Securities 18

 

Non-U.S. Holders

The U.S. federal income tax treatment of the coupons is
unclear. Subject to the discussion below and in the accompanying product supplement under “United States Federal Tax Considerations—Tax
Consequences to Non-U.S. Holders” and “United States Federal Tax Considerations—FATCA,” we currently do not intend
to treat coupons paid to a Non-U.S. Holder (as defined in the accompanying product supplement) of the securities as subject to U.S. federal
withholding tax, provided that the Non-U.S. Holder complies with applicable certification requirements. However, it is possible that the
IRS could assert that such payments are subject to U.S. withholding tax, or that we or another withholding agent may otherwise determine
that withholding is required, in which case we or the other withholding agent may withhold at a rate of up to 30% on such payments.

 

Moreover, as discussed under “United States Federal
Tax Considerations—Tax Consequences to Non-U.S. Holders—Dividend Equivalents under Section 871(m) of the Code” in the
accompanying product supplement, Section 871(m) of the Internal Revenue Code generally imposes a 30% withholding tax on “dividend
equivalents” paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices
that include U.S. equities. Treasury regulations under Section 871(m), as modified by an IRS notice, exclude from their scope financial
instruments issued prior to January 1, 2023 that do not have a “delta” of one with respect to any U.S. equity. Based on the
terms of the securities and representations provided by us, our counsel is of the opinion that the securities should not be treated as
transactions that have a “delta” of one within the meaning of the regulations with respect to any U.S. equity and, therefore,
should not be subject to withholding tax under Section 871(m).

 

A determination that the securities are not subject to
Section 871(m) is not binding on the IRS, and the IRS may disagree with this determination. Moreover, Section 871(m) is complex and its
application may depend on your particular circumstances, including your other transactions. You should consult your tax advisor regarding
the potential application of Section 871(m) to the securities.

 

We will not be required to pay any additional amounts with
respect to U.S. federal withholding taxes.

 

You should read the section entitled “United States
Federal Tax Considerations” in the accompanying product supplement. The preceding discussion, when read in combination with that
section, constitutes the full opinion of Davis Polk & Wardwell LLP regarding the material U.S. federal tax consequences of owning
and disposing of the securities.

 

You should also consult your tax advisor regarding all
aspects of the U.S. federal income and estate tax consequences of an investment in the securities and any tax consequences arising under
the laws of any state, local or non-U.S. taxing jurisdiction.

 

Contingent Coupon Autocallable Reverse Convertible Securities 19

 

Supplemental Plan of Distribution

 

 

Under the terms of our distributor accession confirmation
with CGMI dated as of March 23, 2012, CGMI will act as placement agent for the securities. CGMI will receive discounts and commissions
from Credit Suisse or one of our affiliates of $12.50 per $1,000 principal amount of securities. For additional information, see “Underwriting
(Conflicts of Interest)” in any accompanying product supplement.

 

We expect to deliver the securities against payment for
the securities on the Settlement Date indicated herein, which may be a date that is greater than two business days following the Trade
Date. Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle
in two business days, unless the parties to a trade expressly agree otherwise. Accordingly, if the Settlement Date is more than two business
days after the Trade Date, purchasers who wish to transact in the securities more than two business days prior to the Settlement Date
will be required to specify alternative settlement arrangements to prevent a failed settlement.

 

Contingent Coupon Autocallable Reverse Convertible Securities 20

 

Validity of the Securities

 

 

In the opinion of
Davis Polk & Wardwell LLP, as United States counsel to Credit Suisse, when the securities offered by this pricing supplement have
been executed and issued by Credit Suisse and authenticated by the trustee pursuant to the indenture, and delivered against payment therefor,
such securities will be valid and binding obligations of Credit Suisse, enforceable against Credit Suisse in accordance with their terms,
subject to (i) applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, (ii) concepts of reasonableness
and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of
bad faith) and (iii) possible judicial or regulatory actions giving effect to governmental actions or foreign laws affecting creditors’
rights, provided that such counsel expresses no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision
of applicable law on the conclusions expressed above. This opinion is given as of the date of this pricing supplement and is limited to
the laws of the State of New York, except that such counsel expresses no opinion as to the application of state securities or Blue Sky
laws to the securities. Insofar as this opinion involves matters governed by Swiss law, Davis Polk & Wardwell LLP has relied, without
independent inquiry or investigation, on the opinion of Homburger AG, dated October 29, 2021 and filed by Credit Suisse as an exhibit
to a Current Report on Form 6-K on October 29, 2021. The opinion of Davis Polk & Wardwell LLP is subject to the same assumptions,
qualifications and limitations with respect to such matters as are contained in the opinion of Homburger AG. In addition, the opinion
of Davis Polk & Wardwell LLP is subject to customary assumptions about the establishment of the terms of the securities, the trustee’s
authorization, execution and delivery of the indenture and its authentication of the securities, and the validity, binding nature and
enforceability of the indenture with respect to the trustee, all as stated in the opinion of Davis Polk & Wardwell LLP dated October
29, 2021, which was filed by Credit Suisse as an exhibit to a Current Report on Form 6-K on October 29, 2021. Davis Polk & Wardwell
LLP expresses no opinion as to waivers of objections to venue, the subject matter or personal jurisdiction of a United States federal
court or the effectiveness of service of process other than in accordance with applicable law. In addition, such counsel notes that the
enforceability in the United States of Section 10.08(c) of the indenture is subject to the limitations set forth in the United States
Foreign Sovereign Immunities Act of 1976.

 

Contingent Coupon Autocallable Reverse Convertible Securities 21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CREDIT SUISSE SECURITIES (USA) LLC

credit-suisse.com

 
 
Copyright © 2021 Credit Suisse Group AG and/or its affiliates. All rights reserved. 

 




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