Credit Suisse International

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1 Credit Suisse International (registered as an unlimited liability company in England and Wales under No ) Base Prospectus for Principal Protected and Non-Principal Protected Securities (Base Prospectus FLP 3194) (Call Options - Momentum Allocator) Pursuant to the Structured Products Programme ÖVERSÄTTNING AV PROSPEKTSAMMANFATTNING Denna sammanfattning skall läsas som en introduktion till detta Prospekt och varje beslut att investera i Obligationerna skall ske med beaktande av Prospektet i dess helhet, inklusive de dokument som omfattas genom hänvisning. Inget civilrättsligt ansvar kan uppkomma för Emittenten i någon Medlemsstat i det Europeiska Ekonomiska Samarbetsområdet där de relevanta bestämmelserna i Prospektdirektivet har implementerats avseende denna sammanfattning, inklusive varje översättning härav, såvida inte den är missvisande, felaktig eller oförenlig när den läses tillsammans med övriga delar av Prospektet. Om krav med bäring på informationen i Prospektet framställs i domstol i en Medlemsstat i det Europeiska Ekonomiska Samarbetsområdet kan käranden, enligt nationell rätt i Medlemsstaten där kravet framställs, vara skyldig att stå för kostnaden för att översätta Prospektet innan den juridiska processen inleds. Beskrivning av Emittenten Credit Suisse International ( Emittenten ) är registrerat i England och Wales i enlighet med engelsk rätt (the Companies Act 1985) med reg. nr som ett bolag med obegränsat ägaransvar. Styrelsens säte och det huvudsakliga verksamhetsstället är One Cabot Square, London E14 4QJ. Emittenten är en engelsk bank och är auktoriserad och står under tillsyn som ett EU-kreditinstitut av Financial Services Authority ( FSA ) enligt engelsk lagstiftning (the Financial Services and Markets Act 2000). FSA har utfärdat ett tillstånd vilket berättigar Emittenten att bedriva specificerad tillståndspliktig investeringsverksamhet. Emittenten är ett bolag med obegränsat ägaransvar och därmed har dess aktieägare ett solidariskt ansvar och individuellt obegränsad skyldighet att avhjälpa varje brist avseende Emittentens tillgångar vid händelse av Emittentens likvidation. Aktieägarnas solidariska och individuella obegränsade ansvar för täckande av brist i Emittentens tillgångar uppkommer endast vid Emittentens likvidation. Följaktligen kan Obligationsinnehavarna före Emittentens likvidation endast förlita sig till Emittentens tillgångar och inte på aktieägarnas tillgångar. Emittentens aktieägare är Credit Suisse Group, Credit Suisse och Credit Suisse (International) Holding AG. Emittenten startade sin verksamhet den 16 juli Dess huvudsakliga verksamhet är bedrivande av bankrörelse, inklusive handel med derivatprodukter relaterade till räntor, aktier, 1

2 valutor, råvaror och krediter. Emittentens främsta verksamhetsändamål är att tillhandahålla omfattande finans- och riskhanteringstjänster avseende derivatprodukter över hela världen. Emittenten har etablerat en betydande närvaro på den globala derivatmarknaden genom att erbjuda en komplett skala av derivatprodukter och fortsätter att utveckla nya produkter efter kundernas behov och efter utvecklingen på de underliggande marknaderna. Beskrivning av Obligationerna Obligationerna är antingen kapitalskyddade eller icke kapitalskyddade (såsom specificeras i Slutvillkoren). Det minsta beloppet att betala vid förfallodagen för icke kapitalskyddade Obligationer kommer att vara procentsatsen på det nominella beloppet angivet i Slutvillkoren, vilket kommer att vara lägre än 100 procent och kan vara noll. Obligationerna kommer att emitteras av Emittenten och förfaller till betalning eller (gällande Warranter) upphör att gälla på det datum som angivits i Slutvillkoren. Obligationerna kan vara Obligationer, Certifikat eller Warranter. Det nominella beloppet för varje Obligation kommer att specificeras i Slutvillkoren. Beloppet som kommer att utbetalas till investerarna på förfallodagen eller (gällande Warranter) efter verkställighet, utöver (för kapitalskyddade obligationer) det nominella beloppet, eller (för icke kapitalskyddade obligationer) en angiven procentandel av det nominella beloppet, är länkad till Resultatet för Referensportföljen såsom angivet i Slutvillkoren. Ingen ränta eller premie utgår för Obligationerna. Obligationerna kan endast lösas in innan förfallodagen vid (gällande Obligationer) Emittentens avtalsbrott, eller (i samtliga fall) ogiltighet i Emittentens betalningsutfästelser eller dess hedgingarrangemang eller som en följd av särskilda händelser i relation till Referensportföljen. Om så anges i Slutvillkoren kommer en ansökan göras för att notera Obligationerna på den/de börser som anges i Slutvillkoren. Avkastning på Förfallodagen När Obligationerna förfaller, eller (gällande Warranter) verkställs, kommer investerarna att erhålla en återköpssumma, eller (gällande Warranter) en uppgörelsesumma, motsvarande (i) (för kapitalskyddade Obligationer) 100 procent av det nominella beloppet, eller (för icke kapitalskyddade Obligationer) en mindre procentandel (vilken kan vara noll) såsom anges i Slutvillkoren, och (ii) ett belopp motsvarande Återbäringen såsom definieras nedan. Warranter är generellt sett icke kapitalskyddade. Om så anges i Slutvillkoren kommer maximibelopp anges för återbärings- eller uppgörelsesummorna. Om återbäringen är noll eller negativ kommer investeraren vid förfallodagen eller (gällande Warranter) efter verkställighet endast att erhålla (för kapitalskyddade Obligationer) 100 procent av det nominella beloppet, eller (för icke kapitalskyddade Obligationer) den skyddade procentandelen av det nominella beloppet (som kan vara noll). Återbäringen skall vara en procentsats som motsvarar den högre av MC% såsom anges i Slutvillkoren (vilket kan vara noll) och Resultatet. Resultatet beräknas som den relevanta Deltagandegraden (en procentsats specificerad i Slutvillkoren) för den aktuella Obligationen, multiplicerad med den högre av Minimigränsen (antingen en procentsats angiven i Slutvillkoren, eller noll) och Avkastningen på Referensportföljen. Avkastningen på Referensportföljen beräknas som (i)(a) medelvärdet av Värdet på Avkastningen på Referensportföljen på den Slutliga Observationsdagen delat med (b) medelvärdet av Värdet på Referensportföljen på varje Initial Observationsdag, minus (ii) procentsatsen avseend s.k. Strike (anges i Slutvillkoren). 2

3 Värdet på Referensportföljen är Portföljvärdet av Portföljen definierad som Referensportfölj i Slutvillkoren. Referensportföljen kommer i allmänhet att bestå av två Komponenter, och Referensportföljens Portföljviktning kommer att definieras såsom Allokerad Volatilitet, för att möjliggöra aktiva byten mellan varje Komponent (där en Komponent normalt kommer innehålla mer volatila exponeringar såsom riskkapital, och den andra innehåller exponeringar som inte är lika volatila). Värdet på Referensportföljen är nettot av en bestämd Avgift där Avgiften är, såsom angivet i Slutvillkoren, en procentandel som skall dras av med angiven dagräkningsfraktion. Komponenterna inom Referensportföljen kan i sig vara portföljer innehållandes ytterligare Komponenter för att möjliggöra en större variation på exponeringarna Med Portföljvärdet i relation till en Portfölj avses 100 procent på den första Värderingsdagen. Därefter, för varje efterföljande Värderingsdag beräknas Portföljvärdet genom multiplikation av Portföljvärdet, såsom bestämts för den senaste Värderingsdagen som var en Ombalanseringsdag, med dess Periodresultat för perioden som löper från och med den tidigare Ombalanseringsdagen till och med den nuvarande Värderingsdagen. Periodresultatet för en Portfölj eller en enstaka Komponent och för en specifik tidsperiod beräknas som antingen (i) för en enstaka Komponent, Komponentens Nivå på sista dagen av perioden delat med Komponentens Nivå på första dagen för perioden eller (ii) för en Portfölj, det viktade medelvärdet, genom att använda Viktningen av Portföljerna med verkan första dagen för perioden, för Periodiska Resultat för varje Portföljkomponent. En Portfölj är en avvägd samling Komponenter. Komponenterna inom varje Portfölj är specificerade i Slutvillkoren, med varje Komponent som antingen en individuell eller underliggande tillgång eller någon annan (definierad) Portfölj. Oaktat det kan samtliga Portföljer genom sina definitioner i Slutvillkoren lösas upp till Komponentsamlingar. Viktningen av Portföljerna som uppgår till totalt 100 procent, och är tilldelade Komponenterna inom varje Portfölj kan antingen vara fixerade, alternativt vara antingen Momentumallokerade eller Volatilitetsallokerade. Om Viktningen av Portföljerna är Momentumallokerade eller Volatilitetsallokerade skall viktningen applicerad för varje Komponent räknas om under Portföljens livslängd på Ombalanseringsdagarna angivna i Slutvillkoren för den Portföljen. På sådana datum skall viktningen bestämmas antingen (i) för Momentumallokerade, genom rankningen av Komponenterna baserat på deras Periodresultat, eller (ii) för Volatilitetsallokerade, genom hänvisning till den realiserade årliga volatiliteten för en eller flera av Komponenterna i Portföljen, såsom observerats över en eller flera tidsperioder fram till den aktuella Ombalanseringsdagen. Detaljer gällande de använda tidsperioderna och antingen (i) hur rankningarna avgörs och viktningen tillställs varje Komponent, eller (ii) hur viktningarna fördelas baserat på lämpliga resulterande volatiliteter kommer att avgöras i enlighet med Slutvillkoren. Om det bedöms nödvändigt kan Slutvillkoren även specificera fastställda procentsatser för Viktningen av Portföljerna som skall appliceras mot varje Komponent före första Ombalanseringsdagen. Initial Observationsdag, Värderingsdag, och Slutlig Observationsdag innebär de datum som anges i Slutvillkoren. Villkoren för Obligationerna innehåller föreskrifter gällande bankdagar, avbrott och ändringar som kan påverka varje Komponent och Nivåerna, timingen och beräkningen av betalningar under Obligationerna. 3

4 Dynamisk viktning Värdet av Referensportföljen för Värderingsdagarna är föremål för dynamisk viktning. Den dynamiska viktningen beror på den tidigare volatiliteten hos Momentumallokerade Tillgångar. Detta mäts på varje Värderingsdag. I takt med att volatiliteten ökar minskar viktningen genom olika steg till ett minimum om noll och i takt med att volatiliteten minskar ökas viktningen genom olika steg med ett maximum om över 100 procent, såsom anges i de relevanta Slutvillkoren. Detta möjliggör att exponeringen för Momentumallokerade Tillgångar kan öka eller minska i motsvarande mån som volatiliteten ökar och minskar. Volatiliteten av Momentumallokerade Tillgångar per Värderingsdagen beräknas av Beräkningsagenten som den årliga standardavvikelsen på prisförändringar på Momentumallokerade Tillgångar över det senaste antalet Värderingsdagar, (såsom specificerade i de relevanta Slutvillkoren) till och med det specificerade antalet dagar (såsom anges i Slutvillkoren) omedelbart föregående relevant Värderingsdag i enlighet med marknadsmässiga metoder, såsom vidare beskrivs bland villkoren. Detta innebär att när viktningen har blivit reducerad kommer det att föreligga en försening efter samtliga efterföljande minskningar i volatilitet innan viktningen återigen har ökats. Riskfaktorer Om resultatet är noll eller negativt kommer investerare vid förfallodagen endast erhålla den procentandel av det nominella beloppet som är kapitalskyddad vilket för kapitalskyddade Obligationer kommer att vara 100 procent av det nominella beloppet (vilket kan vara lägre än emitteringspriset innebärandes att investerare kommer att förlora en del av sin investering) eller, (för icke kapitalskyddade Obligationer) kommer att vara mindre än 100 procent av det nominella beloppet och kan vara noll (i vilket fall köpare av Obligationerna kommer att förlora hela sin investering, beroende av procentsatsen). Det är möjligt att en andrahandsmarknad för Obligationerna inte kommer att utvecklas eller vara likvid vilket kan reducera värdet på Obligationerna. Investerare måste vara förberedda på att behålla Obligationerna till deras inlösen. Emittenten har en möjlighet, men ingen skyldighet, att när som helst förvärva Obligationer till vilket pris som helst och har rätten att inneha, återförsälja eller upphäva dem. Det enda sättet som en innehavare kan realisera värde från en Obligation före dess förfallodag eller upphörande (förutom för Amerikanska Warranter) är att sälja Obligationen till dess marknadsvärde vilket kan vara mindre än det initialt investerade beloppet. Marknadspriset för en Obligation kan vara lägre än emissionspriset även om Referensportföljens värde inte behöver ha ändrats sedan emissionsdagen. Om Warranter verkställs kommer antalet återstående Warranter att minska vilket resulterar i minskad likviditet för återstående Warranter. För vissa händelser som kan inträffa i förhållande till Referensportföljen eller någon Komponent, och det beslutas att det inte är möjligt att göra lämpliga justeringar till Obligationsvillkoren har Emittenten rätt att lösa in Obligationerna till rimligt marknadsvärde. Det kommer att föreligga en fördröjning mellan Warrantinnehavarens verkställighet av Warranterna och fastställandet av Uppgörelsesumman. Priserna eller nivåerna på relevanta Underliggande Tillgångar kan komma att väsentligen ändras under sådan tid och sänka värdet på Inlösenbeloppet eller reducera det till noll. Vid beräkningar och fastställanden är var och en av Emittenten och Beräkningsagenten skyldiga att agera i god tro och på kommersiellt skäliga sätt, det föreligger dock inga agentförtroendemanna- eller förvaltarskapsskyldigheter gentemot investerarna. I synnerhet Emittenten och dess anslutna företag kan ha intressen i andra egenskaper (såsom andra affärsrelationer och aktiviteter). 4

5 Om det förfallna beloppet avseende Obligationerna är lägre än deras emissionspris kan investerare förlora del av eller hela sin investering. En investering i Obligationerna motsvarar inte en investering i Referensportföljen eller någon annan Obligation som omfattas i relevant aktie index. I synnerhet kommer investerare inte att erhålla några utdelningar om inte det relevanta aktie indexet är ett s.k. total return index. Nivåerna eller priserna på Referensportföljen eller Komponenterna (eller värdepapper omfattade av ett aktie index) kan gå upp såväl som ned och behöver inte reflektera tidigare eller framtida resultat. Det går inte att garantera Resultatportföljen eller Komponenternas framtida resultat. Obligationerna kan komma att involvera komplexa risker inkluderande aktiepriser, kreditartiklar, utländska växelkurser, räntesatser, politiska och/eller emittentrisker. Nivån och basen för beskattning av Obligationerna och lättnader från sådan beskattning kan förändras. Potentiella Obligationsinnehavare bör konsultera sina skatterådgivare för att avgöra skattekonsekvenserna av förvärv, ägande, överföring och inlösen eller verkställighet av Obligationerna. 5

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17 Credit Suisse International (registered as an unlimited liability company in England and Wales under No ) Base Prospectus for Principal Protected and Non-Principal Protected Securities (Base Prospectus FLP 3194) (Call Options - Momentum Allocator) Pursuant to the Structured Products Programme Under this Base Prospectus, Credit Suisse International (the Issuer ) may issue Securities ( Securities ) on the terms set out herein and in the relevant Final Terms. This document constitutes a base prospectus (the Base Prospectus ) prepared for the purposes of Article 5.4 of Directive 2003/71/EC (the Prospectus Directive ). The Base Prospectus contains information relating to the Securities. The Base Prospectus shall be read in conjunction with the documents incorporated herein by reference (see the section entitled Documents Incorporated by Reference ). This document has been filed with the Financial Services Authority in its capacity as competent authority under the UK Financial Services and Markets Act 2000 (the UK Listing Authority ) for the purposes of the Prospectus Directive. The Issuer has requested the UK Listing Authority to provide the competent authority for the purposes of the Prospectus Directive in Sweden with a certificate of approval in accordance with Article 18 of the Prospectus Directive attesting that this Base Prospectus has been drawn up in accordance with the Prospectus Directive. The final terms relevant to an issue of Securities will be set out in a final terms document (the Final Terms ) which will be provided to investors and, in the case of issues for which a prospectus is required under the Prospectus Directive, filed with the UK Listing Authority and made available, free of charge, to the public at the registered office of the Issuer and at the offices of the relevant Distributors and Paying Agents, as specified in the relevant Final Terms. The relevant Final Terms in respect of an issue of Securities will specify if an application will be made for such Securities to be listed on and admitted to trading on a regulated market for the purposes of the Markets in Financial Instruments Directive 2004/39/EC. Otherwise no application will be made for the Securities to be admitted to trading on any such regulated or equivalent market. Prospective investors should have regard to the factors described under the section headed Risk Factors in this Base Prospectus. Any person (an Investor ) intending to acquire or acquiring any Securities from any person (an Offeror ) should be aware that, in the context of an offer to the public as defined in section 102B of the Financial Services and Markets Act 2000 ( FSMA ), the Issuer may only be responsible to the Investor for this Base Prospectus under section 90 of FSMA if the Issuer has authorised the Offeror to make the offer to the Investor. Each Investor should therefore enquire whether the Offeror is so authorised by the Issuer. If the Offeror is not so authorised by the Issuer, the Investor should check with the Offeror whether anyone is responsible for this Base Prospectus for the purposes of section 90 of FSMA in the context of the offer to the public, and, if so, who that person is. If the Investor is in any doubt about whether it can rely on this Base Prospectus and/or who is responsible for its contents, it should take legal advice. Where information relating to the terms of the relevant offer required pursuant to the Prospectus Directive is not contained in this Base Prospectus or the relevant Final Terms, it will be the responsibility of the relevant Offeror at the time of such offer to provide the Investor with such information. This does not affect any responsibility which the Issuer may otherwise have under applicable laws. Base Prospectus dated 13 March 2009

18 This Base Prospectus constitutes a base prospectus for the purposes of Article 5.4 of the Prospectus Directive for the purpose of giving information with regard to the Issuer and the Securities which, according to the particular nature of the Issuer and the Securities, is necessary to enable investors to make an informed assessment of the assets and liabilities, financial position, profit and losses and prospects of the Issuer and of the rights attached to the Securities. The previous paragraph should be read in conjunction with paragraph 8 on the first page of this Base Prospectus. The Issuer accepts responsibility for the information contained in this document. To the best of the knowledge and belief of the Issuer having taken all reasonable care to ensure that such is the case, the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information. The delivery of this document at any time does not imply that any information contained herein is correct at any time subsequent to the date hereof. The Issuer will not be providing any post issuance information in relation to the Securities. In connection with the issue and sale of the Securities, no person is authorised to give any information or to make any representation not contained in the Base Prospectus or the relevant Final Terms, and the Issuer does not accept responsibility for any information or representation so given that is not contained in with the Base Prospectus. Neither the Base Prospectus nor any Final Terms may be used for the purposes of an offer or solicitation by anyone, in any jurisdiction in which such offer or solicitation is not authorised, or to any person to whom it is unlawful to make such offer or solicitation and no action is being taken to permit an offering of the Securities or the distribution of the Base Prospectus or any Final Terms in any jurisdiction where any such action is required except as specified herein. The distribution of this Base Prospectus and the offering or sale of the Securities in certain jurisdictions may be restricted by law. Persons into whose possession this document comes are required by the Issuer to inform themselves about, and to observe, such restrictions. The Securities have not been and will not be registered under the U.S. Securities Act of 1933 (the Securities Act ) and may be subject to U.S. tax law requirements. Subject to certain exemptions, the Securities may not be offered, sold or delivered within the United States of America or to, or for the account or benefit of, U.S. persons. A further description of the restrictions on offers and sales of the Securities in the United States or to U.S. persons is set out under Selling Restrictions in the Principal Base Prospectus.

19 TABLE OF CONTENTS Page SUMMARY...4 DOCUMENTS INCORPORATED BY REFERENCE...8 RISK FACTORS...10 TERMS AND CONDITIONS...13 TAXATION...23 FORM OF FINAL TERMS

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

21 The Securities may only be redeemed before the maturity date for reasons of (in the case of Notes) default by the Issuer or (in any case) the illegality of the Issuer s payment obligations or its hedging arrangements or following certain events in relation to the Reference Portfolio. Application will, if so specified in the Final Terms, be made to list the Securities on the stock exchange(s) specified in the Final Terms. Return at Maturity When the Securities mature or (in the case of Warrants) are exercised, investors will receive a redemption amount or (in the case of Warrants) a settlement amount equal to (i) (in the case of principalprotected Securities) 100 per cent. of the nominal amount or (in the case of non-principal protected Securities) a lesser percentage (which may be zero) as specified in the Final Terms and (ii) an amount equal to the product of the nominal amount and the Upside Participation as defined below. Warrants will generally be non-principal protected. If so specified in the Final Terms the redemption amount or settlement amount will be subject to a maximum amount as specified therein. If the Upside Participation is zero or negative then, at maturity or (in the case of Warrants) following their exercise, the investor will only receive (in the case of principal-protected Securities) 100 per cent. of the nominal amount or (in the case of non-principal protected Securities) the percentage of the nominal amount which is protected (which may be zero). The Upside Participation shall be a percentage equal to the greater of the MC% specified in the Final Terms (which may be zero) and the Performance. The Performance is calculated as the relevant Participation (a percentage specified in the Final Terms) for that Security multiplied by the higher of the Floor (either a percentage specified in the Final Terms, or zero) and the Reference Portfolio Return. The Reference Portfolio Return is calculated as the (i)(a) the arithmetic mean of the Reference Portfolio Value on the Final Observation Dates divided by (b) the arithmetic mean of the Reference Portfolio Value on each of the Initial Observation Dates, less (ii) the Strike percentage (specified in the Final Terms). Reference Portfolio Value is the Portfolio Value of the Portfolio identified as Reference Portfolio within the Final Terms. In general, the Reference Portfolio will contain two Components, and the Portfolio Weights of the Reference Portfolio will be specified as Volatility Allocated, in order to actively switch between each Components (where one Component will typically contain more volatile exposures such as equity, and the other less volatile exposures). The Reference Portfolio Value is net of a fixed Fee, where Fee is, as specified within the Final Terms, a percentage that is to be deducted using the given day count fraction. The Components within the Reference Portfolio may themselves be portfolios containing further Components, in order to offer greater variety of exposure. The Portfolio Value in respect of a Portfolio is set to 100 per cent. at its inception. Then, for each successive Valuation Date thereafter, the Portfolio Value is calculated by multiplying its Portfolio Value as determined for the previous Valuation Date that was a Rebalancing Date, by its Period Performance for the period running from and including the previous Rebalancing Date to and including the current Valuation Date. The Period Performance in respect of either a Portfolio or a single Component, and in respect of a specified period of time, is calculated as either (i) for a single Component, the Level of the Component on the last day of the period divided by the Level of the Component on the first day of the period; or (ii) for a Portfolio, the weighted average, using the Portfolio Weights effective the first day of the period, of the Period Performances of each Portfolio Component. 5

22 A Portfolio is a weighted collection of Components. The Components within each Portfolio are specified within the Final Terms, with each Component either an individual underlying asset, or another (defined) Portfolio. Notwithstanding, all Portfolios may ultimately, through their definitions in the Final Terms, be decomposed into collections of Components. The Portfolio Weights, totalling 100 per cent., assigned to the Components within each Portfolio may either be fixed, or alternately be either Momentum Allocated or Volatility Allocated. If Portfolio Weights are Momentum Allocated or Volatility Allocated then the weights applied to each Component will be re-calculated throughout the life of the Portfolio on the Rebalancing Dates specified in the Final Terms for the Portfolio. On such dates the weights will be determined either (i) in the case of Momentum Allocated, by ranking the Components based upon their Period Performances or (ii) in the case of Volatility Allocated, by reference to the realised annualised volatility of one or many of the Components of the Portfolio; as observed over a single, or multiple, time period(s) leading up to the relevant Rebalancing Date. Details of time periods used and either (i) how rankings are determined and the weightings assigned to each rank of Component, or (ii) how weightings are assigned based upon any resultant volatilities, as appropriate, will be determined in accordance with the Final Terms. If required, the Final Terms may also specify fixed percentage Portfolio Weights to be applied to each Component prior to the first Rebalancing Date. Initial Observation Date, Valuation Date, and Final Observation Date mean the date(s) so specified in the Final Terms. The terms and conditions of the Securities contain provisions dealing with non-business days, disruptions and adjustments that may affect each Component and the Levels and the timing and calculations of payments under the Securities. Dynamic Weighting The Reference Portfolio Value for any Valuation Day is subject to dynamic weighting. The dynamic weighting is dependent upon the past volatility of the Momentum Allocator Asset. This is measured on each Valuation Day. As the volatility increases, the weighting is reduced by steps to a minimum of zero and as the volatility decreases, the weighting is increased by steps and this can be to a maximum of above 100 per cent., as specified in the relevant Final Terms. This enables the exposure to the Momentum Allocator Asset to increase or decrease as the volatility decreases or increases respectively. The volatility of the Momentum Allocator Asset as at a Valuation Day is calculated by the Calculation Agent as the annualised standard deviation of the price changes of the Momentum Allocator Asset over the most recent number of Valuation Days (as specified in the relevant Final Terms) up to and including the specified number of days (as set out in the Final Terms) immediately preceding the relevant Valuation Day t in accordance with standard market methodology, as further described in the terms and conditions. This means that once the weighting has been reduced, there will be a time lag after any subsequent decrease in volatility before weighting is increased again. Risk Factors If the Performance is zero or negative then, at maturity, investors will only receive the percentage of the nominal amount that is protected which, in the case of principal protected Securities, will be 100 per cent. of the nominal amount (which may be less than the issue price in which event investors will lose part of their investment) or, in the case of non-principal protected Securities, will be less than 100 per cent. of the notional amount and could be zero (in which event investors will lose all or part of their investment, depending on such percentage). 6

23 A secondary market for the Securities may not develop and may not be liquid which may reduce the value of the Securities. Investors must be prepared to hold Securities until their redemption. The Issuer may, but is not obliged to, purchase Securities at any time at any price and may hold, resell or cancel them. The only way in which holders can realise value from a Security prior to its maturity or expiry (other than in the case of an American style Warrant) is to sell it at its then market price in the market which may be less than the amount initially invested. The price in the market for a Security may be less than its issue price even though the value of the Reference Portfolio may not have changed since the issue date. If Warrants are exercised, the number of Warrants remaining will decrease, resulting in diminished liquidity for the remaining Warrants. If certain events occur in relation to the Reference Portfolio or any Component and it determines that it is unable to make an appropriate adjustment to the terms of the Securities, the Issuer may redeem the Securities at their fair market value. There will be a time lag between the exercise of Warrants by the Warrantholder and the determination of the Settlement Amount. The prices or levels of the relevant Underlying Assets could change significantly during such time and decrease the Settlement Amount or reduce it to zero. In making calculations and determinations, each of the Issuer and the Calculation Agent is required to act in good faith and in a commercially reasonable manner but does not have any obligations of agency or trust for any investors and has no fiduciary obligations towards them. In particular the Issuer and its affiliated entities may have interests in other capacities (such as other business relationships and activities). If the amount payable on the Securities is less than their issue price, investors may lose all or part of their investment. An investment in the Securities is not the same as an investment in the Reference Portfolio or any securities comprised in a relevant equity index. In particular, investors will not benefit from any dividends unless the relevant equity index is a total return index. The levels or prices of the Reference Portfolio or any Component (and of securities comprised in an equity index) may go down as well as up and may not reflect their prior or future performance. There can be no assurance as to the future performance of the Reference Portfolio or any Component. The Securities may involve complex risks, including share price, credit, commodity, foreign exchange, interest rate, political and/or issuer risks. The level and basis of taxation on the Securities and any reliefs from such taxation can change. Potential Securityholders should consult their own tax advisers to determine the tax consequences of the purchase, ownership, transfer and redemption or enforcement of the Securities. 7

24 DOCUMENTS INCORPORATED BY REFERENCE This Base Prospectus should be read and construed in conjunction with the following documents (except the documents incorporated therein by reference) which shall be deemed to be incorporated in, and form part of, this Base Prospectus, save that any statement contained in a document which is deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purpose of this Base Prospectus to the extent that a statement contained herein modifies or supersedes such earlier statement (whether expressly, by implication or otherwise). Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Base Prospectus. 1. Registration document dated 20 February 2009 relating to the Issuer that has been approved by the UK Listing Authority (the Registration Document ) (except the documents incorporated therein by reference) 2. Base Prospectus dated 30 January 2009 relating to the Issuer s Structured Products Programme for the issuance of Notes, Certificates and Warrants that has been approved by the UK Listing Authority (the Principal Base Prospectus ) except for the documents incorporated therein by reference, the Summary (pages 4 to 7 inclusive) and the Forms of Final Terms (pages 140 to 179 inclusive). 3. The Annual Report of the Issuer for the years ended 31 December 2005, 31 December 2006 and 31 December The Interim Report (unaudited) of the Issuer for the six months ended 30 June U.S. Securities and Exchange Commission ( SEC ) filings of Credit Suisse Group: (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) Form 20-F Annual Report for the year ended 31 December 2007 available on the website of the SEC ( and Credit Suisse Group s website ( Form 6-K Quarterly Report for the quarter ended 31 March 2008 available on the website of the SEC ( Form 6-K Quarterly Report for the quarter ended 30 June 2008 available on the website of the SEC ( Form 6-K Six Months Report for the six months ended 30 June 2008 available on the website of the SEC ( Form 6-K Post-Effective Amendment No. 1 dated 13 August 2008 available on the website of the SEC ( Form 6-K Quarterly Report for the quarter ended 30 September 2008 available on the website of the SEC ( Form 6-K Supplement dated 31 October 2008 to the Quarterly Report for the quarter ended 30 September 2008 available on the website of the SEC ( Form 6-K Supplement dated 4 December 2008 re Media Release: accelerated implementation of strategic plan; substantial reduction of risk and cost base; update on Fourth Quarter 2008 performance available on the website of the SEC ( and Form 6-K Quarterly Report for the quarter ended 31 December 2008 available on the website of the SEC ( 8

25 6. Audited Annual Accounts for the years ended 31 December 2006 and 31 December 2007 of Credit Suisse (International) Holding AG, available on Credit Suisse Group s website ( Copies of this Base Prospectus will be available for inspection during normal business hours on any business day (except Saturdays, Sundays and legal holidays) at the offices of the Agents. In addition, copies of any document incorporated by reference in this Base Prospectus will be available free of charge on any business day (except Saturdays, Sundays and legal holidays) at the principal office of the Principal Paying Agent and at the registered office of the Issuer. 9

26 RISK FACTORS The risk factors set out below should be read in addition to the risk factors set out on page 5 of the Registration Document and on pages 9 to 12 (inclusive) of the Principal Base Prospectus. Such risk factors are risk factors that are material to the Securities in order to assess the market risk associated with them or which may affect the Issuer s ability to fulfil its obligations under them. Return at Maturity If the Performance is zero or negative then, at the maturity, the investors will only receive the percentage of the nominal amount that is protected which, in the case of principal protected Securities, will be 100 per cent. of the nominal amount (which may be less than the issue price in which event investors will lose part of their investment) or, in the case of non-principal protected Securities, will be less than 100 per cent. of the notional amount and could be zero (in which event investors will lose all or part of their investment, depending on such percentage). The return at maturity may also be affected by the occurrence of certain specified disruption or adjustment events. Limited Liquidity A secondary market for the Securities may not develop and may not be liquid. A decrease in liquidity may increase volatility which may reduce the value of Securities. Investors must be prepared to hold Securities until their redemption. The Issuer may, but is not obliged to, purchase Securities at any time at any price and may hold, resell or cancel them. The only way in which holders can realise value from a Security prior to its maturity or expiry (other than in the case of an American Style Warrant) is to sell it at its then market price in the market which may be less than the amount initially invested. The price in the market for a Security may result in the holder receiving less than its issue price even though the value of the Reference Portfolio may not have changed since the issue date. If Warrants are exercised, the number of Warrants remaining will decrease, resulting in diminished liquidity for the remaining Warrants. Warrants There will be a time lag between the exercise of Warrants by the Warrantholder and the determination of the Settlement Amount. The prices or levels of the Reference Portfolio could change significantly during such time and decrease the Settlement Amount or reduce it to zero. Conflicts of Interest In making calculations and determinations, each of the Issuer and the Calculation Agent is required to act in good faith and in a commercially reasonable manner but does not owe any obligations of agency or trust to any investors and has no fiduciary obligations towards them. In particular the Issuer and its affiliated entities may have interests in other capacities (such as other business relationships and activities). Loss of Investment If the amount payable on the Securities is less than their issue price, investors may lose all or part of their investment. General Risks relating to Securities linked to funds Amounts of payments under the Securities are linked to the performance of a reference portfolio of fund units or indices (the Reference Portfolio ) (which in turn shall be dependent in part upon the price or changes in the price of units or shares in one or more Funds); however, an investment in the Securities is not the same as an investment in the Reference Portfolio or any Fund or fund units or any securities comprised in a relevant index or an investment which is directly linked to any of them. In particular, investors will not benefit from any dividends. 10

27 The level or prices of Reference Portfolio (and of securities comprised in an index) may go down as well as up throughout the term of the Securities. Such fluctuations may affect the value of the Securities. Furthermore, the levels or prices at any specific date may not reflect their prior or future performance or evolution. There can be no assurance as to the future performance or evolution of the Reference Portfolio. Accordingly, before investing in the Securities, investors should carefully consider whether any investment linked to the Reference Portfolio is suitable for them. The Funds may often rely on a few individuals to determine their investment strategies and to make investment decisions. The loss of such individuals could jeopardise the performance of the Funds. The Funds may be engaged in a high level of trading with commensurately high brokerage and transaction costs, as well as costs associated with leverage, such as interest payments and margin maintenance. Such costs will adversely affect the net asset value of the Funds. Additionally, the Funds will be exposed to credit risks against brokers and other counterparties with which they deal in implementing their investment strategies. Where Funds invest in unlisted shares and certain other assets, risks associated with reduced liquidity and lack of objective valuations will arise. Moreover, the Funds may invest in emerging markets. This involves risks attributable to nationalisations, expropriation or taxation, currency devaluation, foreign exchange control, political, social or diplomatic instability or governmental restrictions. The capital markets in such countries have substantially less volume, and are generally less liquid and more volatile, than those in more developed markets. Disclosure and regulatory requirements could be less stringent than in other markets, with a low level of monitoring and limited and uneven enforcement of existing regulations. Certain Funds may have no or a limited operating history, with no proven track record in achieving their stated investment objectives. The Funds, or some of them, may be wholly unregulated investment vehicles and may trade in futures, options, forward exchange contracts and other derivative instruments, which may represent significant investment risks. In addition, Funds may acquire leveraged trading positions, including through the use of borrowing, and may engage in short selling. As a result of leverage, relatively small adverse price movements may result in substantial losses. A Fund itself may be subject to fees and charges on its investments which shall be borne by such Fund and incorporated in the value of interests in it. Potential investors in the Securities should be aware that they shall receive no interest and may lose all or a substantial portion of their investment. In addition, the movements in the price of units or shares in the Fund may be subject to significant fluctuations that may not correlate with changes in interest rates, currencies or other indices and the timing of changes in the relevant price of the units or shares in the Fund may affect the actual yield to investors, even if the average level is consistent with their expectations. In general, the earlier the change in the price or prices of the units or shares in the Fund, the greater the effect on yield. The Fund(s) may follow a wide range of investment strategies, invest in assets in a number of different countries and denominated in a number of different currencies, have investment strategies and guidelines that are very broad and may also be free to engage in additional or alternative strategies without reference to any other person. The returns to the Securityholders may, therefore, be materially affected by, among other things, market trends, exchange rate fluctuations and political and economic developments in the relevant countries. This may lead to substantial volatility in the net asset value of the Fund(s). The market price of the Securities may be volatile and may depend on the time remaining to the redemption date and the volatility of the price of Units or Shares in the Funds. The price of Units or Shares in the Funds may be affected by the economic, financial and political events in one or more jurisdictions, including factors affecting the exchange(s) or quotation system(s) on which any units in the Fund or Funds may be traded. Third parties, not related to the Issuer, may subscribe for and redeem 11

28 Funds. These investments may affect the performance and volatility of a Fund s net asset value. In turn, this could affect, from time to time, the return on the Securities. The value of Shares or Units in the Fund(s) and the income from them may fluctuate significantly. The Issuer has not provided and will not provide during the term of the Securities prospective purchasers of the Securities with any information or advice with respect to the performance of an underlying fund. The Issuer may have acquired, or during the term of the Notes may acquire, non-public information with respect to a Fund, which will not be provided to the Securityholders. The Issuer makes no representation or warranty about, or guarantee of, the performance of a Fund. Past performance of a Fund cannot be considered a guide to future performance. Where Securities are linked to the Reference Portfolio, if certain events occur in relation to any Fund referenced by the Reference Portfolio and it determines that it is unable to make an appropriate adjustment to the terms of the Securities, the Issuer may redeem the Securities at their fair market value. Tax The level and basis of taxation on the Securities and on the Securityholders and any reliefs from such taxation depend on the Securityholder s individual circumstances and could change at any time. The tax and regulatory characterisation of the Securities may change over the life of the Securities. This could have adverse consequences for Securityholders. Potential Securityholders will therefore need to consult their own tax advisers to determine the specific tax consequences of the purchase, ownership, transfer and redemption or enforcement of the Securities. 12

29 TERMS AND CONDITIONS The Securities will be subject to the General Terms and Conditions set out in the Principal Base Prospectus as specified in the relevant Final Terms and also to the following provisions which shall be governed by and construed in accordance with the law that is applicable to the relevant General Terms and Conditions specified in the relevant Final Terms. In the case of a discrepancy or conflict with such General Terms and Conditions or Asset Terms, the following provisions shall prevail: 1 Definitions Asset Component means, subject to paragraph 4 below, each fund specified as an Asset Component in the Profile Composition Table. Asset Component j means, subject to paragraph 4 below, the relevant Asset Component specified in the Profile Composition Table. Asset Component Weight means, in respect of each Asset Component j, the applicable percentage so specified in the Profile Composition Table. Basket Start Date means the date so specified in the Final Terms. Calculation Business Day means any Business Day in London and Stockholm from (and including) the Basket Start Date to (and including) the Maturity Date, subject in the event of an Asset Disruption Event to paragraph 3 below. When calculating the Fund Value on a Calculation Business Day that is not also a Fund Business Day, the net asset value of the relevant fund for such Calculation Business Day shall be deemed to equal the net asset value of such fund which is determined as of the immediately preceding Fund Business Day. Final Observation Date means each Calculation Business Day specified in the relevant Final Terms, subject to an Asset Disruption Event and the Business Day Convention. FIP Fund means the fund so specified in the relevant Final Terms. Fund means (i) a fund that is an Asset Component and (ii) the FIP Fund. Fund Business Day means, in respect of a Fund, a day that is classified as a day on which the Fund will effect subscriptions and redemption requests in relation to units in the Fund and/or any day that is a day for which the administrator or fund manager of the Fund shall calculate a Fund Value in accordance with the Fund s prospectus or offering document. Fund Value means, in respect of a Fund, the official net asset value or official unit price published by the administrator or fund manager of such Fund or as published by the exchange on which such Fund is listed. An adjustment will be made to the Fund Value for any net dividend received in respect of that Fund. Initial Observation Date means each Calculation Business Day specified in the Final Terms, subject to an Asset Disruption Event and the Business Day Convention. Initial Profile Weight Table means a table in the format and with values for i, Profile and Profile Weight on Basket Start Date as set out in the relevant Final Terms. Initial Valuation Date means the date specified in the relevant Final Terms, subject to adjustment in accordance with the Business Day Convention. j means the relevant Asset Component. lag means the number so specified in the relevant Final Terms. 13