Credit Suisse International

Transkript

1 Credit Suisse International Registered as unlimited in England and Wales under No Series NCSI SKr 500,000,000 Zero Coupon Index-linked Notes due 2011 Issue Price: 110 per cent. ÖVERSÄTTNING AV PROSPEKTSAMMANFATTNING Bifogad översättning utgör en översättning av avsnittet Summary i värdepappersnoten av den 28 augusti 2007 avseende Obligationer av Series NCSI Översättningen har upprättats mot bakgrund av bestämmelserna i 2 kap. 23 och 36 lagen (1991:980) om handel med finansiella instrument i samband med begäran till United Kingdom Listing Authority i England om att utfärda intyg om godkännande av prospektet till Finansinspektionen enligt bestämmelserna i artikel 18 i prospektdirektivet (2003/71/EG). Enligt 2 kap. 15 lagen (1991:980) om handel om finansiella instrument är ansvaret för innehållet i sammanfattningen och denna översättning av sammanfattningen begränsat enligt vad som närmare beskrivs i det inledande stycket i översättningen. Om översättningen inte stämmer överens med informationen i den engelska originalversionen har den engelska originalversionen tolkningsföreträde. Investerare bör därför även ta del av grundprospektet i dess helhet på dess originalspråk innan något beslut tas om investering. A /0.1/24 Aug

2 SAMMANFATTNING Credit Suisse International Serie NCSI Indexrelaterade Nollkupongsobligationer med förfallodag 2011 ( Obligationerna ) 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 infogas genom hänvisning. Inget civilrättsligt ansvar kan uppkomma för Emittenten i någon Medlemsstat i det Europeiska Ekonomiska Samarbetsområdet där de relevanta bestämmelserna i Prospektdirektivet (Direktiv 2003/71/EG) 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 lagstiftning (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 och individuellt obegränsat 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. Dess aktieägare är Credit Suisse Group, Credit Suisse och Credit Suisse (International) Holding AG. Emittenten startade sin verksamhet 16 juli Huvudsaklig verksamhet är bankrörelse, inklusive handel med derivatprodukter relaterade till räntor, aktier, valutor, råvaror och krediter. Det främsta verksamhetsändamålet för Emittenten 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. Credit Suisse är en ledande global investmentbank som tillhandahåller tjänster till institutionella klienter, företag, stater och privatpersoner som klienter. A /0.1/24 Aug

3 Beskrivning av Obligationerna Obligationerna är nollkupongsobligationer, denominerade i svenska kronor, kapitalbeloppsbestämda, aktieindexrelaterade och emitterade av Emittenten den 28 augusti 2007 samt förfaller till betalning i november Nominellt belopp per Obligation är SEK och det sammanlagda nominella beloppet är SEK Emissionskursen är 110 procent av det nominella beloppet. Avkastningen, utöver nominellt belopp, som betalas till investeraren på Förfallodagen är kopplad till utvecklingen på en korg innehållande två index: Credit Suisse Water Index (beräknat i euro) och Credit Suisse Global Warming Index (beräknat i euro) (vart och ett benämnt Index och tillsammans benämnda Indexen )komponenter (var för sig Komponent ): Obligationerna kan endast bli inlösta i förtid efter avtalsbrott av Emittenten, efter införande av brittisk källskatt på betalningar avseende Obligationerna eller Emittentens betalningsförpliktelser eller dess hedgingarrangemang skulle vara eller bli olagliga. Ansökan om att inregistrera Obligationerna på Stockholmsbörsen kommer att göras. Avkastning på Förfallodagen När Obligationerna förfaller till betalning 2011 kommer investerarna erhålla (i) 100 procent av det nominella beloppet samt (ii) en avkastning beräknad som det nominella beloppet multiplicerat med det större av noll och Indexavkastningen såsom förklarat nedan. Indexavkastningen innebär den Genomsnittliga Utvecklingen multiplicerat med 105 procent (sådan procentsats är indikativ och bestäms av marknadsförhållandena på den Initiala Fastställelsedagen, med förbehåll att den kommer vara minst 95 procent). Om den Genomsnittliga Avkastningen är noll eller negativ kommer investerarna, på förfallodagen, endast erhålla 100 procent av det nominella beloppet. Genomsnittlig Avkastning (i) (ii) För vart och ett av indexen beräknas Indexutvecklingen som den procentuella förändringen på Indexnivån för det Indexet mellan den Initiala Fastställelsedagen och den Slutliga Indexnivån för det Indexet. Den Slutliga Indexnivån beräknas som genomsnittet på Indexnivåerna för det indexet på var och en av Observationsdagarna och Indexnivån för ett Index är den rådande indexnivån; Indexutvecklingen för vart och ett av Indexen multipliceras sedan med Indexviktningen för relevant Index. Resultaten adderas sedan ihop och utgör den Genomsnittliga Utvecklingen. Indexviktning betyder, avseende Credit Suisse Water Index, 30 procent och avseende Credit Suisse Global Warming Index, 70 procent. Initial Fastställelsedag betyder 1 november Observationsdagar betyder den 1:a kalenderdagen i varje februari, maj, augusti och november med början 1 maj 2010 och med slut den 1 november 2011 (totalt 7 Observationsdagar). Observera att de fullständiga villkoren som återfinns i Värdepappersnoten innehåller bestämmelser angående vilka dagar som ska räknas som icke bankdagar, handelsavbrott och justeringar, vilka kan påverka Indexet och nivån på Indexet samt avseende tidpunkter för beräkning och betalning i enlighet med Obligationerna. De fullständiga villkoren för Obligationerna framgår av Värdepappersnoten avseende Obligationerna, vilken finns tillgänglig i betalningsombudens (Paying Agents) lokaler. A /0.1/24 Aug

4 Erbjudandet HQ Bankaktiebolag ( HQ ) har samtyckt till att köpa från Emittenten och Emittenten har samtyckt till att sälja, alla eller vissa av Obligationerna, till HQ. HQ har informerat Emittenten att de och vissa Underdistributörer ([Länsförsäkringar Bank, Sparbanken Gripen AB (publ) and Sparbanken Finn) har för avsikt att i eget namn erbjuda Obligationerna till allmänheten i Sverige. Varken Emittenten eller Dealern har något ansvar för sådana erbjudanden. Erbjudandeperioden är mellan 3 september 2007 till 12 oktober Erbjudandeperioden kan komma att bli avbruten när som helst. Det högsta nominella beloppet på erbjudandet är SEK Erbjudandepriset kommer att vara 110 % av det nominella beloppet. Köp kan göras genom att ge in en köporder vilken kan erhållas från HQ eller relevant Underdistributör, eller enligt instruktioner från HQ eller relevant Underdistributör. Betalning för Obligationerna skall vara HQ eller relevant Underdistributör tillhanda på eller omkring 22 oktober 2007 för att leverans av Obligationerna till köparnas konto skall ske på eller omkring den 5 november HQ eller relevant underdistributör kommer att ta ut courtage av köparna vilket inte kommer överstiga 3 % av priset på Obligationerna. Utöver detta kan Emittenten komma att betala provision till HQ eller till den relevanta Underdistributören. HQ förbehåller sig rätten att återkalla erbjudandet om det förvärvade nominella beloppet är mindre än , eller om HQ, utifrån sitt bästa omdöme, bedömer att några faktorer medför att det blir olagligt, omöjligt eller icke praktiskt att fullfölja erbjudandet, antingen i sin helhet eller till viss del, eller om marknadsförhållandena har påverkats på ett väsentligt negativt sätt. Vid ett eventuellt återkallande kommer HQ eller relevant Underdistributör återbetala, av köparen erlagt, förvärvspris samt courtage utan ränta. Riskfaktorer Villkoren för Obligationerna anger att det belopp som skall betalas till investeraren vid förfallodagen kommer att vara beroende av utvecklingen av Indexen. Beloppet som betalas på förfallodagen (men inte vid förtida inlösen) kommer att uppgå till minst 100 procent av nominellt belopp, vilket är lägre än emissionspriset. En investering i Obligationerna är inte detsamma som en investering i enskild eller samtliga aktier som omfattas av Indexen eller en investering som är direkt knuten till Indexen. Framförallt kommer investerarna inte få ta del av utdelningar. Nivån på Indexen kan gå ner likväl som upp under Obligationernas löptid. Dessutom behöver inte nivån på Indexen en specifik dag spegla Indexens tidigare eller framtida utveckling. Det finns inga garantier avseende Indexens framtida utveckling. Därför bör eventuella investerare noggrant överväga huruvida en investering som baseras på utvecklingen av Indexen är lämplig för dem. Obligationerna innefattar komplexa risker vilka bland annat inkluderar aktiekursrisker, kreditrisker, valutakursrisker, ränterisker och/eller politiska risker. Det är inte möjligt att förutse kursen till vilken Obligationerna kommer att handlas på marknaden eller om en sådan marknad kommer att vara likvid eller illikvid. Emittenten kan, men är inte skyldig A /0.1/24 Aug

5 att, köpa Obligationer vid vilken tidpunkt som helst till vilket pris som helst på den öppna marknaden eller genom erbjudande eller privat överenskommelse. Varje Obligation som köpts på det viset får behållas eller vidaresäljas eller överlämnas för annullering. Marknaden för Obligationer kan vara begränsad. Det enda sättet på vilket en innehavare kan realisera värdet från en Obligation innan Förfallodagen är att sälja den till då rådande marknadspris, vilket kan vara lägre än det belopp som inledningsvis investerades. Kursfluktuationer på aktierna som omfattas av Indexen och på Indexnivåerna eller nivåerna på 1 månads Stockholm Interbank Offered Rate kan komma att påverka värdet på Obligationerna. Indexreglerna för Indexen kan komma att ändras av Credit Suisse ( Indexskaparen ). Ingen garanti kan ges att en sådan ändring inte är skadlig för Innehavare av Obligationerna. Det dagliga slutvärdet på Indexen publiceras med förbehåll för bestämmelser i de relevanta Indexreglerna. Ingen av Emittenten, Credit Suisse eller den som publicerar är förpliktigad att publicera någon information gällande sådant Index utom på det sätt som anges i Indexreglerna. Indexskaparen kan komma att ingå licensavtal med investerare enligt vilket investeraren ifråga kan erhålla ytterligare och mer detaljerad information, såsom vilka aktier som ingår i Indexet, genom att erlägga en licensavgift och typiskt sett kommer informationen erhållas med tidsfördröjning. Endast stora professionella investerare förväntas ingå sådana licensavtal. Emittenten och Indexskaparen är närstående bolag och kan båda komma att ställas inför intressekonflikter avseende deras skyldigheter som Emittent respektive Indexskapare och de intressen de kan ha i någon annan egenskap. Följaktligen är en investering i Obligationerna endast lämplig för investerare som (antingen ensamma eller tillsammans med en lämplig finansiell rådgivare) klarar av att utvärdera värdet och riskerna med en sådan investering och vilka har tillräckliga resurser för att kunna bära varje förlust som kan bli följden därav. Nivån och grunden för beskattning av Obligationerna samt lättnader i beskattningen kan förändras när som helst. Värdet av lättnader i beskattningen beror på en investerares individuella förhållanden. Beskattningen och den näringsrättsliga behandlingen av Obligationerna kan ändras under Obligationernas löptid. Detta kan medföra negativa konsekvenser för investerare. Innan eventuella investerare gör ett investeringsbeslut med avseende på obligationerna bör dessa konsultera sina egna finansiella, skatte- eller andra rådgivare i den omfattning de finner det nödvändigt och noggrant gå igenom och överväga ett sådant investeringsbeslut mot bakgrund av det ovanstående och deras personliga förhållanden. A /0.1/24 Aug

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43 14 June 2007 Credit Suisse International (formerly known as Credit Suisse First Boston International) Registration Document This Registration Document supersedes the Credit Suisse International Registration Document dated 27 April 2007 and will expire on 13 June 2008.

44 CREDIT SUISSE INTERNATIONAL Introduction This Registration Document is a registration document pursuant to Directive 2003/71/EC for the purpose of giving information with regard to Credit Suisse International (formerly known as Credit Suisse First Boston International) (the Issuer ) which, according to the particular nature of the Issuer and the securities which it may offer to the public or apply to have admitted to trading on a regulated market, 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. To the best of the Issuer s knowledge, having taken all reasonable care to ensure that such is the case, the information contained in this Registration Document is in accordance with the facts and contains no omission likely to affect its import. The Issuer accepts responsibility accordingly. The information contained in this Registration Document relating to the shareholders of the Issuer was provided to the Issuer by its shareholders. It is confirmed that such information has been accurately reproduced, and as far as the Issuer is aware and is able to ascertain from information published by the shareholders, no facts have been omitted which would render the reproduced information inaccurate or misleading. The delivery of this Registration Document at any time does not imply that any information contained herein is correct at any time subsequent to the date hereof. This Registration Document has been filed with the Financial Services Authority in its capacity as competent authority under the UK Financial Services and Markets Act The Issuer was incorporated in England and Wales under the Companies Act 1985, on 9th May, 1990, with registered no and was re-registered as an unlimited liability company under the name Credit Suisse Financial Products on 6th July, 1990, and was renamed Credit Suisse First Boston International on 27th March, 2000 and Credit Suisse International on 16 January Its registered office and principal place of business is at One Cabot Square, London E14 4QJ, telephone number +44 (0) The Issuer is an English bank and is 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, the Securityholders may only have recourse to the assets of the Issuer and not to those of its shareholders.. The Issuer commenced business on 16th July, Its principal business is banking, including the trading of derivative products linked to interest rates, foreign exchange, equities, commodities and credit. The primary objective of the Issuer is to provide comprehensive treasury and risk management derivative product services. 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. The Issuer is structured into three business units: FID, Equities and Other and is managed as a part of the Investment Banking Division of Credit Suisse in the Europe, Middle East and Africa region. The three business units are complemented by Shared Services, which provide support in the areas of finance, legal and compliance, risk management, operations and information technology.

45 Shareholders Credit Suisse owns 56 per cent., Credit Suisse (International) Holding AG (formerly known as Credit Suisse First Boston (International) Holding AG), a wholly owned subsidiary of Credit Suisse, owns 24 per cent. and Credit Suisse Group owns 20 per cent. of the Issuer's ordinary voting shares. Credit Suisse and Credit Suisse (International) Holding AG have entered into a voting agreement relating to the election of directors. With respect to the Issuer's participating non-voting shares (other than an issue of Class A participating non-voting shares) Credit Suisse owns 6 per cent., Credit Suisse Investments (UK), (formerly known as Credit Suisse First Boston (UK) Investments ) a wholly owned subsidiary of Credit Suisse, owns 42 per cent., Credit Suisse Group owns 13 per cent. and Credit Suisse (International) Holding AG owns 39%. In addition, Credit Suisse and Credit Suisse Investments (UK) each own half of the Issuer s Class A participating non-voting shares and Credit Suisse Investments (UK) owns 80 per cent. and Credit Suisse Group owns 20 per cent. of the Issuer s perpetual non-cumulative Class A preference shares. Credit Suisse (International) Holding AG owns 100 per cent. of the Issuer s non-cumulative Class B preference shares. Credit Suisse (International) Holding AG owns per cent. and Credit Suisse Investments (UK) owns per cent. of the Issuer's non-cumulative "Class C" preference shares. Credit Suisse (International) Holding AG owns 100 per cent. of the Issuer s non-cumulative Class D preference shares. Credit Suisse (International) Holding AG owns 100 per cent. of the Issuer s noncumulative Class E preference shares. On 9 May 2007, 750,000,000 Class F Preference shares held by Credit Suisse (International) Holding AG were redeemed. On 9 May 2007, 800,000,000 Class G Preference shares held by Credit Suisse (International) Holding AG were redeemed. On 9 May, 2007 the total authorised share capital of the Issuer increased from USD 5,550,000,000 to USD 6,000,000,000 and 436,595,000 participating non-voting shares were issued to Credit Suisse (International) Holding AG. Information on the Shareholders is provided in Shareholders of Credit Suisse International Overview below. A summary organisational chart, showing the ownership of the voting interests in the Issuer, is set out below. Credit Suisse Group 100% Credit Suisse 56% 100% 20% Credit Suisse (International) Holding AG 24% Credit Suisse In te rn atio n a l

46 Credit Ratings The Issuer has been assigned a senior unsecured debt rating of AA- (outlook stable) by Standard & Poor s Rating Services, a division of The McGraw-Hill Companies, a senior debt rating of Aa1 (stable outlook) by Moody s Investors Service and a long-term rating of AA- (stable outlook) by Fitch Ratings Limited. Directors and Management The members of the Board of Directors of the Issuer and their principal outside occupations are set out below. There are no potential conflicts of interests between any duties to the Issuer of the below members of the Board of Directors and their private interests and / or other duties. The business address of each member of the Board of Directors is One Cabot Square, London E14 4QJ. Name Michael Philipp CEO Osama Abassi Alternate to Gael de Boissard Stephen Dainton Alternate to Simon Yates Gael de Boissard Fawzi Kyriakos-Saad Renato Fassbind Non Executive Tobias Guldimann Non Executive Principal Outside Occupation Executive Board Member and Chief Executive Officer of Credit Suisse Europe, Middle East and Africa (EMEA). He is a member of Credit Suisse Group s Executive Board, Chairman of the EMEA CEO Management Committee and Chairman of the EMEA Investment Banking Management Committee. Managing Director of Credit Suisse, Co-Head of European Fixed Income Coverage Group. Additionally he is a member of the Global Fixed Income Operating Committee and the Investment Banking division's Management Council. Managing Director of Credit Suisse, Co-Head of European Equities, Global Head of European Research Sales, Head of Research Sales into Europe and a member of the EMEA IB Management Committee. Managing Director of Credit Suisse, Head of the European Fixed Income department and has responsibility for European and Asian Interest Rate Products and the Global Exotic Interest Rate Derivative business. Additionally, he is Head of Global Foreign Exchange Sales and Trading and member of the Fixed Income Operating Committee and the EMEA IB Management Committee. Managing Director and Chief Executive Officer of Emerging Markets for EMEA. Chief Financial Officer of Credit Suisse Group and a member of the Executive Board of Credit Suisse Group. Chief Risk Officer of Credit Suisse Group and a member of the Executive Board of Credit Suisse Group.

47 Hamish Leslie-Melville Alternate to Marco Mazzucchelli Marco Mazzucchelli Costas Michaelides Simon Yates Managing Director of Credit Suisse and Chairman of the European Investment Banking Committee. Managing Director of Credit Suisse, European Head of the Investment Banking Department and a member of the EMEA IB Management Committee. Managing Director and Chief Operating Officer of Credit Suisse EMEA. He is a member of the EMEA CEO Management Committee, a member of the EMEA IB Management Committee and Chairman of the EMEA COO Management Committee. Managing Director of Credit Suisse, Co-Head of European Equities and Head of Global Equity Derivatives. He is a member of the EMEA IB Management Committee. Auditors and Accounts The financial year of the Issuer is the calendar year. The Issuer s auditors are KPMG Audit Plc, whose address is One Canada Square, London E14 5AG. KPMG Audit Plc is registered to carry out audit work by the Institute of Chartered Accountants in England and Wales. Risk Factors The general risk management policy of the Issuer is consistent with the equivalent functions of other Credit Suisse Group entities. The process is designed to ensure that there are sufficient independent controls to assess, monitor and control risks in accordance with the Issuer s control strategy and in consideration of industry best practices. The Issuer believes that it has effective procedures for assessing and managing the risks associated with its business activities. The Issuer cannot completely predict all market and other developments and the Issuer s risk management cannot fully protect against all types of risks. Unforeseen market and other developments or unexpected movements or disruption in one or more markets can result in losses, for example, due to such events as adverse changes in inventory values, a decrease in liquidity of trading positions, greater earnings volatility or increased credit risk exposure. Such losses could have a material adverse effect on the Issuer s results, operations or financial condition. A description of how the Issuer manages risk together with quantitative information on market risk for the Issuer s trading portfolio is set out on pages 69 to 79 of the Issuer s Annual Report for the year ended 31st December, 2006.

48 Shareholders of Credit Suisse International - Overview 1. Credit Suisse Group Credit Suisse Group, whose head office is at Paradeplatz 8, CH-8070 Zürich, Switzerland, is the ultimate parent of the consolidated Credit Suisse group which includes Credit Suisse, a global financial services company domiciled in Switzerland and active in all major financial centres, providing a comprehensive range of banking products as described under section 2 below. Consistent with its strategy to focus on its banking businesses, Credit Suisse Group sold Winterthur Swiss Insurance Company to AXA on 22 December Credit Suisse Credit Suisse is a Swiss bank and a leading global bank with its registered head office at Paradeplatz 8, CH-8001 Zürich, Switzerland. Credit Suisse provides financial advisory and capital raising services, sales and trading for users and suppliers of capital as well as asset management products and services to global institutional, corporate, government, high-net-worth clients and comprehensive financial advice and banking products to private clients and small to medium-sized companies. Credit Suisse is structured along three lines of business. In its investment banking business, Credit Suisse offers securities products and financial advisory services to corporations, governments, institutional investors and individual clients. Operating in over 50 locations across more than 20 countries, Credit Suisse specializes in innovative solutions using expertise in a full spectrum of products: debt and equity underwriting, sales and trading, alternative capital, mergers and acquisitions, investment research, correspondent and prime brokerage services. In its private banking business, Credit Suisse provides comprehensive advice and a broad range of investment products and services tailored to the complex needs of high-net-worth individuals globally. Credit Suisse s structured advisory process encompasses both asset and liability management. Furthermore, Credit Suisse is a leading provider of innovative alternative investments. Wealth management solutions include tax planning, pension planning, life insurance solutions; wealth and inheritance advice, trusts and foundations. Credit Suisse offers multiple booking platforms and global execution capabilities. In Switzerland, Credit Suisse supplies banking products and services to private banking clients as well as business and retail clients. In its asset management business, Credit Suisse offers products across the full spectrum of investment classes, ranging from equities, fixed income and multiple-asset class products, to alternative investments such as real estate, hedge funds and private equity. Asset Management comprises the bank s discretionary asset management businesses and manages portfolios, mutual funds, and other investment vehicles for a broad spectrum of clients from governments, institutions and corporations to private individuals. 3. Credit Suisse (International) Holding AG Credit Suisse (International) Holding AG (formerly known as Credit Suisse First Boston (International) Holding AG), whose registered office is at Bahnhofsstrasse 17 Postfach 234, CH-6301 Zug, Switzerland, was incorporated in Zug on 15th July, Its principal activity is to act as a holding company for certain subsidiaries of Credit Suisse in Europe and in the Pacific regions.

49 Financial Information 1. Financial information relating to the Issuer is contained in its Annual Reports for the years ended, 31st December, 2004, 31st December, 2005 and 31 st December 2006 which are incorporated by reference in this Registration Document. 2. Financial information relating to Credit Suisse, a majority shareholder of the Issuer, is contained in its most recent Information Statement dated 31st March, 2007, which is incorporated by reference in this Registration Document, along with the Annexes and Supplements to the Information Statement set out in the table below which are also incorporated by reference in this Registration Document: Name of Annex/Supplement Date of Annex/Supplement Annex: Credit Suisse Annual Report st March 2007 Supplement A 16 th May Credit Suisse Group, the ultimate parent company of the Issuer, files annual and current reports, including interim financial information, with the U.S. Securities and Exchange Commission (the SEC ) on Forms 20-F and 6-K. The SEC filings of Credit Suisse Group are available to the public over the Internet on the SEC s website at and on Credit Suisse Group s website at The following SEC filings of Credit Suisse Group are incorporated by reference in this Registration Document: (a) (b) Form 20-F Annual Report for the year ended 31 December 2006 available on the website of the SEC ( and Credit Suisse Group s website at Form 6-K Quarterly Report for the quarter ended 31 March 2007 available on the website of the SEC ( 4. The audited annual accounts for the year ended 31st December, 2005 and for the year ended 31st December, 2006 of Credit Suisse (International) Holding AG, a shareholder of the Issuer and a wholly owned subsidiary of Credit Suisse, are also incorporated by reference in this Registration Document and are available to the public over the Internet on Credit Suisse Group s website at 5. All historical Financial Information contained in this Financial Information section has been audited. with the exception of the Credit Suisse Group interim financial information for which no audit is required. General Information 1. There has been no material adverse change in the prospects of the Issuer since 31st December, The Issuer is the subject of legal proceedings commenced in August 2004 before the Court of Parma in Italy by Dr Enrico Bondi, the Extraordinary Administrator, on behalf of Parmalat SpA (in Extraordinary Administration), relating to an agreement entered into between the Issuer and Parmalat SpA in December By these proceedings the Extraordinary Administrator seeks to have the said agreement set aside and demands repayment by the Issuer of approximately EUR 248 million. The proceedings are being vigorously contested by the Issuer. The Extraordinary Administrator has also commenced two further actions before the Court of Parma (i) against the Issuer seeking damages on the basis of allegations that by the 2001 transaction the Issuer

50 delayed the insolvency of Parmalat Participacoes of Brazil and consequently of Parmalat SpA with the result that Parmalat's overall deficit increased by about EUR 7.1 billion between January 2002 and the declaration of its insolvency in December 2003 and (ii) against the Issuer and five other banks seeking damages on the basis of allegations that by various derivatives transactions in 2003 the Issuer and those other banks delayed the insolvency of Parmalat SpA with the result that its overall deficit increased by about EUR 2 billion between July and December In addition, unquantified claims for damages have been filed in Italy on behalf of a number of individuals claiming to have suffered loss as a result of the actions of employees of the Issuer. All these allegations are without foundation and the proceedings will be vigorously contested by the Issuer. Proceedings have also been brought in New York by Parmalat investors against various defendants including the Issuer seeking unquantified damages. The allegations against the Issuer make reference to the December 2001 transaction. A memorandum of understanding has been entered into between the Plaintiffs, Credit Suisse entities (including the issuer) and another defendant (Banca Nazionale del Lavoro), the result of which is that, subject to final documentation, the Credit Suisse entities will pay US$25 million to settle these proceedings without admission of liability. In related cases also brought in New York, claims have been filed against the Issuer by the trustees of two bankrupt US subsidiaries of Parmalat SpA. These claims will be vigorously contested. The Issuer has claimed in the insolvency of Parmalat Participacoes of Brazil in respect of EUR 500 million of bonds issued by that entity and held by the Issuer. Parmalat Participacoes has made a claim in response alleging that the debt represented by the bonds has already been paid and asserting that it is therefore entitled under Brazilian law to twice the amount of the debt claimed by the Issuer. This allegation is without any foundation and the proceedings will be vigorously contested. Save as disclosed, the Issuer has not been involved in any governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which the Issuer is aware), during the last 12 months which may have, or have had in the recent past, significant effects on the financial position or profitability of the Issuer or the Issuer and its consolidated subsidiaries (the "Group"). 3. No significant change has occurred in the financial position of the Group since 31 st December For the life of this Registration Document copies of the following documents may be inspected at (a) (b) (c) the memorandum and articles of association of the Issuer; the auditor s reports of the Issuer and the Group for each of the three financial years preceding the publication of this Registration Document; and the historical financial information of the Issuer and the Group for each of the three financial years preceding the publication of this Registration Document.

51 11 September 2007 Credit Suisse International Supplement to Prospectuses Series NCSI SKr 500,000,000 Zero Coupon Index-linked and Commodity-linked Notes due 2010 (Securities Note dated 2 August 2007) (ISIN SE ) Series NCSI SKr 500,000,000 Zero Coupon Index-linked and Interest Rate-linked Notes due 2011 (Securities Note dated 28 August 2007) (ISIN SE ) Series NCSI SKr 500,000,000 Zero Coupon Index-linked Notes due 2011 (Securities Note dated 28 August 2007) (ISIN SE ) Series NCSI SKr 500,000,000 Zero Coupon Index-linked Notes due 2012 (Securities Note dated 28 August 2007) (ISIN SE ) Series NCSI SKr 500,000,000 Zero Coupon Index-linked Notes due 2012 (Securities Note dated 28 August 2007) (ISIN SE ) Series NCSI SKr 500,000,000 Zero Coupon Index-linked and Interest Rate-linked Notes due 2012 (Securities Note dated 28 August 2007) (ISIN SE ) Series NCSI SKr 500,000,000 Zero Coupon Index-linked and Interest Rate-linked Notes due 2012 (Securities Note dated 28 August 2007) (ISIN SE ) This Supplement to the Prospectus relating to each of the above issues (each a Prospectus ), comprising, the Registration Document dated 14 June, 2007 and the relevant Securities Note specified above, constitutes a supplementary prospectus for the purposes of Section 87G of the Financial Services and Markets Act 2000 and has been approved by the Financial Services Authority in its capacity as competent authority under the UK Financial Services and Markets Act Following an update to the Registration Document on 7 September 2007, the changes to the Registration Document are set out below:

52 CREDIT SUISSE INTERNATIONAL Introduction This Registration Document is a registration document pursuant to Directive 2003/71/EC for the purpose of giving information with regard to Credit Suisse International (the Issuer ) which, according to the particular nature of the Issuer and the securities which it may offer to the public or apply to have admitted to trading on a regulated market, 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. To the best of the Issuer s knowledge, having taken all reasonable care to ensure that such is the case, the information contained in this Registration Document is in accordance with the facts and contains no omission likely to affect its import. The Issuer accepts responsibility accordingly. The information contained in this Registration Document relating to the shareholders of the Issuer was provided to the Issuer by its shareholders. It is confirmed that such information has been accurately reproduced, and as far as the Issuer is aware and is able to ascertain from information published by the shareholders, no facts have been omitted which would render the reproduced information inaccurate or misleading. The delivery of this Registration Document at any time does not imply that any information contained herein is correct at any time subsequent to the date hereof. This Registration Document has been filed with the Financial Services Authority (FSA) in its capacity as competent authority under the UK Financial Services and Markets Act The Issuer was incorporated in England and Wales under the Companies Act 1985, on 9th May, 1990, with registered no and was re-registered as an unlimited liability company under the name Credit Suisse Financial Products on 6th July, 1990, and was renamed Credit Suisse First Boston International on 27th March, 2000 and Credit Suisse International on 16 January Its registered office and principal place of business is at One Cabot Square, London E14 4QJ, telephone number +44 (0) The Issuer is an English bank and is regulated as an EU credit institution by The 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, the Securityholders may only have recourse to the assets of the Issuer and not to those of its shareholders. The Issuer commenced business on 16th July, Its principal business is banking, including the trading of derivative products linked to interest rates, foreign exchange, equities, commodities and credit. The primary objective of the Issuer is to provide comprehensive treasury and risk management derivative product services. 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. The Issuer has three business departments: Fixed Income, Equities and Investment Banking. These are managed as a part of the Investment Banking Division of Credit Suisse in the Europe, Middle East and Africa region. The three business departments are supported by Credit Suisse's Shared Services Division, which provides business support services in such areas as finance, legal, compliance, risk management, and information technology. Shareholders Credit Suisse owns 56 per cent., Credit Suisse (International) Holding AG, a wholly owned subsidiary of Credit Suisse, owns 24 per cent. and Credit Suisse Group owns 20 per cent. of the Issuer's ordinary voting shares. Credit Suisse and Credit Suisse (International) Holding AG have entered into a voting

53 agreement relating to the election of directors. With respect to the Issuer's participating non-voting shares (other than an issue of Class A participating non-voting shares) Credit Suisse owns 6 per cent., Credit Suisse Investments (UK), a wholly owned subsidiary of Credit Suisse (International) Holding AG, owns 42 per cent., Credit Suisse Group owns 13 per cent. and Credit Suisse (International) Holding AG owns 39%. In addition, Credit Suisse and Credit Suisse Investments (UK) each own half of the Issuer s Class A participating non-voting shares and Credit Suisse Investments (UK) owns 80 per cent. and Credit Suisse Group owns 20 per cent. of the Issuer s perpetual non-cumulative Class A preference shares. Credit Suisse (International) Holding AG owns 100 per cent. of the Issuer s non-cumulative Class B preference shares. Credit Suisse (International) Holding AG owns per cent. and Credit Suisse Investments (UK) owns per cent. of the Issuer's non-cumulative "Class C" preference shares. Credit Suisse (International) Holding AG owns 100 per cent. of the Issuer s non-cumulative Class D preference shares. Credit Suisse (International) Holding AG owns 100 per cent. of the Issuer s non-cumulative Class E preference shares. On 9 May 2007, 750,000,000 Class F Preference shares held by Credit Suisse (International) Holding AG were redeemed. On 9 May 2007, 800,000,000 Class G Preference shares held by Credit Suisse (International) Holding AG were redeemed. On 10 August 2007 the total authorised share capital of the Issuer increased from USD 6,000,000,000 to USD 6,700,000,000 by the creation of a new class of shares being 700,000,000 Class H preference shares of USD 1 each, of which USD 700,000,000 was issued to Credit Suisse (International) Holding AG. Credit Suisse (International) Holding AG owns 100 per cent. of the Issuer s non-cumulative Class H preference shares. Information on the Shareholders is provided in Shareholders of Credit Suisse International Overview below. A summary organisational chart, showing the ownership of the voting interests in the Issuer, is set out below. Credit Suisse Group 100% Credit Suisse 56% 100% 20% Credit Suisse (International) Holding AG 24% Credit Suisse In te rn atio n a l Credit Ratings

54 The Issuer has been assigned a senior unsecured debt rating of AA- (outlook positive) by Standard & Poor s Rating Services, a division of The McGraw-Hill Companies, a senior debt rating of Aa1 (stable outlook) by Moody s Investors Service and a long-term rating of AA- (stable outlook) by Fitch Ratings Limited. Directors and Management The members of the Board of Directors of the Issuer and their principal outside occupations are set out below. There are no potential conflicts of interests between any duties to the Issuer of the below members of the Board of Directors and their private interests and / or other duties. The business address of each member of the Board of Directors is One Cabot Square, London E14 4QJ. Name Michael Philipp CEO Osama Abassi Alternate to Gael de Boissard Stephen Dainton Alternate to Simon Yates Gael de Boissard Fawzi Kyriakos-Saad Renato Fassbind Non Executive Tobias Guldimann Non Executive Hamish Leslie-Melville Alternate to Marco Mazzucchelli Marco Mazzucchelli Principal Outside Occupation Executive Board Member and Chairman and Chief Executive Officer of Credit Suisse Europe, Middle East and Africa (EMEA). He is a member of Credit Suisse Group s Executive Board, Chairman of the EMEA CEO Management Committee and Chairman of the EMEA Investment Banking Management Committee. Managing Director of Credit Suisse, Co-Head of European Fixed Income Coverage Group. Additionally he is a member of the Global Fixed Income Operating Committee and the Investment Banking division's Management Council. Managing Director of Credit Suisse, Co-Head of European Equities, Global Head of European Research Sales, Head of Research Sales into Europe and a member of the EMEA IB Management Committee. Managing Director of Credit Suisse, Head of the European Fixed Income department and has responsibility for European and Asian Interest Rate Products and the Global Exotic Interest Rate Derivative business. Additionally, he is Head of Global Foreign Exchange Sales and Trading and member of the Fixed Income Operating Committee and the EMEA IB Management Committee. Managing Director of Credit Suisse and Chief Executive Officer Emerging Markets EMEA. Chief Financial Officer of Credit Suisse Group and a member of the Executive Board of Credit Suisse Group. Chief Risk Officer of Credit Suisse Group and a member of the Executive Board of Credit Suisse Group. Managing Director of Credit Suisse and Chairman of the European Investment Banking Committee. Managing Director of Credit Suisse, European Head of the

55 Investment Banking Department and a member of the EMEA IB Management Committee. Costas Michaelides Simon Yates Managing Director and Chief Operating Officer of Credit Suisse EMEA. He is a member of the EMEA CEO Management Committee, a member of the EMEA IB Management Committee and Chairman of the EMEA COO Management Committee. Managing Director of Credit Suisse, Co-Head of European Equities and Head of Global Equity Derivatives. He is a member of the EMEA IB Management Committee. Auditors and Accounts The financial year of the Issuer is the calendar year. The Issuer s auditors are KPMG Audit Plc, whose address is One Canada Square, London E14 5AG. KPMG Audit Plc is registered to carry out audit work by the Institute of Chartered Accountants in England and Wales. Risk Factors The general risk management policy of the Issuer is consistent with the equivalent functions of other Credit Suisse Group entities. The process is designed to ensure that there are sufficient independent controls to assess, monitor and control risks in accordance with the Issuer s control strategy and in consideration of industry best practices. The Issuer believes that it has effective procedures for assessing and managing the risks associated with its business activities. The Issuer cannot completely predict all market and other developments and the Issuer s risk management cannot fully protect against all types of risks. Unforeseen market and other developments or unexpected movements or disruption in one or more markets can result in losses, for example, due to such events as adverse changes in inventory values, a decrease in liquidity of trading positions, greater earnings volatility or increased credit risk exposure. Such losses could have a material adverse effect on the Issuer s results, operations or financial condition. A description of how the Issuer manages risk together with quantitative information on market risk for the Issuer s trading portfolio is set out on pages 69 to 79 of the Issuer s Annual Report for the year ended 31st December, Shareholders of Credit Suisse International - Overview 1. Credit Suisse Group Credit Suisse Group, whose head office is at Paradeplatz 8, CH-8070 Zürich, Switzerland, is the ultimate parent of the consolidated Credit Suisse group which includes Credit Suisse, a global financial services company domiciled in Switzerland and active in all major financial centres, providing a comprehensive range of banking products as described under section 2 below. Consistent with its strategy to focus on its banking businesses, Credit Suisse Group sold Winterthur Swiss Insurance Company to AXA on 22 December Credit Suisse

56 Credit Suisse is a Swiss bank and a leading global bank with its registered head office at Paradeplatz 8, CH-8070 Zürich, Switzerland. Credit Suisse provides financial advisory and capital raising services, sales and trading for users and suppliers of capital as well as asset management products and services to global institutional, corporate, government, high-net-worth clients and comprehensive financial advice and banking products to private clients and small to medium-sized companies. Credit Suisse is structured along three lines of business. In its investment banking business, Credit Suisse offers securities products and financial advisory services to corporations, governments, institutional investors and individual clients. Operating in over 50 locations across more than 20 countries, Credit Suisse specializes in innovative solutions using expertise in a full spectrum of products: debt and equity underwriting, sales and trading, alternative capital, mergers and acquisitions, investment research, correspondent and prime brokerage services. In its private banking business, Credit Suisse provides comprehensive advice and a broad range of investment products and services tailored to the complex needs of high-net-worth individuals globally. Credit Suisse s structured advisory process encompasses both asset and liability management. Furthermore, Credit Suisse is a leading provider of innovative alternative investments. Wealth management solutions include tax planning, pension planning, life insurance solutions; wealth and inheritance advice, trusts and foundations. Credit Suisse offers multiple booking platforms and global execution capabilities. In Switzerland, Credit Suisse supplies banking products and services to private banking clients as well as business and retail clients. In its asset management business, Credit Suisse offers products across the full spectrum of investment classes, ranging from equities, fixed income and multiple-asset class products, to alternative investments such as real estate, hedge funds and private equity. Asset Management comprises the bank s discretionary asset management businesses and manages portfolios, mutual funds, and other investment vehicles for a broad spectrum of clients from governments, institutions and corporations to private individuals. 3. Credit Suisse (International) Holding AG Credit Suisse (International) Holding AG, whose registered office is at Bahnhofsstrasse 17 Postfach 234, CH-6301 Zug, Switzerland, was incorporated in Zug on 15th July, Its principal activity is to act as a holding company for certain subsidiaries of Credit Suisse in Europe, the Pacific and in the Americas regions. Financial Information 1. Financial information relating to the Issuer is contained in its Annual Reports for the years ended, 31st December, 2004, 31st December, 2005 and 31 st December 2006 and Interim Report for six months ended 30 th June 2007 which are incorporated by reference in this Registration Document. 2. Financial information relating to Credit Suisse, a majority shareholder of the Issuer, is contained in its most recent Information Statement dated 31st March, 2007, which is incorporated by reference in this Registration Document, along with the Annexes and Supplements to the Information Statement set out in the table below which are also incorporated by reference in this Registration Document: Name of Annex/Supplement Date of Annex/Supplement Annex: Credit Suisse Annual Report st March 2007 Supplement A 16 th May 2007 Supplement B 15 th August 2007