SAMMANFATTNING. Credit Suisse AG:s registrerade huvudkontor finns vid Paradeplatz 8, CH-8001, Zurich, Schweiz.

Transkript

1 SAMMANFATTNING Credit Suisse AG, agerandes genom dess London-filial Series SPLB Upp till SEK 500,000,000 Inlösenbara Obligationer relaterade till Index och Aktier avseende råvaruländer, med förfallodag 2016 ( Värdepapperen ) Denna sammanfattning skall läsas som en introduktion till detta Prospekt och varje beslut att investera i Värdepapper skall ske med beaktande av Prospektet i dess helhet, inklusive de dokument som införlivas 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 Grundprospektet 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 Grundprospektet innan den juridiska processen inleds. Beskrivning av Emittenten Credit Suisse bildades den 5 juli 1856 och registrerades i handelsregistret (registreringsnummer CH ) i Kantonen Zürich den 27 april 1883 för en obegränsad tid under namnet Schweizerische Kreditanstalt. Credit Suisse bytte namn till Credit Suisse First Boston den 11 december Den 13 maj 2005 fusionerades de två schweiziska bankföretagen Credit Suisse och Credit Suisse First Boston. Credit Suisse First Boston blev den kvarvarande juridiska personen och dess namn byttes till Credit Suisse (genom införande i handelsregistret). Den 9 november 2009 bytte Credit Suisse namn till Credit Suisse AG. Tillägget av den juridiska benämningen AG kommer göra att Credit Suisse lever upp till schweiziska näringsrättsliga krav. Den juridiska personen samt dess verksamhet och åtaganden kommer inte påverkas av tillägget av den juridiska benämningen. Credit Suisse AG är en schweizisk bank och aktiebolag som bildats i enlighet med schweizisk rätt och är ett helägt dotterföretag till Credit Suisse Group AG. Credit Suisse AG:s registrerade huvudkontor är i Zürich och man har ytterligare verkställande kontor och större filialer i London, New York, Hong Kong, Singapore och Tokyo. Credit Suisse AG:s registrerade huvudkontor finns vid Paradeplatz 8, CH-8001, Zurich, Schweiz. Beskrivning av Värdepapperen Värdepapperen är i svenska kronor denominerade aktieindexrelaterade och aktierelaterade kapitalskyddade nollkupongsobligationer som kommer emitteras av Emittenten den 14 januari 2011 med förfallodag den 26 januari 2016 ( Förfallodagen ). Nominellt belopp per Värdepapper är SEK och Värdepapperens sammanlagda nominella belopp är upp till SEK (och är beroende av det belopp som tecknas). Emissionskursen är 110 procent av nominellt belopp. Avkastningen som kommer erläggas till en investerare vid förfallodagen relaterar till utvecklingen för följande underliggande tillgångar (var för sig och tillsammans Underliggande ): (i) (ii) (iii) S&P Toronto Stock Exchange 60 Index (CAD); S&P ASX 200 Index (AUD); Russian Depository Index (EUR); och

2 (iv) ishares MSCI Brazil Index Fund (USD). Värdepapperen kan endast bli inlösta förutom på Förfallodagen vid Emittentens avtalsbrott eller om Emittentens betalningsåtaganden eller hedningsarrangemang blir olagliga. Värdepapperen kommer att clearas genom Euroclear Sweden AB. Ansökan kommer göras hos NASDAQ OMX Stockholm och London Stock Exchange om att de emitterade Värdepapperen ska noteras och upptas till handel på den reglerade marknaden. Återbetalning på Förfallodagen När Värdepapperen förfaller 2016 kommer investerare erhålla (i) 100 procent av nominellt belopp och (ii) en återbetalning som beräknas som nominellt belopp multiplicerat med Utvecklingen. Utveckling Utvecklingen beräknas som Deltagandegraden multiplicerat med det större av noll av Basketavkastningen. Om korgavkastningen är noll eller negativ kommer Utvecklingen att vara noll och investerare kommer på förfallodagen endast erhålla 100 procent av nominellt belopp. Korgavkastning (i) (ii) (iii) Vid varje Observationsdag kommer nivån eller kursen för varje Underliggande att fastställas ( Nivån för Underliggande ) och omvandlas till SEK till den valutakurs som framgår på Valutasidan ( Omvandlad Nivå för Underliggande ). Avseende varje Underliggande, genomsnittet av Omvandlade Nivåer för Underliggande för den Underliggande på varje Observationsdag divideras med den Omvandlade Nivån för den Underliggande på Fastställelsedagen. Resultatet multipliceras med 25 procent för att få fram Avkastningen för Underliggande avseende den Underliggande. Avkastningarna för Underliggande adderas samman och summan minus 1,00 kommer ge Korgavkastningen. Valutasida betyder Bloomberg Page WMCO eller någon efterföljande sida på vilken Emittenten fastställer att den relevanta valutakursen visas; Observationsdag betyder varje 5 januari, 5 april, 5 juli och 5 oktober varje år från och med 5 januari 2014 till och med 5 januari 2016 (den Slutliga Observationsdagen ); Deltagandegrad betyder indikativt 120 procent eller sådan annan procentandel som Emittenten fastställer enligt sin egna och absoluta bestämmanderätt den 4 januari 2010 mot bakgrund av då rådande marknadsförhållanden, dock som lägst 100 procent. Fastställelsedag betyder den 5 januari De fullständiga villkoren för Värdepapperen innehåller bestämmelser angående vilka dagar som ska räknas som icke bankdagar, handelsavbrott och justeringar, vilka kan påverka varje Underliggande eller Nivån för Underliggande samt tidpunkt för och beräkningar avseende betalningar under Värdepapperen

3 Erbjudandet Carnegie Bankaktiebolag ( Carnegie ) har samtyckt till att köpa från Emittenten och Emittenten har samtyckt till att sälja till Carnegie, samtliga eller vissa av Värdepapperen. Carnegie har informerat Emittenten att de och vissa underdistributörer (Sparbanken Finn, Sparbanken Gripen AB (publ) och Sparbanken Syd, var för sig en Underdistributör ) har för avsikt att i eget namn erbjuda Värdepapperen till allmänheten i Sverige. Varken Emittenten eller Dealern har något ansvar för sådana erbjudanden. Erbjudandeperioden är från den 8 november 2010 till den 17 december Erbjudandeperioden kan komma att bli avbruten när som helst. Det högsta nominella beloppet på erbjudandet är SEK Erbjudandekursen kommer att vara 110 procent av nominellt belopp. Potentiella investerare kan ge in köporder avseende Värdepapperen till Carnegie eller relevant Underdistributör i enlighet med existerande arrangemang mellan Carnegie eller relevanta Underdistributör och dess kunder avseende teckning av värdepapper i allmänhet. Betalning för Värdepapperen skall vara Carnegie eller relevant Underdistributör tillhanda på eller omkring den 4 januari 2011 för att leverans av Värdepapperen till köparnas konto skall ske på eller omkring den 14 januari Carnegie eller relevant Underdistributör kommer att ta ut courtage av köparna vilket inte kommer överstiga 3 % av emissionskursen för Värdepapperen. Värdepapperen kan komma att säljas med rabatt. Erbjudandet kan återkallas om det förvärvade antalet Värdepapper är lägre än 5 000, eller om Emittenten eller Carnegie, utifrån sin självständiga bestämmanderätt, 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 återkallande kommer Carnegie eller relevant Underdistributör att återbetala det av köparen erlagda förvärvspriset och courtaget utan ränta. Riskfaktorer Risker avseende Värdepapper Värdepapperen utgör åtaganden för Emittenten. Värdepappersinnehavare är exponerade mot Emittentens kreditrisk. Villkoren för Värdepapperen anger att det belopp som betalas till investerare på förfallodagen kommer vara beroende av utvecklingen för de Underliggande. Det belopp som ska betalas vid förfallodagen (men inte något förtida inlösenbelopp) kommer som lägst utgöra 100 procent av nominellt belopp vilket är lägre än emissionskursen. En investering i Värdepapperen är inte detsamma som en investering i något eller samtliga Värdepapper som ingår i någon Underliggande och är inte heller samma sak som en investering som direkt relaterar till någon Underliggande. Nivåerna eller kurserna för de Underliggande (och för värdepapper eller andra komponenter som ingår i de Underliggande) kan gå ner likväl som gå upp under Värdepapperens löptid. Vidare kan även nivåerna eller kurserna för de Underliggande påverkas av förändrade valutakurser mellan den valuta som nivån eller kursen för sådan Underliggande är denominerad i och SEK. Dessutom kommer inte Nivåerna för Underliggande på en specifik dag att spegla de Underliggandes historiska eller framtida utveckling. Det kan inte lämna några garantier avseende framtida utveckling för de Underliggande. Följaktligen bör potentiella investerare, innan en investering i Värdepapperen görs,

4 noggrant överväga huruvida en investering som relaterar till Utvecklingen för Underliggande är lämplig för dem. Fluktuationer avseende nivåer eller kurser för Värdepapper som omfattas av de Underliggande och nivåerna eller kurserna för de Underliggande kan påverka värdet på Värdepapperen. Värdepapperen innefattar komplexa risker vilket bland annat inkluderar aktiekursrisker, kreditrisker, valutakursrisker, ränterisker, politiska risker, risker att något inträffar, ekonomiska risker, emittentrisker, marknadsrisker, likviditetsrisker, juridiska risker, näringsrättsliga risker och avvecklingsrisker (och dessa risker kan vara större när det handlar om de Underliggande som relaterar till tillväxtmarknader). Det är inte möjligt att förutse kursen till vilken Värdepapperen kommer att handlas på marknaden eller om en sådan marknad kommer vara likvid eller illikvid. En andrahandsmarknad behöver inte utvecklas och behöver inte vara likvid. Minskad likviditet kan minska värdet på Värdepapperen. Investerare måste vara beredda på att inneha Värdepapperen till förfallodagen/utlöpandedagen. Emittenten kan, men är inte skyldig att, köpa Värdepapperen vid vilken tidpunkt som helst till vilket pris som helst på den öppna marknaden eller genom erbjudande eller privat överenskommelse. Varje Värdepapper som köpts på det viset får behållas eller vidaresäljas eller överlämnas för annullering. Andrahandsmarknaden för Värdepapperen kan vara begränsad. Det enda sättet på vilket en innehavare kan realisera värdet från ett Värdepapper innan Förfallodagen är att sälja det till rådande marknadspris, vilket kan vara lägre än det belopp som ursprungligen investerades. Kursen på marknaden för ett Värdepapper kan vara lägre än emissionskursen även om värdet på någon Underliggande inte har förändrats sen emissionsdagen. Varje kurs på andrahandsmarknaden kommer ställas av Emittenten och kan påverkas av olika faktorer så som, men inte begränsat till, rådande marknadsförhållanden, kreditspreadar och återstående tid till förfallodagen. Under vissa förhållanden kan Emittenten, utan inhämtande av samtycke från Värdepappersinnehavare, justera villkoren för Värdepapperen så som, utan begränsning till, utbyte av Underliggande eller inlösen eller förtida inlösen av Värdepapperen till dessas rimliga marknadsvärde (så som detta fastställs av Emittenten). Beloppet som ska betalas som härrör från Russian Depositary Index kan reduceras om värdet på intäkterna från Emittentens hedgningsarrangemang avseende den Underliggande reduceras som ett resultat av diverse orsaker (beskrivet som Jurisdiktionshändelser ) hänförliga till risker förknippade med Ryssland. Följaktligen är en investering i Värdepapperen 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 Värdepapperen 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 Värdepapperen förändras under Värdepapperens löptid. Detta kan medföra negativa konsekvenser för investerare. Emittenten förbehåller sig rätten att återkalla erbjudandet och/eller ställa in emissionen av Värdepapperen vid uppkomsten av vissa händelser vid vilken tidpunkt som helst före Emissionsdagen. Till undvikande av missförstånd anges här att om teckning av köp görs av en potentiell investerare och Emittenten utnyttjar sådan rätt kommer sådan potentiell investerare inte ha rätt till att teckna eller på annat sätt köpa Värdepapper och eventuell betalningar som erlagts av sådan potentiell investerare kommer att återbetalas. Det kan förekomma en tidsförskjutning mellan betalningarna och inget räntebelopp kommer erläggas för sådant återbetalningsbelopp.

5 Innan eventuella investerare fattar ett investeringsbeslut med avseende på Värdepapperen 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 investerarnas personliga förhållanden. Risker avseende Emittenten Emittenten är exponerad mot en rad av risker som negativt kan påverka Emittentens verksamhet och/eller finansiella förhållanden, inkluderande likviditetsrisk, kreditrisk, bedömningsrisker, värderingsrisker, risker avseende enheter utanför balansräkningen, internationella risker och valutakursrisker, verksamhetsrisker, riskhantering, juridiska risker, näringsrättsliga risker, konkurrensrisker och risker avseende strategi. Emittentens allmänna riskhanteringsstrategi är i linje med jämförliga funktioner hos andra delar av Credit Suisse AG Koncernen. Emittenten anser sig ha effektiva metoder för att uppskatta och hantera risker förbundna med dess affärsverksamhet. Emittenten kan inte helt förutsäga alla marknadsutvecklingar och andra utvecklingar och Emittentens riskhantering kan inte helt skydda mot alla typer av risker.

6 Credit Suisse AG, acting through its London Branch Series SPLB Up to SEK 500,000,000 Call Note on Commodity Related Countries Index-linked and Equity-linked Notes due 2016 Issue Price: 110 per cent. This document comprises two parts. Part One is a summary of the Registration Document and Securities Note (the Summary ) and Part Two is a securities note (the Securities Note ) both prepared for the purposes of Article 5.3 of Directive 2003/71/EC (the Prospectus Directive ). The Summary and the Securities Note contain information relating to the above Notes (the Securities ). The Summary and the Securities Note shall be read in conjunction with the registration document (the Registration Document ) dated 2 November 2010 containing information in respect of Credit Suisse International (the Issuer ), as prepared for the purposes of Article 5.3 of the Prospectus Directive. Together, the Registration Document, the Summary and the Securities Note comprise a prospectus (the Prospectus ) for the Securities, prepared for the purposes of Article 5.1 of the Prospectus Directive. 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 the 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 the 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 the 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 the Prospectus, 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. 4 November

7 The Issuer accepts responsibility for the information contained in this document. To the best of the knowledge of the Issuer, having taken all reasonable care to ensure that such is the case, the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information. The previous paragraph should be read in conjunction with paragraph 2 on the first page of this Securities Note. The delivery of this document at any time does not imply that any information contained herein is correct at any time subsequent to the date hereof. The Issuer will not be providing any post issuance information in relation to the Securities. This document has been filed with the Financial Services Authority in its capacity as competent authority under the UK Financial Services and Markets Act 2000 (the UK Listing Authority ). Application will be made to the UK Listing Authority for the Securities issued to be admitted to its Official List and to the London Stock Exchange plc (the London Stock Exchange ) for the Securities to be admitted to trading on the London Stock Exchange s Regulated Market (the Market ). Application will also be made to the NASDAQ OMX Stockholm ( OMX ) ( Stockholmsbörsen ) for the Securities issued to be listed and admitted to trading on the regulated market of OMX. The Market and OMX are regulated markets for the purposes of Directive 2004/39/EC (the Markets in Financial Instruments Directive). The Issuer has requested the UK Listing Authority to provide the Swedish Financial Supervisory Authority ( Finansinspektionen ), in its capacity as competent authority in Sweden for the purposes of the Prospectus Directive, with a certificate of approval in accordance with Article 18 of the Prospectus Directive attesting that the Prospectus has been drawn up in accordance with the Prospectus Directive. In connection with the issue and sale of the Securities, no person is authorised to give any information or to make any representation not contained in the Registration Document, the Summary or the Securities Note, and neither the Issuer nor the Dealer accepts responsibility for any information or representation so given that is not contained in the Registration Document, the Summary or the Securities Note. The Prospectus does not constitute an offer of Securities, and may not be used for the purposes of an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised, or to any person to whom it is unlawful to make such offer or solicitation and no action is being taken to permit an offering of the Securities or the distribution of the Prospectus in any jurisdiction where any such action is required except as specified herein. The distribution of the Prospectus and the offering of the Securities in certain jurisdictions may be restricted by law. Persons into whose possession the Registration Document, the Summary or the Securities Note comes are required by the Issuer to inform themselves about, and to observe, such restrictions. The Securities have not been and will not be registered under the U.S. Securities Act of 1933 (the Securities Act ) and are 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 forth below under Subscription and Sale. 2

8 Table of Contents Page PART ONE... 4 SUMMARY... 4 PART TWO... 8 SECURITIES NOTE... 8 DOCUMENTS INCORPORATED BY REFERENCE... 9 RISK FACTORS...10 ISSUE SPECIFIC TERMS SCHEDULE CLEARING ARRANGEMENTS SUBSCRIPTION AND SALE GENERAL INFORMATION

9 PART ONE SUMMARY Credit Suisse AG, acting through its London Branch Series SPLB Up to SEK 500,000,000 Call Note on Commodity Related Countries Indexlinked and Equity-linked Notes due 2016 (the Securities ) This summary must be read as an introduction to this Prospectus and any decision to invest in the Securities should be based on a consideration of the Prospectus as a whole, including the documents incorporated by reference. No civil liability in respect of this summary will attach to the Issuer in any Member State of the European Economic Area in which the relevant provisions of the Prospectus Directive have been implemented unless this summary, including any translation thereof, is misleading, inaccurate or inconsistent when read together with the other parts of this Prospectus. Where a claim relating to the information contained in this Prospectus is brought before a court in such a Member State, the plaintiff may, under the national legislation of that Member State, be required to bear the costs of translating the Prospectus before the legal proceedings are initiated. Description of the Issuer Credit Suisse was established on 5 July 1856 and registered in the Commercial Register (registration no. CH ) of the Canton of Zurich on 27 April 1883 for an unlimited duration under the name Schweizerische Kreditanstalt. Credit Suisse s name was changed to Credit Suisse First Boston on 11 December On 13 May 2005, the Swiss banks Credit Suisse First Boston and Credit Suisse were merged. Credit Suisse First Boston was the surviving legal entity, and its name was changed to Credit Suisse (by entry in the commercial register). Credit Suisse has been renamed Credit Suisse AG effective 9 November The addition of the legal descriptor AG will allow Credit Suisse to meet Swiss legal requirements. The legal entity and its operations and obligations will continue unaffected following the addition of the legal descriptor. Credit Suisse AG, a Swiss bank and joint stock corporation established under Swiss law, is a wholly owned subsidiary of Credit Suisse Group. Credit Suisse AG s registered head office is in Zurich, and it has additional executive offices and principal branches located in London, New York, Hong Kong, Singapore and Tokyo. Credit Suisse AG s registered head office is located at Paradeplatz 8, CH-8001, Zurich, Switzerland. Description of the Securities The Securities are Swedish Kronor denominated, principal-protected, zero coupon, equity index-linked and equity-linked notes to be issued by the Issuer on 14 January 2011 and due to mature on 26 January 2016 (the Maturity Date ). The nominal amount of each Security is SEK 10,000 and the total nominal amount of the Securities is up to SEK 500,000,000 (and is dependent on the amount in respect of which applications are made). The issue price is 110 per cent. of the nominal amount. The return which will be paid to the investor at maturity, is linked to the performance of the following underlying assets (each, an Underlying and together the Underlyings ): (i) S&P Toronto Stock Exchange 60 Index (CAD); 4

10 (ii) (iii) (iv) S&P ASX 200 Index (AUD); Russian Depository Index (EUR); and ishares MSCI Brazil Index Fund (USD). The Securities may only be redeemed other than on the Maturity Date for reason of default by the Issuer or the illegality of the Issuer s payment obligations or its hedging arrangements. The Securities will be cleared through Euroclear Sweden AB. Application will be made to NASDAQ OMX Stockholm and the London Stock Exchange for the Securities issued to be listed and admitted to trading on their regulated markets. Return at Maturity When the Securities mature in 2016, investors will receive (i) 100 per cent. of the nominal amount and (ii) a return calculated as the nominal amount multiplied by the Performance. Performance The Performance is calculated as the Participation multiplied by the higher of zero and the Basket Return. If the Basket Return is zero or negative then the Performance will be zero and, at maturity, the investor will only receive 100 per cent. of the nominal amount. Basket Return (i) On each Observation Date the level or price of each Underlying will be determined (the Underlying Level ) and converted into SEK at the exchange rate displayed on the FX Page (the Converted Underlying Level ). (ii) For each Underlying, the average of the Converted Underlying Levels for that Underlying on each Observation Date is divided by the Converted Underlying Level for that Underlying on the Strike Set Date. The result is multiplied by 25 per cent. to give the Underlying Return for that Underlying. (iii) The Underlying Returns are added together and the resulting amount less 1.00 will give the Basket Return. FX Page means Bloomberg Page WMCO or any successor page on which the Issuer determines that the relevant exchange rate is displayed; Observation Date means each 5 January, 5 April, 5 July and 5 October in each year from, and including, 5 January 2014 to, and including5 January 2016 (the Final Observation Date ); Participation means indicatively 120 per cent., or such other percentage as the Issuer shall determine in its sole and absolute discretion on 4 January 2011 by reference to the then prevailing market conditions, subject to a minimum of 100 per cent.; Strike Set Date means 5 January The full terms and conditions of the Securities contain provisions dealing with non-business days, disruptions and adjustments that may affect any Underlying or Underlying Level and the timing of calculations and payments under the Securities. The Offer 5

11 Carnegie Bankaktiebolag ( Carnegie ) has agreed to purchase from the Issuer, and the Issuer has agreed to sell to Carnegie, some or all of the Securities. Carnegie has informed the Issuer that it and certain sub-distributors (Sparbanken Finn, Sparbanken Gripen AB (publ) and Sparbanken Syd) each a Sub-Distributor ) contemplate offering, in their own names, Securities to the public in Sweden. Neither the Issuer nor the Dealer has any responsibility for such offers. The offer period will be from 8 November 2010 to 17 December The offer period may be discontinued at any time. The maximum nominal amount of the offer is SEK 500,000,000. The price of the offer will be 110 per cent. of the nominal amount. Prospective investors may apply to Carnegie or the relevant Sub-Distributor to subscribe for Securities in accordance with the arrangements existing between Carnegie or the relevant Sub-Distributor and its customers relating to the subscription of securities generally. Payment for the Securities shall be made to Carnegie or the relevant Sub-Distributor on or about 4 January 2011 for delivery of Securities to purchasers accounts on or about 14 January Carnegie or the relevant Sub-Distributor will charge a commission, payable by the purchaser, of 3 per cent. of the issue price of the Securities purchased. The Securities may be sold at a discount. The offer may be cancelled if the number of Securities purchased is less than 5,000 Securities, or if the Issuer or Carnegie assesses, at its absolute discretion, that any factors render it illegal, impossible or impractical, in whole or part, to complete the offer or that there has been a material adverse change in the market conditions. In case of cancellation, unless otherwise specified by Carnegie, Carnegie or the relevant Sub-Distributor will repay the purchase price and commission paid by any purchaser without interest. Risk Factors Risks relating to Securities Securities are obligations of the Issuer. Securityholders are exposed to the credit risk of the Issuer. The terms of the Securities provide that the amount paid to the investor at maturity will be dependent upon the performance of the Underlyings. The amount payable at maturity (but not on any early redemption) is subject to a minimum of 100 per cent. of the nominal amount, which is less than the issue price. An investment in the Securities is not the same as an investment in any or all of the securities comprised in any Underlying or an investment which is directly linked to any Underlying. The levels or prices of the Underlyings (and of securities or other components comprised in the Underlyings) may go down as well as up throughout the term of the Securities. In addition, the levels or prices of the Underlyings may also be affected by movements in the exchange rate between the currency in which the level or price of such Underlying is denominated and SEK. Furthermore, the Underlying Levels at any specific date may not reflect their prior or future performance. There can be no assurance as to the future performance of the Underlyings. Accordingly, before investing in the Securities, prospective investors should carefully consider whether an investment based on the performance of the Underlyings is suitable for them. Fluctuations in the levels or prices of the securities comprised in the Underlyings and in the level or price of the Underlyings may affect the value of the Securities. The Securities involve complex risks, which include, among other things, share price risks, credit risks, foreign exchange risks, interest rate risks, political risks, event risks, economic risks, issuer risks, market risks, liquidity risks, legal risks, regulatory risks and settlement risks (and these risks may be greater in the case of the emerging market Underlyings). It is not possible to predict the price at which Securities will trade in the market or whether such market will be liquid or illiquid. A secondary market for Securities 6

12 may not develop and may not be liquid. A decrease in liquidity may reduce the value of Securities. Investors must be prepared to hold Securities until their redemption/expiry. The Issuer may, but is not obliged to, purchase Securities at any time at any price in the open market or by tender or private treaty. Any Securities so purchased may be held or resold or surrendered for cancellation. The market for Securities may be limited. The only way in which a holder can realise value from a Security prior to the Maturity Date is to sell it at its then market price in the market which may be less than the amount initially invested. The price in the market for a Security may be less than its issue price even though the value of any Underlying may not have changed since the issue date. Any secondary market price quoted by the Issuer may be affected by several factors including, without limitation, prevailing market conditions, credit spreads and the time to maturity. In certain circumstances the Issuer may, without the consent of Securityholders, make adjustments to the terms of Securities including, without limitation, substitution of the Underlyings or redemption or cancellation of the Securities at their fair market value (as determined by the Issuer). The amount payable which is referable to the Russian Depositary Index may be reduced if the value of the proceeds of the Issuer s hedging arrangements in relation to that Underlying are reduced as a result of various matters (described as Jurisdictional Events ) relating to risks connected with the Russian Federation. Accordingly, an investment in Securities is only suitable for investors who (either alone or in conjunction with an appropriate financial adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The level and basis of taxation on the Securities and any reliefs from such taxation can change at any time. The value of any tax reliefs will depend on an investor s individual circumstances. The tax and regulatory characterisation of the Securities may change over the life of the Securities. This could have adverse consequences for investors. The Issuer reserves the right to withdraw the offer and/or cancel the issuance of the Securities on the occurrence of certain events at any time on or prior to the Issue Date. For the avoidance of doubt, if any application has been made by a potential investor and the Issuer exercises such a right, each such potential investor shall not be entitled to subscribe or otherwise purchase any Securities and any payments made by such potential investor will be refunded. There will be a time lag in making any reimbursements and no interest will be payable in respect of any such amounts. Before making any investment decision with respect to the Securities, any prospective investors should consult their own financial, tax or other advisers as they consider necessary and carefully review and consider such an investment decision in the light of the foregoing and their personal circumstances. Risks Relating to the Issuer The Issuer is exposed to a variety of risks that could adversely affect the Issuer's operations and/or financial condition, including liquidity risk, market risk, credit risk, risks from estimates and valuations, risks relating to off-balance sheet entities, cross-border and foreign exchange risk, operational risk, risk management, legal and regulatory risks, competition risks and risks relating to strategy. The general risk management policy of the Issuer is consistent with equivalent functions of other Credit Suisse Group AG entities. The Issuer believes that it has effective procedures for assessing and managing 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 risk. 7

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

14 DOCUMENTS INCORPORATED BY REFERENCE This Securities Note should be read and construed in accordance with the following documents which shall be deemed to be incorporated in, and form part of, the Prospectus: The following sections of the Issuer s Base Prospectus dated 1 July 2010 relating to its Structured Products Programme for the issuance of Notes, Certificates and Warrants that has been approved by the UK Listing Authority (the Principal Base Prospectus ): (i) (ii) Risk Factors (pages 14 to 17 inclusive) General Terms and Conditions of Notes (pages 19 to 33 inclusive); (iii) Summary of Provisions relating to Notes while in Global Form (page 34); (iv) (v) Provisions relating to Notes in Euroclear Sweden (pages 37 to 38 inclusive); Asset Terms (Equity-Linked Securities, the Additional Asset Terms for Index Tracking Shares and Equity Index-Linked Securities) (pages 70 to 75, page 76 and 77 to 82 inclusive, respectively); (vi) The Underlying Assets (page 121); (vii) (viii) Taxation (excluding the sub-sections headed Bahamas, Finland, Italy and Luxembourg ) (pages inclusive); and General Information (excluding paragraphs 2 and 3) (pages 190 to 191 inclusive). 9

15 RISK FACTORS The risk factors set out below should be read in addition to the risk factors set out on pages 14 to 17 (inclusive) of the Principal Base Prospectus and page 6 of the Registration Document. 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. Securities are obligations of the Issuer. Securityholders are exposed to the credit risk of the Issuer. The terms of the Securities provide that the amount paid to the investor at maturity will be dependent upon the performance of the Underlying Assets. The amount payable at maturity (but not on any early redemption) is subject to a minimum of 100 per cent. of the nominal amount, which is less than the issue price. An investment in the Securities is not the same as an investment in any or all of the securities comprised in any Underlying Asset or an investment which is directly linked to any Underlying Asset. The levels or prices of the Underlying Assets (and of securities or other components comprised in the Underlying Assets) may go down as well as up throughout the term of the Securities. In addition, the levels or prices of the Underlying Assets may also be affected by movements in the exchange rate between the currency in which the level or price of such Underlying Asset is denominated and SEK. Furthermore, the Underlying Levels at any specific date may not reflect their prior or future performance. There can be no assurance as to the future performance of the Underlying Assets. Accordingly, before investing in the Securities, prospective investors should carefully consider whether an investment based on the performance of the Underlying Assets is suitable for them. Fluctuations in the levels or prices of the securities comprised in the Underlying Assets and in the level or price of the Underlying Assets may affect the value of the Securities. The Securities involve complex risks, which include, among other things, share price risks, credit risks, foreign exchange risks, interest rate risks, political risks, event risks, economic risks, issuer risks, market risks, liquidity risks, legal risks, regulatory risks and settlement risks (and these risks may be greater in the case of the emerging market Underlying Assets). It is not possible to predict the price at which Securities will trade in the market or whether such market will be liquid or illiquid. A secondary market for Securities may not develop and may not be liquid. A decrease in liquidity may reduce the value of Securities. Investors must be prepared to hold Securities until their redemption/expiry. The Issuer may, but is not obliged to, purchase Securities at any time at any price in the open market or by tender or private treaty. Any Securities so purchased may be held or resold or surrendered for cancellation. The market for Securities may be limited. The only way in which a holder can realise value from a Security prior to the Maturity Date is to sell it at its then market price in the market which may be less than the amount initially invested. The price in the market for a Security may be less than its issue price even though the value of any Underlying Asset may not have changed since the issue date. Any secondary market price quoted by the Issuer may be affected by several factors including, without limitation, prevailing market conditions, credit spreads and the time to maturity. In certain circumstances the Issuer may, without the consent of Securityholders, make adjustments to the terms of Securities including, without limitation, substitution of the Underlying Assets or redemption or cancellation of the Securities at their fair market value (as determined by the Issuer). The amount payable which is referable to the Russian Depositary Index may be reduced if the value of the proceeds of the Issuer s hedging arrangements in relation to that Underlying Asset are reduced as a 10

16 result of various matters (described as Jurisdictional Events ) relating to risks connected with the Russian Federation. Accordingly, an investment in Securities is only suitable for investors who (either alone or in conjunction with an appropriate financial adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The level and basis of taxation on the Securities and any reliefs from such taxation can change at any time. The value of any tax reliefs will depend on an investor s individual circumstances. The tax and regulatory characterisation of the Securities may change over the life of the Securities. This could have adverse consequences for investors. The Issuer reserves the right to withdraw the offer and/or cancel the issuance of the Securities on the occurrence of certain events at any time on or prior to the Issue Date. For the avoidance of doubt, if any application has been made by a potential investor and the Issuer exercises such a right, each such potential investor shall not be entitled to subscribe or otherwise purchase any Securities and any payments made by such potential investor will be refunded. There will be a time lag in making any reimbursements and no interest will be payable in respect of any such amounts. Before making any investment decision with respect to the Securities, any prospective investors should consult their own financial, tax or other advisers as they consider necessary and carefully review and consider such an investment decision in the light of the foregoing and their personal circumstances. 11

17 ISSUE SPECIFIC TERMS The Securities will be subject to the General Terms and Conditions of Notes, the Asset Terms for Equity-Linked Securities, the Additional Asset Terms for Index Tracking Shares and the Asset Terms for Equity Index-Linked Securities and also to the following provisions (the Issue Specific Terms ). References in the General Terms and Conditions of Notes and such Asset Terms to the Final Terms shall be to these Issue Specific Terms. In the case of a discrepancy or conflict with such General Terms and Conditions of Notes or such Asset Terms, the following provisions shall prevail. 1 Series Number: SPLB Tranche Number: Not Applicable 3 Specified Currency or Currencies: Swedish Kronor ( SEK ) 4 Applicable General Terms and Conditions: Notes 5 Type of Security: Equity-linked 6 Aggregate Nominal Amount: (i) Series: (ii) Tranche: Equity Index-linked Up to SEK 500,000,000 1 Not Applicable 7 Issue Price: 110 per cent. of the Aggregate Nominal Amount 8 Specified Denomination: SEK 10,000 9 Issue Date: 14 January Maturity Date: The later of (i) 26 January 2016 and (ii) the 10 th Currency Business Day after the Final Observation Date. 11 Redemption/Payment Basis: The Securities will be redeemed in accordance with paragraph 15 below. 12 Put/Call Options: Not Applicable PROVISIONS RELATING TO INTERIM PAYMENTS AND INTEREST 13 Interim Payments: Not Applicable 14 Interest Basis: Not Applicable PROVISIONS RELATING TO REDEMPTION 15 Redemption Amount: The Redemption Amount in respect of each Security will be determined in accordance with the provisions set out in the Schedule hereto. 16 Settlement Currency: (the currency in which payments will be made) The Specified Currency UNDERLYING ASSETS 12

18 17 List of Underling Assets i Underlying Asset i Weighting ishares MSCI Brazil Index Fund (USD) S&P Toronto Stock Exchange 60 Index (CAD) S&P ASX 200 Index (AUD) Russian Depositary Index (EUR) 25% 25% 25% 25% 18 Equity linked Securities Applicable Share Issuer: Share: Index Tracking Share: ISIN: Bloomberg Code: Information Source: Exchange: Related Exchange: Jurisdictional Event: Jurisdictional Event Jurisdiction(s): Extraordinary Dividend: Additional Disruption Events: Change in Law: Insolvency Filing: Hedging Disruption: Increased Cost of Hedging: Loss of Stock Borrow: Increased Cost of Stock Borrow: The issuer of the Shares or any other legal arrangement giving rise to the Shares A unit of the ishares MSCI Brazil Index Fund Applicable US EWZ UP <Equity> NYSE Arca Exchange All Exchanges Not Applicable Not Applicable To be determined by the Issuer Applicable Applicable Applicable Applicable Not Applicable Not Applicable 19 Equity Index-linked Securities Applicable (i) Index: Bloomberg code: Information Source: Required Exchanges: Related Exchange: Disruption Threshold: S&P Toronto Stock Exchange 60 Index (CAD) SPTSX60 <Index> Not Applicable All Exchanges 20 per cent. 13

19 Jurisdictional Event: Jurisdictional Event Jurisdiction(s): Not Applicable Not Applicable Additional Disruption Events: Change in Law: Hedging Disruption: Increased Cost of Hedging: (ii) Index: Bloomberg code: Information Source: Required Exchanges: Related Exchange: Disruption Threshold: Jurisdictional Event: Jurisdictional Event Jurisdiction(s): Applicable Applicable Applicable ASX 200 Index (AUD) AS51 <Index> Not Applicable All Exchanges 20 per cent. Not Applicable Not Applicable Additional Disruption Events: Change in Law: Hedging Disruption: Increased Cost of Hedging: (iii) Index: Bloomberg code: Information Source: Required Exchanges: Related Exchange: Disruption Threshold: Jurisdictional Event: Jurisdictional Event Jurisdiction(s): Applicable Applicable Applicable Russian Depositary Index (EUR) RDXUSD <Index> or Not Applicable All Exchanges 20 per cent. Applicable Russian Federation Additional Disruption Events: Change in Law: Hedging Disruption: Increased Cost of Hedging: 20 Adjustments Convention: (for the purposes of Asset Term 2) Applicable Applicable Applicable As per Asset Term 2 GENERAL PROVISIONS 21 Form of Securities: Registered, in book entry form in 14

20 (i) Global Security: Not Applicable (ii) Applicable TEFRA exemption: Not Applicable 22 Financial Centre(s): London 23 Minimum Transferable Number of Securities: 1 24 Listing and Admission to Trading: accordance with the Euroclear Sweden Rules (as defined in the section of the Principal Base Prospectus headed Provisions relating to Notes in Euroclear Sweden ) 25 (i) Stock Exchange(s) to which application will initially be made to list the Securities: (Application may subsequently be made to other stock exchange(s)) (ii) Admission to trading: 26 Entities (other than stock exchanges) to which application for listing and/or approval of the Securities will be made: 27 Security Codes and Ticker Symbols: ISIN: Common Code: NASDAQ OMX Stockholm London Stock Exchange Application has been made for the Securities to be admitted to trading on the Regulated Markets of NASDAQ OMX Stockholm and the London Stock Exchange with effect from the Issue Date provided, however, no assurance can be given that the Securities will be admitted to trading or listed on the NASDAQ OMX Stockholm or the London Stock Exchange on the Issue Date or any specific date thereafter. Not Applicable SE Not Applicable 28 Clearing and Trading: 29 Clearing System(s): Euroclear Sweden AB Delivery of Securities: Minimum Trading Lot: Delivery against payment Not Applicable 30 Agents: Calculation Agent: Fiscal Agent and Paying Agent: Credit Suisse International One Cabot Square London E14 4QJ The Bank of New York Mellon, acting through its London Branch 15

21

22 SCHEDULE REDEMPTION AMOUNT The Issuer shall redeem the Securities on the Maturity Date at their Redemption Amount. 1 Definitions The following definitions apply unless the context otherwise requires. Basket Return means a percentage determined by the Calculation Agent and rounded up to four decimal places in accordance with the following formula: 4 i= 1 Converted Average Level Converted Initial Leveli i Weighting i - 1 Converted Average Level i means, in respect of an Underlying Asset i, the average of the Underlying Levels of that Underlying Asset i on each Observation Date, converted into SEK at the exchange rate displayed at the Valuation Time on the FX Page (or, if the Issuer determines that, as at the relevant Valuation Time, such rate is not displayed, as determined by the Issuer in its absolute discretion) on each Observation Date; Converted Initial Level i means, in respect of an Underlying Asset i, the Initial Level, converted into SEK at the exchange rate displayed at the Valuation Time on the FX Page (or, if the Issuer determines that, as at the relevant Valuation Time, such rate is not displayed, as determined by the Issuer in its absolute discretion) on the Strike Set Date; Final Level means, in respect of an Underlying Asset i, the Underlying Level of that Underlying Asset i on the Final Observation Date; FX Page means Bloomberg Page WMCO or any successor page on which the Issuer determines that the relevant exchange rate is displayed; Initial Level means, in respect of an Underlying Asset i, the Underlying Level of that Underlying Asset i on the Strike Set Date; NA or Nominal Amount means SEK 10,000; Observation Date means 5 January, 5 April, 5 July and 5 October in each year from, and including, 5 January 2014 to, and including, 5 January 2016 (the Final Observation Date )(9 Observation Dates in total); Performance means a percentage determined by the Calculation Agent and rounded up to four decimal places in accordance with the following formula: Participation x Max (0%, Basket Return) Participation means indicatively 120 per cent., or such other percentage as the Issuer shall determine in its sole and absolute discretion on 4 January 2011 by reference to the then prevailing market conditions, subject to a minimum of 100 per cent.; Redemption Amount means, in respect of each Security, an amount in the Settlement Currency determined by the Calculation Agent and rounded up to two decimal places in accordance with the following formula: (NA x 100%) + (NA x Performance) Strike Set Date means 5 January 2011; 17

23 Underlying Level means, in respect of an Underlying Asset i and an Observation Date, the price or level of that Underlying Asset i (at the Valuation Time) on that Observation Date; and Valuation Time means as defined in the relevant Asset Terms. 18