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

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1 SAMMANFATTNING Credit Suisse AG, agerandes genom dess London-filial Series ART0619 Upp till SEK 500,000,000 Sprintercertifikat 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. Emittentens namn ändrades 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. 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 nollkupongscertifikat som kommer emitteras av Emittenten den 1 juni 2011 med förfallodag den 17 juni 2016 ( Förfallodagen ). Nominellt belopp per Värdepapper är SEK och Värdepapperens sammanlagda nominella belopp är upp till SEK ( Värdepapper) (och är beroende av det belopp som tecknas). Emissionskursen är SEK per Värdepapper. 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) (iv) S&P Toronto Stock Exchange 60 Index (CAD); S&P ASX 200 Index (AUD); Russian Depository Index (EUR); och ishares MSCI Brazil Index Fund (USD).

2 Värdepapperen kan endast bli inlösta förutom på Förfallodagen 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 en återbetalning som beräknas som nominellt belopp plus ett belopp som fastställs som nominellt belopp multiplicerad med Utvecklingen. Utvecklingen kan vara negativ. Om utvecklingen är negativ vid förfall kommer investerare erhålla mindre än nominellt belopp. Utveckling Utvecklingen beräknas som (i) Deltagandegraden multiplicerat med det större av noll och Basketavkastningen (ii) minus Nedgången. 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. Nedgången (i) (ii) Om Nivån för någon Underliggande på den Slutliga Observationsdagen är lägre än Nivån för Underliggande på Fastställelsedagen multiplicerat med Barriären kommer Nedgången vara det högre av 0 och 1,00 minus den Sämsta Utvecklingen. Den Sämsta Utvecklingen är Utvecklingen för den Underliggande som har lägst Avkastningsutveckling. Avkastningsutvecklingen för en Underliggande fastställs genom att dividera Nivån för Underliggande för den Underliggande på den Slutliga Observationsdagen med Nivån för den Underliggande på Fastställelsedagen. I annat fall kommer Nedgången att vara noll. Barriär betyder 50 procent. Valutasida betyder Bloomberg Page WMCO eller någon efterföljande sida på vilken Emittenten fastställer att den relevanta valutakursen visas; Observationsdag betyder varje 26 maj, 26 augusti, 26 november och 26 februari varje år från och med 26 maj 2014 till och med 26 maj 2016 (den Slutliga Observationsdagen );

3 Deltagandegrad betyder indikativt 235 procent eller sådan annan procentandel som Emittenten fastställer enligt sin egna och absoluta bestämmanderätt den 24 maj 2011 mot bakgrund av då rådande marknadsförhållanden, fock som lägst 200 procent. Fastställelsedag betyder den 26 maj 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 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 Öresund 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 4 april 2011 till den 13 maj Erbjudandeperioden kan komma att bli avbruten när som helst. Det högsta nominella beloppet på erbjudandet är SEK ( Värdepapper). Erbjudandekursen kommer att vara SEK per Värdepapper. 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 20 maj 2011 för att leverans av Värdepapperen till köparnas konto skall ske på eller omkring den 1 juni Carnegie eller relevant Underdistributör kommer att ta ut courtage av köparna vilket inte kommer överstiga upp till 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. Värdepapperen är icke kapitalskyddade Värdepapper. Om Utvecklingen är negativ vid förfall kommer investerare erhålla mindre än nominellt belopp och investerare kan förlora hela eller delar av sin investering.

4 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, 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 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. Det är inte säkert att en andrahandsmarknad för Värdepapperen kommer att utvecklas och får inte 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 resultera i att av denne 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.

5 Nivån och grunden för beskattning av Värdepapperen och Värdepappersinnehavarna och eventuella lättnader från skatter beror på värdepappersinnehavarna individuella omständigheter och kan ändras när som helst. Detta kan ha negativa konsekvenser för värdepappersinnehavare. Potentiella Värdepappersinnehavare bör konsultera sina egna skatterådgivare för att avgöra skattekonsekvenserna av köp, ägande, överlåtelse och inlösen eller utövande av Värdepapperen. 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. 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.

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35 Credit Suisse AG Structured Products Programme for the issuance of Notes, Certificates and Warrants Under the Structured Products Programme described in this Base Prospectus, Credit Suisse AG (the Issuer ), acting through its London Branch or its Nassau Branch (as specified in the relevant Final Terms), may issue Notes, Certificates or Warrants ( Securities ) on the terms set out herein and in the relevant Final Terms. This document constitutes a base prospectus (the Base Prospectus ) prepared for the purposes of Article 5.4 of Directive 2003/71/EC (the Prospectus Directive ). The Base Prospectus contains information relating to the Securities. The Base Prospectus shall be read in conjunction with the documents incorporated herein by reference (see the section entitled Documents Incorporated by Reference ). This document has been filed with the Financial Services Authority in its capacity as competent authority under the UK Financial Services and Markets Act 2000 (the UK Listing Authority ) for the purposes of the Prospectus Directive. The final terms relevant to an issue of Securities will be set out in a final terms document (the Final Terms ) which will be provided to investors and, where so required under the Prospectus Directive, filed with the UK Listing Authority and made available free of charge to the public at the registered office of the Issuer and at the offices of the relevant Distributors and Paying Agents. Application has been made to the UK Listing Authority under the Financial Services and Markets Act 2000 ( FSMA ) for Securities issued under this Base Prospectus during the period of 12 months from the date of this Base Prospectus to be admitted to the Official List of the UK Listing Authority and to the London Stock Exchange plc for such Securities to be admitted to trading on the London Stock Exchange s Regulated Market. However, Securities may also be listed and admitted to trading on such other or further regulated market(s) for the purposes of the Markets in Financial Instruments Directive 2004/39/EC, as may be agreed between the Issuer and the relevant Dealers. Unlisted Securities may also be issued by the Issuer. The relevant Final Terms in respect of an issue of Securities will specify if an application will be made for such Securities to be listed on and admitted to trading. Prospective investors should have regard to the factors described under the section headed Risk Factors in this Base Prospectus. Any person (an Investor ) intending to acquire or acquiring any Securities from any person (an Offeror ) should be aware that, in the context of an offer to the public as defined in section 102B of FSMA, the Issuer may only be responsible to the Investor for this Base Prospectus under section 90 of FSMA if the Issuer has authorised the Offeror to make the offer to the Investor. Each Investor should therefore enquire whether the Offeror is so authorised by the Issuer. If the Offeror is not so authorised by the Issuer, the Investor should check with the Offeror whether anyone is responsible for this Base Prospectus for the purposes of section 90 of FSMA in the context of the offer to the public, and, if so, who that person is. If the Investor is in any doubt about whether it can rely on this Base Prospectus and/or who is responsible for its contents, it should take legal advice. Where information relating to the terms of the relevant offer required pursuant to the Prospectus Directive is not contained in this Base Prospectus or the relevant Final Terms, it will be the responsibility of the relevant Offeror at the time of such offer to provide the Investor with such information. This does not affect any responsibility which the Issuer may otherwise have under applicable laws. Base Prospectus dated 1 July 2010

36 This Base Prospectus constitutes a base prospectus for the purposes of Article 5.4 of the Prospectus Directive for the purpose of giving information with regard to the Issuer and the Securities which, according to the particular nature of the Issuer and the Securities, is necessary to enable investors to make an informed assessment of the assets and liabilities, financial position, profit and losses and prospects of the Issuer and of the rights attached to the Securities. The Issuer accepts responsibility for the information contained in this document. To the best of the knowledge and belief of the Issuer having taken all reasonable care to ensure that such is the case, the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information. The previous paragraph should be read in conjunction with paragraph 7 on the first page of this Base Prospectus. 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. Where required pursuant to Article 16 of the Prospectus Directive, the Issuer will publish a supplement to this Base Prospectus. In connection with the issue and sale of the Securities, no person is authorised to give any information or to make any representation not contained in the Base Prospectus or the relevant Final Terms, and the Issuer does not accept responsibility for any information or representation so given that is not contained within the Base Prospectus. Neither the Base Prospectus nor any Final Terms may be used for the purposes of an offer or solicitation by anyone, in any jurisdiction in which such offer or solicitation is not authorised, or to any person to whom it is unlawful to make such offer or solicitation and no action is being taken to permit an offering of the Securities or the distribution of the Base Prospectus or any Final Terms in any jurisdiction where any such action is required except as specified herein. The distribution of this Base Prospectus and the offering or sale of the Securities in certain jurisdictions may be restricted by law. Persons into whose possession this document comes are required by the Issuer to inform themselves about, and to observe, such restrictions. The Securities have not been and will not be registered under the U.S. Securities Act of 1933 (the Securities Act ) and may be subject to U.S. tax law requirements. Subject to certain exemptions, the Securities may not be offered, sold or delivered within the United States of America or to, or for the account or benefit of, U.S. persons. A further description of the restrictions on offers and sales of the Securities in the United States or to U.S. persons is set out below under Selling Restrictions. If the Securities constitute derivative securities for the purposes of the Prospectus Directive or have a derivative component in any interest payment and have a denomination of less than EUR 50,000 (or its equivalent) or can be acquired for less than EUR 50,000 per Security, the Issuer will, where so required under the Prospectus Directive, prepare a supplement to this Base Prospectus as required by Article 16 of the Prospectus Directive or will prepare a new prospectus relating to such Securities which may incorporate all or part of this Base Prospectus by reference in order to give any additional information required by the Prospectus Directive in relation to the derivative element of those Securities. 2

37 TABLE OF CONTENTS Page DOCUMENTS INCORPORATED BY REFERENCE... 5 SUMMARY RISK FACTORS USE OF PROCEEDS GENERAL TERMS AND CONDITIONS OF NOTES SUMMARY OF PROVISIONS RELATING TO NOTES WHILE IN GLOBAL FORM PROVISIONS RELATING TO NOTES IN EUROCLEAR FINLAND PROVISIONS RELATING TO NOTES IN EUROCLEAR SWEDEN PROVISIONS RELATING TO NOTES IN VPS GENERAL TERMS AND CONDITIONS OF CERTIFICATES PROVISIONS RELATING TO CERTIFICATES IN EUROCLEAR FINLAND PROVISIONS RELATING TO CERTIFICATES IN EUROCLEAR SWEDEN PROVISIONS RELATING TO CERTIFICATES IN VPS GENERAL TERMS AND CONDITIONS OF WARRANTS PROVISIONS RELATING TO WARRANTS IN EUROCLEAR FINLAND PROVISIONS RELATING TO WARRANTS IN EUROCLEAR SWEDEN PROVISIONS RELATING TO WARRANTS IN VPS ADDITIONAL PROVISIONS FOR ITALIAN SECURITIES ASSET TERMS EQUITY-LINKED SECURITIES ADDITIONAL ASSET TERMS FOR INDEX TRACKING SHARES EQUITY INDEX-LINKED SECURITIES COMMODITY-LINKED SECURITIES COMMODITY INDEX-LINKED SECURITIES FUND-LINKED SECURITIES FX-LINKED SECURITIES FX INDEX-LINKED SECURITIES INFLATION INDEX-LINKED SECURITIES INTEREST RATE INDEX-LINKED SECURITIES CASH INDEX-LINKED SECURITIES SCENARIO ANALYSIS MARKET MAKING ARRANGEMENTS THE UNDERLYING ASSETS DESCRIPTION OF PROPRIETARY INDICES

38 PROPRIETARY INDEX DISCLAIMERS TAXATION OFFERS SELLING RESTRICTIONS GENERAL INFORMATION FORM OF FINAL TERMS NOTES FORM OF FINAL TERMS CERTIFICATES FORM OF FINAL TERMS WARRANTS

39 DOCUMENTS INCORPORATED BY REFERENCE This Base Prospectus should be read and construed in conjunction with the following documents (except the documents incorporated by reference therein) which shall be deemed to be incorporated in, and form part of, this Base Prospectus, save that any statement contained in a document which is deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purpose of this Base Prospectus to the extent that a statement contained herein modifies or supersedes such earlier statement (whether expressly, by implication or otherwise). Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Base Prospectus. 1. Registration document dated 13 May 2010 relating to the Issuer that has been approved by the UK Listing Authority (the Registration Document ) (except the documents incorporated therein by reference). 2. The specific parts of the First Quarter Form 6-K filed with the U.S. Securities and Exchange Commission ( SEC ) on 7 May 2010, the Form 6-K filed with the SEC on 3 May 2010, the Form 6- K filed with the SEC on 30 April 2010, the First Quarter Form 6-K filed with the SEC on 23 April 2010, the 2009 Annual Report on Form 20-F of Credit Suisse AG (the Annual Report ) and the 2008 Annual Report of Credit Suisse AG as listed in the table below: Section number N/A Form 6-K N/A I II III IV V Section heading Sub heading Page(s) First Quarter Form 6-K Dated 7 May 2010 Cover page 1 Explanatory Note 2 Exhibits 3 Exhibit to First Quarter Form 6-K Dated 7 May 2010 (Financial Report 1Q10) N/A Financial highlights -1 Table of Contents 3 Credit Suisse at a glance 4 Credit Suisse Results Operating environment 6-8 Credit Suisse 9-10 Core Results Core Results Legal proceedings 15 Core Results Compensation and benefits Core Results Fair valuations Key performance indicators 18 Results by division Private Banking Investment Banking Overview of Results and Assets under Management Treasury and Risk management Condensed consolidated financial statements (unaudited) Asset Management Results Assets under Management Treasury management Risk management Report of Independent Registered Public 67 Accounting Firm Condensed consolidated financial statements (unaudited), including: Consolidated statements of operations 69 (unaudited) Consolidated balance sheets (unaudited) Consolidated statements of changes in equity (unaudited) Comprehensive income (unaudited) 73 5

40 Consolidated statements of cash flows (unaudited) Supplemental cash flow information 75 (unaudited) Notes to the condensed consolidated financial statements (unaudited), including summary of significant accounting policies Cautionary statement regarding forward 151 looking information N/A Form 6-K Form 6-K Dated 3 May 2010 Cover page -1 Media Release 1 N/A Form 6-K Form 6-K Dated 30 April 2010 Cover page -1 Media Release 1 N/A Form 6-K First Quarter Form 6-K Dated 23 April 2010 Cover page 1 Introduction 2 Forward-looking statements 2 Key Information Selected financial data 3-4 Key Information Operating and financial 4-5 review and prospects Key Information Treasury and Risk Management 6 Exhibits 7 N/A N/A Exhibit to First Quarter Form 6-K Dated 23 April 2010 (Financial Release 1Q10) Financial highlights -1 Table of Contents 3 Credit Suisse at a glance 4 I Credit Suisse Results Operating environment 6-8 Credit Suisse 9-10 Core Results Core Results Legal proceedings 15 Core Results Compensation and benefits Core Results Fair valuations Key performance indicators 18 II Results by division Private Banking Investment Banking Asset Management III Overview of Results and Assets under Results Management Assets under Management IV Treasury and Risk management Treasury management Risk management V Condensed consolidated financial Condensed consolidated financial statements statements (unaudited) (unaudited), including: Consolidated statements of operations (unaudited) 67 Consolidated balance sheets (unaudited) Consolidated statements of changes in equity (unaudited) Comprehensive income (unaudited) 71 Consolidated statements of cash flows (unaudited) Supplemental cash flow information 73 (unaudited) Notes to the condensed consolidated financial statements (unaudited), including summary of significant accounting policies Cautionary statement regarding forward looking information

41 I II III IV Annual Report 2009 Financial highlights -1 Index 6-9 Information on the Company Credit Suisse at a glance: our vision Strategy Our businesses Organizational and regional structure Regulation and supervision Operating and financial review Operating environment Credit Suisse Core Results Key performance indicators 62 Private Banking Investment Banking Asset Management Corporate Center 87 Results Overview Assets under Management Treasury, Risk, Balance sheet and Offbalance sheet Corporate governance V Consolidated financial statements Credit Suisse (Group) VI Parent company financial statements Credit Suisse (Group) VII Consolidated financial statements Credit Suisse (Bank) VIII Parent company financial statements Credit Suisse (Bank) Critical accounting estimates Treasury management Risk management Balance sheet, off-balance sheet and other contractual obligations Overview Shareholders Board of Directors Executive Board Compensation Additional information Report of the Independent Registered Public 197 Accounting Firm Consolidated financial statements, including: Consolidated statements of operations 199 Consolidated balance sheets Consolidated statements of changes in equity Comprehensive income 205 Consolidated statements of cash flows Notes to the consolidated financial statements Controls and procedures 325 Report of the Independent Registered Public 326 Accounting Firm Report of Statutory Auditor Statements of income 331 Balance sheets 332 Notes to the finance statements Proposed appropriation of retained earnings 345 Report on the conditional increase of share 346 capital Report of the Statutory Auditor Consolidated financial statements, including: Consolidated statements of operations 351 Consolidated balance sheets Consolidated statements of changes in equity Comprehensive income 357 Consolidated statements of cash flows Notes to the consolidated financial statements Controls and procedures 427 Report of the Independent Registered Public 428 Accounting Firm Report of the Statutory Auditor Financial review 433 Parent company financial statements Notes to the financial statements

42 Proposed appropriation of retained earnings 444 IX Additional information Statistical information Legal proceedings Risk factors Other information Foreign currency translation rates 481 List of abbreviations Glossary Cautionary statement regarding forward 491 looking information Financial calendar and information sources 492 Annual Report 2008 N/A Form 20-F N/A N/A Financial highlights 1 I Index 6-9 Operating as an integrated bank Information on the company Review of the year s events Vision, mission and principles 16 Strategy Our businesses Organizational and regional structure Global reach of Credit Suisse Corporate citizenship 34 Regulation and supervision II Operating and financial review Operating environment Credit Suisse Core Results Key performance indicators 57 Private Banking Wealth Management Corporate & Retail Banking Investment Banking Asset Management Corporate Center 83 Results Summary Assets under Management III IV Treasury, Risk, Balance sheet, and Offbalance sheet Corporate governance V Consolidated financial statements Credit Suisse (Group) VI Parent company financial statements Credit Suisse (Group) Critical accounting estimates Treasury management Risk management Balance sheet, off-balance sheet and other contractual obligations Overview Board of Directors Executive Board Compensation Additional information Report of the Independent Registered Public 183 Accounting Firm Consolidated financial statements, including: Consolidated statements of operations 185 Consolidated balance sheets Consolidated statements of changes in shareholder s equity Comprehensive income 189 Consolidated statements of cash flows Notes to the consolidated financial statements Controls and procedures Report of the Statutory Auditors 292 Report of the Statutory Auditors Statements of income 297 Balance sheets 298 Notes to the finance statements

43 VII Consolidated financial statements Credit Suisse (Bank) VIII Parent company financial statements Credit Suisse (Bank) IX Additional information Proposed appropriation of retained earnings 310 Report of the Capital Increase Auditors Report of the Bank Auditors Consolidated financial statements, including: Consolidated statements of operations 317 Consolidated balance sheets Consolidated statements of changes in 320 shareholder s equity Comprehensive income 321 Consolidated statements of cash flows Notes to the consolidated financial statements Controls and procedures Report of the Bank Auditors 380 Report of the Statutory Auditors Financial review 385 Statements of income 386 Balance sheets 387 Off-balance sheet business 388 Notes to the financial statements Proposed appropriation of retained earnings 396 Statistical information Legal proceedings Risk factors Other information Foreign currency translation rates 434 X Investor Information List of abbreviations

44 SUMMARY This summary must be read as an introduction to this Base Prospectus and any decision to invest in the Securities should be based on a consideration of the Base Prospectus as a whole, including the documents incorporated by reference. No civil liability in respect of this summary will attach to the Issuer in any Member State of the European Economic Area in which the relevant provisions of the Prospectus Directive (Directive 2003/71/EC) have been implemented unless this summary, including any translation thereof, is misleading, inaccurate or inconsistent when read together with the other parts of this Base Prospectus. Where a claim relating to the information contained in this Base Prospectus is brought before a court in such a Member State, the plaintiff may, under the national legislation of that Member State, be required to bear the costs of translating the Base Prospectus before the legal proceedings are initiated. Description of the Issuer Credit Suisse AG (the Issuer ) 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. The Issuer 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). On 9 November 2009, Credit Suisse was renamed Credit Suisse AG. Credit Suisse AG, a Swiss bank and joint stock corporation established under Swiss law, is a wholly owned subsidiary of Credit Suisse Group AG. 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, and its telephone number is Description of the Securities The amount payable in respect of Securities may be linked to the performance or evolution of one or more shares (which may include index tracking shares), depositary receipts, equity indices, commodities, commodity indices, exchange rates, exchange rate indices, funds, inflation indices, interest rate indices, cash indices and/or other variables ( Underlying Assets ). In relation to the Securities the Issuer will act through its London Branch or its Nassau Branch, as specified in the Final Terms. Notes The Securities are debt securities issued by the Issuer. The currency of denomination, the denomination and the maturity date will be specified in the Final Terms. Unless redeemed by instalments (if so specified in the Final Terms) the Securities will be redeemed on the Maturity Date specified in the Final Terms and may not (unless a call or put option is specified in the Final Terms) be redeemed before then except for reasons of default by the Issuer or the illegality of the Issuer s payment obligations or hedging arrangements or following certain events in relation to Underlying Assets. The amount payable on the Maturity Date may either be the outstanding principal amount or may be linked to one or more Underlying Assets (as described below). 10

45 The Securities may bear interest and/or premium at a fixed rate or at different fixed rates for different periods or may bear interest at one or more fixed rates followed by a period in which they bear a floating rate of interest or may bear a floating rate of interest throughout the term of the Securities. Alternatively, they may bear no interest and/or premium. In the case of floating rate interest, the rate will be reset periodically by reference to a reference rate specified in the Final Terms and may be at such rates or at a margin above or below such rates and may be subject to one or more maximum and/or minimum rates of interest and/or premium, all as specified in the Final Terms. Certificates Certificates entitle the holder to payment on the Redemption Date of the Redemption Amount and may be linked to the level or price of one or more Underlying Assets. If so specified in the Final Terms, there may also be interim payments and/or mandatory early redemption and/or redemption at the option of the Issuer and/or the holders. Otherwise they may only be redeemed before the Redemption Date for reasons of illegality of the Issuer s payment obligations or hedging arrangements or following certain events in relation to Underlying Assets. Warrants Warrants entitle the holder to payment of a Settlement Amount either following the Expiration Date (in the case of European style Warrants) or the relevant Exercise Date (in the case of American style Warrants). The Settlement Amount will be linked to the level or price of one or more Underlying Assets. They may only be redeemed before the Expiration Date for reasons of illegality of the Issuer s payment obligations or hedging arrangements or following certain events in relation to Underlying Assets. Adjustments and Substitution The terms and conditions of the Securities contain provisions dealing with non-business days, disruptions and adjustments which may affect the Underlying Assets and/or the Securities and the timing and calculation of payments and may result in the Securities being redeemed earlier than they might otherwise be redeemed. They also allow for the possibility of the substitution of the Issuer without the consent of the Securityholders with an affiliate of the Issuer provided that such affiliate has, or is guaranteed by an affiliate which has, a long-term unsecured debt rating equal to or higher than that of the Issuer. Risk Factors Risks Relating to the Securities Securities are obligations of the Issuer. Securityholders are exposed to the credit risk of the Issuer. A secondary market for the Securities may not develop and may not be liquid. A decrease in liquidity may increase volatility which may reduce the value of Securities. Investors must be prepared to hold Securities until their redemption or expiry. The Issuer may, but is not obliged to, purchase Securities at any time at any price and may hold, resell or cancel them. The only way in which holders can realise value from a Security prior to its maturity or expiry (other than in the case of an American style Warrant) is to sell it at its then market price in the market, which may be less than the amount initially invested. The price in the market for a Security may be less than its issue price even though the value of any Underlying Asset may not have changed since the issue date. If Warrants are exercised, the number of Warrants remaining will decrease, resulting in diminished liquidity for the remaining Warrants. Call options of the Issuer in respect of Securities may negatively impact their market value and investors may not be able to reinvest the redemption proceeds at an interest rate as high as the expected rate of return on the Securities being redeemed. 11

46 Where Securities are linked to Underlying Assets, if certain events occur in relation to an Underlying Asset and it determines that it is unable to make an appropriate adjustment to the terms of the Securities, the Issuer may redeem the Securities at their fair market value. Changes in market interest rates may adversely affect the value of fixed rate Securities and the rate of interest on floating rate Securities. There will be a time lag between the exercise of Warrants by the Warrantholder and the determination of the Settlement Amount. The prices or levels of the relevant Underlying Assets could change significantly during such time and decrease the Settlement Amount or reduce it to zero. In certain circumstances the Issuer may make adjustments to the terms of the Securities (including substituting Underlying Assets) or redeem or cancel them at their fair market value as determined by it without the consent of the Securityholders. In making calculations and determinations, the Issuer is required to act in good faith and in a commercially reasonable manner but does not have any obligations of agency or trust for any investors and has no fiduciary obligations towards them. In particular the Issuer and its affiliated entities may have interests in other capacities (such as other business relationships and activities). If the amount payable on the Securities is less than their issue price, investors may lose all or part of their investment. Where amounts of payments under Securities are linked to Underlying Assets, an investment in the Securities is not the same as an investment in the Underlying Assets or any securities comprised in a relevant index or an investment which is directly linked to any of them. In particular, investors will not benefit from any dividends unless the relevant equity index is a total return index. The levels or prices of Underlying Assets (and of securities or other components comprised in an index) may go down or up. Such fluctuations may affect the value of the Securities. Furthermore, the levels or prices at any specific date may not reflect their prior or future performance or evolution. There can be no assurance as to the future performance or evolution of any Underlying Asset. The Securities may involve complex risks, including share price, credit, commodity, foreign exchange, interest rate, political, inflation and/or issuer risks. If the Securities are linked to an Underlying Asset which involves emerging market countries there may be additional risks, including event, market, liquidity, regulatory, settlement and holder risks and investors should note that the risk of occurrence and the severity of the consequences of the matters described herein may be greater than they would otherwise be in relation to more developed countries. The amount payable which is referable to an Underlying Asset to which Jurisdictional Event is specified to be applicable may be reduced if the value of the proceeds of the Issuer s and/or its affiliates hedging arrangements in relation to that Underlying Asset are reduced as a result of various matters (each described as a Jurisdictional Event) relating to risks connected with the relevant country or countries specified in the Final Terms. Where an Underlying Asset is an index (a Proprietary Index ) composed by the Issuer or one of its affiliates (the Index Creator ), the rules of the index may be amended by the Index Creator. No assurance can be given that any such amendment would not be prejudicial to Securityholders. None of the Issuer, the Index Creator or the relevant publisher is obliged to publish any information regarding a Proprietary Index other than as stipulated in its rules. The Issuer and the Index Creator are affiliated entities and may face a conflict of interest between their obligations as Issuer and Index Creator, respectively, and their interests in another capacity. The level and basis of taxation on the Securities and on the Securityholders and any reliefs from such taxation depend on the Securityholders individual circumstances and could change at any time. This 12

47 could have adverse consequences for Securityholders. Potential Securityholders will therefore need to consult their own tax advisers to determine the specific tax consequences of the purchase, ownership, transfer and redemption or enforcement of the Securities. The Securities may be linked to the performance of specific commodity indices. As a result of rollover gains/costs that have to be taken into account within the calculation of such indices and under certain market conditions, such indices may outperform or underperform the underlying commodities contained in such indices. Furthermore, the prices of the underlying commodities may be referenced by the price of the current futures contract or active front contract and rolled into the following futures contract before expiry. The price of the Securities during their lifetime and at maturity is, therefore, sensitive to fluctuations in the expected futures prices and can substantially differ from the spot price of the commodities. Commodities strongly depend on supply and demand and are subject to increased price fluctuations. Such price fluctuations may be based (among others) on the following factors: perceived shortage of the relevant commodity, weather damage, loss of harvest, governmental intervention or political upheavals. Before making any investment decision with respect to the Securities, investors should consult their own financial, tax or other advisers as they consider appropriate 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. 13

48 RISK FACTORS General These risk factors should be read together with the risk factors listed on page 12 of the Registration Document and pages of Credit Suisse AG s Annual Report. 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. This Base Prospectus identifies the information that an investor should consider prior to making an investment in Securities. The Issuer is acting solely in the capacity of an arm s length contractual counterparty and not as an investor s financial adviser or fiduciary in any transaction. 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. Before making any investment decision with respect to the Securities, investors should consult their own financial, tax or other advisers as they consider appropriate and carefully review and consider such an investment decision in the light of the following factors and their personal circumstances. Credit Risk Securities are obligations of the Issuer. Securityholders are exposed to the credit risk of the Issuer. Limited Liquidity There can be no assurance that a secondary market for any of the Securities will develop, or, if a secondary market does develop, that it will provide the holders of the Securities with liquidity or that it will continue for the life of the Securities. A decrease in the liquidity of an issue of Securities may cause, in turn, an increase in the volatility associated with the price of such issue of Securities. Illiquidity may have a severely adverse effect on the market value of Securities. Any investor in the Securities must be prepared to hold such Securities for an indefinite period of time or until redemption or expiry of the Securities. 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 and may hold, resell or cancel them. The market for Securities may be limited. The only way in which a holder can realise value from a Security prior to its maturity or expiry (other than in the case of an American style Warrant) is to sell it at its then market price in the market which may be less than the amount initially invested. The price in the market for a Security may be less than its issue price even though the value of any Underlying Asset may not have changed since the issue date. To the extent that Warrants of a particular issue are exercised, the number of Warrants remaining outstanding will decrease, resulting in a diminished liquidity for the remaining Warrants. Optional Redemption by the Issuer Any call option of the Issuer in respect of the Securities may negatively impact their market value. During any period when the Issuer may elect to redeem Securities, the market value of those Securities generally will not rise substantially above the price at which they can be redeemed. This also may be true prior to any redemption period. The Issuer may be expected to redeem Securities when its cost of borrowing is lower than the interest rate on the Securities. At those times, an investor generally would not 14