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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Searchlight Minerals Corp (PK) | USOTC:SRCH | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00582 | 0.00582 | 0.00582 | 0.00 | 01:00:00 |
Pricing Supplement No. T249
To the Underlying Supplement dated July 29, 2013,
Product Supplement No. T-I dated March 23, 2012,
Prospectus Supplement dated March 23, 2012 and
Prospectus dated March 23, 2012
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Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-180300-03
September 30, 2013
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Financial
Products
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$1,130,000
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Cert Plus Securities due October 3, 2017
Linked to the Performance of the S&P 500
®
Index and the Russell 2000
®
Index
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•
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The securities are designed for investors who seek a leveraged return linked to the performance of the S&P 500
®
Index and the Russell 2000
®
Index as described below. Investors should be willing to forgo interest and dividend payments and, if a Knock-In Event occurs, be willing to lose up to 100% of their investment. Any payment on the securities is subject to our ability to pay our obligations as they become due.
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If the Final Level of the Lowest Performing Underlying is equal to or greater than its Initial Level, investors will benefit from an Upside Participation Rate of 137.50%.
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•
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Senior unsecured obligations of Credit Suisse AG, acting through its London Branch, maturing October 3, 2017.
†
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•
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Minimum purchase of $1,000. Minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.
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•
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The securities priced on September 30, 2013 (the “Trade Date”) and are expected to settle on October 3, 2013 (the “Settlement Date”). Delivery of the securities in book-entry form only will be made through The Depository Trust Company.
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Issuer:
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Credit Suisse AG (“Credit Suisse”), acting through its London Branch
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Underlyings:
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The securities are linked to the performance of the S&P 500
®
Index and the Russell 2000
®
Index. For more information on the Underlyings, see “The Reference Indices—The S&P Dow Jones Indices—The S&P 500
®
Index” and “The Reference Indices—The Russell 2000
®
Index” in the accompanying underlying supplement. Each Underlying is identified in the table below, together with its Bloomberg ticker symbol, Initial Level and Knock-In Level:
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Underlying
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Ticker
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Initial Leve
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Knock-In Level
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S&P 500
®
Index (“SPX”)
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SPX <Index>
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1681.55
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840.775
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Russell 2000
®
Index (“RTY”)
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RTY <Index>
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1073.79
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536.895
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Upside Participation Rate:
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137.50%
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Redemption Amount:
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You will be entitled to receive a Redemption Amount in cash at maturity that will equal the principal amount of the securities you hold multiplied by the sum of 1 plus the Underlying Return of the Lowest Performing Underlying, calculated as set forth below. Any payment on the securities is subject to our ability to pay our obligations as they become due.
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Underlying Return:
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For each Underlying, the Underlying Return is expressed as a percentage and is calculated as follows:
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•
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If the Final Level of such Underlying is equal to or greater than its Initial Level, the Underlying Return for such Underlying will equal an amount calculated as follows:
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Upside Participation Rate ×
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Final Level – Initial Level
Initial Level
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•
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If the Final Level of such Underlying is less than its Initial Level and:
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(i) if a Knock-In Event occurs, the Underlying Return for such Underlying will equal:
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Final Level – Initial Level
Initial Level
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(ii) if a Knock-In Event has not occurred, the Underlying Return for such Underlying will equal zero.
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If a Knock-In Event occurs, the Underlying Return will be negative and you will receive less than the principal amount of your securities at maturity. You could lose your entire investment.
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Price to Public
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Underwriting Discounts and Commissions(1)
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Proceeds to Issuer
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Per security
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$1,000.00
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$0.00
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$1,000.00
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Total
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$1,130,000.00
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$0.00
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$1,130,000.00
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Title of Each Class of Securities Offered
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Maximum Aggregate Offering Price
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Amount of Registration Fee
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Notes
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$1,130
,000.00
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$145.54
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September 30, 2013
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(continued on next page)
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Lowest Performing Underlying:
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The Underlying with the lowest Underlying Return.
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Knock-In Event:
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A Knock-In Event occurs if the Final Level of any Underlying is equal to or less than its Knock-In Level.
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Knock-In Level:
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For each Underlying, as set forth in the table above.
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Initial Level:
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For each Underlying, as set forth in the table above.
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Final Level:
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For each Underlying, the closing level of such Underlying on the Valuation Date.
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Valuation Date:
†
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September 28, 2017
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Maturity Date:
†
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October 3, 2017
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Listing:
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The securities will not be listed on any securities exchange.
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CUSIP:
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22547QAM8
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•
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Underlying supplement dated July 29, 2013:
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•
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Product supplement No. T-I dated March 23, 2012:
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•
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Prospectus supplement and Prospectus dated March 23, 2012:
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Percentage Change
from the Initial Level to the Final Level of the Lowest Performing Underlying
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Underlying
Return of the Lowest Performing Underlying
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Redemption Amount per $1,000
Principal Amount of Securities
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100.00%
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137.50%
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$2,375.00
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90.00%
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123.75%
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$2,237.50
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80.00%
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110.00%
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$2,100.00
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70.00%
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96.25%
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$1,962.50
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60.00%
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82.50%
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$1,825.00
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50.00%
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68.75%
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$1,687.50
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40.00%
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55.00%
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$1,550.00
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30.00%
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41.25%
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$1,412.50
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20.00%
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27.50%
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$1,275.00
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10.00%
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13.75%
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$1,137.50
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0.00%
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0.00%
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$1,000.00
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−10.00%
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0.00%
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$1,000.00
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−20.00%
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0.00%
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$1,000.00
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−30.00%
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0.00%
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$1,000.00
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−40.00%
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0.00%
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$1,000.00
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−49.99%
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0.00%
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$1,000.00
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−50.00%
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−50.00%
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$500.00
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−60.00%
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−60.00%
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$400.00
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−70.00%
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−70.00%
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$300.00
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−80.00%
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−80.00%
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$200.00
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−90.00%
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−90.00%
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$100.00
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−100.00%
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−100.00%
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$0.00
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Underlying
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Final Level
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SPX
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150% of Initial Level
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RTY
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160% of Initial Level
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Underlying Return of the Lowest Performing Underlying
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=
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Upside Participation Rate × [(Final Level - Initial Level) / Initial Level]
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=
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137.50% × 50%
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=
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68.75%
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Redemption Amount
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=
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$1,000 × (1 + Underlying Return)
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=
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$1,000 × 1.68750
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=
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$1,687.50
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Underlying
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Final Level
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SPX
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100% of Initial Level
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RTY
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90% of Initial Level
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Underlying
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Final Level
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SPX
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80% of Initial Level
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RTY
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50% of Initial Level
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Underlying Return of the Lowest Performing Underlying
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=
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(Final Level - Initial Level) / Initial Level
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=
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−50%
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Redemption Amount
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=
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$1,000 × (1 + Underlying Return of the Lowest Performing Underlying)
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=
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$1,000 × 0.50
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=
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$500
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•
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YOUR INVESTMENT IN THE SECURITIES MAY RESULT IN A LOSS
— You may receive less at maturity than you originally invested in the securities, or you may receive nothing. If the Final Level of any Underlying is equal to or less than its Knock-In Level, you will be fully exposed to any depreciation in the Lowest Performing Underlying. In this case, the Redemption Amount you will be entitled to receive will be less than the principal amount of the securities, and you will lose your entire investment if the Final Level of the Lowest Performing Underlying falls to zero. It is not possible to predict whether a Knock-In Event will occur, and in the event that there is a Knock-In Event, by how much the Final Level of the Lowest Performing Underlying will decrease in comparison to its Initial Level. Any payment on the securities is subject to our ability to pay our obligations as they become due.
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•
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THE SECURITIES ARE SUBJECT TO THE CREDIT RISK OF CREDIT SUISSE
— Although the return on the securities will be based on the performance of the Underlyings, the payment of any amount due on the securities is subject to the credit risk of Credit Suisse. Investors are dependent on our ability to pay all amounts due on the securities and, therefore, investors are subject to our credit risk. In addition, any decline in our credit ratings, any adverse changes in the market’s view of our creditworthiness or any increase in our credit spreads is likely to adversely affect the value of the securities prior to maturity.
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•
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THE SECURITIES DO NOT PAY INTEREST
— We will not pay interest on the securities. You may receive less at maturity than you could have earned on ordinary interest-bearing debt securities with similar maturities, including other of our debt securities, since the Redemption Amount at maturity is based on the appreciation or depreciation of the Underlyings. Because the Redemption Amount due at maturity may be less than the amount originally invested in the securities, the return on the securities (the effective yield to maturity) may be negative. Even if it is positive, the return payable on each security may not be enough to compensate you for any loss in value due to inflation and other factors relating to the value of money over time.
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•
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YOUR RETURN WILL BE BASED ON THE UNDERLYING RETURN OF THE LOWEST PERFORMING UNDERLYING
— Because the Redemption Amount will be determined based on the Underlying Return of the Lowest Performing Underlying, you will not benefit from the performance of any other Underlying. For example, if one Underlying appreciates from its Initial Level and the other Underlying does not appreciate as much, or even decreases from its Initial Level, you will not benefit from the appreciation of the first Underlying. Additionally, if a Knock-In Event occurs, even with respect to only one Underlying, the Underlying Return of the Lowest Performing Underlying will be negative and you will receive less than the principal amount of your securities at maturity.
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•
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THE REDEMPTION AMOUNT PAYABLE AT MATURITY WILL BE LESS THAN THE PRINCIPAL AMOUNT OF THE SECURITIES EVEN IF A KNOCK-IN EVENT OCCURS WITH RESPECT TO ONLY ONE UNDERLYING
— Even if the Final Level of only one Underlying is equal to or less than its Knock-In Level, a Knock-In Event will have occurred. In this case, the Redemption Amount payable at maturity will be less than the principal amount of the securities.
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•
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SINCE THE SECURITIES ARE LINKED TO THE PERFORMANCE OF MORE THAN ONE UNDERLYING, YOU WILL BE FULLY EXPOSED TO THE RISK OF FLUCTUATIONS IN THE LEVEL OF EACH UNDERLYING
— Since the securities are linked to the performance of more than one Underlying, the securities will be linked to the
individual performance
of each Underlying. Because the securities are not linked to a basket, in which case the risk is mitigated and diversified among all of the components of a basket, you will be exposed to the risk of fluctuations in the levels of the Underlyings to the same degree for each Underlying. For example, in the case of securities linked to a basket, the return would depend on the weighted aggregate performance of the basket components as reflected by the basket return. Thus, the depreciation of any basket component could
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•
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THE SECURITIES ARE LINKED TO THE RUSSELL 2000
®
INDEX AND ARE SUBJECT TO THE RISKS ASSOCIATED WITH SMALL-CAPITALIZATION COMPANIES
— The Russell 2000
®
Index is composed of equity securities issued by companies with relatively small market capitalization. These equity securities often have greater stock price volatility, lower trading volume and less liquidity than the equity securities of large-capitalization companies, and are more vulnerable to adverse business and economic developments than those of large-capitalization companies. In addition, small-capitalization companies are typically less established and less stable financially than large-capitalization companies. These companies may depend on a small number of key personnel, making them more vulnerable to loss of personnel. Such companies tend to have smaller revenues, less diverse product lines, smaller shares of their product or service markets, fewer financial resources and less competitive strengths than large-capitalization companies and are more susceptible to adverse developments related to their products. Therefore, the Russell 2000
®
Index may be more volatile than it would be if it were composed of equity securities issued by large-capitalization companies.
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•
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ESTIMATED VALUE OF THE SECURITIES AFTER DEDUCTING CERTAIN COSTS
— The estimated value of your securities on the Trade Date (as determined by reference to our pricing models and our internal funding rate) may be significantly less than the original Price to Public. The Price to Public of the securities includes the agent’s discounts or commissions as well as transaction costs such as expenses incurred to create, document and market the securities and the cost of hedging our risks as issuer of the securities through one or more of our affiliates (which includes a projected profit). These costs will be effectively borne by you as an investor in the securities. These amounts will be retained by Credit Suisse or our affiliates in connection with our structuring and offering of the securities (except to the extent discounts or commissions are reallowed to other broker-dealers or any costs are paid to third parties).
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•
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EFFECT OF INTEREST RATE USED IN ESTIMATING VALUE
— The internal funding rate we use in structuring notes such as these securities is typically lower than the interest rate that is reflected in the yield on our conventional debt securities of similar maturity in the secondary market (our “secondary market credit spreads”), to account for costs related to structuring and offering the securities. In circumstances where the internal funding rate is lower than the secondary market credit spread, the value of the securities would be higher if we used our secondary market credit spread. Our use of our lower internal funding rate is also reflected in the secondary market prices of the securities. Because Credit Suisse’s pricing models may differ from other issuers’ valuation models, and because funding rates taken into account by other issuers may vary materially from the rates used by Credit Suisse (even among issuers with similar creditworthiness), our estimated value may not be comparable to estimated values of similar securities of other issuers.
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•
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SECONDARY MARKET PRICES
— If Credit Suisse (or an affiliate) offers to repurchase your securities in secondary market transactions, which we are not obligated to do, the secondary market price (and the value used for account statements or otherwise) may be higher or lower than the Price to Public and the estimated value of the securities on the Trade Date. The secondary market price of your securities at any time cannot be predicted and will reflect the then-current estimated value determined by reference to our pricing models and other factors. These other factors include customary bid and ask spreads and other transaction costs, changes in market conditions and any
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•
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LACK OF LIQUIDITY
— The securities will not be listed on any securities exchange. Credit Suisse (or its affiliates) intends to offer to purchase the securities in the secondary market but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the securities when you wish to do so. Because other dealers are not likely to make a secondary market for the securities, the price at which you may be able to trade your securities is likely to depend on the price, if any, at which Credit Suisse (or its affiliates) is willing to buy the securities. If you have to sell your securities prior to maturity, you may not be able to do so or you may have to sell them at a substantial loss.
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•
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POTENTIAL CONFLICTS
— We and our affiliates play a variety of roles in connection with the issuance of the securities, including acting as calculation agent, hedging our obligations under the securities and determining the estimated value of the securities. In performing these duties, the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the securities.
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•
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MANY ECONOMIC AND MARKET FACTORS WILL AFFECT THE VALUE OF THE SECURITIES
— In addition to the levels of the Underlyings on any trading day, the value of the securities will be affected by a number of economic and market factors that may either offset or magnify each other, including:
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o
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the expected volatility of the Underlyings;
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o
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the time to maturity of the securities;
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o
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the dividend rate on the equity securities comprising the Underlyings;
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o
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interest and yield rates in the market generally;
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o
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investors’ expectations with respect to the rate of inflation;
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o
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geopolitical conditions and a variety of economic, financial, political, regulatory or judicial events that affect the components comprising the Underlyings or markets generally and which may affect the levels of the Underlyings; and
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o
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our creditworthiness, including actual or anticipated downgrades in our credit ratings.
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•
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NO OWNERSHIP RIGHTS RELATING TO THE UNDERLYINGS
—
Your return on the securities will not reflect the return you would realize if you actually owned the equity securities that comprise the Underlyings. The return on your investment, which is based on the percentage change in the Underlyings, is not the same as the total return based on the purchase of shares of the equity securities that comprise the Underlyings.
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NO DIVIDEND PAYMENTS OR VOTING RIGHTS
— As a holder of the securities, you will not have voting rights or rights to receive cash dividends or other distributions or other rights with respect to the equity securities that comprise the Underlyings.
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·
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a financial institution,
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·
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a mutual fund,
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a tax-exempt organization,
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a grantor trust,
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certain U.S. expatriates,
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·
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an insurance company,
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a dealer or trader in securities or foreign currencies,
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a person (including traders in securities) using a mark-to-market method of accounting,
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a person who holds the securities as a hedge or as part of a straddle with another position, constructive sale, conversion transaction or other integrated transaction, or
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an entity that is treated as a partnership for U.S. federal income tax purposes.
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