Notes Linked to the CS Retiree Consumer Expenditure 5% Blended Index Excess Return Due 2022

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1 Filed pursuant to Rule 433 Registration Statement Nos and November 27, 2015 Notes Linked to the CS Retiree Consumer Expenditure 5% Blended Index Excess Return Due 2022 Overview of the Index The CS Retiree Consumer Expenditure 5% Blended Index Excess Return (the Index or the Underlying Index ) is a rules-based index that seeks to broadly mirror the overall consumer expenditure patterns of retirees in the United States. Using data from the Consumer Expenditure Survey ( CEX ) published by the U.S. Department of Labor s Bureau of Labor Statistics, the Index assigns category weights by computing the percentage that each of the fourteen CEX consumer spending categories represents of the total consumer expenditure of the age group classified as 65 years and older. These weights are applied to a notional basket of seven equity indices intended to represent the CEX spending categories to construct the base index. The base index is rebalanced each year to reflect the new annual CEX data made available to the public the same year. The Index has exposure to the base index while also employing a mechanism that targets an annualized realized volatility of 5% by using a 20-day look back period to adjust its level of participation in the base index daily. The volatility targeting mechanism may result in the Index having an exposure to the base index between 0% and 150%. If the actual volatility of the base index over the 20-day lookback period is more than 5%, the Index will have an exposure to the base index of less than 100%, and if such volatility over such period is less than 5%, the Index will have an exposure to the base index of greater than 100% (to a maximum of 150%). The level of the Index will reflect returns from exposure to the base index and (to the extent that such exposure is less than 100%) to the S&P 2Y US Treasury Note Futures Index Excess Return. The Index is calculated on an excess return basis, so the return of its base index exposure is reduced by 3-month USD LIBOR plus 40 basis points. The Index incorporates the daily deduction of a fee of 0.5% per annum and a daily notional cost of 0.02% applied to the effective change in notional exposures to its components, representing the notional cost of the daily rebalancing to adjust toward the target volatility of 5%. Continued on next page 1

2 Summary of Terms of Notes Issuer* Minimum Denomination $1,000 Underlying Index Underlying Index Ticker Credit Suisse AG ( Credit Suisse ), acting through its Nassau branch CS Retiree Consumer Expenditure 5% Blended Index Excess Return CSEARC5E <Index> Trade Date Expected to be December 18, 2015 Issue Date Expected to be December 28, 2015 Final Valuation Date December 19, 2022 Maturity Date December 27, 2022 Initial Level** Final Level Coupon Closing Level Coupon Rate The Closing Level of the Underlying Index on the Trade Date The Closing Level of the Underlying Index on the Valuation Date Credit Suisse will pay you a Coupon on each Coupon Payment Date calculated as follows: Principal Amount x Coupon Rate / 4 On any trading day, the closing level, as determined by the calculation agent by reference to (i) Bloomberg Financial Services ( Bloomberg ) or any successor reporting service, or (ii) if Bloomberg or such successor reporting service does not publish the Closing Level on such trading day, the index sponsor. 0.5% per annum Coupon Payment Dates Quarterly on the last day of each February, May, August and November beginning on February 29, 2016 and ending on the Maturity Date. If any Coupon Payment Date is not a business day, the Coupon will be payable on the first following business day unless that business day falls in the next calendar month, in which case payment will be made on the first preceding business day. The amount of any Coupon will not be adjusted in respect of any postponement of a Coupon Payment Date. Underlying Index Return Upside Participation Rate** 200% - 210% Redemption Amount Additional Amount CUSIP 22546VRM0 Preliminary Pricing Supplement (Final Level Initial Level) / Initial Level At maturity, 100% of the principal amount plus the Additional Amount, subject to the credit risk of the Issuer The greater of zero and the principal amount multiplied by the Underlying Index Return, multiplied by the Upside Participation Rate *As used in this document, references to we or our are to Credit Suisse AG, as Issuer. **To be determined on the Trade Date. Continued on next page 2

3 Selected Note Characteristics The notes offer repayment of the principal amount at maturity. The notes offer Coupons of 1.5% per annum, payable quarterly. The notes offer an uncapped leveraged return, if any, at maturity based on the performance of the Index from its Initial Level to its Final Level. Any payment on the notes is subject to our ability to pay our obligations as they become due. The Index allocates among the seven equity indices that make up the base index, and the S&P 2Y US Treasury Note Futures Index Excess Return. The Index has exposure to the base index while also employing a mechanism that targets an annualized realized volatility of 5% by using a 20-day look back period to adjust its level of participation in the base index daily. The volatility targeting mechanism may result in the Index having an exposure to the base index between 0% and 150%. To the extent the allocation to the base index is below 100%, the remainder of the Underlying Index is allocated to the S&P 2-Year US Treasury Note Futures Index Excess Return. The base index return, as a component of the Underlying Index, is calculated on an excess return basis and is reduced by 3-month USD LIBOR plus 40 basis points. The Underlying Index incorporates the daily deduction of a fee of 0.5% per annum and a daily notional cost of 0.02% applied to the effective change in notional exposures to its components, representing the notional cost of the daily rebalancing to adjust toward the target volatility. Payment at Maturity At maturity, you will be entitled to receive the principal amount plus a leveraged return on any increase in the level of the Index from its Initial Level to its Final Level, and any accrued and unpaid Coupons. If held to maturity, you will be entitled to full repayment of the principal amount on the notes, even if the Index declines. Any payment on the notes is subject to our ability to pay our obligations as they become due. Hypothetical Redemption Amounts for each $1,000 Principal Amount of Notes* Redemption Amount at Maturity $3, $2, $2, $1, $1, $ $- Hypothetical Underlying Index Return Hypothetical Redemption Amount at Maturity Underlying Index Performance -80% -60% -40% -20% Underlying Index Return Hypothetical Return on the Notes* 0% 20% 40% 60% 80% -70% -50% -30% -10% 10% 30% 50% 70% Hypothetical Redemption Amount per $1,000 Principal Amount* 80% % $2, % % $2, % % $2, % % $2, % 82.00% $1, % 61.50% $1, % 41.00% $1, % 20.50% $1, % 0.00% $1, % 0.00% $1, % 0.00% $1, % 0.00% $1, % 0.00% $1, % 0.00% $1, % 0.00% $1, % 0.00% $1, % 0.00% $1, *Reflects an Upside Participation Rate of 205% (the midpoint of the Upside Participation Rate range). The actual Upside Participation Rate will be determined on the Trade Date. These tables and charts do not reflect any Coupon payments on the notes. The hypothetical returns and hypothetical payments on the notes apply only at Maturity. These hypotheticals do not reflect fees or expenses that would be associated with any sale in the secondary market. If these fees and expenses were included, the hypothetical returns and hypothetical payments would likely be lower. Continued on next page 3

4 Selected Risk Considerations Credit risk of the Issuer The value of the notes and the payment of any amount due on the notes are subject to the credit risk of Credit Suisse. Accordingly, Investors are dependent on our ability to pay all amounts due on the notes, and therefore, if we were to default on our obligations, you may not receive any amounts owed to you under the notes. The Index may not perform as anticipated The Index methodology may not be successful. The Index may not effectively track retiree consumer spending. The Index methodology may not outperform any alternative strategy that might be employed in respect of the index components. In addition, the Index performance may be negatively affected by various market and structural factors. The Index may not achieve its target volatility Volatility can fluctuate significantly, even during a single day, future volatility may differ from past volatility, and the Index will not adjust exposure based on the most current volatility. As a result, the Index may not achieve its target volatility at any given time. Fees and costs will lower the level of the Index The base index return, as a component of the Underlying Index, is calculated on an excess return basis and is reduced by 3-month USD LIBOR plus 40 basis points. The Underlying Index has a daily deduction of a 0.5% per annum fee and a daily notional cost of 0.02% applied to the effective change in notional exposures of the base index and S&P 2-Year US Treasury Note Futures Index Excess Return representing the notional cost of daily rebalancing to adjust toward the target volatility of 5%. Historically, over each calendar year the notional transaction cost has decreased the hypothetical performance of the Index by between 0.05% and 0.25%. per annum. The historical analysis of the notional transaction costs should not be taken as an indication of future costs. These fees and costs will lower the level of the Index and as a result may reduce the value of and your return on an investment linked to the Index. Such reduction may be significant. Changes in the value of the Index Components may offset each other The Index comprises equity and fixed income indices, each of which comprise notional assets only. There is no actual portfolio of assets to which any person is entitled or in which any person has any ownership interest. Holders of the notes will not have voting rights or rights to receive cash dividends or other distributions or other rights with respect to the securities that comprise the Index components. No ownership interest in the Index components The Index comprises equity and fixed income indices, each of which comprise notional assets only. There is no actual portfolio of assets to which any person is entitled or in which any person has any ownership interest. Holders of the notes will not have voting rights or other rights in the securities that comprise the Index components. Although the performance of the Index components will include cash dividends and other distributions in respect of the equity securities that comprise such indices, you will not have the right to receive such dividends or other distributions. Limited history of the Index The Index was established on February 27, 2015 and therefore has a limited operating history, and may perform in unanticipated ways. Past performance should not be considered indicative of future performance. One or more of the Index components may not effectively track consumer spending in the United States. The fourteen broad categories of consumer spending identified in the CEX are represented by the Index components. Each Index component tracks the performance of a basket of stocks of United States companies in the market sector or industry of the S&P 500 Index or the S&P Total Market Index that was chosen to correspond to the consumer spending category. However, the universe of assets available for the Constituent Indices to track is finite and limited. There is no guarantee that the selected Constituent Indices and assets they track reflect the best possible, or even an effective, mix of constituents to track consumer spending by retirees in the United States. Potential conflicts We and our affiliates play a variety of roles in connection with the Index and the notes, including acting as calculation agent, hedging our obligations under the notes and determining their estimated value. In addition, our affiliate, Credit Suisse International, is the Index sponsor and Index calculation agent and may adjust the Index in a way that affects its level. In performing these duties, our economic interests and those of our affiliates are potentially adverse to your interests as an investor in the notes. The estimated value of the notes on the Trade Date may be less than the price to public The initial estimated value of the notes 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 notes includes the agent s discounts or commissions as well as transaction costs such as expenses incurred to create, document and market the notes and the cost of hedging our risks as issuer of the notes 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 notes. These amounts will be retained by Credit Suisse or our affiliates in connection with our structuring and offering of the notes (except to the extent discounts or commissions are reallowed to other broker-dealers or any costs are paid to third parties). Lack of liquidity The notes will not be listed on any securities exchange. Credit Suisse (or its affiliates) intends to offer to purchase the notes 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 notes when you wish to do so. Unpredictable economic and market factors may affect the value of the notes Many factors, including the Index level and volatility, the time to maturity, market interest rates, and Credit Suisse s creditworthiness, may affect the value of the notes. Some or all of these factors may influence the price that a holder would receive upon sale of the notes prior to maturity, and such price could be less than the initial investment or the expected price at maturity. Therefore, the value of the notes prior to maturity may be more or less than the initial price and may be substantially different than the payment expected at maturity. Investors must hold their notes to maturity to receive the stated payout, including any repayment of principal. Uncertain tax consequences The tax consequences of an investment in the notes may be uncertain. Holders should consult their tax advisors. Continued on next page 4

5 The risks identified above are only intended as summaries of some of the risks relating to an investment in the notes. Please see Risk Factors in the applicable product supplement and underlying supplement and Key Risks in the pricing supplement for additional information. This document is a summary of the terms of the securities and factors that you should consider before deciding to invest in the notes. Credit Suisse has filed a registration statement (including prospectus supplement and prospectus) with the Securities and Exchange Commission, or SEC, for the offering of securities. Before you invest, you should read the applicable Preliminary Pricing Supplement dated November 27, 2015, Underlying Supplement No. CSEARC5E dated October 1, 2015, Underlying Performance Supplement dated November 25, 2015, Product Supplement G-I dated May 13, 2015, Prospectus Supplement dated May 4, 2015 and Prospectus dated May 4, 2015 to understand fully the terms of the notes and other considerations that are important in making a decision about investing in the notes. You may get these documents without cost by visiting EDGAR on the SEC website at gov. Alternatively, Credit Suisse, any agent or any dealer participation in this offering will arrange to send you the preliminary pricing supplement, underlying performance supplement, underlying supplement, product supplement, prospectus supplement and prospectus if you so request by calling toll-free This fact sheet is a general description of the terms of the offering. Please see the full description in the applicable preliminary pricing supplement: You may access the underlying performance supplement, underlying supplement, product supplement, prospectus supplement and prospectus on the SEC website at or by clicking on the hyperlinks to each of the respective documents incorporated by reference in the preliminary pricing supplement. Investment suitability must be determined individually for each investor, and the financial instruments described herein may not be suitable for all investors. This information is not intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice. Investors should consult with their own advisors as to these matters. Copyright 2015 CREDIT SUISSE AG and/or its affiliates. All rights reserved. 5

6 The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. Subject to completion dated November 27, Preliminary Pricing Supplement No. G97 To the Underlying Supplement dated October 1, 2015, Underlying Performance Supplement dated November 25, 2015, Product Supplement No. G-I dated May 13, 2015, Prospectus Supplement dated May 4, 2015 and Prospectus dated May 4, 2015 Filed Pursuant to Rule 424(b)(2) Registration Statement Nos and November 27, 2015 $ CS Notes due December 27, 2022 Linked to the Performance of the CS Retiree Consumer Expenditure 5% Blended Index Excess Return General The securities are designed for investors who seek a leveraged return linked to the performance of the CS Retiree Consumer Expenditure 5% Blended Index Excess Return. Investors should be willing to forgo interest and dividend payments. Any payment on the securities is subject to our ability to pay our obligations as they become due. On each Coupon Payment Date, we will pay you a Coupon based on the Coupon Rate of 0.50% per annum. If the Final Level is greater than the Initial Level, investors will benefit from an Upside Participation Rate of between 200% and 210% (to be determined on the Trade Date). Senior unsecured obligations of Credit Suisse AG, acting through its Nassau branch, maturing December 27, Minimum purchase of $1,000. Minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof. The securities are expected to price on or about December 18, 2015 (the Trade Date ) and are expected to settle on or about December 28, 2015 (the Settlement Date ). Delivery of the securities in book-entry form only will be made through The Depository Trust Company. Key Terms Issuer: Credit Suisse AG ( Credit Suisse ), acting through its Nassau branch Underlying: The securities are linked to the performance of the CS Retiree Consumer Expenditure 5% Blended Index Excess Return. For more information on the Underlying, see the accompanying underlying supplement and The Underlying in this pricing supplement. The Underlying is identified in the table below, together with its Bloomberg ticker symbol and Initial Level. Underlying Ticker Initial Level* CS Retiree Consumer Expenditure 5% Blended Index Excess Return CSEARC5E <Index> Redemption Amount: At maturity, you will be entitled to receive a Redemption Amount in cash that will equal the principal amount of the securities you hold plus the Additional Amount. Any payment on the securities is subject to our ability to pay our obligations as they become due. Coupon: On each Coupon Payment Date (including the Maturity Date), you will be entitled to receive an amount in cash that will equal the principal amount of the securities you hold multiplied by the Coupon Rate divided by 4. Coupon Rate: 0.50% per annum Additional Amount: The Additional Amount will equal the greater of (i) zero and (ii) an amount calculated as follows: principal amount x Underlying Return x Upside Participation Rate. Underlying Return: Final Level Initial Level Initial Level Upside Participation Rate: Expected to be between 200% and 210% (to be determined on the Trade Date). Closing Level: The Closing Level of the Underlying on any trading day will be the closing level, as determined by the calculation agent by reference to (i) Bloomberg Financial Services ( Bloomberg ) or any successor reporting service, or (ii) if Bloomberg or such successor reporting service does not publish the Closing Level on such trading day, the index sponsor. Initial Level:* The Closing Level of the Underlying on the Trade Date. Final Level: The Closing Level of the Underlying on the Valuation Date. Valuation Date: December 19, 2022 Maturity Date: December 27, 2022 Coupon Payment Dates: Quarterly on the last day of each February, May, August and November, beginning on February 29, 2016 and ending on the Maturity Date. If any Coupon Payment Date is not a business day, the Coupon will be payable on the first following business day unless that business day falls in the next calendar month, in which case payment will be made on the first preceding business day. The amount of any Coupon will not be adjusted in respect of any postponement of a Coupon Payment Date. Coupons will be payable to the holders of record at the close of business on the business day immediately preceding the applicable Coupon Payment Date, provided that the Coupon payable on the Maturity Date will be payable to the person to whom the Redemption Amount is payable. Listing: The securities will not be listed on any securities exchange. CUSIP: 22546VRM0 * In the event that the Closing Level for the Underlying is not available on the Trade Date, the Initial Level will be determined on the immediately following trading day on which a Closing Level is available. Subject to postponement as set forth in the accompanying product supplement under Description of the Securities Postponement of calculation dates. Investing in the securities involves a number of risks. See Selected Risk Considerations beginning on page 6 of this pricing supplement and Risk Factors beginning on page PS-3 of the accompanying product supplement. You may revoke your offer to purchase the securities at any time prior to the time at which we accept such offer on the date the securities are priced. We reserve the right to change the terms of, or reject any offer to purchase the securities prior to their issuance. In the event of any changes to the terms of the securities, we will notify you and you will be asked to accept such changes in connection with your purchase. You may also choose to reject such changes in which case we may reject your offer to purchase. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying underlying supplement, the product supplement, the prospectus supplement and the prospectus. Any representation to the contrary is a criminal offense. Price to Public(1) Underwriting Discounts and Commissions(2) Proceeds to Issuer Per security $1, $ $ Total $ $ $ (1) Certain fiduciary accounts may pay a purchase price of at least $ per $1,000 principal amount of securities, and CSSU will forgo any fees with respect to such sales. (2) We or one of our affiliates may pay varying discounts and commissions of up to $42.50 per $1,000 principal amount of securities. For more detailed information, please see Supplemental Plan of Distribution (Conflicts of Interest) in this pricing supplement.

7 The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. Subject to completion dated November 27, The agent for this offering, Credit Suisse Securities (USA) LLC ( CSSU ), is our affiliate. For more information, see Supplemental Plan of Distribution (Conflicts of Interest) in this pricing supplement. Credit Suisse currently estimates the value of each $1,000 principal amount of the securities on the Trade Date will be between $ and $ (as determined by reference to our pricing models and the rate we are currently paying to borrow funds through issuance of the securities (our internal funding rate )). This range of estimated values reflects terms that are not yet fixed. A single estimated value reflecting final terms will be determined on the Trade Date. See Selected Risk Considerations in this pricing supplement. The securities are not deposit liabilities and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency of the United States, Switzerland or any other jurisdiction. Credit Suisse December, 2015

8 Additional Terms Specific to the Securities You should read this pricing supplement together with the underlying supplement dated October 1, 2015, the underlying performance supplement dated November 25, 2015, the product supplement dated May 13, 2015, the prospectus supplement dated May 4, 2015 and the prospectus dated May 4, 2015, relating to our Medium-Term Notes of which these securities are a part. You may access these documents on the SEC website at as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website): Underlying supplement No. CSEARC5E dated October 1, 2015: Underlying performance supplement dated November 25, 2015: Product supplement No. G-I dated May 13, 2015: Prospectus supplement and Prospectus dated May 4, 2015: Our Central Index Key, or CIK, on the SEC website is As used in this pricing supplement, the Company, we, us, or our refers to Credit Suisse. In the event the terms of the securities described in this pricing supplement differ from, or is inconsistent with, the terms described in the underlying supplement, underlying performance supplement, product supplement, prospectus supplement or prospectus, the terms described in this pricing supplement will control. This pricing supplement, together with the documents listed above, contains the terms of the securities and supersedes all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, fact sheets, correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours. We may, without the consent of the registered holder of the securities and the owner of any beneficial interest in the securities, amend the securities to conform to its terms as set forth in this pricing supplement and the documents listed above, and the trustee is authorized to enter into any such amendment without any such consent. You should carefully consider, among other things, the matters set forth in Risk Factors in the product supplement and Selected Risk Considerations in this pricing supplement, Foreign Currency Risks in the accompanying prospectus, and any risk factors we describe in the combined Annual Report on Form 20-F of Credit Suisse Group AG and us incorporated by reference therein, and any additional risk factors we describe in future filings we make with the SEC under the Securities Exchange Act of 1934, as amended, as the securities involve risks not associated with conventional debt securities. You should consult your investment, legal, tax, accounting and other advisors before deciding to invest in the securities. 1

9 Hypothetical Redemption Amounts at Maturity The table and examples below illustrate hypothetical Redemption Amounts payable at maturity on a $1,000 investment in the securities for a hypothetical range of performance of the Underlying. The table and examples below assume that the Upside Participation Rate is 205% (the midpoint of the expected range set forth on the cover of this pricing supplement). The actual Upside Participation Rate will be determined on the Trade Date. The table does not reflect the Coupon payment based on the Coupon Rate of 0.50%. The hypothetical Redemption Amounts set forth below are for illustrative purposes only of only the Redemption Amount and do not illustrate the calculation or payment of any Coupon. The actual Redemption Amount applicable to a purchaser of the securities will depend on the Final Level. You should consider carefully whether the securities are suited to your investment goals. Any payment on the securities is subject to our ability to pay our obligations as they become due. The numbers appearing in the table and examples below have been rounded for ease of analysis. TABLE: Hypothetical Redemption Amounts Additional Amount per $1,000 Principal Amount of Securities Redemption Amount per $1,000 Principal Amount of Securities Underlying Return % $2, $3, % $1, $2, % $1, $2, % $1, $2, % $1, $2, % $1, $2, % $ $1, % $ $1, % $ $1, % $ $1, % $0.00 $1, % $0.00 $1, % $0.00 $1, % $0.00 $1, % $0.00 $1, % $0.00 $1, % $0.00 $1, % $0.00 $1, % $0.00 $1, % $0.00 $1, % $0.00 $1,

10 EXAMPLES The following examples illustrate how the Redemption Amount is calculated. Example 1: The level of the Underlying increases by 20% from the Initial Level to the Final Level. The Underlying Return is greater than zero, and the Redemption Amount is calculated as follows: Underlying Return = 20% Additional Amount = the greater of (i) zero and (ii) $1,000 x 20% x 205% = $410 Redemption Amount = $1,000 + $410 = $1,410 Because the Underlying Return is positive and equal to 20%, the Additional Amount is equal to $410 and the Redemption Amount is equal to $1,410 per $1,000 principal amount of securities. Example 2: The Final Level is equal to the Initial Level. The Underlying Return is zero, and the Redemption Amount is calculated as follows: Underlying Return = 0% Additional Amount = the greater of (i) zero and (ii) $1,000 x 0% x 205% = $0 Redemption Amount = $1,000 + $0 = $1,000 Because the Underlying Return is zero, the Additional Amount is equal to $0 and the Redemption Amount is equal to $1,000 per $1,000 principal amount of securities. Example 3: The level of the Underlying decreases by 20% from the Initial Level to the Final Level. The Underlying Return is negative, and the Redemption Amount is calculated as follows: Underlying Return = -20% Additional Amount = the greater of (i) zero and (ii) $1,000 x -20% x 205% = $0 Redemption Amount = $1,000 + $0 = $1,000 Because the Underlying Return is negative and equal to -20%, the Additional Amount is equal to $0 and the Redemption Amount is equal to $1,000 per $1,000 principal amount of securities.. 3

11 The Underlying The CS Retiree Consumer Expenditure 5% Blended Index Excess Return (the Underlying ) is a rules-based index that seeks to broadly mirror the overall consumer expenditure patterns of retirees in the United States. Using data from the Consumer Expenditure Survey ( CEX ) published by the U.S. Department of Labor s Bureau of Labor Statistics, the Underlying assigns category weights by computing the percentage that each of the fourteen CEX consumer spending categories represents of the total consumer expenditure of the age group classified as 65 years and older. These weights are applied to the Underlying s notional basket of seven equity indices (the "Underlying Constituent Indices") intended to represent the CEX spending categories to construct the base index. The base index is rebalanced each year to reflect the new annual CEX data made available to the public the same year. The Underlying has exposure to the base index while also employing a mechanism that targets an annualized realized volatility of 5% by using a 20-day lookback period to adjust its level of participation in the base index daily. The volatility targeting mechanism may result in the Underlying having an exposure to the base index between 0% and 150%. If the actual volatility of the base index over the 20-day lookback period is more than 5%, the Underlying will have an exposure to the base index of less than 100%, and if such volatility over such period is less than 5%, the Underlying will have an exposure to the base index of greater than 100% (to a maximum of 150%). The level of the Underlying will reflect returns from exposure to the base index and (to the extent that such exposure is less than 100%) to the S&P 2Y US Treasury Note Futures Index Excess Return (the Reference Fixed Income Index ). The Underlying incorporates the daily deduction of a fee of 0.50% per annum and a daily notional cost of 0.02% applied to the effective change in notional exposures to the base index and Referenced Fixed Income Index, representing the notional cost of the daily rebalancing to adjust toward the target volatility of 5%. The Underlying is calculated on an excess return basis, so the return of its base index exposure is reduced by 3-month USD LIBOR plus 40 basis points. The CEX provides information on a range of consumers' expenditures and incomes, as well as the characteristics of those consumers. The CEX program consists of two related surveys, a quarterly interview survey and a diary survey, that are integrated to provide information on the buying habits of American consumers, including data on their expenditures, income, and consumer unit (i.e. families and single consumers) characteristics. The survey data are collected for the Bureau of Labor Statistics by the U.S. Census Bureau. The CEX annual data tables are made available to the public each year in early September. The CEX annual data tables are made available to the public each year in early September. It reflects consumer spending over the course of the prior calendar year, and thus the base index allocates notional exposure across the Underlying Constituent Indices and across the sectors and industries they represent based on the spending patterns of retirees in the United States over that same time. The Underlying seeks to track retiree consumer expenditure patterns through the base index, which is composed of the Underlying Constituent Indices. The fourteen broad categories of consumer spending, as identified in the CEX, are intended to be represented in the base index by seven Underlying Constituent Indices: six of these CEX categories are intended to be represented respectively by six Underlying Constituent Indices, and the other eight CEX categories are tracked collectively by the Underlying Constituent Index representing consumer discretionary spending. Each Underlying Constituent Index is a sector or industry index maintained and published by S&P Dow Jones Indices LLC, or its successor, selected by the Underlying sponsor as representative of consumer spending in one or more of the relevant categories. Each Underlying Constituent Index tracks the performance of a basket of stocks of United States companies in the market sector or industry of the S&P 500 or the S&P Total Market Index that was chosen to correspond to the consumer spending category. Each Underlying Constituent Index is composed of a basket of stocks weighted equally or by market cap within the basket (depending on the index) and is rebalanced quarterly. The Underlying Constituent Indices are identified in the table below, together with their respective Bloomberg tickers, market associated sector or industry, and corresponding consumer spending category or categories as they appear in the CEX tables. 4

12 For additional information on the Underlying, see The CS Retiree Consumer Expenditure Indices The Excess Return Index in the accompanying underlying supplement and underlying performance supplement. Underlying Constituent Index 1 S&P 500 Real Estate (Industry Group) Index Total Return 2 S&P 500 Consumer Discretionary (Sector) Index Total Return 3 S&P Transportation Select Industry Index Total Return 4 S&P 500 Health Care (Sector) Index Total Return 5 S&P Food & Beverage Select Industry Index Total Return 6 S&P Insurance Select Industry Index Total Return 7 S&P 500 Apparel Retail (Sub-Industry) Index Total Return Ticker Associated Sector or Industry Corresponding CEX consumer spending categories Underlying Weightings (as of November 2, 2015) SPTR5EST Real Estate Housing 33.9% SPTRCOND Consumer Discretionary Alcoholic beverages, Entertainment, Personal care products and services, Reading, Education, Tobacco products and smoking supplies, Miscellaneous, and Cash contributions 16.6% SPSITNTR Transportation Transportation 15.9% SPRTHLTH Healthcare Healthcare 13.4% SPIFBUT Food & Beverages Food 12.5% SPSIINST Insurance Personal insurance & pensions 5.2% S5APRETR Apparel Retailers Apparel and services 2.5% 5

13 Selected Risk Considerations An investment in the securities involves significant risks. Investing in the securities is not equivalent to investing directly in the Underlying. These risks are explained in more detail in the Risk Factors section of the accompanying product supplement. Risks related to the securities THE SECURITIES ARE SUBJECT TO THE CREDIT RISK OF CREDIT SUISSE Investors are dependent on our ability to pay all amounts due on the securities and, therefore, if we were to default on our obligations, you may not receive any amounts owed to you under the securities. 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. INTEREST RATE RISK The securities have a fixed Coupon Rate and cannot be redeemed prior to maturity. If market interest rates, or expected future market interest rates, rise during the term of the securities, the value of the securities will likely decrease because the coupon paid on the securities throughout the term of the securities will not increase along with market interest rates. Market interest rates and interest rate expectations are influenced by a wide variety of factors. Prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future. We cannot assure you that changes in interest rates or interest rate expectations will not adversely affect the value of the securities. THE ADDITIONAL AMOUNT IS NOT LINKED TO THE LEVEL OF THE UNDERLYING AT ANY TIME OTHER THAN THE VALUATION DATE The Redemption Amount at maturity will equal the principal amount of the securities you hold plus the Additional Amount. The Additional Amount will be based only on the Closing Level of the Underlying on the Valuation Date, subject to postponement as described in the accompanying product supplement. If the level of the Underlying increases prior to the Valuation Date but then decreases by the Valuation Date, the Additional Amount and therefore the Redemption Amount will be less, and may be significantly less, than it would have been had the Additional Amount been linked to the level of the Underlying prior to such decrease. THE REPAYMENT OF PRINCIPAL AND ANY ADDITIONAL AMOUNT APPLIES ONLY IF YOU HOLD THE SECURITIES TO MATURITY The value of the securities prior to maturity may be less than the initial investment amount and substantially different than the amount expected at maturity. If you are able to sell your securities prior to maturity in the secondary market, your return may be less than the Underlying Return and you may receive less than your initial investment amount even if the level of the Underlying is greater than the Initial Level at that time. The repayment of principal and any Additional Amount, including the application of the Upside Participation Rate, applies only if you hold the securities to maturity. THE ESTIMATED VALUE OF THE SECURITIES ON THE TRADE DATE MAY BE LESS THAN THE PRICE TO PUBLIC The initial 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). On the Trade Date, we value the components of the securities in accordance with our pricing models. These include a fixed income component valued using our internal funding rate, and individual option components valued using mid-market pricing. Our option valuation models are proprietary. Our pricing models take into account factors such as interest rates, volatility and time to maturity of the securities, and they rely in part on certain assumptions about future events, which may prove to be incorrect. 6

14 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 at any time may not be comparable to estimated values of similar securities of other issuers. EFFECT OF INTEREST RATE USED IN STRUCTURING THE SECURITIES 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 ). If on the Trade Date our internal funding rate is lower than our secondary market credit spreads, we expect that the economic terms of the securities will generally be less favorable to you than they would have been if our secondary market credit spread had been used in structuring the securities. We will also use our internal funding rate to determine the price of the securities if we post a bid to repurchase your securities in secondary market transactions. See Secondary Market Prices below. SECONDARY MARKET PRICES If Credit Suisse (or an affiliate) bids for 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 estimated value of the securities on the cover of this pricing supplement does not represent a minimum price at which we would be willing to buy the securities in the secondary market (if any exists) at any time. 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 our internal funding rate, customary bid and ask spreads and other transaction costs, changes in market conditions and any deterioration or improvement in our creditworthiness. In circumstances where our internal funding rate is lower than our secondary market credit spreads, our secondary market bid for your securities could be more favorable than what other dealers might bid because, assuming all else equal, we use the lower internal funding rate to price the securities and other dealers might use the higher secondary market credit spread to price them. Furthermore, assuming no change in market conditions from the Trade Date, the secondary market price of your securities will be lower than the Price to Public because it will not include the agent s discounts or commissions and hedging and other transaction costs. If you sell your securities to a dealer in a secondary market transaction, the dealer may impose an additional discount or commission, and as a result the price you receive on your securities may be lower than the price at which we may repurchase the securities from such dealer. We (or an affiliate) may initially post a bid to repurchase the securities from you at a price that will exceed the then-current estimated value of the securities. That higher price reflects our projected profit and costs that were included in the Price to Public, and that higher price may also be initially used for account statements or otherwise. We (or our affiliate) may offer to pay this higher price, for your benefit, but the amount of any excess over the then-current estimated value will be temporary and is expected to decline over a period of approximately 90 days. The securities are not designed to be short-term trading instruments and any sale prior to maturity could result in a substantial loss to you. You should be willing and able to hold your securities to maturity. CREDIT SUISSE IS SUBJECT TO SWISS REGULATION As a Swiss bank, Credit Suisse is subject to regulation by governmental agencies, supervisory authorities and self-regulatory organizations in Switzerland. Such regulation is increasingly more extensive and complex and subjects Credit Suisse to risks. For example, pursuant to Swiss banking laws, the Swiss Financial Market Supervisory Authority (FINMA) may open resolution proceedings if there are justified concerns that Credit Suisse is over-indebted, has serious liquidity problems or no longer fulfills capital adequacy requirements. FINMA has broad powers and discretion in the case of resolution proceedings, which include the power to convert debt instruments and other liabilities of Credit Suisse into equity and/or cancel such liabilities in whole or in part. If one or more of these measures were imposed, such measures may adversely affect the terms and market value of the securities and/or 7

15 the ability of Credit Suisse to make payments thereunder and you may not receive any amounts owed to you under the securities. 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. POTENTIAL CONFLICTS We and our affiliates play a variety of roles in connection with the issuance of the securities, including acting as calculation agent and as agent of the issuer for the offering of the securities and hedging our obligations under the securities and determining their estimated value. In addition, our affiliate, Credit Suisse International, or CSi, is the sponsor and calculation agent of the Underlying and may adjust the Underlying in a way that affects its level. In performing these duties, the economic interests of us and our affiliates are potentially adverse to your interests as an investor in the securities. Further, hedging activities may adversely affect any payment on or the value of the securities. Any profit in connection with such hedging activities will be in addition to any other compensation that we and our affiliates receive for the sale of the securities, which creates an additional incentive to sell the securities to you. UNPREDICTABLE ECONOMIC AND MARKET FACTORS WILL AFFECT THE VALUE OF THE SECURITIES In addition to the level of the Underlying, the value of the securities may be influenced by factors such as: o o o o o the expected and actual volatility of the Underlying; the time to maturity of the securities; interest and yield rates in the market generally; geopolitical conditions and a variety of economic, financial, political, regulatory or judicial events that affect the components included in the Underlying or markets generally and which may affect the level of the Underlying; and our creditworthiness, including actual or anticipated downgrades in our credit ratings. Risks related to the Underlying Some or all of these factors may influence the price that you will receive if you choose to sell your securities prior to maturity. The impact of any of the factors set forth above may enhance or offset some or all of any change resulting from another factor or factors. THE UNDERLYING MAY NOT OUTPERFORM ANY ALTERNATIVE METHODOLOGY THAT MIGHT BE EMPLOYED IN RESPECT OF THE UNDERLYING CONSTITUENT INDICES, OR ACHIEVE ITS TARGET VOLATILITY The Underlying follows a notional rules-based proprietary methodology that operates on the basis of predetermined rules designed to track consumer spending of retirees (those in the age group classified as 65 years or older ) and to target a specific volatility. No assurance can be given that the investment methodology on which the Underlying is based will be successful or that the Underlying will outperform any alternative methodology that might be employed in respect of the Underlying Constituent Indices or the underlying equity securities and other assets tracked by the Underlying Constituent Indices. If market conditions do not represent a continuation of prior observed trends as reflected in the CEX, the performance of the Underlying, which is rebalanced based on these prior trends, may be adversely affected. In addition, if the Underlying Constituent Indices chosen to represent categories of spending do not effectively track spending in the relevant category, the Underlying may not track overall consumer spending as intended and the performance 8