Execution Version

Credit Suisse International

15,327 Certificates linked to the Credit Suisse Anxious Societies EUR Index

(the "Certificates" or the "Securities")

Series SPCSI2017-632

(ISIN: XS1009881787)

Issue Price: EUR 1,000 per Security

Prospectus

This document constitutes a "prospectus" (the "Prospectus"), prepared for the purposes of Article 5.3 of Directive 2003/71/EC, as amended from time to time, including by Directive 2010/73/EU (the "Prospectus Directive") relating to the above Securities issued by Credit Suisse International (the "Issuer" or "CSi"). The Prospectus will be published on the website of the Luxembourg Stock Exchange (www.bourse.lu).

Programme

The Prospectus is one of a number of prospectuses under the Structured Products Programme for the issuance of Notes, Certificates and Warrants (the "Programme") of the Issuer and Credit Suisse AG.

The Securities

The Securities are in the form of Certificates and are issued by the Issuer under the Programme. The terms and conditions of the Securities will comprise:

• the General Terms and Conditions of Certificates (the "General Certificate Conditions") as set out below;

• the Asset Terms for Equity Index-linked Securities (the "Asset Terms") as set out below; and

• the specific terms of the Securities, as completing and amending the General Certificate Conditions and the Asset Terms, as set forth in "Specific Terms" below.

Information incorporated by reference

This Prospectus incorporates by reference certain information from the Trigger Redeemable and Phoenix Securities Base Prospectus dated 27 July 2017 pursuant to the Credit Suisse AG and Credit Suisse International Structured Products Programme for the issuance of Notes, Certificates and Warrants that has been approved by the Luxembourg Commission de Surveillance du Secteur Financier (as supplemented, the "Base Prospectus") and certain other filings in relation to the Issuer (see "Documents Incorporated by Reference" below). This Prospectus shall be read in conjunction with such information from the Base Prospectus and such filings.

Underlying Asset

The return on the Securities is linked to the performance of the Credit Suisse Anxious Societies EUR Index.

"Risk Factors" section in the Prospectus

Depending on the performance of the Underlying Asset, you may lose some or all of your investment in the Securities.

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Before purchasing any Securities, you should consider, in particular, the "Risk Factors" below together with the relevant Risk Factors incorporated by reference from the Base Prospectus, the 31 August 2017 Supplement (as defined below), the 26 September 2017 Supplement (as defined below), the 14 November 2017 Supplement (as defined below) and the CSi 2016 Annual Report (as defined below).

Amended and Restated Prospectus dated 3 June 2020 Amending and Restating the Prospectus dated 28 November 2017

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TABLE OF CONTENTS

Page

IMPORTANT NOTICES ...... 4

SUMMARY ...... 5

RISK FACTORS ...... 18

DOCUMENTS INCORPORATED BY REFERENCE ...... 33

TERMS AND CONDITIONS OF THE SECURITIES ...... 49

GENERAL TERMS AND CONDITIONS OF CERTIFICATES ...... 50

ASSET TERMS ...... 71

EQUITY INDEX-LINKED SECURITIES ...... 71

SPECIFIC TERMS ...... 89

CREDIT SUISSE INTERNATIONAL ...... 121

GENERAL INFORMATION ...... 126

APPENDIX - INDEX RULES ...... 128

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IMPORTANT NOTICES

Potential for Discretionary Determinations by the Issuer under the Securities: Under the terms and conditions of the Securities, following the occurrence of certain events outside of its control, the Issuer may determine in its discretion to take one or more of the actions available to it in order to deal with the impact of such event on the Securities or the Issuer or both. It is possible that any such discretionary determination by the Issuer could have a material adverse impact on the value of and return on the Securities.

No other person is authorised to give information on the Securities: In connection with the issue and sale of the Securities, no person is authorised by the Issuer to give any information or to make any representation not contained in the Prospectus, and neither the Issuer nor the Dealer accepts responsibility for any information or representation so given that is not contained in the Prospectus.

Not an offer: The Prospectus does not constitute an offer to the public of Securities, and may not be used for the purposes of an offer to the public 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 to the public or the distribution of the Prospectus in any jurisdiction where any such action is required except as specified herein.

Restrictions on distribution: The distribution of the Prospectus and the offering of the Securities in certain jurisdictions may be restricted by law. Persons into whose possession the Prospectus comes are required by the Issuer to inform themselves about, and to observe, such restrictions. For a description of certain restrictions on offers or sales of the Securities and the distribution of the Prospectus and other offering materials relating to the Securities, please refer to the section entitled "Selling Restrictions" of the Base Prospectus which are incorporated by reference into this document.

Important U.S. notice: The Securities have not been and will not be registered under the U.S. Securities Act of 1933 (the "Securities Act"). Subject to certain exemptions, the Securities may not be offered, sold or delivered within the United States of America or to, or for the account or benefit of, U.S. persons. A further description of the restrictions on offers and sales of the Securities in the United States or to U.S. persons is set forth in the section entitled "Selling Restrictions" of the Base Prospectus, which is incorporated by reference into this document.

Information only as at the date hereof: 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.

No post-issuance information: The Issuer will not be providing any post-issuance information, except if required by any applicable laws and regulations.

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SUMMARY

Summaries are made up of disclosure requirements known as "Elements". These Elements are numbered in sections A – E (A.1 – E.7).

This Summary contains all the Elements required to be included in a summary for this type of Securities and the Issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the Elements.

Even though an Element may be required to be inserted in the summary because of the type of Securities and Issuer, it is possible that no relevant information can be given regarding such Element. In this case a short description of the Element is included in the summary and marked as "Not applicable".

Section A – Introduction and Warnings

A.1 Introduction This Summary should be read as an introduction to the Prospectus. Any and Warnings: decision to invest in Securities should be based on consideration of the Prospectus as a whole by the investor.

Where a claim relating to the information contained in the Prospectus is brought before a court, the plaintiff investor might, under the national legislation of the relevant Member State, have to bear the costs of translating the Prospectus before the legal proceedings are initiated.

Civil liability only attaches to those persons who have tabled the summary including any translation thereof, but only if the summary is misleading, inaccurate or inconsistent when read together with the other parts of the Prospectus or it does not provide, when read together with the other parts of the Prospectus, key information in order to aid investors when considering whether to invest in the Securities.

A.2 Consent(s): Not applicable; the Issuer does not consent to the use of the Prospectus for any subsequent resale of the Securities.

Section B – Issuer

B.1 Legal and Credit Suisse International ("CSi") (the "Issuer"). commercial name of the Issuer:

B.2 Domicile and CSi is an unlimited company incorporated in England and Wales. CSi is legal form of authorised by the Prudential Regulation Authority ("PRA") and regulated the Issuer, by the Financial Conduct Authority ("FCA") and the PRA and operates legislation under English law. Its registered head office is located at One Cabot under which the Square, London E14 4QJ. Issuer operates and country of incorporation of Issuer:

B.4b Known trends Not applicable - there are no known trends, uncertainties, demands, with respect to commitments or events that are reasonably likely to have a material the Issuer and effect on the prospects of the Issuer for its current financial year. the industries in which it operates:

B.5 Description of The shareholders of CSi are Credit Suisse AG (which holds CSi's group and ordinary shares through Credit Suisse AG (Zürich Stammhaus) and Issuer's Credit Suisse AG, Guernsey Branch), Credit Suisse Group AG and

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position within Credit Suisse PSL GmbH. CSi has a number of subsidiaries. the group: A summary organisation chart is set out below:

Credit Suisse Group AG

Credit Suisse AG

Zurich Guernsey Stammhaus Branch

Credit Suisse PSL GmbH

Credit Suisse International

B.9 Profit forecast Not applicable; no profit forecasts or estimates have been made by the or estimate: Issuer.

B.10 Qualifications Not applicable; there were no qualifications in the audit report on in audit report historical financial information. on historical financial information:

B.12 Selected key CSi* financial information; no Year ended 31 December material In USD million (audited) adverse change and description 2016 2015 of significant change in Selected consolidated financial income statement data position of the Issuer: Net revenues 1,384 1,745 Total operating expenses (1,714) (1,982)

Loss before taxes (330) (237)

Net loss (196) (118)

Selected consolidated balance sheet data

Total assets 332,381 400,989

Total liabilities 309,673 378,085

Total shareholders' equity 22,708 22,904

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Six months ended 30 June In USD million (unaudited)

2017 2016 (restated)(1)

Selected consolidated income statement data

Net revenues 528 634

Total operating expenses (716) (774)

Loss before tax (188) (140)

Net profit/(loss) (141) (71)

Six months ended 30 June 2017 Year ended 31 (unaudited) December 2016

Selected consolidated balance sheet data

Total assets 273,633 332,381

Total liabilities 251,036 309,673

Total shareholders' equity 22,597 22,708

*This key financial information is for CSi and its subsidiaries

(1) June 2016 numbers have been restated to disclose the impact of discontinued operations.

There has been no material adverse change in the prospects of the Issuer and its consolidated subsidiaries since 31 December 2016.

Not applicable; there has been no significant change in the financial position of the Issuer and its consolidated subsidiaries since 30 June 2017.

B.13 Recent events Not applicable; there are no recent events particular to the Issuer which particular to the are to a material extent relevant to the evaluation of the Issuer's Issuer which solvency. are to a material extent relevant to the evaluation of the Issuer's solvency:

B.14 Issuer's See Element B.5 above. position in its corporate The liquidity and capital requirements of CSi are managed as an group and integral part of the wider CS group framework. This includes the local dependency on regulatory liquidity and capital requirements in the UK. other entities within the corporate

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group:

B.15 Issuer's CSi's principal business is banking, including the trading of derivative principal products linked to interest rates, foreign exchange, equities, activities: commodities and credit. The primary objective of CSi is to provide comprehensive treasury and risk management derivative product services.

B.16 Ownership and The shareholders of CSi are Credit Suisse AG (which holds CSi's control of the ordinary shares through Credit Suisse AG (Zürich Stammhaus) and Issuer: Credit Suisse AG, Guernsey Branch), Credit Suisse Group AG and Credit Suisse PSL GmbH. CSi has a number of subsidiaries.

Section C – Securities

C.1 Type and class The securities (the "Securities") are certificates. The Securities are of securities redeemable at the option of the Issuer or at the option of the being offered Securityholders on certain specified dates. and security identification The Securities of a Series will be uniquely identified by ISIN: number(s): XS1009881787; Common Code: 100988178; Swiss Security Number: 35832631.

C.2 Currency: The currency of the Securities will be euro ("EUR") (the "Settlement Currency").

C.5 Description of The Securities have not been and will not be registered under the U.S. restrictions on Securities Act of 1933 (the "Securities Act") and may not be offered or free sold within the United States or to, or for the account or benefit of, U.S. transferability persons except in certain transactions exempt from the registration of the requirements of the Securities Act and applicable state securities laws. Securities: No offers, sales or deliveries of the Securities, or distribution of any offering material relating to the Securities, may be made in or from any jurisdiction except in circumstances that will result in compliance with any applicable laws and regulations.

C.8 Description of Rights: The Securities will give each holder of Securities (a rights attached "Securityholder") the right to receive a potential return on the to the Securities (see Element C.18 below). The Securities will also give each securities, Securityholder the right to vote on certain amendments. ranking of the securities and Ranking: The Securities are unsubordinated and unsecured obligations limitations to of the Issuer and will rank equally among themselves and with all other rights: unsubordinated and unsecured obligations of the Issuer from time to time outstanding.

Limitation to Rights:

• The Issuer may redeem the Securities early for illegality reasons or following certain events affecting the Issuer's hedging arrangements and/or the underlying asset(s). The Securities may be redeemed early following an event of default. In each such case, the amount payable in respect of each Security on such early redemption will be equal to the Unscheduled Termination Amount, and no other amount shall be payable in respect of each Security on account of interest or otherwise.

Where:

• Unscheduled Termination Amount: in respect of each Security, an amount (which may be greater than or equal to

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zero) equal to the value of such Security immediately prior to it becoming due and payable following an event of default or, in all other cases, as soon as reasonably practicable following the determination by the Issuer to early redeem the Security, as calculated by the calculation agent using its then prevailing internal models and methodologies.

For the avoidance of doubt, if a Security is redeemed following an event of default, the Unscheduled Termination Amount shall not take account of any additional or immediate impact of the event of default itself on the Issuer's creditworthiness (including, but not limited to, an actual or anticipated downgrade in its credit rating).

• Subject to the conditions and other restrictions set out in the terms and conditions of the Securities, the Issuer may adjust the terms and conditions of the Securities without the consent of Securityholders following certain events affecting the Issuer's hedging arrangements and/or the underlying asset(s), or may early redeem the Securities at the Unscheduled Termination Amount as described above (and no other amounts shall be payable in respect of the Securities on account of interest or otherwise following such determination by the Issuer).

• The terms and conditions of the Securities contain provisions for convening meetings of Securityholders to consider any matter affecting their interests, and any resolution passed by the relevant majority at a meeting will be binding on all Securityholders, whether or not they attended such meeting or voted for or against the relevant resolution. In certain circumstances, the Issuer may modify the terms and conditions of the Securities without the consent of Securityholders.

• The Securities are subject to the following events of default: if the Issuer fails to pay any amount due in respect of the Securities within 30 days of the due date, or if any events relating to the insolvency or winding up of the Issuer occur.

• The Issuer may at any time, without the consent of the Securityholders, substitute for itself as Issuer under the Securities any company with which it consolidates, into which it merges or to which it sells or transfers all or substantially all of its property.

• Governing Law: The Securities are governed by English law.

C.11 Admission to Application has been made to admit the Securities to trading on the trading: regulated market of the Luxembourg Stock Exchange and the Euronext Amsterdam Securities Market.

C.15 Effect of the The value of the Securities and the Put Optional Redemption Amount or underlying the Call Optional Redemption Amount, as applicable, payable in respect instrument(s) of Securities being redeemed on the relevant Maturity Date will depend on value of on the performance of the underlying asset(s) on the relevant Valuation investment: Date.

See Element C.18 below for details on how the value of the Securities is affected by the value of the underlying asset(s).

C.16 Maturity Date: The Maturity Date shall be, in respect of:

(a) each Security in respect of which the Issuer has exercised its call

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option, the Call Optional Redemption Date (as defined in C.18 below); and

(b) each Security in respect of which the Securityholder has exercised its put option, the Put Optional Redemption Date (as defined in C.18 below).

C.17 Settlement The Securities will be delivered by the Issuer against payment of the Procedure: issue price. Settlement procedures will depend on the clearing system for the Securities and local practices in the jurisdiction of the investor.

The Securities are cleared through Euroclear Bank S.A./N.V., Clearstream Banking, société anonyme and Nederlands Centraal Instituut voor Giraal Effectenverkeer B.V. (NECIGEF).

C.18 Return on The return on the Securities will derive from, unless the Securities have Derivative been previously redeemed or purchased and cancelled: Securities: • the payment of the Call Optional Redemption Amount on the Call Optional Redemption Date due to the exercise by the Issuer of its call option; or

• the payment of the Put Optional Redemption Amount on the Put Optional Redemption Date due to the exercise by the Securityholder of its put option.

CALL OPTIONAL REDEMPTION AMOUNT

Unless the Securityholder has previously exercised its put option or the Securities have been previously redeemed or purchased and cancelled, the Issuer may exercise its call option in respect of all (but not some only) of the Securities on a Call Optional Redemption Exercise Date by giving notice to the Securityholders not less than 366 calendar days prior to such Call Optional Redemption Exercise Date, and in such case, shall redeem each Security on the Call Optional Redemption Date at the "Call Optional Redemption Amount". The "Call Optional Redemption Amount" payable in respect of each Security in respect of which the Issuer has exercised its call option shall be an amount in the Settlement Currency equal to the product of (a) the Nominal Amount, multiplied by (b) the Certificate Value (Final).

Where:

• Adjusted Index Value (Final): an amount determined in accordance with the following formula:

( ) Index Value (Final) × (1 Structuring Fee) N Final 360 • Call Optional Redemption Date− : 3 currency business days following the Call Optional Redemption Exercise Date in respect of which the Issuer has exercised its call option.

• Call Optional Redemption Exercise Date: the final Scheduled Trading Day of February, May, August and November in each calendar year from, and including, the final Scheduled Trading Day of November 2018.

• Certificate Value (Final): an amount equal to the product of (a) the quotient of (i) the Adjusted Index Value (Final), divided by (ii) the Index Value (Initial), multiplied by (b) the Certificate Value

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(Initial).

• Certificate Value (Initial): 100 per cent.

• Index Level: in respect of the underlying asset and any day, the level of such underlying asset as calculated and published by the relevant sponsor at the Valuation Time

• Index Value (Final): the Index Level on the Valuation Date.

• Index Value (Initial): the Index Level on the Initial Setting Date.

• Initial Setting Date: in respect of the underlying asset, 22 November 2017, subject to adjustment.

• N(Final): in respect of a Security, the number of calendar days falling in the period commencing from, and including, the Initial Setting Date and ending on, but excluding, the Valuation Date.

• Nominal Amount: EUR 1,000.

• Scheduled Trading Day: in respect of the underlying asset, any day on or, as the case may be, in respect of which the relevant sponsor is scheduled to publish the level of such underlying asset.

• Structuring Fee: 1.40 per cent. (expressed as a decimal).

• Valuation Date: in respect of the underlying asset and each Security in respect of which (a) the Issuer has exercised its call option, the Call Optional Redemption Exercise Date in respect of such Security, and (b) the Securityholder has exercised its put option, the Put Optional Redemption Exercise Date in respect of such Security.

• Valuation Time: in respect of the underlying asset, the time with reference to which the relevant sponsor calculates and publishes the closing level of such underlying asset.

PUT OPTIONAL REDEMPTION AMOUNT

Unless the Issuer has previously exercised its call option or the Securities have been previously redeemed or purchased and cancelled, the Issuer shall, at the option of the holder of a Security, upon the holder exercising its put option in respect of such Security on a Put Optional Redemption Exercise Date by giving notice to the Issuer not less than 366 calendar days prior to such Put Optional Redemption Exercise Date, redeem such Security on the Put Optional Redemption Date at the "Put Optional Redemption Amount". The "Put Optional Redemption Amount" payable in respect of each Security in respect of which a Securityholder has validly exercised its put option shall be an amount in the Settlement Currency equal to the product of (a) the Nominal Amount, multiplied by (b) the Certificate Value (Final).

Where:

• Put Optional Redemption Date: in respect of a Security, 3 currency business days following the Put Optional Redemption Exercise Date in respect of which the Securityholder has exercised its put option.

• Put Optional Redemption Exercise Date: the final Scheduled

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Trading Day of November in each calendar year from, and including, the final Scheduled Trading Day of November 2020.

REDEMPTION AMOUNT

The Redemption Amount payable by the Issuer in respect of each Security on the relevant Maturity Date shall be zero. For the avoidance of doubt, only the Call Optional Redemption Amount or the Put Optional Redemption Amount, as applicable, shall be payable in respect of each Security on the relevant Maturity Date, and no other amounts shall be payable

C.19 Final reference In respect of each Security, the Certificate Value (Final) of the price of underlying asset shall be determined on the relevant Valuation Date. underlying:

C.20 Type of The underlying asset is the Credit Suisse Anxious Societies EUR Index, underlying: a proprietary index sponsored by Credit Suisse Securities (Europe) Limited, which measures the performance of a notional investment in a synthetic portfolio consisting of single stocks and cash.

Information on the underlying asset can be found at https://opus.credit- suisse.com/Default.aspx?LangCode=-1&InstCode=&MienCode=&Mold Code=&OpusCode=2&PageCode=.

Section D – Risks

D.2 Key risks that The Securities are general unsecured obligations of the Issuer. are specific to Investors in the Securities are exposed to the risk that the Issuer could the Issuer: become insolvent and fail to make the payments owing by it under the Securities.

The Issuer is exposed to a variety of risks that could adversely affect its results of operations and/or financial condition, including, among others, those described below:

• Market risk: The Issuer is subject to the risk of loss arising from adverse changes in interest rates, foreign currency rates, equity prices, commodity prices and other relevant parameters, such as market volatilities and correlations. Consequently, the Issuer is subject to the risk of potential changes in the fair values of financial instruments in response to market movements.

• Liquidity risk: The Issuer is subject to the risk that it is unable to fund assets and meet obligations as they fall due under both normal and stressed market conditions.

• Currency risk: The Issuer is exposed to the effects of fluctuations in the prevailing foreign currency exchange rates on its financial position and cash flows.

• Credit risk: The Issuer is subject to: (a) "credit risk", where the Issuer may incur a loss as a result of a borrower or counterparty failing to meet its financial obligations or as a result of deterioration in the credit quality of the borrower or counterparty, (b) "wrong- way risk" or "correlation risk", where the Issuer's exposure to the counterparty in a financial transaction increases while the counterparty's financial health and its ability to pay on the transaction diminishes, and (c) "settlement risk", where the settlement of a transaction results in timing differences between the disbursement of cash or securities and the receipt of counter-

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value from the counterparty.

• Country risk: The Issuer is subject to the risk of a substantial, systemic loss of value in the financial assets of a country or group of countries, which may be caused by dislocations in the credit, equity and/or currency markets.

• Legal and regulatory risk: The Issuer faces significant legal risks in its businesses, including, amongst others, (a) disputes over terms or trades and other transactions in which the Credit Suisse group acts as principal, (b) the unenforceability or inadequacy of documentation used to give effect to transactions in which the Credit Suisse group participates, (c) investment suitability concerns, (d) compliance with the laws of the countries in which the Credit Suisse group does business and (e) disputes with its employees. The Issuer is also subject to increasingly more extensive and complex regulation, which may limit the Issuer's activities or increase the costs of compliance with regulation (including penalties or fines imposed by regulatory authorities). The Issuer (and the financial services industry) continue to be affected by the significant complexity of on-going regulatory reforms.

• Operational risk: The Issuer is subject to the risk of financial loss arising from inadequate or failed internal processes, people or systems, or from external events. Operational risks include the risk of fraudulent transactions, trade processing errors, business disruptions, failures in regulatory compliance, defective transactions, and unauthorised trading events.

• Conduct risk: The Issuer is exposed to the risk that poor conduct by the Credit Suisse group, employees or representatives which could result in clients not receiving a fair transaction, damage to the integrity of the financial markets or the wider financial system, or ineffective competition in the markets in which the Issuer operates that disadvantages clients, including risks arising from unauthorised trading, potential unsuitability of products sold or advice provided to clients, inadequate disclosure, trade processing errors, inaccurate benchmark submissions, failure to safe-guard client data or assets and breaches of regulatory rules or laws by individual employees or market conduct.

• Reputational risk: The Issuer is subject to risk to its reputation, which may arise from a variety of sources such as the nature or purpose of a proposed transaction, the identity or nature of a potential client, the regulatory or political climate in which the business will be transacted or significant public attention surrounding the transaction itself.

• Regulatory action in the event that the Issuer is failing or the UK resolution authority considers that it is likely to fail: The UK Banking Act, which implements the EU Bank Recovery and Resolution Directive, provides for a "resolution regime" granting substantial powers to the UK resolution authority to implement resolution measures (including, but not limited to, directing the sale of the relevant institution or transfer of the relevant institution's business to a "bridge bank") with respect to a UK financial institution (such as the Issuer) where the UK resolution authority considers that the relevant institution is failing or is likely to fail and action is necessary in the public interest. If the Issuer were to become subject to a "resolution regime" you could lose

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some or all of your investment in the Securities. In addition, the UK resolution authority also has the power to exercise the "bail-in" tool in relation to Securities issued by the Issuer to write down the Issuer's liabilities or to convert a class of liability to another class, and this would result in the write down and/or conversion to equity of such Securities.

D.6 Key risks that The Securities are subject to the following key risks: are specific to the Securities • The issue price or the offer price of the Securities may be more and risk than the market value of such Securities as at the issue date, and warning that more than the price at which the Securities can be sold in investors may secondary market transactions. The issue price or the offer price lose value of of the Securities may take into account, where permitted by law, entire fees, commissions or other amounts relating to the issue, investment or distribution and sale of the Securities, or the provision of part of it: introductory services, expenses incurred by the Issuer in creating, documenting and marketing the Securities and amounts relating to the hedging of its obligations under the Securities.

• The market value of the Securities and the amount payable or deliverable at maturity depend on the performance of the underlying asset(s). The performance of an underlying asset may be subject to sudden and large unpredictable changes over time (known as "volatility"), which may be affected by national or international, financial, political, military or economic events or by the activities of participants in the relevant markets. Any of these events or activities could adversely affect the value of and return on the Securities.

• A secondary market for the Securities may not develop and, if it does, it may not provide the investors with liquidity and may not continue for the life of the Securities. Illiquidity may have an adverse effect on the market value of the Securities. The price in the market for a Security may be less than its issue price or its offer price and may reflect a commission or a dealer discount, which would further reduce the proceeds you would receive for your Securities.

• The market value of the Securities will be affected by many factors beyond the control of the Issuer (including, but not limited to, the creditworthiness of the Issuer, the interest rates and yield rates in the market, the volatility of the underlying asset(s) (if any), etc.). Some or all of these factors will influence the value of the Securities in the market.

• The total size of Securities being issued on the issue date may be greater than the amount subscribed or purchased by investors as the dealer may retain some of the Securities as part of its issuing, market-making and/or trading arrangements or for the purposes of meeting future investor demand. The issue size of the Securities should not be regarded as indicative of the depth or liquidity of the market, or the demand, for the Securities.

• The levels and basis of taxation on the Securities and any reliefs from such taxation will depend on an investor's individual circumstances and could change at any time. The tax and regulatory characterisation of the Securities may change over the life of the Securities. This could have adverse consequences for investors.

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• In certain circumstances (for example, if the Issuer determines that its obligations under the Securities have become unlawful or illegal, following an event of default or following certain events affecting the Issuer's hedging arrangements and/ or the underlying asset(s)) the Securities may be redeemed prior to their scheduled maturity. In such circumstances, the Unscheduled Termination Amount payable may be less than the original purchase price and could be as low as zero. No other amounts shall be payable in respect of the Securities on account of interest or otherwise following such determination by the Issuer.

• Following early redemption of Securities, investors may not be able to reinvest the redemption proceeds in an investment having a comparable rate of return. Investors in Securities may therefore lose some or all of their investment in such case.

• 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 may also 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 payable on the Securities. As such, an investor would generally not be able to reinvest the redemption proceeds at an effective interest rate as high as the interest rate on the Securities.

• Investors will have no rights of ownership, including, without limitation, any voting rights, any rights to receive dividends or other distributions or any other rights with respect to any underlying asset referenced by the Securities.

• Investors may be exposed to currency risks because the underlying asset(s) may be denominated in a currency other than the currency in which the Securities are denominated, or the Securities and/or underlying asset(s) may be denominated in currencies other than the currency of the country in which the investor is resident. The value of the Securities may therefore increase or decrease based on fluctuations in those currencies.

• The Issuer is not obliged to maintain the listing of the Securities. If the regulated market or other market in respect of which the Securities are listed and/or admitted to trading closes, or if the relevant regulated market in respect of which the Securities are admitted to trading is replaced with a market that is not a regulated market, the Issuer may de-list the Securities or may consent to the Securities to be admitted to trading on such replacement market instead.

• The Issuer may apply any consequential postponement of, or any alternative provisions for, valuation of an underlying asset following certain disruption events in relation to such underlying asset, each of which may have an adverse effect on the value of and return on the Securities.

• The rules of a proprietary index may be amended by the relevant index sponsor at any time and the index sponsor has no obligation to take into account the interests of Securityholders when calculating such proprietary index. A proprietary index may also include deductions which will act as a drag on its performance and adversely affect the value of and return on the Securities.

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• There is no guarantee that the strategy on which the underlying asset is based will be successful or that the underlying asset will outperform any alternative strategy.

• The underlying asset is a proprietary index. Proprietary indices are subject to additional risks associated with a limited operating history and a reliance on external data.

• "Benchmarks" are subject to recent national, international and other regulatory reforms, which may cause such "benchmarks" to perform differently than in the past, or to disappear entirely, or have other consequences which cannot be predicted. Any such consequence could have a material adverse effect on any Securities linked to a "benchmark".

• The Issuer may modify the terms and conditions of the Securities without the consent of Securityholders for the purposes of (a) curing any ambiguity or correcting or supplementing any provision if the Issuer determines it to be necessary or desirable, provided that such modification is not prejudicial to the interests of Securityholders, or (b) correcting a manifest error.

• Subject to the conditions and other restrictions set out in the terms and conditions of the Securities, the Issuer may adjust the terms and conditions of the Securities without the consent of Securityholders following certain events affecting the Issuer's hedging arrangements and/or the underlying asset(s), or may early redeem the Securities at an amount which may be less than the initial investment.

• In making discretionary determinations under the terms and conditions of the Securities, the Issuer and the calculation agent may take into account the impact on the relevant hedging arrangements. Such determinations could have a material adverse effect on the value of and return on the Securities, and could result in their early redemption.

• Subject to the conditions and other restrictions set out in the terms and conditions of the Securities, the Issuer may be substituted without the consent of Securityholders in favour of any affiliate of the Issuer or another company with which it consolidates, into which it merges or to which it sells or transfers all or substantially all of its property.

• Due to the ongoing deterioration of the sovereign debt of several Euro zone countries, there are a number of uncertainties regarding the stability and overall standing of the European Economic and Monetary Union. Events and developments arising from the Euro zone sovereign debt crisis may have a negative impact on the Securities.

• The Issuer is subject to a number of conflicts of interest, including: (a) in making certain calculations and determinations, there may be a difference of interest between the investors and the Issuer, (b) in the ordinary course of its business the Issuer (or an affiliate) may effect transactions for its own account and may enter into hedging transactions with respect to the Securities or the related derivatives, which may affect the market price, liquidity or value of the Securities, (c) the Issuer (or an affiliate) may have confidential information in relation to the underlying asset(s) or any derivative instruments referencing them, but which the Issuer is under no

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obligation (and may be subject to legal prohibition) to disclose, and (d) the index sponsor is an affiliate of the Issuer and the Issuer also acts as the index calculation agent of the underlying asset, and in such capacities, may exercise certain discretionary powers in relation to the underlying asset which could have the effect of reducing the returns on and value of the Securities.

Depending on the performance of the underlying asset, you may lose some or all of your investment in the Securities. Furthermore, investors may lose some or all of their investment if one or more of the following occurs: (a) the Securities do not provide for scheduled repayment in full of the issue or purchase price at maturity or upon mandatory early redemption or optional early redemption of the Securities, (b) the Issuer fails and is unable to make payments owing under the Securities, (c) any adjustments are made to the terms and conditions of the Securities following certain events affecting the underlying asset(s) and/or the Issuer's hedging arrangements, that result in the amount payable being reduced, or (d) investors sell their Securities prior to maturity in the secondary market at an amount that is less than the initial purchase price.

Section E – Other

E.2b Reasons for the Not applicable; the net proceeds from the issue of the Securities will be offer and use of used by the Issuer for its general corporate purposes (including hedging proceeds: arrangements).

E.3 Terms and The Securities have been offered to the dealer at the issue price. The conditions of Securities are not being publicly offered. the offer:

E.4 Interests Fees shall be payable to the distributor(s) and the index rebalancing material to the entity. The Issuer is subject to conflicts of interest between its own issue/offer: interests and those of holders of Securities, as described in Element D.6 above.

E.7 Estimated Not applicable; there are no estimated expenses charged to the expenses investor by the Issuer/offeror. charged to the investor by the The Issuer will charge a structuring fee of 1.40 per cent. per annum, Issuer/offeror: such fee to be deductible from the amounts otherwise payable on the Securities. The structuring fee comprises (a) a distribution fee payable by the Issuer to any distributor(s), such fee being 0.85 per cent. per annum; and (b) an index management fee payable by the Issuer to the index rebalancing entity of 0.15 per cent. per annum. The Certificate Value (Final) will be published net of the structuring fee.

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RISK FACTORS

The risk factors set out below should be read in addition to (a) the risk factors set out on pages 74 to 142 (inclusive) of the Base Prospectus (as supplemented by the 31 August 2017 Supplement, the 26 September 2017 Supplement and the 14 November 2017 Supplement (each as defined below)), which includes (i) the risk factors relating to the Issuer set out on pages 76 to 112 (inclusive) of the Base Prospectus and (ii) the risk factors relating to the Securities set out on pages 112 to 142 (inclusive) of the Base Prospectus, and (b) the risk factors set out in the CSi 2016 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.

Depending on the performance of the Underlying Asset, you may lose some or all of your investment in the Securities.

General

1. Investors may lose some or all of their investment if one or more of the following occurs:

(a) the Issuer fails and is unable to make payments owing under the Securities;

(b) investors sell their Securities prior to maturity in the secondary market at an amount that is less than the initial purchase price; or

(c) any adjustments are made to the terms and conditions of the Securities following certain events affecting the Issuer's hedging arrangements and/or the Underlying Asset, that result in the amount payable being reduced.

2. Securityholders are exposed to the credit risk of the Issuer as the Securities are unsecured. The Securities will be adversely affected in the event of a default, reduced credit rating or deterioration in the solvency of the Issuer.

3. The Securities involve complex risks, which include, among other things, share price risks, credit risks, foreign exchange risks, exchange rate risks, interest rate risks and/or political risks. Before buying the Securities, investors should carefully consider, among other things, (a) the trading price of the Securities, (b) the level and volatility of the Underlying Asset, (c) the depth of the market or liquidity of the Securities, and (d) any related transaction costs. An investment in the 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. Investors should consult their own financial, tax, legal 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.

4. A secondary market for the Securities may not develop and, if it does, it may not provide the holders with liquidity and may not continue for the life of the Securities. A decrease in the liquidity of the Securities may cause, in turn, an increase in the volatility associated with the price of such Securities. Illiquidity may have a severely adverse effect on the market value of the Securities.

5. In making calculations and determinations with regard to the Securities, there may be a conflict of interest between the investors and the Calculation Agent and/or the Issuer. Save where otherwise provided, the Calculation Agent and/or the Issuer are each required to act in good faith and in a commercially reasonable manner. However, the Calculation Agent and/or the Issuer do not have any obligations of agency or trust for any investors and have no fiduciary obligations towards them. In particular, each of the Calculation Agent, the Issuer and their affiliated entities may have interests in other capacities (such as other business relationships and activities). Prospective investors should be aware that any determination made by the Calculation Agent and/or the Issuer may have a negative impact on the value of and return on the Securities.

6. The Issuer and its affiliates are not acting as a fiduciary for, or an adviser to, any investor in respect of the Securities and each investor will be solely responsible and must have sufficient knowledge, experience and professional advice (which may be from third parties) to make its

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own evaluation of the merits and risks of investment of the Securities. Neither the Issuer, nor any of its affiliates, is an agent of any Securityholder for any purpose.

7. By purchasing the Securities, investors acknowledge that they are not relying on the views or advice of, or any information from, the Issuer or its affiliates in respect of the purchase of the Securities.

8. Each Security's retention of value is dependent on the creditworthiness of the Issuer, which may change over the term of the Securities. The Securities are unsubordinated and unsecured obligations of Credit Suisse International and rank equally with all other unsubordinated and unsecured obligations of Credit Suisse International. Securityholders are exposed to the risk that the Issuer could become insolvent and fail to make payments owing by it under the Securities. Credit Suisse International, a bank domiciled in England established under English law, is an indirect wholly owned subsidiary of Credit Suisse Group AG. Credit Suisse International is authorised by the Prudential Regulation Authority (the "PRA") and regulated by the Financial Conduct Authority (the "FCA") and the PRA. Securities are not deposits, and are not covered by any deposit insurance or protection scheme.

9. Neither the Issuer nor any of its affiliates make any representation as to the performance of the Securities.

10. The levels and basis of taxation on the Securities and any relief from such taxation can change at any time. The levels and basis of taxation on the Securities and availability of any tax relief will depend on the individual circumstances of each investor and any tax regime which is applicable to the Security and/or the investor. The tax and regulatory characterisation of the Securities may change over the life of the Securities. This could have adverse consequences for investors.

Risks concerning the exercise of discretion by the Issuer

The Securities are offered to the investors at the relevant price and on the relevant terms on the basis that the Issuer can effectively hedge and manage its risks and obligations under the Securities. The Issuer may hedge its obligations under the Securities by buying or selling the stocks or bonds which are components of the underlying Index. In addition, the Securities are provided to investors on the basis that the Index Component Costs do not materially increase over the life of the Securities. Index Component Costs include costs to the Issuer to acquire, establish, substitute, maintain, unwind or dispose of any position in a Component the Issuer deems necessary to hedge its obligations owed to Securityholders under the terms of the Securities.

Any material increase in cost of hedging may be passed onto Securityholders

A "Materially Increased Cost of Hedging" event has been included in the Securities (as an Additional Disruption Event) in order to pass on any material increase in Index Component Costs to Securityholders in certain circumstances, at the Issuer's discretion. The Issuer may determine that such "Materially Increased Cost of Hedging" Additional Disruption Event has occurred where there is material increase in Index Components Costs (which can include, but is not limited to, the levying of fees upon transacting in a Component, a material widening of the bid/offer spreads (the difference between the highest price that a buyer is willing to pay for the Component and the lowest price for which a seller is willing to sell it)), but only to the extent that:

• such increase would be incurred by a hypothetical investor (located in England) in respect of that Component, and the deduction of such increased costs in the calculation of the Index Level is expected, as determined by the Calculation Agent, to have a material adverse effect on the future performance of the Index, taking into account:

• whether such increased Index Component Costs materially exceed the Index Component Costs embedded in the calculation of the Index as of the Trade Date; and

• the expected size and frequency of any future rebalancing and reallocation of Components within the Index; and

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• the effects of such increased Index Component Costs, if deducted in the calculation of the Index, would be material in the context of the prevailing risk return profile of the Index, taking into account the historical rebalancing and allocation of the Index to the relevant Component and the historical performance and volatility of the Index.

Any such exercise of a discretionary determination by the Issuer could have a material adverse impact on the value of and return on the Securities and/or could result in payment to Securityholders of the Unscheduled Termination Amount on a day selected by the Issuer in its discretion. This has the effect of passing from the Issuer to Securityholders the risks of the Issuer's hedging costs in relation to the Index.

Determinations made by the Issuer in respect of certain other events could have an adverse value on the value of and return on the Securities

The adjustment events referred to in risk factor 3(h) (In certain circumstances, the Issuer may redeem the Securities (other than due to a mandatory Trigger Event or exercise of a Call Option) prior to their scheduled maturity. The Unscheduled Termination Amount payable on such early redemption may be less than the issue price or the purchase price and investors may therefore lose some or all of their investment and may not be able to reinvest the proceeds in another investment offering a comparable return) in the Base Prospectus include, in respect of the Index, Successor Sponsor or Successor Index, an Index Adjustment Event or an Additional Disruption Event.

(a) Successor Sponsor or Successor Index

If an Index is (i) not calculated and announced by the Sponsor but is calculated and announced by a successor sponsor acceptable to the Issuer (a "Successor Sponsor"), or (ii) replaced by a successor index using, in the determination of the Issuer, the same or a substantially similar formula for, and method of, calculation as used in the calculation of such Index, then in each case such index (the "Successor Index") will be deemed to be the Index. In such event, the Issuer may adjust the terms and conditions of the Securities to account for the effect of such event and to preserve the original economic objective and rationale of the Securities.

If there is a Successor Sponsor or Successor Index in place of the Sponsor or Index, the Issuer may also make such adjustments it deems necessary to account for such successor index and to preserve the original economic objective and rationale of the Securities.

(b) Index Adjustment Events

Index Adjustment Events include (i) a permanent cancellation of the Index and no Successor Index exists as of the date of cancellation (an "Index Cancellation"), (ii) the determination by the Issuer that the Sponsor (or Successor Sponsor) fails to calculate and announce such Index (an "Index Disruption") or (iii) the Sponsor makes (or will make) a material change in the formula for or method of calculating the Index, or otherwise make materially modifies such Index (an "Index Modification").

In the case of an Index Disruption, the Issuer may determine that such an event instead results in a Disrupted Day.

Upon determining that an Index Adjustment Event has occurred in respect of the Index, and such event having a material effect on the Securities, the Issuer may calculate the relevant Index Level, in lieu of a published level, by reference to the relevant formula for, and method of, calculation and Components which comprised the Index immediately before such event. If the Issuer determines that such adjustment would not achieve a commercially reasonable result, the Issuer may redeem the Securities at the Unscheduled Termination Amount on a day selected by the Issuer in its discretion.

(c) Additional Disruption Events

An Additional Disruption Event means a Change in Law (where, broadly, as a result of a change in any applicable law, it has become unlawful or illegal for the Issuer or its affiliates to conduct its hedging arrangements, or will incur a materially increased cost in performing its obligations under the Securities), a Hedging Disruption (being, broadly, an event which impacts

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upon the ability of the Issuer and/or its affiliates to hedge the risk of the Issuer entering into and performing its obligations under the Securities), a Materially Increased Cost of Hedging (as described above), and/or an Index Disruption Event (where an Index Disruption Event as defined in the rules of the Index occurs).

Upon the occurrence of an Additional Disruption Event, the Issuer may determine (i) the appropriate adjustment (if any) to be made to the terms and conditions of the Securities, to account for the effect of such event and to preserve the original economic objective and rationale of the Securities, or (ii) that no adjustments to the terms and conditions would achieve a commercially reasonable result, in which case, the Issuer may redeem the Securities at the Unscheduled Termination Amount on a date selected by the Issuer in its discretion. This has the effect of passing the risks associated with the Additional Disruption Event to Securityholders which will impact the performance of the Securities.

In making any such determinations, the Issuer in such capacity will act in good faith and in a commercially reasonable manner, and (where there is a corresponding applicable regulatory obligation) shall take into account whether fair treatment is achieved by any such adjustments or determinations in accordance with its applicable regulatory obligations.

Please refer to the section headed "Overview of the Potential For Discretionary Determinations by the Issuer" in the Base Prospectus for more information.

The Securities are linked to a Credit Suisse proprietary index

The Securities are linked to the Credit Suisse Anxious Societies EUR Index (the "Index"), which is a Credit Suisse proprietary index. The index level is calculated by Credit Suisse International as Index Calculation Agent (as defined under the Index Rules) and Credit Suisse Securities (Europe) Limited as Index Sponsor makes various determinations by reference to the Index Rules. Such index level is calculated so as to include certain deductions or adjustments that synthetically reflects certain factors, which may include transaction and servicing costs and notional fees. Further:

• In the normal course of business, the Issuer and/or its affiliates may have, or may have had, interests or positions, or may buy, sell or otherwise trade positions, in or relating to the Index and/or the constituents thereof, or may have invested, or may engage in transactions with others relating to any of these items and/or engaged in trading, brokerage and financing activities, as well as providing investment banking and financial advisory services in respect of the Index and/or the constituents thereof. Accordingly, the Issuer and/or any of its affiliates may at any time hold long or short positions, and may trade or otherwise effect transactions, for its own account or the accounts of its customers in respect of the Index and/or the constituents thereof. Such activity may, or may not, affect the level of the Index and consequently the value of the Securities, but Securityholders should be aware that a conflict of interest may arise.

• The Issuer and the index sponsor of the Index are affiliated entities and may face a conflict of interest between their obligations as Issuer and index sponsor, respectively, and their interests in another capacity. In such circumstances, the Issuer has various discretionary powers in connection with (a) certain determinations and valuations in respect of the Securities, and (b) the composition, the calculation of the level and other determinations in respect of the Index, exercise of any of which could have the effect of reducing the returns on the Securities to the Securityholders thereof. In particular, upon the occurrence of certain events which have an impact on the constituents of the Index (namely, market disruption events or other events affecting the constituents of the Index) the Issuer may exercise discretion in adjusting the calculation of the value of the Index or of any affected constituents. No assurance can be given that the resolution of such potential conflicts of interest may not be prejudicial to the interests of Securityholders.

Please see also risk factor 6(h) (Risks associated with Proprietary Indices) in the Base Prospectus.

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General risks relating to the Index

(a) The Index depends on decisions/strategy of the Index Rebalancing Entity The Index is actively managed in accordance with a trading strategy exclusively developed and implemented, and based on investment decisions taken, by the Index Rebalancing Entity. The composition and performance of the Index is determined only by the Index Rebalancing Entity without any involvement of the Issuer, the Calculation Agent or the Dealer. The Issuer, the Calculation Agent and the Dealer are under no obligation to monitor the strategy or the decisions of the Index Rebalancing Entity and assume no responsibility whatsoever for losses or negative performance resulting from such strategy or decisions. (b) Historical or hypothetical performance of the Index is not an indication of future performance The historical or hypothetical performance of the Index should not be taken as an indication of the future performance of the Index. The level of the Index may fluctuate significantly. It is impossible to predict whether the level, value or price of the Index will fall or rise during the term of your investment. Past performance is not a guarantee or an indication of future returns. (c) No operating history The Index has no operating history with no proven track record in achieving the stated investment objective. The Index will be weighted and rebalanced based on the Index Rebalancing Entity discretionary choices. No assurance can be given that the allocation will perform in line with market benchmark, and the Index could underperform market benchmark and/or decline. (d) No assurance of performance No assurance can be provided that any strategy on which an Index is based will be successful or that the Index will outperform any alternative strategy that might be used in respect of the same or similar investment objectives. (e) Notional exposure The Index is constructed on "notional" investments and there is no actual portfolio of assets to which any person is entitled or in respect of which any person has any direct or indirect ownership interest. The Index simply reflects a rules-based proprietary trading strategy, the performance of which is used as a reference point for the purposes of calculating the level of the Index. Investors in products which are linked to the Index will not have a claim in respect of any of the components of the Index. (f) Publication of the Index The Index level, in respect of an Index Calculation Day, is scheduled to be published on the immediately following Index Calculation Day. In certain circumstances such publication may be delayed. (g) The Index relies on external data The Index relies on data from external providers. While Credit Suisse intends to use well established and reputable providers, there is a risk that this data may be inaccurate, delayed or not up to date. There is also a risk that while the data is accurate, the data feed to Credit Suisse is impaired. Such impairment to either the data or the data feed could affect the performance or continued operability of the Index. The risk of such impairment may be borne by investors in products linked to the Index and Credit Suisse may decide not to subsequently revise the Index (except where such impairment is caused by Credit Suisse's negligence, fraud or wilful default). There is also a risk to the continuity of the Index in the event that the Index Sponsor ceases to exist. In the event that certain external data is not available, Credit Suisse as calculation agent for the Index may determine the necessary data in order to maintain the continuity of the Index. (h) The Index relies on Credit Suisse infrastructure and electronic systems The Index relies on Credit Suisse infrastructure and electronic systems (including internal data feeds). Any breakdown or impairment to such infrastructure or electronic systems could affect the performance or continued operability of the Index. The risk of such breakdown or

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impairment shall be borne by investors in products linked to the Index unless except when caused by Credit Suisse's negligence, fraud or wilful default. Neither Credit Suisse nor its affiliates shall be under any liability to account for any loss or damage incurred by any person in connection with any change to, removal of or operational risks generated by the Index or its strategy except when caused by Credit Suisse's negligence, fraud or wilful default.

(i) Amendments to the Index Rules; Index Component Substitution; Withdrawal of the Index The Index Sponsor may in consultation with the Index Committee, supplement, amend (in whole or in part), revise, rebalance or withdraw the Index at any time if one of the following occurs, either (a) there is any event or circumstance that in the determination of the Index Sponsor makes it impossible or impracticable to calculate the Index pursuant to the Index Rules; (b) a change to the Index Rules is required to address an error, ambiguity or omission in the determination of the Index Sponsor; (c) the Index Sponsor determines that an Extraordinary Event has occurred; or (d) the Index Sponsor determines that an Index Component Disruption Event has occurred. "Index Component Disruption Event" means an Equity Disruption Event. Following any withdrawal of the Index as described above, the Index Sponsor may, but is not obliged to, replace the Index with a successor index and/or replace the Strategy with a similar successor strategy or an entirely new strategy at any time, as it deems appropriate in its discretion. A supplement, amendment, revision or rebalancing may lead to a change in the way the Index is calculated or constructed. Such changes may include, without limitation, substitution or removal of an Index Component, or changes to the Strategy. "Extraordinary Event" includes (at a general level) any of the following events or circumstances, which in the case of (a) to (e) have had or will have, as determined by the Index Sponsor, a material effect on the Index: (a) change in either (i) the liquidity of any Index Component (including the application of any gating, side-pocketing or other similar arrangement), (ii) the form of payment of a transaction linked to any Index Component, or (iii) the trading volume, terms or listing of any Index Component; (b) change in any applicable law or regulation, or any decision or promulgation of any change in the interpretation by any court, tribunal or regulatory authority of any applicable law or regulation; (c) any event or circumstance that means the value of an Index Component is, in the determination of the Index Sponsor, unreliable; (d) an Index Component is permanently discontinued or otherwise unavailable; (e) change in the method by which the value of an Index Component is calculated; (f) any event that, in the determination of the Index Sponsor, has a material adverse effect on the ability of a market participant to establish, maintain, value, rebalance or unwind a hedge position (which may include physical investments or entering into futures contracts or OTC derivatives) in relation to an investment product linked to the Index; (g) any Additional Extraordinary Event specified in the relevant Index Specific Rules; (h) any other event which, either (i) in the determination of the Index Sponsor has a material adverse impact on the ability of the Index Calculation Agent, or Index Sponsor to perform its duties, or (ii) in the determination of the Index Sponsor, serves to frustrate or affect the purpose or aims of the Index Strategy (for example if the Index Sponsor determines at any time that there is a material risk of an Index Value becoming negative), or (iii) in the determination of the Index Sponsor, the overall notional amount of products linked to the Index falls to a size which renders the continuation of the Index economically unviable for the Index Sponsor.

For further details in relation to the Extraordinary Events, please refer to the Index Rules.

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(j) Index Disruption Events Where, in the determination of the Index Sponsor, an Index Disruption Event has occurred or is existing and subsisting in respect of any Index Calculation Day (a "Disrupted Day"), the Index Sponsor may in respect of such Disrupted Day (i) suspend the calculation and publication of an Index Value and/or (ii) determine an Index Value on the basis of estimated or adjusted data and publish an estimated level of an Index Value and/or, the Index Sponsor may, following such Disrupted Day, take any action including but not limited to designation of alternative price sources, reconstitution of the Index or a temporary change of Weights. For these purposes, "Index Disruption Event" means a General Disruption Event, or an Index Component Disruption Event. Where the Index Sponsor uses estimated or adjusted data, it shall estimate or adjust such data with the primary intention of maintaining, so far as commercially reasonable, consistency of the exposure of the Index to the Strategy. Any estimate of the value of an Index Component in respect of a Disrupted Day shall be made by the Index Sponsor using the methodology and calculations for determining the value of such Index Component last-in- effect prior to the occurrence of the Disrupted Day. Such Index Disruption Events are included to reflect the fact that the Index is an investible index and can be replicated by a hypothetical investor. General Disruption Events General Disruption Events include (at a general level) any of the following events and circumstances in the determination of the Index Sponsor: (a) an unscheduled closure of the money markets or a restriction or suspension in trading in these markets; (b) the failure, suspension or postponement of any calculation within the Strategy, any event preventing the prompt or accurate determination of an Index Value or a determination by the Index Calculation Agent that the last reported Index Value should not be relied upon; and (c) the disruption of trading on the relevant exchange or other trading facility of instruments referenced in the calculation of the Index or Index Components by the Index Calculation Agent or any other similar event.

For further details in relation to the General Disruption Events, please refer to the Index Rules. Index Component Disruption Events Index Component Disruption Events include Equity Disruption Events. Equity Disruption Events These events apply only in relation to Index Components which are of the Asset Type "Stock" (as set out in Table 1: Index Components Description (each a "Stock") of the Index Rules and include (at a general level) the following events, in the determination of the Index Sponsor: (a) a suspension of or limitation imposed on trading in relation to a Stock or any event that disrupts the ability of market participants to effect transactions in any Stock; (b) an unscheduled or early exchange closure; (c) the relevant Stock issuer has become insolvent; (d) the Index Sponsor is unable to borrow shares in the Stock in an amount needed to hedge the equity price risk in relation to transactions linked to the Index; (e) a change in trading volume in a Stock; or (f) any event that disrupts or impairs (as determined by the Index Sponsor) the ability of market participants (or the Index Sponsor and/or its affiliates) in general to effect transactions in, or obtain market values for, futures or options contracts referencing a Stock.

For further details in relation to the Equity Disruption Events, please refer to the Index Rules.

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(k) Potential Adjustment Events If the Index Sponsor determines that a Potential Adjustment Event has occurred in respect of a Stock, which (in respect of a Stock only) has not been handled through an Operational Corporate Action and/or Extraordinary Corporate Action, the Index Sponsor will determine whether such Potential Adjustment Event has a diluting or concentrative effect on the theoretical value of the relevant Stock and, if so, the Index Sponsor may (i) make the corresponding adjustment(s), if any, to the relevant Stock as the Index Sponsor determines appropriate to account for that diluting or concentrative effect (provided that no adjustments will be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Stock), and (ii) determine the effective date(s) of the adjustment(s). The Index Sponsor may (but need not) determine the appropriate adjustment(s) by reference to the adjustment(s) in respect of such Potential Adjustment Event made by an options exchange to options on the relevant Stock traded on such options exchange. In determination of the Index Sponsor, with respect to a Stock, a Potential Adjustment Event includes (at a general level) any of the following events or circumstances: (a) A subdivision, consolidation or reclassification of the relevant Index Component, or a free distribution or dividend of any Index Component which is a Stock to existing holders by way of bonus, capitalisation or similar issue;

(b) A distribution, issue or dividend to existing holders of the relevant Index Component;

(c) The declaration or payment of an extraordinary dividend;

(d) A call by the Stock Issuer in respect of shares that are not fully paid;

(e) An event that results in any shareholder rights being distributed or becoming separated from shares of common stock or other shares of the capital stock of the Stock Issuer pursuant to a shareholder rights plan or arrangement directed against hostile takeovers;

(f) a repurchase by any Stock of its shares the consideration for such repurchase is cash, securities or otherwise,

(g) A nationalisation, delisting, merger, insolvency of an Index Component or, tender offer to purchase or exchange an Index Component, as further described in the Index Rules; and

(h) Any other event that may have a diluting or concentrating effect on the theoretical value of the relevant Index Component.

For further details in relation to the Potential Adjustment Events, please refer to the Index Rules. (l) Economic proposition; Right to supplement, amend, revise, rebalance or withdraw the Index; Index Component Substitution; Substitution of the Index Rebalancing Entity The right of the Index Sponsor to exercise its discretion to supplement, amend, revise, rebalance the Index including the right to substitute or remove Index Components, and the right to substitute or remove the Index Rebalancing Entity, are required to ensure the notional investments entered by the Index remain a viable investment proposition for a hypothetical investor seeking to replicate the Strategy. Where a supplement, amendment, revision, rebalancing of the Index or substitution or removal of an Index Component does not ensure the notional investments entered by the Index remain a viable investment proposition for a hypothetical investor seeking to replicate the Strategy, or the Index Sponsor needs to withdraw the Index to meet its own risk management requirements, the Index Sponsor has the right to exercise its discretion to withdraw the Index.

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This is integral to the ability of any market participant to offer products linked to the Index. For the occurrence of certain events may affect the investibility of the Index and could result in additional risks or costs for Credit Suisse, however, the Index Sponsor may exercise its discretion to take one of the actions available to it under the rules of the Index in order to deal with the impact of these events. The exercise of such discretions has the effect of, amongst other things, transferring the risks and costs resulting from such events from Credit Suisse to investors in the products linked to the Index. (m) Discretion of the Index Sponsor The Index Rules provide Credit Suisse in its capacity as Index Sponsor has the discretion to make certain calculations, determinations, and amendments from time to time (for example, on the occurrence of an Index Disruption Event as described below). While such discretion will be exercised in good faith and a commercially reasonable manner, and (where there is a corresponding applicable regulatory obligation) the Index Sponsor shall take into account whether fair treatment is achieved by any such calculation, determination and exercise of discretion in accordance with its applicable regulatory obligations, it may be exercised without the consent of the investor and may have an adverse impact on the financial return of an investment linked to the Index. To the extent permitted by applicable regulation, Credit Suisse and its affiliates shall be under no liability to account for any loss or damage to any person arising pursuant to its exercise of or omission to exercise any such discretion except where such loss or damage is caused by Credit Suisse's negligence, fraud or wilful default. For the avoidance of doubt, the Index Rebalancing Entity is an affiliate of Credit Suisse. (n) Discretion of the Index Rebalancing Entity The Index Rebalancing Entity is an affiliate of the Index Sponsor and the Index Calculation Agent. Nevertheless, the functions within Credit Suisse which are responsible for the performance of the role of Index Rebalancing Entity are separate from those which administer and calculate/publish the index in the capacity of Index Sponsor and Index Calculation Agent. In its capacities as Index Sponsor and/or Index Calculation Agent, Credit Suisse has no influence over the Index Rebalancing Entity's exercise of its discretion in relation to the Index and neither the Index Sponsor nor the Index Calculation Agent (in such capacities) will be liable for any actions take or omitted to be taken by the Index Rebalancing Entity in relation to the Index. (o) Determinations of the Stock Calculation Agent The Index Rules set out the basic principles which will be applied by the Stock Calculation Agent in determining the occurrence of corporate events in respect of a Stock and the adjustment to be implemented as a consequence of such corporate event. Except where the Index Sponsor is the Stock Calculation Agent, neither the Index Sponsor nor the Index Calculation Agent is responsible for the determination of the Stock Calculation Agent in terms of the occurrence or non-occurrence of such corporate action or the determination by the Stock Calculation Agent of any adjustment made to a Stock as a consequence thereof. In the event of any conflict or inconsistency between the information provided in relation to corporate events the Index Rules and the Corporate Actions Policy, the Corporate Actions Policy shall prevail. Such determinations will be made so as to ensure fair representation of the returns for a hypothetical investor holding such Stock in his portfolio before and after such event took place. With respect to Stock Removal, in certain circumstances, a Stock may be removed from the Index at a zero price, in recognition of constraints faced by investors in trading suspended stocks. Such determinations may have an adverse effect on the value of the Index. (p) Substitution of the Index Rebalancing Entity; Withdrawal of the Index If the Index Sponsor determines that an Index Rebalancing Entity Event has occurred, the Index Sponsor may in consultation with the Index Committee (i) substitute the Index Rebalancing Entity, (ii) remove the Index Rebalancing Entity, in which case the Index shall stop being rebalanced, and the Weights shall remain equal to the Weights in respect of the Index Rebalancing Day preceding such removal, or (iii) withdraw the Index.

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Index Rebalancing Entity Events include any of the following events and circumstances: (a) Any governmental, legal or regulatory body cancels, suspends or revokes the registration, licence, or approval of the Index Rebalancing Entity;

(b) The activities of the Index Rebalancing Entity (or any of its affiliates) are subject to investigation, arbitration, regulatory action, government action, proceeding or litigation;

(c) The Index Rebalancing Entity ceases to exist, or ceases to perform any of its obligations or duties;

(d) The Index rebalancing agreement terminates.

STRATEGY SPECIFIC RISKS

The allocation performed by the Index Rebalancing Entity is a significant factor impacting the return of the Index

The initial Weight allocated to each Index Component, in addition to any subsequent rebalancing is performed by the Index Rebalancing Entity in accordance with the Index Rebalancing Methodology. Although the Index includes Investment Restrictions, the Index Rebalancing Entity has total discretion over the allocation, both in terms of timing and in terms of the allocation of Weights amongst the Index Components.

Any allocation to Index Components that subsequently decrease in value will result in a decline in the value and/or underperformance of the Index. Furthermore, although the Index Rebalancing Entity can allocate to a wide universe of assets, it may select a concentrated allocation of assets which may result in additional downside risk to the performance of the Index.

As a result, the performance of the Index will be reliant on the allocation methodology of the Index Rebalancing Entity. There can be no assurance that the Index Rebalancing Entity will be successful in allocating to Index Components.

Provided that a rebalancing request made by the Index Rebalancing Entity is compliant with the Investment Restrictions, the Index Sponsor will typically accept and implement the relevant request. In certain limited circumstances (for example if the Index Rebalancing Entity fails to comply with the terms of its appointment), the Index Sponsor may exercise its right to reject a rebalancing request made by the Index Rebalancing Entity, which may affect the performance of the Index.

In certain circumstances, as set out in the Index Rules, the Index Rebalancing Entity may be removed or substituted, which may also affect the performance of the Index.

Price of Index Components may be influenced by asymmetries in demand and supply.

The price of each Index Component may be influenced by external factors related to the demand and supply for exposure. For example, any purchases or disposals of the constituent assets underlying an Index Component may be contingent upon there being a market for such assets. In cases where there is not a ready market, or where there is only a limited market, the prices at which such assets may be purchased or sold may vary significantly (such variation between the prices at which the asset can be bought or sold is referred to as a "bid-offer spread"). If trying to dispose of an asset in a limited market, the effect of the bid-offer spread may be that the value realised on a disposal is markedly less than the previously reported value of the asset. This will have an impact on the value of the Index Component and, consequently, the Index Value. This is one example of external factors which may affect the supply and demand for the component security, but other factors may also exist which may negatively impact the performance of the Index.

Potential losses from rebalancing costs

The Index is rebalanced by the Index Rebalancing Entity. Costs associated with rebalancing may have an adverse impact on the performance of the Index.

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Total Return Index

The term "Total Return" as used herein in respect of the Index shall refer solely to the reinvestment of net dividends and to the addition of a cash element to its performance, not to any element of capital protection.

Potential conflicts of interest

Credit Suisse expects to engage in trading activities related to constituents of the Index during the course of its normal business for both its proprietary accounts and/or in client related transactions. Such trading activities may involve the sale or purchase of index constituents, assets referencing the index constituents and/or derivative financial instruments relating to the constituents of the Index. These trading activities may present a conflict between the interests of investors with exposure to the Index and Credit Suisse's own interests. These trading activities, if they have an influence on the share prices or levels (as applicable) of the Index constituents may have an adverse effect on the performance of the Index.

Credit Suisse may hedge its obligations under any investments linked to the Index by buying or selling shares, bonds or derivative securities linked to the Index constituents. Although they are not expected to, any of these hedging activities may adversely affect the market price of such securities and, therefore, the performance of the Index. It is possible that Credit Suisse could receive substantial returns from these hedging activities while the performance of the Index declines.

Credit Suisse may also engage in trading shares, assets referencing the index constituents or derivatives securities in the Index constituents on a regular basis as part of our general broker-dealer and other businesses, for proprietary accounts, for other accounts under management or to facilitate transactions for customers. Any of these activities could adversely affect the market price of such securities and therefore the performance of the Index. Credit Suisse acts as Index Rebalancing Entity in relation to the Index. The Index Rebalancing Entity has a material discretion to determine the overall exposure and profile of the Index, however the functions within Credit Suisse which are responsible for the rebalancing of the Index will not take into account Credit Suisse's other trading positions when doing so. Credit Suisse's other trading activity may therefore have an adverse impact on the value of Index Components which are selected for exposure within the Index by the Index Rebalancing Entity.

Credit Suisse may have and in the future may publish research reports with respect to the index constituents or asset classes which may express opinions or provide recommendations that either support or are inconsistent with investments into the Index. This research should not be viewed as a recommendation or endorsement of the Index in any way and investors must make their own independent investigation of the merits of this investment.

Credit Suisse acts as Index Calculation Agent and determines the Index value at any time, and Credit Suisse may also serve as the calculation agent for investment products linked to the Index. Credit Suisse will, among other things, decide valuation, final settlement amount and make any other relevant calculations or determinations in respect of the investment products.

To the extent that the prices of any Index constituents are unavailable and/or there is a breakdown in the infrastructure used by the Index Calculation Agent, Index values may, in accordance with the Index Rules, be calculated and published by Credit Suisse with reference to estimated or adjusted data.

With respect to any of the activities described above, except as required by applicable law and regulation (and unless caused by Credit Suisse's negligence, fraud or wilful default), Credit Suisse shall not be liable to any investor in products linked to the Index.

Fees

The Index is published net of all fees. A Fee-In and Fee-Out are also deducted from the Index in accordance with the Index Rules. Investors should note that the Fee-In and Fee-Out specified as a percentage in respect of any Index Component is exclusive of any financial transaction tax or similar levy ("FTT") on certain transactions in a relevant Index Component imposed by governmental or regulatory authorities. The amounts of any applicable FTT in relation to a transaction in an Index

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Component will be added to the Fee-In or Fee-Out and deducted from the performance of the Index when calculating the Index Value in accordance with the Index Rules.

Currency Risk of the Index

Investors may be exposed to currency risks because (i) an Index Component underlying investments may be denominated or priced in currencies other than the currency in which the Index is denominated, or (ii) the Index and/or such Index Component may be denominated in currencies other than the currency of the country in which the investor is resident. The Index levels may therefore increase or decrease as a result of fluctuations in those currencies.

Risk associated with leverage

The Index Rebalancing Entity may determine that the Index may comprise of leveraged positions in the Index Components. While such strategies and techniques may increase the opportunity to achieve higher returns on the amounts invested, they will generally also increase the risk of loss.

Index performance is linked to the overnight interest rate

The Cash Component and the Funding Component (each as defined in the Index Rules) of the notional portfolio of the Index is linked to the rate of interest that could be earned on a notional investment in the Index Currency (as defined in the Index Rules) rate. A fall in this rate may adversely impact the performance of the Index.

Risks associated with Stocks

(i) Factors affecting the performance of the Stocks may adversely affect the value of the Index

The performance of Stocks is dependent upon macroeconomic factors, such as interest and price levels on the capital markets, currency developments, political factors as well as company-specific factors such as earnings position, market position, risk situation, shareholder structure and distribution policy. Any negative performance of the Stocks will negatively affect the performance of an Index.

(ii) Actions by the issuer of a Stock may adversely affect the Index

The issuer of a Stock will have no involvement in the Index and will have no obligation to any purchaser of investment products linked to the Index. The issuer of a Stock may take any actions in respect of such Stock without regard to the interests of the purchasers of investment products linked to the Index, and any of these actions could adversely affect the value of the Index. Purchasers of investment products linked to the Index will not have any voting rights in respect of a Stock as a result of owning an Index linked product.

(iii) Withholding tax

In respect of any investments linked to the Index, investors should note that the rate of withholding tax applied to any dividends in respect of a constituent may not be the same as the rate that would be applied on dividends received by the investor in respect of any direct holdings of the constituent.

Emerging markets risks

The Index includes exposure to emerging markets. Emerging markets are located in countries that possess one or more of the following characteristics: a certain degree of political instability, relatively unpredictable financial markets and economic growth patterns, a financial market that is still at the development state or a weak economy. Emerging markets investments usually result in higher risks such as event risk, political risk, economic risk, credit risk, currency rate risk, market risk, regulatory/legal risk and trade settlement, processing and clearing risks as further described below. Investors should note that the risk of occurrence and the severity of the consequences of such risks may be greater than they would otherwise be in relation to more developed countries.

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(i) Event Risk:

On occasion, a country or region will suffer an unforeseen catastrophic event (for example, a natural disaster) which causes disturbances in its financial markets, including rapid movements in its currency, that will affect the value of securities in, or which relate to, that country. Furthermore, the performance of constituents of the Index can be affected by global events, including events (political, economic or otherwise) occurring in a country other than that in which such constituent is issued or traded.

(ii) Political Risk:

Many emerging markets countries are undergoing, or have undergone in recent years, significant political change which has affected government policy, including the regulation of industry, trade, financial markets and foreign and domestic investment. The relative inexperience with such policies and instability of these political systems leaves them more vulnerable to economic hardship, public unrest or popular dissatisfaction with reform, political or diplomatic developments, social, ethnic, or religious instability or changes in government policies. Such circumstances, in turn, could lead to a reversal of some or all political reforms, a backlash against foreign investment, and possibly even a turn away from a market-oriented economy. For investors, the results may include confiscatory taxation, exchange controls, compulsory re-acquisition, nationalisation or expropriation of foreign-owned assets without adequate compensation or the restructuring of particular industry sectors in a way that could adversely affect investments in those sectors. Any perceived, actual or expected disruptions or changes in government policies of a country, by elections or otherwise, can have a major impact on the performance of an Index linked to such countries.

(iii) Economic Risk:

The economies of emerging markets countries are by their nature in early or intermediate stages of economic development, and therefore more vulnerable to rising interest rates and inflation. In fact, in many countries, high interest and inflation rates are the norm. Rates of economic growth, corporate profits, domestic and international flows of funds, external and sovereign debt, dependence on international trades and sensitivity to world commodity prices play key roles in economic development, yet vary greatly from country to country. Businesses and governments in these countries may have a limited history of operating under market conditions. Accordingly, when compared to more developed countries, businesses and governments of emerging markets countries are relatively inexperienced in dealing with market conditions and have a limited capital base from which to borrow funds and develop their operations and economies. In addition, the lack of an economically feasible tax regime in certain countries poses the risk of sudden imposition of arbitrary or excessive taxes, which could adversely affect foreign investors. Furthermore, many emerging markets countries lack a strong infrastructure and banks and other financial institutions may not be well-developed or well-regulated. All of the above factors, among others, can affect the proper functioning of the economy and have a corresponding adverse effect on the performance of Index constituents linked to a particular market.

(iv) Credit Risk:

Emerging markets sovereign and corporate debt tends to be riskier than sovereign and corporate debt in established markets. Issuers and obligors of debt in these countries are more likely to be unable to make timely coupon or principal payments, thereby causing the underlying debt or loan to go into default. The sovereign debt of some countries is currently in technical default and there are no guarantees that such debt will eventually be restructured allowing for a more liquid market in that debt. The measure of a company's or government's ability to repay its debt affects not only the market for that particular debt, but also the market for all securities related to that company or country. Additionally, evaluating credit risk for foreign bonds involves greater uncertainty because credit rating agencies throughout the world have different standards, making comparisons across countries difficult. Many debt securities are simply unrated and may already be in default or considered distressed. There is often less publicly available business and financial information about foreign issuers than those in developed countries. Furthermore, foreign companies are often not subject to uniform

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accounting, auditing and financial reporting standards. Also, some emerging markets countries may have accounting standards that bear little or no resemblance to, or may not even be reconcilable with, U.S. generally accepted accounting principles.

(v) Currency Risk:

An Index constituent may be denominated in a currency other than the Index Currency. The weakening of a country's currency relative to the Index Currency will negatively affect the value (in the Index Currency) of an instrument denominated in that currency. Currency valuations are linked to a host of economic, social and political factors and can fluctuate greatly, even during intra-day trading. It is important to note that some countries have foreign exchange controls which may include the suspension of the ability to exchange or transfer currency, or the devaluation of the currency. Hedging can increase or decrease the exposure to any one currency, but may not eliminate completely exposure to changing currency values.

(vi) Market Risk:

The emerging equity and debt markets of many emerging markets countries, like their economies, are in the early stages of development. These financial markets generally lack the level of transparency, liquidity, efficiency and regulation found in more developed markets. It is important, therefore, to be familiar with secondary market trading in emerging markets securities and the terminology and conventions applicable to transactions in these markets. Price volatility in many of these markets can be extreme. Price discrepancies can be common and market dislocation is not uncommon. Additionally, as news about a country becomes available, the financial markets may react with dramatic upswings and/or downswings in prices during a very short period of time. These markets also might not have regulations governing manipulation and insider trading or other provisions designed to "level the playing field" with respect to the availability of information and the use or misuse thereof in such markets. It may be difficult to employ certain risk management practices for emerging markets securities, such as forward currency exchange contracts, stock options, currency options, stock and stock index options, futures contracts and options on futures contracts.

(vii) Regulatory/Legal Risk:

In emerging market countries there is generally less government supervision and regulation of business and industry practices, stock exchanges, over-the-counter markets, brokers, dealers and issuers than in more developed countries. Whatever supervision is in place may be subject to manipulation or control. Many countries have mature legal systems comparable to those of more developed countries, while others do not. The process of regulatory and legal reform may not proceed at the same pace as market developments, which could result in confusion and uncertainty and, ultimately, increased investment risk. Legislation to safeguard the rights of private ownership may not yet be in place in certain areas, and there may be the risk of conflict among local, regional and national requirements. In certain areas, the laws and regulations governing investments in securities may not exist or may be subject to inconsistent or arbitrary application or interpretation and may be changed with retroactive effect. Both the independence of judicial systems and their immunity from economic, political or nationalistic influences remain largely untested in many countries. Judges and courts in many countries are generally inexperienced in the areas of business and corporate law. Companies are exposed to the risk that legislatures will revise established law solely in response to economic or political pressure or popular discontent. There is no guarantee that a foreign investor would obtain a satisfactory remedy in local courts in case of a breach of local laws or regulations or a dispute over ownership of assets. An investor may also encounter difficulties in pursuing legal remedies or in obtaining and enforcing judgments in foreign courts.

(viii) Trade Settlement, Processing and Clearing:

Many emerging markets have different clearance and settlement procedures from those in more developed countries. For many emerging markets securities, there is no central clearing mechanism for settling trades and no central depository or custodian for the safekeeping of securities. Custodians can include domestic and foreign custodian banks and depositaries,

- 31 - among others. The registration, recordkeeping and transfer of securities may be carried out manually, which may cause delays in the recording of ownership. Where applicable, Credit Suisse will settle trades in emerging markets securities in accordance with the currency market practice developed for such transactions by the Emerging Markets Traders Association. Otherwise, the transaction may be settled in accordance with the practice and procedure (to the extent applicable) of the relevant market. There are times when settlement dates are extended and during the interim the market price of any Index constituent and in turn the value of the Index, may change. Moreover, certain markets have experienced times when settlements did not keep pace with the volume of transactions resulting in settlement difficulties. Because of the lack of standardised settlement procedures, settlement risk is more prominent than in more mature markets. In addition, investors may be subject to operational risks in the event that investors do not have in place appropriate internal systems and controls to monitor the various risks, funding and other requirements to which investors may be subject by virtue of their activities with respect to emerging market securities.

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DOCUMENTS INCORPORATED BY REFERENCE

This Prospectus should be read and construed in conjunction with the documents incorporated by reference into this Prospectus and each supplement (if any) to this Prospectus. The information included in the following documents, except the documents incorporated by reference therein and to the extent of the information to be incorporated by reference as provided below, is hereby incorporated by reference into this Prospectus and deemed to form part of this Prospectus:

(a) the Base Prospectus;

(b) the supplement to the Base Prospectus dated 31 August 2017 (the "31 August 2017 Supplement");

(c) the supplement to the Base Prospectus dated 26 September 2017 (the "26 September 2017 Supplement");

(d) the supplement to the Base Prospectus dated 14 November 2017 (the "14 November 2017 Supplement");

(e) the supplement to the Base Prospectus dated 21 November 2017 (the "21 November 2017 Supplement");

(f) CSi's Annual Report for the year ended 31 December 2015 (the "CSi 2015 Annual Report");

(g) CSi's Annual Report for the year ended 31 December 2016 (the "CSi 2016 Annual Report");

(h) the Form 20-F of Credit Suisse Group AG (the "Group") and Credit Suisse AG ("CS") filed with the United States Securities and Exchange Commission (the "SEC") on 24 March 2017 (the "Form 20-F Dated 24 March 2017"), which contains the 2016 Annual Report of the Group (the "Group Annual Report 2016") attached as an exhibit thereto;

(i) the Form 6-K of the Group and CS filed with the SEC on 24 March 2017 (the "Form 6-K Dated 24 March 2017"), which contains a media release containing proposals for the Annual General Meeting of the Group and information regarding a subsequent event related to full year 2016 earnings and an update of full year 2016 results;

(j) the Form 6-K of the Group and CS filed with the SEC on 5 April 2017 (the "Form 6-K Dated 5 April 2017"), which contains information relating to Credit Suisse offices in various locations being contacted by regulatory and law enforcement authorities seeking records and information concerning investigations into Credit Suisse's historical private banking services on a cross border basis;

(k) the Form 6-K of CS filed with the SEC on 26 April 2017 (the "Form 6-K Dated 26 April 2017"), which contains the Credit Suisse Earnings Release 1Q17 attached as an exhibit thereto;

(l) the Form 6-K of the Group and CS filed with the SEC on 28 April 2017 (the "Form 6-K Dated 28 April 2017"), which contains a media release regarding the outcome of the Annual General Meeting of Credit Suisse Group AG on 28 April 2017;

(m) the Form 6-K of CS filed with the SEC on 4 May 2017 (the "Form 6-K Dated 4 May 2017"), which contains the Credit Suisse Financial Report 1Q17 attached as an exhibit thereto;

(n) the Form 6-K of CS filed with the SEC on 28 July 2017 (the "Form 6-K Dated 28 July 2017"), which contains as exhibits, among other things, (i) the Credit Suisse Financial Report 2Q17, (ii) the Credit Suisse (Bank) Financial Statements 6M17, within which there is unaudited information for CS and its consolidated subsidiaries for the six months ended 30 June 2017, and (iii) additional 2017 six month financial information for Credit Suisse Group AG and CS;

(o) the 2017 Interim Report of CSi and its consolidated subsidiaries (the "2017 CSi Interim Report"), which contains the unaudited consolidated interim financial statements of CSi and

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its consolidated subsidiaries as at and for the six months ended 30 June 2017, and a review report of CSi's auditors;

(p) the Form 6-K of the Group and CS filed with the SEC on 2 November 2017 (the "Form 6-K Dated 2 November 2017"), which contains as an exhibit the Credit Suisse Financial Report 3Q17; and

(q) the Form 6-K of the Group and CS filed with the SEC on 13 November 2017 (the "Form 6-K Dated 13 November 2017"), which contains a media release regarding Credit Suisse's settlement with the New York State Department of Financial Services related to the conduct of Credit Suisse's Foreign Exchange Rates business.

Any statement contained in the documents listed above shall be deemed to be modified or superseded for the purpose of this 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 Prospectus.

Any non-incorporated parts of a document referred to herein are either deemed not relevant for the investor or are otherwise covered elsewhere in this Prospectus.

The table below sets out the relevant page references for the information incorporated into this Prospectus by reference.

Section Section Heading Sub-heading Page(s) of the Number PDF file

Base Prospectus

Risk Factors 74 to 142

Use of Proceeds 161

Overview of the Potential for Discretionary Determinations by 162 to 170 the Issuer

Clearing Arrangements 532 to 533

Taxation 542 to 593

Selling Restrictions 595 to 605

31 August 2017 Supplement

Amendments to the section entitled "Risk Factors" in each 6 to 12 Prospectus

Amendment to the sub-section entitled "United States Tax 15 to 17 Considerations for Investors" in the section entitled "Taxation" in each Prospectus

26 September 2017 Supplement

Amendments to the section entitled "Risk Factors" in each 2 Prospectus

14 November 2017 Supplement

Amendment to the section entitled "Risk Factors" in each 6 to 7 Prospectus

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21 November 2017 Supplement

Amendment to the section entitled "Taxation" in each 3 to 4 Prospectus

CSi 2015 Annual Report

Independent Auditor's Report to the Members of Credit Suisse 15 International

Financial Statements for Consolidated Statement of Income for 16 the year ended 31 the Year ended 31 December 2015 December 2015 Consolidated Statement of 16 Comprehensive Income for the Year ended 31 December 2015

Consolidated Statement of Financial 17 Position as at 31 December 2015

Bank Statement of Financial Position 18 as at 31 December 2015

Consolidated Statement of Changes 19 in Equity for the Year ended 31 December 2015

Bank Statement of Changes in Equity 20 for the Year ended 31 December 2015

Consolidated Statement of Cash 21 Flows for the Year ended 31 December 2015

Bank Statement of Cash Flows for 22 the Year ended 31 December 2015

Notes to the Financial Statements for the year ended 31 23 to 131 December 2015

CSi 2016 Annual Report

Information on Board of Directors, Company Secretary and 1 to 5 Company Registration Number

Strategic Report for the Year ended 31 December 2016 6 to 21

Directors' Report for the Year ended 31 December 2016 22 to 23

Independent Auditor's Report to the Members of Credit Suisse 24 to 25 International

Financial Statements for Consolidated Statement of Income for 26 the year ended 31 the Year ended 31 December 2016 December 2016 Consolidated Statement of 26 Comprehensive Income for the Year ended 31 December 2016

Consolidated Statement of Financial 27

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Position as at 31 December 2016

Bank Statement of Financial Position 28 as at 31 December 2016

Consolidated Statement of Changes 29 in Equity for the Year ended 31 December 2016

Bank Statement of Changes in Equity 30 for the Year ended 31 December 2016

Consolidated Statement of Cash 31 Flows for the Year ended 31 December 2016

Bank Statement of Cash Flows for 32 the Year ended 31 December 2016

Notes to the Financial Statements for the year ended 31 33 to 145 December 2016

Form 20-F Dated 24 March 2017

Form 20-F Definitions 6

Sources 6

Cautionary statement regarding 6 forward-looking information

Identity of directors, senior 7 management and advisers

Offer statistics and expected 7 timetable

Key information 7

Information on the company 7 to 8

Unresolved staff comments 8

Operating and financial review and 8 to 9 prospects

Directors, senior management and 9 to 10 employees

Major shareholders and related party 10 transactions

Financial information 10 to 11

The offer and listing 11

Additional information 11 to 12

Quantitative and qualitative 12 disclosures about market risk

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Description of securities other than 12 equity securities

Defaults, dividend arrearages and 12 delinquencies

Material modifications to the rights of 12 security holders and use of proceeds

Controls and procedures 12

Audit committee financial expert 12

Code of ethics 12

Principal accountant fees and 13 services

Exemptions from the listing standards 13 for audit committee

Purchases of equity securities by the 13 issuer and affiliated purchasers

Change in registrants' certifying 13 accountant

Corporate governance 13

Mine Safety Disclosure 13

Financial statements 13

Financial statements 13

Exhibits 14

Signatures 15

Exhibit to Form 20-F Dated 24 March 2017 (Group Annual Report 2016)

Key metrics 22

Table of contents 27

I Information on the Credit Suisse at a glance 36 Company Strategy 37 to 41

Divisions 42 to 49

Regulation and supervision 50 to 65

Risk factors 66 to 74

II Operating and financial Operating environment 76 to 78 review

Credit Suisse 79 to 88

Swiss Universal Bank 89 to 95

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International Wealth Management 96 to 102

Asia Pacific 103 to 109

Global Markets 110 to 112

Investment Banking & Capital 113 to 115 Markets

Strategic Resolution Unit 116 to 118

Corporate Center 119 to 120

Assets under management 121 to 123

Critical accounting estimates 124 to 129

III Treasury, Risk, Balance Liquidity and funding management 132 to 139 sheet and Off-balance sheet

Capital management 140 to 158

Risk management 159 to 196

Balance sheet, off-balance sheet and 197 to 199 other contractual obligations

IV Corporate Governance Corporate Governance 202 to 238 and Compensation

Compensation 239 to 272

V Consolidated financial Report of the Independent Registered 275 statements – Credit Public Accounting Firm Suisse Group

Consolidated financial statements, 277 to 422 including:

Consolidated statements of 277 operations

Consolidated statements of 277 comprehensive income

Consolidated balance sheets 278 to 279

Consolidated statements of 280 to 281 changes in equity

Consolidated statements of 282 to 283 cash flows

Supplemental cash flow 283 information

Notes to the consolidated financial 284 to 420 statements, including:

Summary of significant 284 to 292

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accounting policies

Litigation 398 to 406

Condensed consolidating 410 to 412 statements of operations

Condensed consolidating 410 to 412 statements of comprehensive income

Condensed consolidating 413 to 414 balance sheets

Condensed consolidating 415 to 417 statements of cash flows

Controls and procedures 421

Report of the Independent Registered 422 Public Accounting Firm

VI Parent company Report of the Statutory Auditor 425 to 427 financial statements – Credit Suisse Group Parent company financial statements, 428 to 440 including:

Statements of income 428

Balance sheets 429

Notes to the financial 430 to 439 statements

Proposed appropriation of 440 retained earnings and capital distribution

VII Consolidated financial Report of the Independent Registered 443 statements – Credit Public Accounting Firm Suisse (Bank) Consolidated financial statements, 445 to 526 including:

Consolidated statements of 445 operations

Consolidated statements of 445 comprehensive income

Consolidated balance sheets 446 to 447

Consolidated statements of 448 to 449 changes in equity

Consolidated statements of cash 450 to 451 flows

Supplemental cash flow 451 information

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Notes to the consolidated financial 452 to 524 statements

Controls and procedures 525

Report of the Independent Registered 526 Public Accounting Firm

VIII Parent company Report of the Statutory Auditor 529 to 533 financial statements – Credit Suisse (Bank) Parent company financial statements, 534 to 570 including:

Statements of income 534

Balance sheets 535

Off-balance sheet transactions 535

Statements of changes in equity 536

Notes to the financial statements 537 to 569

Proposed appropriation of retained 570 earnings

IX Additional information Statistical information 572 to 586

Other information 587 to 592

Appendix Selected five-year information 594 to 595

List of abbreviations 596 to 597

Glossary 598 to 601

Foreign currency translation rates 603

Financial calendar and contacts 604

Cautionary statement regarding forward-looking information 605

Form 6-K Dated 24 March 2017

Media Release Cover Page 1

Credit Suisse publishes its Annual 2 to 3 Report and Agenda for the Annual General Meeting of Shareholders on April 28, 2017

Update of reported full year 2016 3

results

Distribution payable out of capital 3 contribution reserves

Authorized Capital for Scrip Dividend 3

Approval of the compensation of the 3 to 4 Board of Directors and the Executive

- 40 -

Board

Consultative vote on the 2016 4 Compensation Report

Changes to the Board of Directors 4 to 5

Invitation to the Annual General 5 Meeting and Publication of Agenda

1Q17 earnings release 5

Information 5 to 6

Cautionary statement regarding 6 to 7 forward-looking information

Signatures 7

Form 6-K Dated 5 April 2017

Whole document

Form 6-K Dated 26 April 2017

Form 6-K Cover Page 1

Introduction 2

Selected financial data 3 to 4

Operating and financial review and 5 prospects

Exhibits 6

Signatures 7

Exhibit to the Form 6-K Dated 26 April 2017 (Credit Suisse Earnings Release 1Q17)

Earnings Release 1Q17 Cover Page 8

Key metrics 9

Credit Suisse 10 to 14

Swiss Universal Bank 15 to 20

International Wealth Management 21 to 27

Asia Pacific 28 to 33

Global Markets 34 to 36

Investment Banking & Capital 37 to 39 Markets

Strategic Resolution Unit 40 to 42

Corporate Center 43

Assets under management 44

- 41 -

Additional financial metrics 45

Important information 46

Appendix Core Results by business activity 47

BIS capital metrics – Group 48

Eligible capital - Group 48

Capital movement – Group 49

Risk-weighted assets – Group 49

Risk-weighted asset movement by 50 risk type – Group

BIS leverage metrics – Group 50

Swiss capital metrics – Group 51

Swiss capital and risk-weighted 51 assets – Group

Swiss leverage metrics – Group 52

One-day, 98% risk management VaR 52 (CHF)

Consolidated statements of 53 operations

Consolidated balance sheets 54

Consolidated statements of changes 55 in equity

Earnings per share 56

Restructuring expenses 57

Return on regulatory capital 57

Cautionary statement regarding 58 forward-looking information

Form 6-K Dated 28 April 2017

Form 6-K Cover Page 1

Annual General Meeting of Credit 2 Suisse Group AG: All Proposals Put Forward by the Board of Directors Approved

Distribution payable out of capital 2 to 3 contribution reserves (first two paragraphs only)

Increase of Authorized Capital for 3 Scrip Dividend

- 42 -

Approval of the Compensation of the 3 Board of Directors and the Executive Board

Consultative Vote on the 2016 3 Compensation Report

Elections to the Board of Directors 3 to 4

Re-Election of the Members of the 4 Compensation Committee

Composition of the Board of Directors 4 as of April 28, 2017

Credit Suisse AG (first paragraph 4 only)

Cautionary statement regarding 5 forward-looking information

Composition of the Board of Directors 6 as of April 28, 2017

Signatures 6

Form 6-K Dated 4 May 2017

Form 6-K Cover Page 1

Explanatory note 2

Exhibits 3

Signatures 4

Exhibit to the Form 6-K Dated 4 May 2017 (Credit Suisse Financial Report 1Q17)

Key metrics 6

Table of contents 7

Credit Suisse at a glance 8

I Credit Suisse results Operating environment 10 to 12

Credit Suisse 13 to 20

Swiss Universal Bank 21 to 26

International Wealth Management 27 to 33

Asia Pacific 34 to 39

Global Markets 40 to 42

Investment Banking & Capital 43 to 45 Markets

Strategic Resolution Unit 46 to 48

- 43 -

Corporate Center 49

Assets under management 50 to 52

II Treasury, risk, balance Liquidity and funding management 54 to 58 sheet and off-balance sheet Capital management 59 to 74

Risk management 75 to 84

Balance sheet and off-balance sheet 85 to 86

III Condensed Report of the Independent Registered 89 consolidated financial Public Accounting Firm statements – unaudited Condensed consolidated financial 91 to 97 statements – unaudited

(Includes the consolidated balance sheet, income statement and cash- flow statement of Credit Suisse Group AG)

Notes to the condensed consolidated 98 to 167 financial statements – unaudited, including, under Note 32:

Certain consolidated income 164 to 167 statement and balance sheet information of Credit Suisse AG

List of Abbreviations 168

Foreign currency translation rates 170

Cautionary statement regarding 171 forward-looking information

Form 6-K Dated 28 July 2017

Form 6-K Cover Page 1

Explanatory note 2

Forward-looking statements 2

Operating and financial review and 3 to 6 prospects

Differences between Group and Bank 7 to 8

Condensed consolidated financial 8 statements

Exhibits 9

Signatures 10

First Exhibit to the Form 6-K Dated 28 July 2017 – Ratio of earnings to fixed charges (Group)

Ratio of earnings to fixed charges 11

- 44 -

Second Exhibit to the Form 6-K Dated 28 July 2017 - Ratio of earnings to fixed charges (Bank)

Ratio of earnings to fixed charges 12

Fifth Exhibit to the Form 6-K Dated 28 July 2017 (Credit Suisse Financial Report 2Q17)

Key metrics 16

Table of contents 17

Credit Suisse at a glance 18

I Credit Suisse results Operating environment 20 to 22

Credit Suisse 23 to 32

Swiss Universal Bank 33 to 38

International Wealth Management 39 to 45

Asia Pacific 46 to 51

Global Markets 52 to 54

Investment Banking & Capital 55 to 57 Markets

Strategic Resolution Unit 58 to 60

Corporate Center 61

Assets under management 62 to 64

II Treasury, risk, balance Liquidity and funding management 66 to 69 sheet and off-balance sheet Capital management 70 to 85

Risk management 86 to 96

Balance sheet and off-balance sheet 97 to 98

III Condensed Report of the Independent Registered 101 consolidated financial Public Accounting Firm statements – unaudited Condensed consolidated financial 103 to 187 statements – unaudited

Consolidated statements of 103 comprehensive income (unaudited)

Consolidated balance sheets 104 to 105 (unaudited)

Consolidated statements of cash 109 to 110 flows (unaudited)

Notes to the condensed consolidated 111 to 187 financial statements – unaudited, including, under Note 31:

- 45 -

Certain consolidated income 180 to 187 statement and balance sheet information of Credit Suisse AG

List of Abbreviations 188

Foreign currency translation rates 190

Cautionary statement regarding 191 forward-looking information

Sixth Exhibit to the Form 6-K Dated 28 July 2017 (Credit Suisse (Bank) Financial Statements 6M17)

Table of contents to Credit Suisse 194 (Bank) Financial Statements 6M17

Report of the Independent Registered 195 Public Accounting Firm

Credit Suisse (Bank) Condensed 197 to 253 consolidated financial statements – unaudited

Consolidated statements of 197 comprehensive income (unaudited)

Consolidated balance sheets 198 to 199 (unaudited)

Consolidated statements of cash 201 to 202 flows (unaudited)

Notes to the condensed consolidated 203 to 253 financial statements – unaudited

2017 CSi Interim Report

Credit Suisse International 1

Biographies of the Directors 2 to 5

Interim Management Report for the Six Months Ended 30 June 2017 6 to 13

Statement of Director's Responsibilities 14

Financial Statements for the six months ended 30 June 2017 (Unaudited) 15 to 18

Condensed Consolidated Statement 15 of Income for the six months ended 30 June 2017 (Unaudited)

Condensed Statement of 15 Comprehensive Income for the six months ended 30 June 2017 (Unaudited)

Condensed Consolidated Interim 16 Statement of Financial Position as at 30 June 2017 (Unaudited)

- 46 -

Condensed Consolidated Statement 17 of Changes in Equity for the six months ended 30 June 2017 (Unaudited)

Condensed Consolidated Statement 18 of Cash Flows for the six months ended 30 June 2017 (Unaudited)

Notes to the Condensed Consolidated Interim Financial Statements for the Six 19 to 57 Months Ended 30 June 2017 (Unaudited)

Independent Review Report to Credit Suisse International 58

Form 6-K Dated 2 November 2017 Form 6-K Cover Page 1

Explanatory note 2

Forward-looking statements 2 Differences between Group and 3 to 4 Bank Selected financial data - Bank 5 to 6 Exhibits 7 Signatures 8 Exhibit to the Form 6-K Dated 2 November 2017 (Credit Suisse Financial Report 3Q17) Key metrics 11 Table of contents 12 Credit Suisse at a glance 13 I Credit Suisse results Operating environment 15 to 17 Credit Suisse 18 to 27 Swiss Universal Bank 28 to 33 International Wealth Management 34 to 40 Asia Pacific 41 to 46 Global Markets 47 to 49 Investment Banking & Capital 50 to 52 Markets Strategic Resolution Unit 53 to 55 Corporate Center 56 to 57 Assets under management 58 to 61 II Treasury, risk, balance Liquidity and funding management 63 to 66 sheet and off-balance sheet Capital management 67 to 82 Risk management 83 to 93 Balance sheet and off-balance sheet 94 to 95 III Condensed consolidated Report of the Independent 98 financial statements – Registered Public Accounting Firm

- 47 -

unaudited Condensed consolidated financial 100 to 182 statements – unaudited Consolidated statements of 100 comprehensive income (unaudited) Consolidated balance sheets 101 to 102 (unaudited) Consolidated statements of cash 106 to 107 flows (unaudited) Notes to the condensed consolidated 108 to 182 financial statements – unaudited, including, under Note 31: Certain consolidated income 177 to 182 statement and balance sheet information of Credit Suisse AG List of Abbreviations 183 Foreign currency translation rates 185 Cautionary statement regarding 186 forward-looking information Form 6-K Dated 13 November 2017

Whole document, except for the following sentence of the media 1 to 4 release: "Further information about Credit Suisse can be found at www.credit-suisse.com"

The information incorporated by reference that is not included in the cross reference list is considered as additional information and is not required by the relevant schedules of Commission Regulation (EC) No. 809/2004, as amended.

Copies of this Prospectus and the documents incorporated by reference are available on the website of the Luxembourg Stock Exchange (www.bourse.lu).

Investors who have not previously reviewed the information contained in the Base Prospectus (and the supplements to the Base Prospectus) should do so in connection with their evaluation of the Securities.

Terms defined in the General Certificate Conditions or the Asset Terms shall have the same meaning herein unless otherwise defined in the Specific Terms (as defined below).

- 48 -

TERMS AND CONDITIONS OF THE SECURITIES

The Terms and Conditions of the Securities (together, the "Terms and Conditions" or the "Conditions") comprise:

• the General Certificate Conditions set out below;

• the Asset Terms set out below; and

• the Specific Terms set out below.

In the event of any inconsistency between the General Certificate Conditions, the Asset Terms and the Specific Terms, the prevailing terms will be determined in accordance with the following order of priority (where (a) prevails over the other terms):

(a) the Specific Terms;

(b) the Asset Terms; and

(c) the General Certificate Conditions.

Each reference in the General Certificate Conditions and the Asset Terms to "Pricing Supplement" shall be deemed to be a reference to "Specific Terms".

- 49 -

GENERAL TERMS AND CONDITIONS OF CERTIFICATES

The following is the text of the General Certificate Conditions.

In relation to the Securities (which expression shall include any Securities issued pursuant to General Certificate Condition 8), the Issuers have executed an agency agreement dated 27 July 2017 (as amended, restated or supplemented from time to time, the "Agency Agreement"), with The Bank of New York Mellon, acting through its London Branch (or such other entity as may be specified in the relevant Pricing Supplement) as issuing agent and principal certificate agent (the "Principal Certificate Agent", which expression shall include, wherever the context so admits, any successor principal certificate agent) and the other agents named in it. The certificate agent, the registrar, the calculation agent(s) and the paying agents for the time being (if any) are referred to below respectively as the "Certificate Agent" (which expression shall include the Principal Certificate Agent and any substitute or additional certificate agents), the "Registrar", the "Calculation Agent(s) " and the "Paying Agents" (which expression shall include the Certificate Agent, the Registrar and the Calculation Agent(s) and together with any other agents specified in the relevant Pricing Supplement, the "Agents").

The Securityholders (as defined in General Certificate Condition 1(b)) are deemed to have notice of all the provisions of the Agency Agreement applicable to them. CS has executed a general deed of covenant by deed poll dated 27 July 2017 (the "CS Deed of Covenant") in favour of Securityholders from time to time in respect of Securities issued by CS from time to time under which it has agreed to comply with the terms of all such Securities. CSi has executed a general deed of covenant by deed poll dated 27 July 2017 (the "CSi Deed of Covenant") in favour of Securityholders from time to time in respect of Securities issued by CSi from time to time under which it has agreed to comply with the terms of all such Securities. Copies of the Agency Agreement (including the form of global certificate referred to below), the CS Deed of Covenant and the CSi Deed of Covenant are, and, so long as any Security remains outstanding, will be available for inspection during normal business hours at the specified offices of each of the Certificate Agents and the Registrar.

The Securities of any Series are subject to these General Certificate Conditions (as modified and/or supplemented by any applicable Additional Provisions and any applicable Asset Terms) and the relevant pricing supplement (the "Pricing Supplement") containing the final terms, relating to the relevant Securities (together, the "Terms and Conditions" or the "Conditions"). The relevant Securities will (unless otherwise specified) be represented by a global certificate (the "Global Security").

Expressions used herein and not defined shall have the meaning given to them in any applicable Additional Provisions, any applicable Asset Terms or the relevant Pricing Supplement. In the event of any inconsistency between the General Certificate Conditions, the applicable Additional Provisions, the applicable Asset Terms and the relevant Pricing Supplement, the prevailing terms will be determined in accordance with the following order of priority (where (a) prevails over the other terms):

(a) the relevant Pricing Supplement;

(b) the applicable Asset Terms;

(c) the applicable Additional Provisions (if any); and

(d) the General Certificate Conditions.

Except in relation to General Certificate Conditions 10, 15 and 18 references herein to the "Issuer" shall be to CS acting through its London Branch, its Nassau Branch or its Singapore Branch (each a "Branch") or CSi, as the case may be, (as specified in the relevant Pricing Supplement). In relation to General Certificate Conditions 10, 15 and 18, references to "Issuer" shall be to CS or CSi, as the case may be, (as specified in the relevant Pricing Supplement).

50

1. Form, Title and Transfer

(a) Form

The Securities shall be issued in registered form and shall be represented at all times by the Global Security deposited outside the United Kingdom with, or with a common depositary for, the Clearing System(s) (the "Registered Global Security"). Securities in definitive form shall not be issued.

(b) Title

Subject as provided below, title to the Securities shall pass by registration in the register (the "Register") maintained in accordance with the provisions of the Agency Agreement.

In the case of Securities clearing through the relevant Clearing System(s), each person being referred to herein as a "Securityholder" or "holder" of the Securities shall, for the purposes of these General Certificate Conditions, be each person for the time being appearing in the records of the relevant Clearing System(s) as the holder of a Security (other than one Clearing System to the extent that it appears on the books of another Clearing System) and such person shall be treated for all purposes by the Issuer, the Certificate Agents and the relevant Clearing System(s) as the Securityholder, other than with respect to the payment of any amount due under the terms of the Securities, for which purpose the Securityholder shall be the person in whose name the Registered Global Security is registered in accordance with and subject to its terms, notwithstanding any notice to the contrary.

References to "Clearing System(s) " are to Euroclear Bank S.A./N.V. ("Euroclear") and Clearstream Banking, société anonyme ("Clearstream, Luxembourg") or such other clearing system specified in the relevant Pricing Supplement with or on behalf of which the Global Security is deposited.

(c) Transfer

Transfers of Securities may be effected only in integral multiples of the Transferable Number of Securities, subject to a minimum of any Minimum Trading Lot specified in the relevant Pricing Supplement, through such Clearing System. Transfers may be effected only upon registration of the transfer in the books of such Clearing System.

2. Status

The Securities are unsubordinated and unsecured obligations of the Issuer and will rank pari passu and rateably without any preference among themselves and equally with all other unsubordinated and unsecured obligations of the Issuer from time to time outstanding.

3. Redemption and Payment

(a) Maturity Date

Unless previously redeemed or purchased and cancelled or unless the Securities are to be redeemed by way of physical settlement pursuant to General Certificate Condition 3(g), the Issuer will redeem the Securities on the Maturity Date at their Redemption Amount.

(b) Interim payments

In addition, if so specified in the relevant Pricing Supplement, the Issuer will pay or cause to be paid on such dates as may be specified therein such amounts as may be specified or determined in accordance with the provisions of the relevant Pricing Supplement ("Interim Payments").

(c) Redemption at the Option of the Issuer

If "Call Option" is specified in the relevant Pricing Supplement, the Issuer may (i) on giving not less than 15 nor more than 30 days' irrevocable notice to the Securityholders (or such

51

other notice period as may be specified in the relevant Pricing Supplement), or (ii) on exercising its call option on an Optional Redemption Exercise Date by giving notice to the Securityholders on or before such Optional Redemption Exercise Date, as specified in the relevant Pricing Supplement, redeem all or, if so provided, some, of the Securities on any Optional Redemption Date specified in the relevant Pricing Supplement at their Optional Redemption Amount specified in the relevant Pricing Supplement. Any such redemption must relate to a number of Securities at least equal to the minimum number to be redeemed and no greater than the maximum number to be redeemed, as specified in the relevant Pricing Supplement. All Securities in respect of which any such notice is given shall be redeemed on the date specified in such notice in accordance with this General Certificate Condition 3(c).

In the case of a partial redemption, the Securities to be redeemed shall be selected in such place and in such manner as may be fair and reasonable in the circumstances, taking account of prevailing market practices, subject to compliance with any applicable laws and stock exchange, Clearing System and other relevant requirements.

(d) Redemption at the Option of Securityholders

If "Put Option" is specified in the relevant Pricing Supplement, the Issuer shall, at the option of the holder of any such Security, upon the holder of such Security giving not less than 15 nor more than 30 days' notice (substantially in the form set out in the Agency Agreement or in such other form as the Issuer and the Principal Certificate Agent may approve) to the Issuer (or such other notice period as may be specified in the relevant Pricing Supplement) redeem such Security on the Optional Redemption Date(s) specified in the relevant Pricing Supplement at its Optional Redemption Amount specified in the relevant Pricing Supplement. No such option may be exercised if the Issuer has given notice of redemption of the Securities.

(e) Payments

Payments in respect of Securities will be made to the relevant Clearing System(s) for credit to the account of the person shown on the Register at the close of business on the date (the "Record Date") which is the Clearing System Business Day immediately prior to the due date for payment thereof, where "Clearing System Business Day" means each day from Monday to Friday inclusive except 25 December and 1 January.

The holder of the Registered Global Security will be the only person entitled to receive payments in respect of Securities represented by such Registered Global Security and the Issuer will be discharged by payment to, or to the order of, the holder of such Registered Global Security in respect of each amount so paid. Each of the persons shown in the records of the relevant Clearing System as the holder of a particular number or nominal amount of Securities represented by such Registered Global Security must look solely to such Clearing System for its share of each payment so made by the Issuer. No person other than the holder of such Registered Global Security shall have any claim against the Issuer in respect of any payments due on that Registered Global Security.

Payment by the Issuer of any amount payable in respect of a Security will be subject in all cases to all applicable fiscal and other laws, regulations and directives and the rules and procedures of the relevant Clearing System(s). Neither the Issuer nor any Certificate Agent shall under any circumstances be liable for any acts or defaults of any Clearing System in the performance of its duties in relation to the Securities.

(f) Non-Currency Business Days

If any date for payment in respect of any Security is not a Currency Business Day, Securityholders shall not be entitled to payment until the next following Currency Business Day or to any interest or other sum in respect of such postponed payment.

(g) Delivery of Shares (Physical Settlement)

If Physical Settlement Provisions are specified to be applicable in the relevant Pricing Supplement, the Physical Settlement Provisions Relating to Certificates hereto shall apply. 52

(h) Payment Disruption

This General Certificate Condition 3(h) shall apply only to each Series of Securities in respect of which "Payment Disruption" is specified to be applicable in the relevant Pricing Supplement.

(i) If the Issuer determines that a Payment Disruption Event has occurred in relation to any amount due (or shortly to be due) in respect of the Securities, the Issuer shall give notice as soon as practicable to Securityholders of such determination in accordance with General Certificate Condition 9.

(ii) Upon the occurrence of a Payment Disruption Event:

(A) the relevant Interest Payment Date, Maturity Date or any other date on which any amount may be due and payable (and the Issuer's obligation to pay the relevant Interest Amount, Redemption Amount or such other amounts in respect of the Securities) shall be postponed to a date (the "Extended Date") falling on the earlier of:

(1) two Business Days following the date on which the Issuer (acting in good faith and in a commercially reasonable manner) determines that the Payment Disruption Event is no longer continuing; and

(2) the date falling 45 calendar days following the original Interest Payment Date, Maturity Date or other payment date, as the case may be (the "Cut- Off Date").

(B) In the event that the Payment Disruption Event is still occurring on the second Currency Business Day immediately preceding the Cut-Off Date, then:

(1) if "Payment in Alternate Currency" is specified to be applicable in the relevant Pricing Supplement, the Issuer shall, on giving notice as soon as practicable to Securityholders in accordance with General Certificate Condition 9, make payment of the Equivalent Amount on the relevant Extended Date; or

(2) if "Payment of Adjusted Amount" is specified to be applicable in the relevant Pricing Supplement, the Issuer shall make payment of the relevant Interest Amount, Redemption Amount or such other amount payable under the Securities on the relevant Extended Date, and in such case, the Issuer may make such adjustment to such amount as it shall determine in good faith and in a commercially reasonable manner to be appropriate to account for any difference between the amount originally payable and the amount that a hypothetical investor would receive if such hypothetical investor were to enter into and maintain any theoretical hedging arrangements in respect of the Securities.

Upon the payment of the Equivalent Amount or the relevant Interest Amount, Redemption Amount or such other amount (as the case may be) pursuant to this General Certificate Condition 3(h)(ii) in respect of the Securities, the Issuer shall have discharged its obligations to pay such Interest Amount, Redemption Amount or other amount in respect of such Securities in full and shall have no other liability or obligation whatsoever in respect thereof except in the event of a loss resulting directly from the fraud, wilful default or gross negligence of the Issuer or the Calculation Agent.

(C) Any payments made in accordance with this General Certificate Condition 3(h)(ii) shall be made after deduction of any costs, expenses or liabilities incurred or to be incurred by the Calculation Agent or the Issuer in connection with or arising from the resolution of the relevant Payment Disruption Event.

(iii) Securityholders shall not be entitled to any interest or any other payment on account of any postponement or delay which may occur in respect of the payment of any amounts 53

due and payable in respect of the Securities pursuant to this General Certificate Condition 3(h).

(i) Interest and Currency Rate Additional Disruption Event

This General Certificate Condition 3(i) shall apply only to each Series of Securities in respect of which "Interest and Currency Rate Additional Disruption Event" is specified to be applicable in the relevant Pricing Supplement.

If the Issuer determines that an Interest and Currency Rate Additional Disruption Event has occurred, the Issuer may (but need not) determine:

(i) the appropriate adjustment, if any, to be made to any one or more of the terms of the Securities, including without limitation, any variable or term relevant to the settlement or payment under such Securities, as the Issuer determines appropriate to account for the economic effect of such Interest and Currency Rate Additional Disruption Event on the Securities, and determine the effective date of that adjustment. Upon making any such adjustment, the Issuer shall give notice as soon as practicable to the Securityholders stating the adjustment to any amount payable under the Securities and/or any of the other relevant terms and giving brief details of the Interest and Currency Rate Additional Disruption Event, provided that any failure to give such notice shall not affect the validity of the Interest and Currency Rate Additional Disruption Event or any action taken; or

(ii) that no adjustments to the terms of the Securities would achieve a commercially reasonable result, on giving notice to Securityholders as soon as practicable in accordance with the General Certificate Condition 9, the Issuer may redeem the Securities in whole but not in part, in which case the Issuer will cause to be paid to each Securityholder in respect of each Security held by it an amount equal to the Unscheduled Termination Amount on such day as the Issuer shall select in its sole and absolute discretion. For the avoidance of doubt, no other amounts shall be payable in respect of the Securities on account of interest or otherwise following such determination by the Issuer.

4. Interest and Premium

(a) Interest on Fixed Rate Securities

Each Fixed Rate Security bears interest on its outstanding nominal amount from and including the Interest Commencement Date either (i) at the rate per annum (expressed as a percentage) equal to the Rate of Interest or (ii) in an Interest Amount, such interest being payable in arrear on each Interest Payment Date. If so specified in the relevant Pricing Supplement, the Rate of Interest or Interest Amount may be different for different Interest Periods.

(b) Premium

If so specified in the relevant Pricing Supplement, the Issuer shall pay a premium in respect of the derivative element of the Securities. Such premium shall be payable in respect of each Security on its outstanding nominal amount from the Premium Commencement Date either (i) at the rate per annum (expressed as a percentage) equal to the Rate of Premium or (ii) in an amount equal to a fixed Premium Amount, such premium being payable in arrear on each Premium Payment Date. If so specified in the relevant Pricing Supplement, the Rate of Premium or Premium Amount may be different for different Premium Periods.

(c) Interest on Floating Rate Securities

(i) Interest Payment Dates

Each Floating Rate Security bears interest on its outstanding nominal amount from and including the Interest Commencement Date at the rate per annum (expressed as a percentage) equal to the Rate of Interest, such interest being payable in arrear on each Interest Payment Date specified in the relevant Pricing Supplement.

54

(ii) Business Day Convention

If any date that is specified in the relevant Pricing Supplement to be subject to adjustment in accordance with a Business Day Convention would otherwise fall on a day that is not a Business Day, then, if the Business Day Convention specified is (A) the Floating Rate Business Day Convention, such date shall be postponed to the next day that is a Business Day unless it would thereby fall into the next calendar month, in which event (1) such date shall be brought forward to the immediately preceding Business Day and (2) each subsequent such date shall be the last Business Day of the month in which such date would have fallen had it not been subject to adjustment, (B) the Following Business Day Convention, such date shall be postponed to the next day that is a Business Day, (C) the Modified Following Business Day Convention, such date shall be postponed to the next day that is a Business Day unless it would thereby fall into the next calendar month, in which event such date shall be brought forward to the immediately preceding Business Day or (D) the Preceding Business Day Convention, such date shall be brought forward to the immediately preceding Business Day.

(iii) Rate of Interest for Floating Rate Securities

The Rate of Interest in respect of Floating Rate Securities for each Interest Period shall be determined by the Calculation Agent (as defined in the ISDA Definitions) as a rate equal to the relevant ISDA Rate plus or minus (as indicated in the relevant Pricing Supplement) the margin ("Margin") (if any). For the purposes of this sub-paragraph (iii), "ISDA Rate" for an Interest Period means a rate equal to the Floating Rate that would be determined by the Calculation Agent under a Swap Transaction under the terms of an agreement incorporating the ISDA Definitions and under which:

(A) the Floating Rate Option is as specified in the relevant Pricing Supplement;

(B) the Designated Maturity is a period so specified in the relevant Pricing Supplement; and

(C) the relevant Reset Date is (1) if the applicable Floating Rate Option is based on LIBOR or EURIBOR, the first day of that Interest Period or such days as so specified in the relevant Pricing Supplement, or (2) if the applicable Floating Rate Option is neither based on LIBOR nor EURIBOR, such other day as so specified in the relevant Pricing Supplement,

provided that if the Issuer determines that such ISDA Rate cannot be determined in accordance with the ISDA Definitions read with the above provisions, the value of the ISDA Rate for an Interest Period shall be such rate as is determined by the Calculation Agent in good faith and in a commercially reasonable manner having regard to comparable benchmarks then available.

For the purposes of this sub-paragraph (iii), "Floating Rate", "Floating Rate Option", "Reset Date" and "Swap Transaction" have the meanings given to those terms in the ISDA Definitions.

(d) Accrual of Interest and Premium

Interest and Premium shall cease to accrue on each Security on the due date for redemption unless payment is improperly withheld or refused, in which event interest and premium shall continue to accrue (both before and after judgment) in the manner provided in this General Certificate Condition 4 to (i) the date on which such payment first becomes due and payable or (ii) if the full amount of moneys payable has not been received by the Certificate Agent on or prior to such date, the date on which, the full amount of such moneys having been so received notice to that effect is given to the Securityholders in accordance with General Certificate Condition 9.

55

(e) Maximum/Minimum Rates of Interest, Rate Multipliers and Rounding

(i) If any rate multiplier (a "Rate Multiplier") is specified in the relevant Pricing Supplement (either (A) generally, or (B) in relation to one or more Interest Periods), an adjustment shall be made to all Rates of Interest, in the case of (A), or the Rates of Interest for the specified Interest Periods, in the case of (B), calculated in accordance with (c) above by multiplying by such Rate Multiplier, subject always to the next paragraph.

(ii) If any Maximum Rate of Interest or Minimum Rate of Interest is specified in the relevant Pricing Supplement, then any Rate of Interest shall be subject to such maximum or minimum, as the case may be.

(iii) For the purposes of any calculations (unless otherwise specified), (A) all percentages resulting from such calculations shall be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point (with halves being rounded up), (B) all figures shall be rounded to seven significant figures (with halves being rounded up) and (C) all currency amounts that fall due and payable shall be rounded to the nearest unit of such currency (with halves being rounded up), save in the case of (1) any currency amounts denominated in Japanese yen, which shall be rounded down to the nearest Japanese yen, or (2) any currency amounts payable in respect of Securities where the Nominal Amount is specified in the relevant Pricing Supplement to be 1.00 in any currency, which shall be rounded up to 4 decimal places. For these purposes "unit" means the lowest transferable amount of such currency.

(f) Calculations

The amount of interest or premium payable in respect of any Security for any period shall be calculated by multiplying the product of the Rate of Interest or Rate of Premium and the outstanding nominal amount of such Security by the Day Count Fraction, unless an Interest Amount or Premium Amount (or a formula for its calculation) is specified in respect of such period, in which case the amount of interest or premium payable in respect of such Security for such period shall be equal to such Interest Amount or Premium Amount (or be calculated in accordance with such formula).

(g) Determination and Publication of Rates of Interest/Premium and Interest/Premium Amounts

On such date as the Issuer may be required under this General Certificate Condition 4 to calculate any rate or amount, obtain any quotation or make any determination or calculation, it shall determine such rate, calculate such amounts, obtain such quotation or make such determination or calculation, as the case may be, and cause the Rate of Interest and the Interest Amount and/or the Rate of Premium and Premium Amount for each Interest Period and Premium Period and the relevant Interest Payment Date and Premium Payment Date to be notified to the Principal Certificate Agent, the Issuer (if the Issuer is not the Calculation Agent), each of the Agents, the Securityholders and, if the Securities are listed on a stock exchange and the rules of such exchange or other relevant authority so require, such exchange or other relevant authority as soon as possible after their determination but in no event later than the fourth Business Day after such determination, and in the case where the Securities are listed on the Luxembourg Stock Exchange, in no event later than the first Business Day of the relevant Interest Period. Where any Interest Payment Date or Premium Payment Date is subject to adjustment pursuant to General Certificate Condition 4(c)(ii), the Interest Amounts and the Interest Payment Date or Premium Amount and Premium Payment Date so published may subsequently be amended (or appropriate alternative arrangements made by way of adjustment) without notice in the event of an extension or shortening of the Interest Period or Premium Period. If the Securities become due and payable under General Certificate Condition 10, the accrued interest and the Rate of Interest and/or Rate of Premium payable in respect of the Securities shall nevertheless continue to be calculated as previously in accordance with this General Certificate Condition 4 but no publication of the Rate of Interest and/or Rate of Premium or the Interest Amount or Premium Amount so calculated need be made.

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(h) Definitions

Unless the context otherwise requires and subject to the relevant Pricing Supplement, the following terms shall have the meanings set out below:

"Aggregate Nominal Amount" means the aggregate nominal amount of the Securities set out in the relevant Pricing Supplement.

"Day Count Fraction" means, in respect of the calculation of an amount of interest and/or premium on any Security for any period of time (from and including the first day of such period to but excluding the last) (whether or not constituting an Interest Period and/or a Premium Period, the "Calculation Period"):

(i) if "Actual/Actual" or "Actual/Actual – ISDA" is specified in the relevant Pricing Supplement, the actual number of days in the Calculation Period divided by 365 (or, if any portion of that Calculation Period falls in a leap year, the sum of (A) the actual number of days in that portion of the Calculation Period falling in a leap year divided by 366 and (B) the actual number of days in that portion of the Calculation Period falling in a non-leap year divided by 365);

(ii) if "Actual/365 (Fixed) " is specified in the relevant Pricing Supplement, the actual number of days in the Calculation Period divided by 365;

(iii) if "Actual/360" is specified in the relevant Pricing Supplement, the actual number of days in the Calculation Period divided by 360;

(iv) if "30/360", "360/360" or "Bond Basis" is specified in the relevant Pricing Supplement, the number of days in the Calculation Period divided by 360 calculated on a formula basis as follows:

[ ( )] [ ( )] ( ) Day Count Fraction = 360 x Y2 −Y1 + 30 x M2 −M1 + D2 − D1 where: 360

"Y1" is the year, expressed as a number, in which the first day of the Calculation Period falls;

"Y2" is the year, expressed as a number, in which the day immediately following the last day included in the Calculation Period falls;

"M1" is the calendar month, expressed as a number, in which the first day of the Calculation Period falls;

"M2" is the calendar month, expressed as a number, in which the day immediately following the last day included in the Calculation Period falls;

"D1" is the first calendar day, expressed as a number, of the Calculation Period, unless such number would be 31, in which case D1 will be 30; and

"D2" is the calendar day, expressed as a number, immediately following the last day included in the Calculation Period, unless such number would be 31 and D1 is greater than 29, in which case D2 will be 30;

(v) if "30E/360" or "Eurobond Basis" is specified in the relevant Pricing Supplement, the number of days in the Calculation Period divided by 360 calculated on a formula basis as follows:

[ ( )] [ ( )] ( ) Day Count Fraction = 360 x Y2 −Y1 + 30 x M2 −M1 + D2 − D1 360

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where:

"Y1" is the year, expressed as a number, in which the first day of the Calculation Period falls;

"Y2" is the year, expressed as a number, in which the day immediately following the last day included in the Calculation Period falls;

"M1" is the calendar month, expressed as a number, in which the first day of the Calculation Period falls;

"M2" is the calendar month, expressed as a number, in which the day immediately following the last day included in the Calculation Period falls;

"D1" is the first calendar day, expressed as a number, of the Calculation Period, unless such number would be 31, in which case D1 will be 30; and

"D2" is the calendar day, expressed as a number, immediately following the last day included in the Calculation Period, unless such number would be 31, in which case D2 will be 30;

(vi) if "30E/360 (ISDA) " is specified in the relevant Pricing Supplement, the number of days in the Calculation Period divided by 360, calculated on a formula basis as follows:

[ ( )] [ ( )] ( ) Day Count Fraction = 360 x Y2 −Y1 + 30 x M2 −M1 + D2 − D1 where: 360

"Y1" is the year, expressed as a number, in which the first day of the Calculation Period falls;

"Y2" is the year, expressed as a number, in which the day immediately following the last day included in the Calculation Period falls;

"M1" is the calendar month, expressed as a number, in which the first day of the Calculation Period falls;

"M2" is the calendar month, expressed as a number, in which the day immediately following the last day included in the Calculation Period falls;

"D1" is the first calendar day, expressed as a number, of the Calculation Period, unless (i) that day is the last day of February or (ii) such number would be 31, in which case D1 will be 30; and

"D2" is the calendar day, expressed as a number, immediately following the last day included in the Calculation Period, unless (i) that day is the last day of February but not the Maturity Date or (ii) such number would be 31, in which case D2 will be 30;

(vii) if "Actual/Actual–ICMA" is specified in the relevant Pricing Supplement:

(A) if the Calculation Period is equal to or shorter than the Determination Period during which it falls, the number of days in the Calculation Period divided by the product of (1) the number of days in such Determination Period and (2) the number of Determination Periods normally ending in any year; and

(B) if the Calculation Period is longer than one Determination Period, the sum of:

(1) the number of days in such Calculation Period falling in the Determination Period in which it begins divided by the product of (aa) the number of days in such Determination Period and (bb) the number of Determination Periods normally ending in any year; and

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(2) the number of days in such Calculation Period falling in the next Determination Period divided by the product of (aa) the number of days in such Determination Period and (bb) the number of Determination Periods normally ending in any year;

where:

"Designated Maturity" means the period set out in the relevant Pricing Supplement;

"Determination Date" means each date so specified in the relevant Pricing Supplement or, if none is so specified, each Interest Payment Date and/or Premium Payment Date; and

"Determination Period" means the period from and including a Determination Date in any year to but excluding the next Determination Date.

"Interest Amount" means the amount of interest (which shall not be less than zero) payable in respect of a Security on an Interest Payment Date as specified in the relevant Pricing Supplement or calculated under this General Certificate Condition 4.

"Interest Commencement Date" means the Issue Date or such other date as may be specified in the relevant Pricing Supplement.

"Interest Payment Date" means each date so specified in the relevant Pricing Supplement, and if so specified in the relevant Pricing Supplement, subject to adjustment in accordance with the Business Day Convention.

"Interest Period" means the period beginning on (and including) the Interest Commencement Date and ending on (but excluding) the first Interest Payment Date and each successive period beginning on (and including) an Interest Payment Date and ending on (but excluding) the next succeeding Interest Payment Date, and, if the relevant Pricing Supplement specifies that the Interest Period(s) or any particular Interest Period(s) shall be (i) "Adjusted", then each such Interest Period shall commence on or end on, as the case may be, the relevant Interest Payment Date after all applicable adjustments to such Interest Payment Date pursuant to the General Certificate Conditions, or (ii) "Unadjusted", then each such Interest Period shall commence on or end on, as the case may be, the date on which the relevant Interest Payment Date is scheduled to fall, disregarding all applicable adjustments to such Interest Payment Date pursuant to the General Certificate Conditions.

"ISDA Definitions" means the 2006 ISDA Definitions, as published by the International Swaps and Derivatives Association, Inc.

"Maximum Rate of Interest" means the rate or percentage so specified in the relevant Pricing Supplement.

"Minimum Rate of Interest" means the rate or percentage so specified in the relevant Pricing Supplement.

"Premium Amount" means the amount of any premium (which shall not be less than zero) payable in respect of a Security on a Premium Payment Date as specified in the relevant Pricing Supplement or calculated under this General Certificate Condition 4.

"Premium Commencement Date" means the Issue Date or such other date as may be specified in the relevant Pricing Supplement.

"Premium Payment Date" means each date so specified in the relevant Pricing Supplement.

"Premium Period" means the period beginning on (and including) the Premium Commencement Date and ending on (but excluding) the first Premium Payment Date and each successive period beginning on (and including) a Premium Payment Date and ending on (but excluding) the next succeeding Premium Payment Date.

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"Rate of Interest" means the rate of interest payable from time to time in respect of a Security as specified in the relevant Pricing Supplement or calculated under this General Certificate Condition 4.

"Rate of Premium" means the rate of premium payable from time to time in respect of a Security as specified in the relevant Pricing Supplement.

5. Illegality

If the Issuer shall have determined, acting in good faith and in a commercially reasonable manner, that the performance of any of its obligations under the Securities or that any arrangement made to hedge its obligations under the Securities shall have or will become, in whole or in part, unlawful, illegal or otherwise contrary to any present or future law, rule, regulation, judgment, order, directive, policy or request of any governmental, administrative, legislative or judicial authority or power (but, if not having the force of law, only if compliance with it is in accordance with the general practice of persons to whom it is intended to apply), or any change in the interpretation thereof (an "Illegality"), then the Issuer may, if and to the extent permitted by applicable law, either (a) make such adjustment to the Conditions as may be permitted by any applicable Asset Terms or (b) having given notice to Securityholders as soon as practicable in accordance with General Certificate Condition 9, redeem the Securities at their Unscheduled Termination Amount. In the case of (b) no payment of the Redemption Amount (or physical delivery of the Share Amount or payment of the Fractional Cash Amount, as applicable) or any other amounts on account of interest or otherwise shall be made after such notice has been given.

6. Purchases

The Issuer and any subsidiary or affiliate of the Issuer may at any time purchase Securities (provided that such Securities are purchased with all rights to receive all future payments of interest (if any)) in the open market or otherwise at any price and may hold, resell or cancel them.

7. Appointment of Agents

The Certificate Agents initially appointed by the Issuer and their respective specified offices are specified in the relevant Pricing Supplement. The Agents act solely as agents of the Issuer and neither the Issuer nor any of the Agents assumes any obligation or relationship of agency or trust or of a fiduciary nature for or with any Securityholder. The Issuer may at any time vary or terminate the appointment of any Agent and appoint additional or other Agents, provided that the Issuer shall at all times maintain (a) a Principal Certificate Agent, (b) a Registrar, and (c) so long as the Securities are listed on any stock exchange and the rules of that stock exchange or the relevant competent authority so require, such Paying Agents or other agents as may be required by the rules of such stock exchange or competent authority.

Notice of any such change or any change of any specified office shall promptly be given to the Securityholders.

8. Further Issues

The Issuer may from time to time without the consent of the Securityholders create and issue further Securities having the same terms and conditions as the Securities (save possibly for the amount and date of the first payment of interest and premium and for the issue price) (so that, for the avoidance of doubt, references in the Conditions to "Issue Date" shall be to the first issue date of the Securities) and so that the same shall be consolidated and form a single series with such Securities, and references in the Conditions to "Securities" shall be construed accordingly.

9. Notices

Notices to the holders of Securities which are listed on a stock exchange shall be given in such manner as the rules of such exchange or the relevant authority may require (in the case of the Luxembourg Stock Exchange by publication on www.bourse.lu). In addition, so long as 60

any Securities are held in or on behalf of a Clearing System, notices to the holders of such Securities may be given by delivery of the relevant notice to that Clearing System for communication by it to entitled accountholders or by delivery of the relevant notice to the holder of the relevant Global Security. Notices to the holders of Securities may also be given by publication in the newspaper specified in the relevant Pricing Supplement or such other leading newspaper of general circulation as the Issuer may determine. Any such notice shall be deemed to have been given on the weekday following such delivery or, where notices are so published, on the date of such publication or, if published more than once or on different dates, on the date of the first such publication. Notices to the holders of Securities may alternatively be mailed to them at their respective addresses in the Register and deemed to have been given on the fourth weekday (being a day other than a Saturday or a Sunday) after the date of mailing.

Notices to be given by a Securityholder shall (in the case of a Security not held in or on behalf of a Clearing System) be in writing and given by being lodged with a Certificate Agent. Where Securities are held in or on behalf of a Clearing System, such notices may be given by the holder of a Security through the relevant Clearing System in such manner as the relevant Clearing System may approve for this purpose together with confirmation from the Clearing System of the Securityholder's holding of Securities.

Where Securities are held in or on behalf of a Clearing System but such Clearing System does not permit notices to be sent through it, such notices may be given by the relevant Securityholder in writing by being lodged with a Certificate Agent, subject to the Securityholder providing evidence from the Clearing System satisfactory to the Issuer of the Securityholder's holding of Securities.

10. Events of Default

If any one or more of the following events (each an "Event of Default") has occurred and is continuing:

(a) the Issuer fails to pay any amount due on the Securities within 30 days after the due date;

(b) where the Issuer is CS acting through its London Branch, its Nassau Branch or its Singapore Branch, CS (i) is (or could be deemed by law or court to be) insolvent or bankrupt or unable to pay its debts, (ii) stops, suspends or threatens to stop or suspend payment of all or a material part of (or of a particular type of) its debts, (iii) initiates or becomes subject to proceedings relating to itself under any applicable bankruptcy, liquidation, insolvency, composition administration or insolvency law, (iv) proposes or makes a stay of execution, a general assignment or an arrangement or composition with or for the benefit of the relevant creditors in respect of any of such debts or (v) a moratorium is agreed or declared in respect of or affecting all or any part of (or of a particular type of) the debts of CS; or

(c) where the Issuer is CSi, a resolution is passed, or a final order of a court in the United Kingdom is made, and where not possible, not discharged or stayed within a period of 90 days, that CSi be wound up or dissolved,

then the holder of any Security may, by notice in writing given to the Certificate Agent at its specified office, declare such Security immediately due and payable, whereupon such Security shall become redeemable at an amount equal to its Unscheduled Termination Amount unless prior to the time when the Certificate Agent receives such notice all Events of Default have been cured.

11. Calculations and Determinations

Where any calculations or determinations are required in the Conditions to be made by the Issuer, the Issuer may delegate the performance of such determinations and/or calculations to a Calculation Agent on its behalf. In such event, the relevant references to the "Issuer" shall be construed as references to such Calculation Agent.

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All calculations and determinations of the Issuer and the Calculation Agent in the Conditions shall be made in accordance with the terms of the relevant Conditions having regard in each case to the criteria stipulated therein (if any) and (where relevant) on the basis of information provided to or obtained by employees or officers of the Issuer or the Calculation Agent (as applicable) responsible for making the relevant calculation or determination.

In making any discretionary determinations under the Conditions, each of the Issuer and the Calculation Agent may take into account such factors as it determines to be appropriate (including, but not limited to, any circumstances or events which it determines have a material effect on the hedging arrangements entered into by the Issuer (and/or its affiliates) at any time with respect to the Securities). Where provided in the Conditions, the Issuer or the Calculation Agent will calculate any amount(s) payable using the information, price sources or factors, whether official or estimated, as specified in the Conditions. However, should the Issuer or the Calculation Agent not be able to obtain the necessary information or be able to use the specified price sources or factors, then, after using reasonable efforts and after applying all applicable fallback provisions specified in the Conditions in relation to such calculation, the Issuer or the Calculation Agent shall be permitted to use its estimate (acting in good faith and in a commercially reasonable manner) of the relevant information, price source or factor in making the relevant calculations should it determine that such estimate is reasonably necessary.

Notwithstanding anything else in the Conditions (save as provided in the next sentence) and if (a) the relevant Pricing Supplement specifies that "Institutional" is not applicable, and (b) the terms of the Securities provide for the amount payable on the Maturity Date to be subject to a minimum amount, no modification or adjustment to, or calculation under, the Conditions may be made by the Issuer to reduce the amount so payable on such date to less than such minimum amount. For the avoidance of doubt, the preceding sentence shall not apply in relation to the rights of the Issuer to modify the Terms and Conditions pursuant to General Certificate Condition 14.

All calculations and determinations and exercises of discretion made by the Issuer or the Calculation Agent in such capacity under the Conditions whether or not already expressed to be the case therein shall be made in good faith and in a commercially reasonable manner and (where there is a corresponding applicable regulatory obligation) shall take into account whether fair treatment is achieved by any such calculation, determination and exercise of discretion in accordance with its applicable regulatory obligations.

All calculations made by the Issuer or the Calculation Agent under the Conditions shall, in the absence of manifest error, be final, conclusive and binding on Securityholders.

Neither the Issuer nor the Calculation Agent assumes any obligation or relationship of agency or trust or of a fiduciary nature for or with any Securityholder. Nothing in the Conditions shall exclude or restrict any duty or liability arising under the regulatory framework applicable to any person authorised by the Financial Conduct Authority.

12. Taxation

The Issuer is not liable for or otherwise obliged to pay, and the relevant Securityholder shall pay, any tax, duty, charges, withholding or other payment which may arise as a result of, or in connection with, the ownership, transfer, redemption or enforcement of any Security, including, without limitation, the payment of any amount thereunder. The Issuer shall have the right to withhold or deduct from any amount payable to the Securityholder such amount as is necessary (a) for the payment of any such taxes, duties, charges, withholdings or other payments or (b) for effecting reimbursement to the Issuer for any payment by it of any tax, duty, charge, withholding or other payment referred to in this General Certificate Condition 12.

13. Meetings of Securityholders

The Agency Agreement contains provisions for convening meetings of Securityholders to consider any matter affecting their interests, including the sanctioning by Extraordinary Resolution of a modification of any of the Conditions. Such a meeting may be convened by

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Securityholders holding not less than one tenth of the nominal amount of, or as the case may be, the number of Securities for the time being outstanding. The quorum for any meeting convened to consider an Extraordinary Resolution shall be two or more persons holding or representing a clear majority of the nominal amount of, or as the case may be, the number of Securities for the time being outstanding, or at any adjourned meeting two or more persons being or representing Securityholders whatever the nominal amount or number of the Securities held or represented, unless the business of such meeting includes consideration of proposals, inter alia, (a) to amend any date for payment on the Securities, (b) to reduce or cancel the nominal amount of, or any other amount payable or deliverable on redemption of, the Securities, (c) to vary any method of, or basis for, calculating any amount payable on the Securities or deliverable in respect of the Securities, (d) to vary the currency or currencies of payment or nominal amount of the Securities, (e) to take any steps that may only be taken following approval by an Extraordinary Resolution to which the special quorum provisions apply or (f) to modify the provisions concerning the quorum required at any meeting of Securityholders or the majority required to pass the Extraordinary Resolution in which case the necessary quorum shall be two or more persons holding or representing not less than 75 per cent., or at any adjourned meeting not less than 25 per cent., of the nominal amount of, or as the case may be, the number of Securities for the time being outstanding. Any Extraordinary Resolution duly passed shall be binding on Securityholders (whether or not they were present at the meeting at which such resolution was passed).

The Agency Agreement provides that a resolution in writing signed by or on behalf of the holders of not less than 90 per cent. of the nominal amount of, or as the case may be, the number of Securities outstanding shall for all purposes be as valid and effective as an Extraordinary Resolution passed at a meeting of Securityholders duly convened and held. Such a resolution in writing may be contained in one document or several documents in the same form, each signed by or on behalf of one or more Securityholders.

14. Modification

The Issuer may modify the Conditions (and (a) (i) in the case of CS, the CS Deed of Covenant, (ii) in the case of CSi, the CSi Deed of Covenant and (b) together with the other parties thereto, the Agency Agreement) without the consent of any Securityholder for the purposes of (a) curing any ambiguity or correcting or supplementing any provision contained in them in any manner which the Issuer may deem necessary or desirable provided that such modification is not, in the determination of the Issuer, prejudicial to the interests of the Securityholders or (b) correcting a manifest error. Notice of any such modification will be given to the Securityholders in accordance with General Certificate Condition 9.

15. Substitution of the Issuer

The Issuer, or any previously substituted company, may at any time, without the consent of the Securityholders, substitute for itself as principal obligor under the Securities any company (the "Substitute"), being any Affiliate of the Issuer or another company with which it consolidates, into which it merges or to which it sells, leases, transfers or conveys all or substantially all its property, subject to:

(a) where the Substitute is an Affiliate of the Issuer, the Substitute having a long-term unsecured debt rating equal to or higher than that of the Issuer given by Moody's Investors Service Ltd. or Moody's Deutschland GmbH (or such other Moody's entity providing the rating of the Issuer) (or an equivalent rating from another internationally recognised rating agency) or having the benefit of a guarantee from the Issuer or another Affiliate of the Issuer with such a debt rating;

(b) all actions, conditions and things required to be taken, fulfilled and done (including the obtaining of any necessary consents) to ensure that the Securities represent legal, valid and binding obligations of the Substitute having been taken, fulfilled and done and being in full force and effect; and

(c) the Issuer shall have given at least 30 days' prior notice of the date of such substitution to the Securityholders in accordance with General Certificate Condition 9.

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In the event of any substitution of the Issuer, any reference in the Conditions to the "Issuer" shall thenceforth be construed as a reference to the Substitute.

For these purposes, "Affiliate" means any entity controlled, directly or indirectly, by the Issuer, any entity that controls, directly or indirectly, the Issuer and any entity under common control with the Issuer.

The Issuer shall also have the right upon notice to Securityholders in accordance with General Certificate Condition 9 to change the office through which it is acting for the purpose of the Securities, the date of such change to be specified in such notice provided that no change can take place prior to the giving of such notice.

16. Third Parties

No person shall have any right to enforce any of the Conditions of the Securities under the Contracts (Rights of Third Parties) Act 1999 except and to the extent (if any) that the Securities expressly provide that it shall apply to any of their terms.

17. Miscellaneous Definitions

References to "AUD" are to Australian dollars, references to "CAD" are to Canadian dollars, references to "CNY" are to Chinese Renminbi, being the lawful currency of the People's Republic of China, references to "DKr" are to Danish Krone, references to "EUR" and "€" are to euro, being the lawful single currency of the member states of the European Union that have adopted and continue to retain a common single currency through monetary union in accordance with European Union treaty law (as amended from time to time), references to "GBP" and "£" are to pounds sterling, references to "HK$" and "HKD" are to Hong Kong dollars, references to "JPY" and "¥" are to Japanese yen, references to "Nkr" and "NOK" are to Norwegian Krone, references to "SGD" are to Singapore dollars, references to "SEK" and "SKr" are to Swedish Krona, references to "CHF" and "Sfr" are to Swiss Francs and references to "USD" and "U.S.$ " are to United States dollars.

"Additional Provisions" means any of (a) the Physical Settlement Provisions Relating to Certificates, and/or (b) the Supplementary Provisions for Certificates which are Belgian Securities, and/or (c) the CNY Payment Disruption Provisions Relating to Certificates, and/or (d) the Provisions Relating to Certificates in SIX SIS Ltd.

"Alternate Currency" means the currency so specified in the relevant Pricing Supplement.

"Banking Day" means, in respect of any city, a day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in such city.

"Business Centre" means each of the places so specified in the relevant Pricing Supplement.

"Business Day" means:

(a) in the case of any sum payable in a currency other than euro, a day (other than a Saturday or Sunday) on which commercial banks and foreign exchange markets settle payments in the principal financial centre for such currency; and/or

(b) in the case of any sum payable in euro, a TARGET Business Day; and/or

(c) in the case of any sum payable in a currency and/or one or more Business Centres, a day (other than a Saturday or a Sunday) on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in foreign exchange and foreign currency deposits) in such currency in the Business Centre(s) or, if no currency is indicated, generally in each of the Business Centres.

"Currency Business Day" means a day which is a Banking Day in the Financial Centre(s) if any (as specified in the relevant Pricing Supplement) and on which (unless the Settlement Currency is euro) commercial banks and foreign exchange markets are generally open to

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settle payments in the city or cities determined by the Issuer to be the principal financial centre(s) for the Settlement Currency, and if the Settlement Currency is euro, which is also a TARGET Business Day.

"Dealer" means any dealer specified in the relevant Pricing Supplement.

"Equivalent Amount" means, in respect of the relevant Interest Amount, Redemption Amount or any other amount payable on the Extended Date (for these purposes, the "Relevant Amount"), an amount in the Alternate Currency determined by the Issuer by converting the Relevant Amount into the Alternate Currency using the Equivalent Amount FX Rate for the Extended Date.

"Equivalent Amount FX Rate" means, in respect of any relevant date, an amount equal to the spot rate of exchange of the Reference Currency for the Alternate Currency, expressed as either (a) a number of units of the Reference Currency for a unit of the Alternate Currency, or (b) a number of units of the Alternate Currency for a unit of the Reference Currency, as specified in the relevant Pricing Supplement, as reported and/or published and/or displayed on the Equivalent Amount FX Rate Page at the Equivalent Amount FX Rate Time on such date, or if the Equivalent Amount FX Rate is not reported, published or displayed on the Equivalent Amount FX Rate Page at the Equivalent Amount FX Rate Time or is otherwise unavailable on such date for any reason, the rate determined by the Issuer acting in good faith and in a commercially reasonable manner, taking into account prevailing market conditions.

"Equivalent Amount FX Rate Page" means the page of the relevant screen provider or other price source as specified in the relevant Pricing Supplement or any successor page or price source on which the Issuer determines that the relevant Equivalent Amount FX Rate is displayed or otherwise derived.

"Equivalent Amount FX Rate Time" means the time specified as such in the relevant Pricing Supplement or, if no such time is specified, the time as determined in good faith and in a commercially reasonable manner by the Issuer.

"Extraordinary Resolution" means a resolution passed at a meeting duly convened and held in accordance with the Agency Agreement by a majority of at least 75 per cent. of the votes cast.

"Financial Centre" means each of the places so specified in the relevant Pricing Supplement.

"Fractional Cash Amount" has the meaning given to it in the Physical Settlement Provisions Relating to Certificates hereto.

"Hedging Arrangements" means any hedging arrangements entered into by the Issuer (and/or its affiliates) at any time with respect to the Securities, including without limitation the purchase and/or sale of any securities, commodities, currency or other asset, the entry into or termination of interest rate swap transactions, any options or futures on any securities, commodities or other asset, any depository receipts in respect of any securities, and any associated foreign exchange transactions.

"Interest and Currency Rate Additional Disruption Event" means an Interest and Currency Rate Hedging Disruption and/or an Interest and Currency Rate Increased Cost of Hedging.

"Interest and Currency Rate Hedging Disruption" means that the Issuer and/or its affiliates is unable, after using commercially reasonable efforts, to (a) acquire, establish, re-establish, substitute, maintain, unwind or dispose of any transaction(s) or asset(s) it deems necessary to hedge the interest and currency rate risk of the Issuer entering into and performing its obligations with respect to the Securities, or (b) realise, recover or remit the proceeds of any such transaction(s) or asset(s).

"Interest and Currency Rate Increased Cost of Hedging" means that the Issuer and/or its affiliates would incur a materially increased (as compared with circumstances existing on the Trade Date of the relevant Securities) amount of tax, duty, expense or fee (other than brokerage commissions) to (a) acquire, establish, re-establish, substitute, maintain, unwind or 65

dispose of any transaction(s) or asset(s) it deems necessary to hedge the interest and currency rate risk of the Issuer entering into and performing its obligations with respect to the Securities, or (b) realise, recover or remit the proceeds of any such transaction(s) or asset(s), provided that such materially increased amount that is incurred solely due to the deterioration of the creditworthiness of the Issuer and/or its affiliates shall not be deemed an Interest and Currency Rate Increased Cost of Hedging.

"Issue Date" means one of the following as specified in the relevant Pricing Supplement:

(a) the date so specified in the relevant Pricing Supplement; or

(b) the number of Currency Business Days following the Initial Setting Date (or, if such date falls on different dates for different Underlying Assets, the latest of such dates to occur), as specified in the relevant Pricing Supplement.

"Issue Price" means the amount so specified in the relevant Pricing Supplement.

"Maturity Date" means one of the following as specified in the relevant Pricing Supplement:

(a) the date so specified in the relevant Pricing Supplement; or

(b) the final Interest Payment Date; or

(c) the number of Currency Business Days following the relevant date (or, if such date falls on different dates for different Underlying Assets, the latest of such dates to occur), in each case, as specified in the relevant Pricing Supplement; or

(d) the later of (i) the date so specified in the relevant Pricing Supplement, and (ii) the number of Currency Business Days following the relevant date (or, if such date falls on different dates for different Underlying Assets, the latest of such dates to occur), in each case, as specified in the relevant Pricing Supplement.

"Minimum Payment Amount" means, in respect of a Security, the amount so specified in the relevant Pricing Supplement.

"Nominal Amount" means the nominal amount of each Security specified in the relevant Pricing Supplement.

"Option" means, in respect of a Security, the option component of such Security which provides exposure to the underlying asset(s) (if any), the terms of which are fixed on the trade date in order to enable the Issuer to issue such Security at the relevant price and on the relevant terms. The terms of the Option will vary depending on the terms of the Security.

"Option Value" means, in respect of a Security and any day, the value of the Option relating to such Security on such day, as calculated by the Calculation Agent by reference to such factors as it determines to be appropriate (including, but not limited to, the value, expected future performance and/or volatility of the underlying asset(s) (if any)).

"Optional Redemption Amount" means, in respect of an Optional Redemption Date and each Security in respect of which the Call Option or the Put Option (as applicable) has been exercised, an amount equal to a percentage of the Nominal Amount as specified in the relevant Pricing Supplement in respect of such Optional Redemption Date.

"Optional Redemption Date" means one of the following, as specified in the relevant Pricing Supplement:

(a) each date so specified in the relevant Pricing Supplement; or

(b) each date so specified in the relevant Pricing Supplement, or, if such date is not a Currency Business Day, the next following Currency Business Day; or

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(c) the number of Currency Business Days following the Optional Redemption Exercise Date on which the Issuer has exercised its Call Option, as specified in the relevant Pricing Supplement.

"Optional Redemption Exercise Date" means each date so specified in the relevant Pricing Supplement.

"Payment Disruption Event" means the occurrence of any of the following:

(a) any event that, in the determination of the Issuer, has the effect of prohibiting, preventing, restricting or materially delaying:

(i) the exchange of the Reference Currency into the Settlement Currency (whether directly or, pursuant to any Hedging Arrangements, indirectly by exchange into a third currency (the "Intermediate Currency") and exchange therefrom into the Settlement Currency) through customary legal channels; or

(ii) the exchange of the Reference Currency or the Intermediate Currency for the Settlement Currency or the Intermediate Currency at a rate at least as favourable as the rate for domestic institutions located in the Reference Jurisdiction; or

(iii) the free and unconditional transferability of the Reference Currency, the Intermediate Currency or the Specified Currency from accounts inside the Reference Jurisdiction to accounts outside the Reference Jurisdiction; or

(iv) the free and unconditional transferability of the Reference Currency, the Intermediate Currency or the Settlement Currency (A) between accounts inside the Reference Jurisdiction or (B) to a party that is a non-resident of the Reference Jurisdiction,

in each case, as compared to the position on the Trade Date;

(b) the imposition by the Reference Jurisdiction (or any political or regulatory authority thereof) of any capital controls, or the publication of any notice of an intention to do so, which the Issuer determines in good faith and in a commercially reasonable manner is likely to materially affect the Securities, and notice thereof is given by the Issuer to the Securityholders in accordance with General Certificate Condition 9; and

(c) the Issuer determines that the Reference Currency or Settlement Currency is no longer being used by the government of the country (or countries of the currency block) issuing such currency or by public institutions within the international banking community for the settlement of transactions, or is replaced by another currency.

"Redemption Amount" has the meaning given to it in the relevant Pricing Supplement.

"Reference Currency" means the currency(ies) so specified in the relevant Pricing Supplement, or if no currency(ies) is/are specified in the relevant Pricing Supplement, "Reference Currency" shall have the meaning given to it in the Asset Terms.

"Reference Jurisdiction" means, in respect of the Reference Currency, the country (or countries of the currency block) for which the Reference Currency is the lawful currency.

"Settlement Currency" means the currency in which a payment is to be made.

"Share Amount" has the meaning given to it in the Physical Settlement Provisions Relating to Certificates hereto.

"TARGET Business Day" means a day on which the TARGET2 System or any successor thereto is operating, where "TARGET2 System" means the Trans-European Automated Real- Time Gross Settlement Express Transfer (TARGET2) System.

"Trade Date" means the date so specified in the relevant Pricing Supplement.

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"Transferable Number of Securities" means the number so specified in the relevant Pricing Supplement.

"Unscheduled Termination Amount" means, in respect of a Security:

(a) if "Unscheduled Termination at Par" is specified to be applicable in the relevant Pricing Supplement, an amount in the Settlement Currency equal to the sum of:

(i) the Nominal Amount (or, if less, the outstanding nominal amount); plus

(ii) any interest accrued on the Security up to the date of redemption of the Security which has not been paid out; or

(b) if "Unscheduled Termination at Par" is specified to be not applicable in the relevant Pricing Supplement, and:

(i) if "Institutional" is specified to be not applicable in the relevant Pricing Supplement, and provided that (A) the terms of such Security provide for the amount payable at maturity to be subject to a minimum amount, and (B) such Security is not redeemed pursuant to General Certificate Condition 5 or General Certificate Condition 10, an amount in the Settlement Currency payable on the Maturity Date equal to the sum of:

(1) the Minimum Payment Amount, plus

(2) the Option Value (which may be equal to or greater than zero) as at the Unscheduled Termination Event Date (the "Termination Option Value"), plus

(3) any interest accrued on the Termination Option Value, from, and including, the Unscheduled Termination Event Date to, but excluding, the date on which the Securities are redeemed (calculated by reference to the prevailing interbank overnight interest rates in the relevant currency); or

(ii) otherwise, an amount in the Settlement Currency (which may be greater than or equal to zero) equal to the value of the Security immediately prior to it becoming due and payable pursuant to General Certificate Condition 10 or, in all other cases, as soon as reasonably practicable following the determination by the Issuer to early redeem the Security, as calculated by the Calculation Agent using its then prevailing internal models and methodologies and which amount may be based on or may take account of, amongst other factors, the following:

(A) the time remaining to maturity of the Security;

(B) the interest rates at which banks lend to each other;

(C) (I) in the case of a redemption pursuant to General Certificate Condition 10, the interest rate at which the Issuer (or its affiliates) is charged to borrow cash, as determined by the Calculation Agent at a time during the period commencing immediately prior to when rates that are observed in the market relating to the creditworthiness of the Issuer (including, but not limited to, an actual or anticipated downgrade in its credit rating) began to significantly worsen and ending with the occurrence of the Event of Default, taking into account relevant factors including, without limitation, whether or not there is a material deviation from the historic correlation of the market observable rates relating to the creditworthiness of the Issuer from the corresponding rates for comparable entities in such market, or (II) in all other cases, the interest rate at which the Issuer (or its affiliates) is charged to borrow cash on or reasonably close to the time at which the Calculation Agent calculates the Unscheduled Termination Amount, in each case, as determined by the Calculation Agent in good faith and in a commercially reasonable manner;

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(D) if the Security is linked to one or more underlying assets, the value, expected future performance and/or volatility of such underlying asset(s);

(E) (I) in the case of a redemption pursuant to General Certificate Condition 10, a deduction to take account of the creditworthiness of the Issuer (including, but not limited to, an actual or anticipated downgrade in its credit rating), as determined by the Calculation Agent at a time during the period commencing immediately prior to when rates that are observed in the market relating to the creditworthiness of the Issuer (including, but not limited to, an actual or anticipated downgrade in its credit rating) began to significantly worsen and ending with the occurrence of the Event of Default, taking into account relevant factors including, without limitation, whether or not there is a material deviation from the historic correlation of the market observable rates relating to the creditworthiness of the Issuer from the corresponding rates for comparable entities in such market, or (II) in all other cases, a deduction to take account of the creditworthiness of the Issuer (including, but not limited to, an actual or anticipated downgrade in its credit rating) on or reasonably close to the time at which the Calculation Agent calculates the Unscheduled Termination Amount, in each case, as calculated by the Calculation Agent in good faith and in a commercially reasonable manner using its then prevailing internal models and methodologies; and

(F) any other information which the Calculation Agent deems relevant (including, without limitation, the circumstances that resulted in the events causing such redemption),

provided that:

(1) if "Deduction for Hedge Costs" is specified to be applicable in the relevant Pricing Supplement, the Unscheduled Termination Amount shall be adjusted to account for any associated losses, expenses or costs that are, or would be, incurred by the Issuer and/or its affiliates as a result of unwinding, establishing, re-establishing and/or adjusting any hedging arrangements in relation to such Security, as determined by the Issuer in its discretion acting in good faith and in a commercially reasonable manner; and

(2) in the case of a redemption pursuant to General Certificate Condition 10, the calculation of the Unscheduled Termination Amount shall not take account of any additional or immediate impact of the Event of Default itself on the Issuer's creditworthiness (including, but not limited to, an actual or anticipated downgrade in its credit rating).

"Unscheduled Termination Event Date" means, in respect of a Security, the date on which the Issuer determines that an event resulting in the unscheduled redemption of such Security pursuant to the relevant Asset Terms has occurred.

18. Governing Law and Jurisdiction

The Securities and the Global Security, and any non-contractual obligations arising out of or in relation to the Securities and the Global Security, are governed by, and shall be construed in accordance with, English law.

The Issuer irrevocably agrees for the benefit of the Securityholders that the courts of England are to have jurisdiction to settle any disputes which may arise out of or in connection with the Securities and accordingly any suit, action or proceedings arising out of or in connection therewith (together referred to as "Proceedings") may be brought in such courts.

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The Issuer irrevocably and unconditionally waives and agrees not to raise any objection which it may have now or subsequently to the laying of the venue of any Proceedings in the courts of England and any claim that any Proceedings have been brought in an inconvenient forum and irrevocably and unconditionally agrees that a judgment in any Proceedings brought in the courts of England shall be conclusive and binding upon the Issuer and, where the Issuer is CS, the relevant Branch and may be enforced in the courts of any other jurisdiction. Nothing in this General Certificate Condition 18 shall limit any right to take Proceedings against the Issuer or, where the Issuer is CS, the relevant Branch in any other court of competent jurisdiction, nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction, whether concurrently or not.

CS appoints its London Branch as its agent for service of process in England in respect of any Proceedings against CS.

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ASSET TERMS

EQUITY INDEX-LINKED SECURITIES

The following is the text of the Asset Terms.

Application: the following terms shall apply to Securities if stated in the relevant Pricing Supplement to be "Equity Index-linked".

1. Definitions

"Additional Disruption Event" means a Change in Law, a Foreign Ownership Event, an FX Disruption, a Hedging Disruption and/or an Increased Cost of Hedging, as specified to be applicable in the relevant Pricing Supplement.

"Averaging Date" means:

(a) in respect of (i) a single Index, or (ii) an Index Basket where "Index Basket and Averaging Reference Dates – Individual/Individual" is specified to be applicable in the relevant Pricing Supplement, subject as provided in Asset Term 2, each date so specified in the relevant Pricing Supplement in respect of such single Index or an Index in such Index Basket, or if such date is not a Scheduled Trading Day for such Index, the next following Scheduled Trading Day for such Index; or

(b) in respect of an Index Basket where "Index Basket and Averaging Reference Dates – Common/Individual" or "Index Basket and Averaging Reference Dates – Common/Common" is specified to be applicable in the relevant Pricing Supplement, subject as provided in Asset Term 2, each date so specified in the relevant Pricing Supplement in respect of an Index in such Index Basket, or if such date is not a Scheduled Trading Day for each Index in such Index Basket, the next following Scheduled Trading Day for each Index in such Index Basket.

"Averaging Reference Date" means each Initial Averaging Date and Averaging Date, in each case, subject to adjustment in accordance with these Asset Terms.

"Change in Law" means that, on or after the Trade Date of the relevant Securities:

(a) if "Change in Law Option 1" is specified to be applicable in the relevant Pricing Supplement, (i) due to the adoption of or any change in any applicable law (including, without limitation, any tax law), rule, regulation or order, any regulatory or tax authority ruling, regulation or order or any regulation, rule or procedure of any exchange (an "Applicable Regulation"), or (ii) due to the promulgation of or any change in the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation (including any action taken by a taxing authority), the Issuer determines that (A) it has or will become illegal or contrary to any Applicable Regulation for it, any of its affiliates or any entities which are relevant to the Hedging Arrangements to hold, acquire or dispose of Hedge Positions relating to such Securities, or (B) it will incur a materially increased cost in performing its obligations with respect to such Securities (including, without limitation, due to any increase in tax liability, decrease in tax benefit or other adverse effect on its tax position) or any requirements in relation to reserves, special deposits, insurance assessments or other requirements;

(b) if "Change in Law Option 2" is specified to be applicable in the relevant Pricing Supplement, (i) due to the adoption of or any change in any applicable law (including, without limitation, any tax law), rule, regulation or order, any regulatory or tax authority ruling, regulation or order or any regulation, rule or procedure of any exchange (an "Applicable Regulation"), or (ii) due to the promulgation of or any change in the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation (including any action taken by a taxing authority), (A) the Issuer determines in good faith and in a commercially reasonable manner that it has or it will, within the next 15 calendar days but on or before the Maturity Date or 71

Settlement Date, as applicable, become illegal or contrary to any Applicable Regulation for it, any of its affiliates or any entities which are relevant to the Hedging Arrangements to hold, acquire or dispose of any of its Hedge Positions relating to such Securities, or (B) the Issuer determines that either the adoption or change described in (i) above or the promulgation or change described in (ii) above has resulted or will result, within the next 15 calendar days but on or before the Maturity Date or Settlement Date, as applicable, in an increased amount of tax, duty, expense or fee (other than brokerage commissions) for the Issuer, any of its affiliates or any entities which are relevant to the Hedging Arrangements to (1) acquire, establish, re-establish, maintain, unwind or dispose of any of its Hedge Positions, or (2) realise, recover or remit the proceeds of such Hedge Positions, which the Issuer determines in good faith and in a commercially reasonable manner to be material (relative to the position on the Trade Date for the relevant Securities); or

(c) if "Change in Law Option 3" is specified to be applicable in the relevant Pricing Supplement, (i) due to the adoption of or any change in any applicable law (including, without limitation, any tax law), rule, regulation or order, any regulatory or tax authority ruling, regulation or order or any regulation, rule or procedure of any exchange (an "Applicable Regulation"), or (ii) due to the promulgation of or any change in the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation (including any action taken by a taxing authority), the Issuer determines that it has or will become illegal or contrary to any Applicable Regulation for it, any of its affiliates or any entities which are relevant to the Hedging Arrangements to hold, acquire or dispose of Hedge Positions relating to such Securities.

"Common Valid Date" means, in respect of an Index Basket, a Scheduled Trading Day for each Index in such Index Basket that is not a Disrupted Day for any Index in such Index Basket and on which another Averaging Reference Date does not occur or is not deemed to occur.

"Component" means, in respect of an Index, any share, security, commodity, rate, index, derivative or other component included in such Index, as determined by the Issuer.

"Disrupted Day" means, in respect of:

(a) a Single-Exchange Index, any Scheduled Trading Day on which (i) a relevant Exchange fails to open for trading during its regular trading session, (ii) any Related Exchange fails to open for trading during its regular trading session, or (iii) a Market Disruption Event has occurred or is continuing;

(b) a Multi-Exchange Index, any Scheduled Trading Day on which (i) the Sponsor fails to publish the level of the Index (provided that the Issuer may, in its discretion, determine that such event instead results in the occurrence of an Index Disruption), (ii) any Related Exchange fails to open for trading during its regular trading session, or (iii) a Market Disruption Event has occurred or is continuing; and

(c) a Proprietary Index, any Scheduled Trading Day on which a Market Disruption Event has occurred (provided that the Issuer may, in its discretion, determine that such event instead results in the occurrence of an Index Disruption).

"Disruption Threshold" means the percentage so specified in the relevant Pricing Supplement.

"Early Closure" means, in respect of an Index (other than a Proprietary Index), the closure on any Exchange Business Day of any relevant Exchange or any Related Exchange prior to its Scheduled Closing Time unless such earlier closing time is announced by such Exchange or Related Exchange at least one hour prior to the earlier of (a) the actual closing time for the regular trading session on such Exchange or Related Exchange on such Exchange Business Day, and (b) the submission deadline for orders to be entered into the Exchange or Related Exchange system for execution at the Valuation Time on such Exchange Business Day.

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"Exchange" means in respect of any Components of an Index (other than a Proprietary Index), the stock exchange(s) or quotation system(s) (from time to time) on which, in the determination of the Sponsor for the purposes of that Index, such Components are listed or quoted and, if the Issuer in its discretion so determines, on which any depositary receipts in respect of such Components are listed or quoted in which event references to the Components of an Index may, where the Issuer determines the context to permit, include such depositary receipts.

"Exchange Business Day" means, in respect of:

(a) a Single-Exchange Index, any Scheduled Trading Day on which each Exchange and each Related Exchange are open for trading during their respective regular trading sessions; and

(b) a Multi-Exchange Index, any Scheduled Trading Day on which the Sponsor publishes the level of the Index and each Related Exchange is open for trading during its regular trading session, notwithstanding in either case any such Exchange or Related Exchange closing prior to its Scheduled Closing Time.

"Exchange Disruption" means, in respect of an Index (other than a Proprietary Index), any event (other than an Early Closure) that disrupts or impairs (as determined by the Issuer) the ability of market participants in general (a) to effect transactions in, or obtain market values for, (in the case of a Multi-Exchange Index) any Component of the Index (and, if the Issuer in its discretion so determines, any depositary receipts in respect of such securities) on any relevant Exchange or (in the case of a Single-Exchange Index) Components that comprise a percentage equal to the Disruption Threshold or more of the level of the Index on any relevant Exchange, or (b) to effect transactions in, or obtain market values for, futures or options relating to the relevant Index on any relevant Related Exchange.

"Foreign Ownership Event" means that the Issuer and/or its affiliates is unable, after using commercially reasonable efforts to acquire, establish, re-establish, substitute or maintain any transaction(s) or asset(s) it deems necessary to hedge the equity price risk of entering into and performing its obligations with respect to the Securities due to any restriction imposed by a share issuer, any court, tribunal or regulatory authority with competent jurisdiction on the ability of a person to acquire or own the relevant Component, by virtue of being a foreign person. If both Change in Law and Foreign Ownership Event are specified to be applicable in the relevant Pricing Supplement, where an event or circumstance that would otherwise (but for this provision) constitute a Foreign Ownership Event also constitutes a Change in Law, such event shall be deemed to be a Change in Law and shall not constitute a Foreign Ownership Event.

"FX Disruption" means the occurrence of any event after the Trade Date of the relevant Securities that makes the Issuer and/or its affiliates unable, after using commercially reasonable efforts, to:

(a) transfer through customary legal channels any amount denominated in a Relevant Currency required for the acquisition, establishment, re-establishment, substitution, maintenance, unwind or disposal of all or part of an FX Disruption Hedge from accounts (i) within the Local Jurisdiction to (A) accounts outside such Local Jurisdiction, (B) other accounts within such Local Jurisdiction, or (C) the accounts of a non-resident of such Local Jurisdiction, or (ii) outside the Local Jurisdiction to accounts within such Local Jurisdiction;

(b) convert through customary legal channels any amount denominated in a Relevant Currency required for the acquisition, establishment, re-establishment, substitution, maintenance, unwind or disposal of all or part of an FX Disruption Hedge into any other Relevant Currency, where such conversion is at a rate at least as favourable as the rate for domestic institutions located in the Local Jurisdiction; or

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(c) obtain a rate or a commercially reasonable rate (as determined by the Issuer), in each case, at which any amount denominated in a Relevant Currency required for the acquisition, establishment, re-establishment, substitution, maintenance, unwind or disposal of all or part of an FX Disruption Hedge can be exchanged for any other Relevant Currency.

If both Hedging Disruption and FX Disruption are specified to be applicable in the relevant Pricing Supplement, where an event or circumstance that would otherwise (but for this provision) constitute a Hedging Disruption also constitutes an FX Disruption, such event shall be deemed to be an FX Disruption and shall not constitute a Hedging Disruption.

"FX Disruption Hedge" means, in respect of the Issuer and/or its affiliates, any transaction(s) or asset(s) that the Issuer and/or its affiliates deems necessary to hedge the equity price risk (or any other relevant price risk including, but not limited to, the currency risk) of entering into and performing its obligations with respect to the Securities.

"General Conditions" means the General Note Conditions, the General Certificate Conditions or the General Warrant Conditions, as applicable.

"Hedge Positions" means any purchase, sale, entry into or maintenance of one or more (a) positions or contracts in securities, options, futures, derivatives or foreign exchange, (b) stock loan transactions, or (c) other instruments or arrangements (howsoever described) by the Issuer and/or its affiliates in order to hedge, individually or on a portfolio basis, the risk of entering into and performing its obligations with respect to the Securities.

"Hedge Proceeds" means the cash amount in euro and/or U.S. dollars and/or the Settlement Currency constituting the proceeds received by the Issuer and/or its affiliates in respect of any Hedging Arrangements; for the avoidance of doubt, Hedge Proceeds shall not be less than zero.

"Hedging Arrangements" means any hedging arrangements entered into by the Issuer (and/or its affiliates) at any time with respect to the Securities, including without limitation the purchase and/or sale of any securities, any options or futures on such securities, any depositary receipts in respect of such securities and any associated foreign exchange transactions.

"Hedging Disruption" means that the Issuer and/or its affiliates is unable, after using commercially reasonable efforts, to (a) acquire, establish, re-establish, substitute, maintain, unwind or dispose of any transaction(s) or asset(s) it deems necessary to hedge the equity price risk of the Issuer entering into and performing its obligations with respect to the Securities, or (b) realise, recover or remit the proceeds of any such transaction(s) or asset(s).

"Increased Cost of Hedging" means that the Issuer and/or its affiliates would incur a materially increased (as compared with circumstances existing on the Trade Date of the relevant Securities) amount of tax, duty, expense or fee (other than brokerage commissions) to (a) acquire, establish, re-establish, substitute, maintain, unwind or dispose of any transaction(s) or asset(s) it deems necessary to hedge the equity price risk of the Issuer entering into and performing its obligations with respect to the Securities, or (b) realise, recover or remit the proceeds of any such transaction(s) or asset(s), provided that such materially increased amount that is incurred solely due to the deterioration of the creditworthiness of the Issuer and/or its affiliates shall not be deemed an Increased Cost of Hedging.

"Index" means, subject as provided in Asset Term 2, the Index (or, if more than one, each Index) specified in the relevant Pricing Supplement.

"Index Adjustment Event" means, in respect of an Index, an Index Cancellation, an Index Disruption or an Index Modification.

"Index Basket" means a basket composed of Indices in the relative proportions or numbers of Indices.

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"Index Cancellation" means, in respect of an Index, the relevant Sponsor or Successor Sponsor, if applicable, on or prior to any Reference Date, Averaging Reference Date, Observation Date or other relevant date, permanently cancels such Index and no Successor Index exists as at the date of such cancellation.

"Index Disruption" means, in respect of an Index, the relevant Sponsor or Successor Sponsor, if applicable, on any Reference Date, Averaging Reference Date, Observation Date or other relevant date, fails to calculate and announce such Index, as determined by the Issuer (provided that, in respect of a Multi-Exchange Index or a Proprietary Index, the Issuer may, in its discretion, determine that such event instead results in the occurrence of a Disrupted Day).

"Index Level" means, on any relevant day, subject as provided in Asset Term 2, the level of the relevant Index determined by the Issuer as at the relevant Valuation Time on such day, as calculated and published by the relevant Sponsor.

"Index Modification" means, in respect of an Index, the relevant Sponsor or Successor Sponsor, if applicable, on or prior to any Reference Date, Averaging Reference Date, Observation Date or other relevant date, makes or announces that it will make a material change in the formula for, or the method of, calculating such Index, or in any other way materially modifies such Index (other than a modification prescribed in that formula or method to maintain such Index in the event of changes in the Components, capitalisation and/or other routine events).

"Initial Averaging Date" means:

(a) in respect of (i) a single Index, or (ii) an Index Basket where "Index Basket and Averaging Reference Dates – Individual/Individual" is specified to be applicable in the relevant Pricing Supplement, subject as provided in Asset Term 2, the date so specified in the relevant Pricing Supplement in respect of such single Index or an Index in such Index Basket, or if such date is not a Scheduled Trading Day for such Index, the next following Scheduled Trading Day for such Index; or

(b) in respect of an Index Basket where "Index Basket and Averaging Reference Dates – Common/Individual" or "Index Basket and Averaging Reference Dates – Common/Common" is specified to be applicable in the relevant Pricing Supplement, subject as provided in Asset Term 2, the date so specified in the relevant Pricing Supplement in respect of an Index in such Index Basket, or if such date is not a Scheduled Trading Day for each Index in such Index Basket, the next following Scheduled Trading Day for each Index in such Index Basket.

"Initial Setting Date" means:

(a) in respect of (i) a single Index, or (ii) an Index Basket where "Index Basket and Reference Dates – Individual/Individual" is specified to be applicable in the relevant Pricing Supplement, subject as provided in Asset Term 2, the date so specified in the relevant Pricing Supplement in respect of such single Index or an Index in such Index Basket, or if such date is not a Scheduled Trading Day for such Index, the next following Scheduled Trading Day for such Index; or

(b) in respect of an Index Basket where "Index Basket and Reference Dates – Common/Individual" or "Index Basket and Reference Dates – Common/Common" is specified to be applicable in the relevant Pricing Supplement, subject as provided in Asset Term 2, the date so specified in the relevant Pricing Supplement in respect of an Index in such Index Basket, or if such date is not a Scheduled Trading Day for each Index in such Index Basket, the next following Scheduled Trading Day for each Index in such Index Basket.

"Interim Valuation Date" means:

(a) in respect of (i) a single Index, or (ii) an Index Basket where "Index Basket and Reference Dates – Individual/Individual" is specified to be applicable in the relevant 75

Pricing Supplement, subject as provided in Asset Term 2, the date so specified in the relevant Pricing Supplement in respect of such single Index or an Index in such Index Basket, or if such date is not a Scheduled Trading Day for such Index, the next following Scheduled Trading Day for such Index; or

(b) in respect of an Index Basket where "Index Basket and Reference Dates – Common/Individual" or "Index Basket and Reference Dates – Common/Common" is specified to be applicable in the relevant Pricing Supplement, subject as provided in Asset Term 2, the date so specified in the relevant Pricing Supplement in respect of an Index in such Index Basket, or if such date is not a Scheduled Trading Day for each Index in such Index Basket, the next following Scheduled Trading Day for each Index in such Index Basket.

"Jurisdictional Event" means, in respect of an Index (a) any event which occurs, whether of general application or otherwise and which occurs as a result of present or future risks in or connected with the Jurisdictional Event Jurisdiction including, but not limited to, risks associated with fraud and/or corruption, political risk, legal uncertainty, imposition of foreign exchange controls, changes in laws or regulations and changes in the interpretation and/or enforcement of laws and regulations (including, without limitation, those relating to taxation) and other legal and/or sovereign risks, or (b) the Issuer (acting in good faith and in a commercially reasonable manner) determines that it and/or any affiliate is not able to buy and/or sell one or more Components of such Index or shares of companies whose depository receipts are included in such Index ("Related Shares") with or for a currency acceptable to the Issuer on the relevant Exchange (or the exchange or quotation system on which the relevant Related Shares are listed or quoted) or the relevant Exchange (or exchange or quotation system) fails to calculate and publish the equivalent, in a currency acceptable to the Issuer, of the share price of such shares on a day on which the Issuer determines that such calculation and publication was otherwise expected to be made and in the case of (a) and (b) which has or may have (as determined in the discretion of the Issuer, acting in good faith and in a commercially reasonable manner) the effect of reducing or eliminating the value of the Hedge Proceeds at any time.

"Jurisdictional Event Jurisdiction" means each country so specified in the relevant Pricing Supplement.

"Local Jurisdiction" means, in respect of an Index, the jurisdiction in which the Exchange for such Index is located.

"Market Disruption Event" means, in respect of:

(a) a Single-Exchange Index or a Multi-Exchange Index, the occurrence or existence of a Trading Disruption or an Exchange Disruption which in either case the Issuer determines is material, at any time during the one-hour period that ends at the relevant Valuation Time or an Early Closure provided that, in the case of a Multi-Exchange Index (other than where the Market Disruption Event relates to futures or options contracts relating to that Index), the Components of the Index in respect of which an Early Closure, Exchange Disruption and/or Trading Disruption occurs or exists amount, in the determination of the Issuer, in aggregate to a percentage equal to the Disruption Threshold or more of the level of the Index. For the purpose of determining whether a Market Disruption Event exists at any time in respect of a Component included in the relevant Index at any time, then the relevant percentage contribution of that Component to the level of the relevant Index shall be based on a comparison of (i) the portion of the level of the relevant Index attributable to that Component, and (ii) the overall level of the relevant Index, in each case immediately before the occurrence of such Market Disruption Event, as determined by the Issuer, and

(b) a Proprietary Index, the failure by the Sponsor to calculate and publish the level of the Index on any Scheduled Trading Day or in respect of such Scheduled Trading Day within the scheduled or usual timeframe for publication.

"Maximum Days of Disruption" means:

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(a) in respect of (i) a single Index, or (ii) an Index Basket where "Index Basket and Averaging Reference Dates – Individual/Individual", "Index Basket and Averaging Reference Dates – Common/Individual", "Index Basket and Reference Dates – Individual/Individual" or "Index Basket and Reference Dates – Common/Individual" is specified to be applicable in the relevant Pricing Supplement, eight Scheduled Trading Days in respect of the single Index or an Index in such Index Basket, or such other number of Scheduled Trading Days in respect of the single Index or an Index in such Index Basket as specified in the relevant Pricing Supplement; or

(b) in respect of an Index Basket where "Index Basket and Averaging Reference Dates – Common/Common" or "Index Basket and Reference Dates – Common/Common" is specified to be applicable in the relevant Pricing Supplement, eight Scheduled Trading Days in respect of each Index in such Index Basket or such other number of Scheduled Trading Days in respect of each Index in such Index Basket as specified in the relevant Pricing Supplement.

"Multi-Exchange Index" means any Index which is so specified in the relevant Pricing Supplement, or, if not specified, any Index the Issuer determines as such.

"Observation Date" means each date so specified in the relevant Pricing Supplement, provided that if "Observation Date subject to Averaging Date or Valuation Date adjustment" is specified to be applicable in respect of such date in the relevant Pricing Supplement, then the provisions of Asset Term 2 shall apply to such date as if it were an Averaging Date or a Valuation Date, as the case may be.

"Observation Period" means the period so specified in the relevant Pricing Supplement.

"Proprietary Index" means any Index which is so specified in the relevant Pricing Supplement, or, if not specified, any Index the Issuer determines as such.

"Reference Currency" means, in respect of an Index, the currency in which such Index is denominated.

"Reference Date" means each Initial Setting Date, Valuation Date or Interim Valuation Date, in each case, subject to adjustment in accordance with these Asset Terms.

"Related Exchange(s) " means, in respect of an Index, each exchange or quotation system so specified in the relevant Pricing Supplement, any successor to such exchange or quotation system or any substitute exchange or quotation system to which trading in futures or options contracts relating to such Index has temporarily relocated (provided that the Issuer has determined that there is comparable liquidity relative to the futures or options contracts relating to such Index on such temporary substitute exchange or quotation system as on the original Related Exchange), provided, however, that where "All Exchanges" is specified as the Related Exchange in the relevant Pricing Supplement, "Related Exchange" shall mean each exchange or quotation system where trading has a material effect (as determined by the Issuer) on the overall market for futures or options contracts relating to such Index.

"Relevant Currency" means any of the Settlement Currency, the Reference Currency, USD, EUR, GBP and the currency in which each Component of the Index is denominated.

"Relevant Exchange Rate" means the reference exchange rate for the conversion of the relevant currency into the Settlement Currency (or, if no such direct exchange rates are published, the effective rate resulting from the application of rates into and out of one or more intermediate currencies) as the Issuer may determine to be the prevailing spot rate for such exchange.

"Required Exchange" means, in respect of an Index specified as a Multi-Exchange Index or a Proprietary Index, the exchange(s) so specified in the relevant Pricing Supplement.

"Scheduled Averaging Date" means an original date that, but for such day being a Disrupted Day, would have been an Averaging Date.

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"Scheduled Averaging Reference Date" means each Scheduled Averaging Date or Scheduled Initial Averaging Date.

"Scheduled Closing Time" means, in respect of an Exchange or Related Exchange and a Scheduled Trading Day, the scheduled weekday closing time of such Exchange or Related Exchange on such Scheduled Trading Day, without regard to after hours or any other trading outside the regular trading session hours.

"Scheduled Initial Averaging Date" means an original date that, but for such day being a Disrupted Day, would have been an Initial Averaging Date.

"Scheduled Initial Setting Date" means an original date that, but for such day being a Disrupted Day, would have been an Initial Setting Date.

"Scheduled Interim Valuation Date" means an original date that, but for such day being a Disrupted Day, would have been an Interim Valuation Date.

"Scheduled Reference Date" means each Scheduled Initial Setting Date, Scheduled Valuation Date or Scheduled Interim Valuation Date.

"Scheduled Trading Day" means, in respect of:

(a) a Single-Exchange Index, any day on which each Exchange and each Related Exchange for such Index are scheduled to be open for trading for their respective regular trading sessions;

(b) a Multi-Exchange Index, any day on which the Sponsor is scheduled to publish the level of the Index and each Required Exchange (if any) and each Related Exchange for such Index are scheduled to be open for trading for their regular trading sessions;

(c) a Proprietary Index, any day on or, as the case may be, in respect of, which the Sponsor is scheduled to publish the level of the Index and each Required Exchange (if any) for such Index is scheduled to be open for trading for their regular trading sessions;

(d) any Component referenced by the Index which is a Share, any day on which the relevant Exchange and the relevant Related Exchange for such Share (as defined in the Equity-linked Securities Asset Terms) are scheduled to be open for trading for their respective regular trading sessions; and

(e) any Component which is not a Share, any day on which the value, level or price, as is applicable, is scheduled to be published or disseminated, or is otherwise scheduled to be available.

"Scheduled Valuation Date" means an original date that, but for such day being a Disrupted Day, would have been a Valuation Date.

"Share" means, in respect of an Index, any share included in such Index, as determined by the Issuer.

"Single-Exchange Index" means any Index which is so specified in the relevant Pricing Supplement, or, if not specified, any Index the Issuer determines as such.

"Sponsor" means, in relation to an Index, the corporation or other entity as determined by the Issuer that (a) is responsible for setting and reviewing the rules and procedures and the methods of calculation and adjustments if any, related to such Index, and (b) announces (directly or through an agent) the level of such Index on a regular basis during each Scheduled Trading Day failing whom such person acceptable to the Issuer who calculates and announces the Index or any agent or person acting on behalf of such person.

"Trade Date" means the date so specified in the relevant Pricing Supplement.

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"Trading Disruption" means, in respect of an Index (other than a Proprietary Index), any suspension of or limitation imposed on trading by the relevant Exchange or Related Exchange or otherwise and whether by reason of movements in price exceeding limits permitted by the relevant Exchange or Related Exchange or otherwise (a) on any relevant Exchange(s) relating to (in the case of a Multi-Exchange Index) any Component of the Index or (in the case of a Single-Exchange Index) Components that comprise a percentage equal to the Disruption Threshold or more of the level of the Index, or (b) in futures or options contracts relating to the relevant Index on any relevant Related Exchange.

"Valid Date" means, in respect of an Index, a Scheduled Trading Day for such Index that is not a Disrupted Day for such Index and on which another Averaging Reference Date does not occur or is not deemed to occur.

"Valuation Date" means:

(a) in respect of (i) a single Index, or (ii) an Index Basket where "Index Basket and Reference Dates – Individual/Individual" is specified to be applicable in the relevant Pricing Supplement, subject as provided in Asset Term 2, the date so specified in the relevant Pricing Supplement in respect of such single Index or an Index in such Index Basket, or if such date is not a Scheduled Trading Day for such Index, the next following Scheduled Trading Day for such Index; or

(b) in respect of an Index Basket where "Index Basket and Reference Dates – Common/Individual" or "Index Basket and Reference Dates – Common/Common" is specified to be applicable in the relevant Pricing Supplement, subject as provided in Asset Term 2, the date so specified in the relevant Pricing Supplement in respect of an Index in such Index Basket, or if such date is not a Scheduled Trading Day for each Index in such Index Basket, the next following Scheduled Trading Day for each Index in such Index Basket.

"Valuation Time" means, in respect of:

(a) a Single-Exchange Index or a Multi-Exchange Index, (i) for the purposes of determining whether a Market Disruption Event has occurred, (A) in respect of any Component, the Scheduled Closing Time on the Exchange in respect of such Component, and (B) in respect of any options or futures contracts on the Index, the close of trading on the Related Exchange, and (ii) in all other circumstances, the time so specified in the relevant Pricing Supplement or, if no such time is specified, the time with reference to which the Sponsor calculates and publishes the closing level of such Index; and

(b) a Proprietary Index, the time with reference to which the Sponsor calculates and publishes the closing level of such Index.

2. Disrupted Days, Index Adjustment Events and Other Adjustments

2.1 Consequences of Disrupted Days

(a) Single Index and Reference Dates

Where the Securities relate to a single Index, unless otherwise specified in the relevant Pricing Supplement, if the Issuer determines that any Scheduled Reference Date is a Disrupted Day, then the Reference Date shall be the first succeeding Scheduled Trading Day that the Issuer determines is not a Disrupted Day, unless the Issuer determines that each of the consecutive Scheduled Trading Days equal in number to the Maximum Days of Disruption immediately following the Scheduled Reference Date is a Disrupted Day. In that case:

(i) the last consecutive Scheduled Trading Day shall be deemed to be the Reference Date, notwithstanding the fact that such day is a Disrupted Day; and

(ii) the Issuer shall determine the Index Level on or in respect of that last consecutive Scheduled Trading Day in accordance with Asset Term 2.1(g) 79

(Formula for and method of calculating an Index Level after the Maximum Days of Disruption), and such determination by the Issuer pursuant to this paragraph (ii) shall be deemed to be the Index Level in respect of the Reference Date.

(b) Single Index and Averaging Reference Dates

Where the Securities relate to a single Index, unless otherwise specified in the relevant Pricing Supplement, if the Issuer determines that the Scheduled Averaging Reference Date relating to an Averaging Date is a Disrupted Day and, in the relevant Pricing Supplement, the consequence specified for such Averaging Reference Date is:

(i) "Omission", then such Scheduled Averaging Reference Date will be deemed not to be a relevant Averaging Reference Date, provided that, if through the operation of this provision there would be no Averaging Reference Dates then the sole Averaging Reference Date shall be the first succeeding Scheduled Trading Day following the final Scheduled Averaging Reference Date that the Issuer determines is not a Disrupted Day, unless the Issuer determines that each of the consecutive Scheduled Trading Days equal in number to the Maximum Days of Disruption immediately following such final Scheduled Averaging Reference Date is a Disrupted Day. In that case:

(A) the last consecutive Scheduled Trading Day shall be deemed to be the sole Averaging Reference Date, notwithstanding the fact that such day is a Disrupted Day; and

(B) the Issuer shall determine the Index Level on or in respect of that last consecutive Scheduled Trading Day in accordance with Asset Term 2.1(g) (Formula for and method of calculating an Index Level after the Maximum Days of Disruption), and such determination by the Issuer pursuant to this paragraph (B) shall be deemed to be the Index Level in respect of the sole Averaging Reference Date;

(ii) "Postponement", then the relevant Averaging Reference Date shall be the first succeeding Scheduled Trading Day following such Scheduled Averaging Reference Date that the Issuer determines is not a Disrupted Day (irrespective of whether that deferred Averaging Reference Date is already or is deemed to be another Averaging Reference Date), unless the Issuer determines that each of the consecutive Scheduled Trading Days equal in number to the Maximum Days of Disruption immediately following such Scheduled Averaging Reference Date is a Disrupted Day. In that case:

(A) the last consecutive Scheduled Trading Day shall be deemed to be the relevant Averaging Reference Date (irrespective of whether that last consecutive Scheduled Trading Day in respect of the Index is already or is deemed to be another Averaging Reference Date or is a Disrupted Day); and

(B) the Issuer shall determine the Index Level on or in respect of that last consecutive Scheduled Trading Day in accordance with Asset Term 2.1(g) (Formula for and method of calculating an Index Level after the Maximum Days of Disruption), and such determination by the Issuer pursuant to this paragraph (B) shall be deemed to be the Index Level in respect of the relevant Averaging Reference Date; or

(iii) "Modified Postponement", then the relevant Averaging Reference Date shall be the first succeeding Valid Date. If the first succeeding Valid Date has not occurred as of the Valuation Time on the last consecutive Scheduled Trading Day equal in number to the Maximum Days of Disruption immediately following the final Scheduled Averaging Reference Date, then:

(A) the last consecutive Scheduled Trading Day shall be deemed to be the Averaging Reference Date (irrespective of whether that last consecutive 80

Scheduled Trading Day in respect of the Index is already or is deemed to be another Averaging Reference Date or is a Disrupted Day); and

(B) the Issuer shall determine the Index Level on or in respect of that last consecutive Scheduled Trading Day in accordance with Asset Term 2.1(g) (Formula for and method of calculating an Index Level after the Maximum Days of Disruption), and such determination by the Issuer pursuant to this paragraph (B) shall be deemed to be the Index Level in respect of the relevant Averaging Reference Date.

If the Issuer determines that any Averaging Reference Date is a Disrupted Day and, if in the relevant Pricing Supplement no consequence is specified in respect of such Averaging Reference Date, then it shall be deemed that the consequence specified in "Modified Postponement" will apply.

(c) Index Basket and Reference Dates – Individual/Individual and Common/Individual

Where the Securities relate to an Index Basket and unless otherwise specified in the relevant Pricing Supplement, if the relevant Pricing Supplement specifies that "Index Basket and Reference Dates – Individual/Individual" or "Index Basket and Reference Dates – Common/Individual" applies to the Index Basket and a Reference Date, then if the Issuer determines that the Scheduled Reference Date relating to such Reference Date is a Disrupted Day for any Index in the Index Basket, then such Reference Date for such Index shall be the first succeeding Scheduled Trading Day for such Index that the Issuer determines is not a Disrupted Day relating to that Index, unless the Issuer determines that each of the consecutive Scheduled Trading Days for such Index equal in number to the Maximum Days of Disruption immediately following such Scheduled Reference Date is a Disrupted Day relating to that Index. In that case:

(i) the last consecutive Scheduled Trading Day for such Index shall be deemed to be the Reference Date for such Index, notwithstanding the fact that such day is a Disrupted Day for such Index; and

(ii) the Issuer shall determine the Index Level for such Index on or in respect of that last consecutive Scheduled Trading Day for such Index in accordance with Asset Term 2.1(g) (Formula for and method of calculating an Index Level after the Maximum Days of Disruption), and such determination by the Issuer pursuant to this paragraph (ii) shall be deemed to be the Index Level in respect of the Reference Date for such Index.

(d) Index Basket and Reference Dates – Common/Common

Where the Securities relate to an Index Basket and unless otherwise specified in the relevant Pricing Supplement, if the relevant Pricing Supplement specifies that "Index Basket and Reference Dates – Common/Common" applies to the Index Basket and a Reference Date, then if the Issuer determines that the Scheduled Reference Date relating to such Reference Date is a Disrupted Day for any Index in the Index Basket, then such Reference Date for each Index in the Index Basket shall be the first succeeding Scheduled Trading Day for each Index in the Index Basket following such Scheduled Reference Date which the Issuer determines is not a Disrupted Day for any Index in the Index Basket, unless the Issuer determines that each of the consecutive Scheduled Trading Days for each Index in the Index Basket equal in number to the Maximum Days of Disruption immediately following such Scheduled Reference Date is a Disrupted Day relating to one or more Indices in the Index Basket. In that case:

(i) the last consecutive Scheduled Trading Day for each Index in the Index Basket shall be deemed to be the Reference Date for each Index in the Index Basket, notwithstanding the fact that such day is a Disrupted Day for one or more Indices in the Index Basket (each such Index being an "Affected Basket Index" for such Reference Date);

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(ii) for each Index in the Index Basket other than an Affected Basket Index, the relevant Index Level shall be determined by reference to the relevant screen pages by the Issuer at the applicable Valuation Time on such last consecutive Scheduled Trading Day for each Index in the Index Basket; and

(iii) for each Affected Basket Index, the Issuer shall determine the Index Level for such Affected Basket Index on or in respect of that last consecutive Scheduled Trading Day for each Index in the Index Basket in accordance with Asset Term 2.1(g) (Formula for and method of calculating an Index Level after the Maximum Days of Disruption), and such determination by the Issuer pursuant to this paragraph (iii) shall be deemed to be the Index Level in respect of the Reference Date for such Affected Basket Index.

(e) Index Basket and Averaging Reference Dates – Individual/Individual and Common/Individual

Where the Securities relate to an Index Basket and unless otherwise specified in the relevant Pricing Supplement, if the relevant Pricing Supplement specifies that "Index Basket and Averaging Reference Dates – Individual/Individual" or "Index Basket and Averaging Reference Dates – Common/Individual" applies to the Index Basket and an Averaging Reference Date and if the Issuer determines that the Scheduled Averaging Reference Date relating to such Averaging Reference Date is a Disrupted Day in respect of any Index in the Index Basket and if, in the relevant Pricing Supplement, the consequence specified is:

(i) "Omission", then such Scheduled Averaging Reference Date will be deemed not to be a relevant Averaging Reference Date for each Index in the Index Basket, provided that, if through the operation of this provision there would be no Averaging Reference Dates, then:

(A) for each Index in the Index Basket for which the Issuer determines that the final Scheduled Averaging Reference Date is not a Disrupted Day, the sole Averaging Reference Date for such Index shall be the final Scheduled Averaging Reference Date; and

(B) for each Index in the Index Basket for which the Issuer determines that the final Scheduled Averaging Reference Date is a Disrupted Day, then the sole Averaging Reference Date for such Index shall be the first succeeding Scheduled Trading Day for such Index following the final Scheduled Averaging Reference Date that the Issuer determines is not a Disrupted Day relating to such Index, unless the Issuer determines that each of the consecutive Scheduled Trading Days for such Index equal in number to the Maximum Days of Disruption immediately following the final Scheduled Averaging Reference Date is a Disrupted Day relating to that Index. In that case:

(1) that last consecutive Scheduled Trading Day for such Index shall be deemed to be the sole Averaging Reference Date for such Index, notwithstanding the fact that such day is a Disrupted Day for such Index; and

(2) the Issuer shall determine the Index Level for such Index on or in respect of that last consecutive Scheduled Trading Day for such Index in accordance with Asset Term 2.1(g) (Formula for and method of calculating an Index Level after the Maximum Days of Disruption), and such determination by the Issuer pursuant to this paragraph (2) shall be deemed to be the Index Level in respect of the sole Averaging Reference Date for such Index;

(ii) "Postponement", then for each Index in the Index Basket for which the Issuer determines that such Scheduled Averaging Reference Date is a Disrupted Day,

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the Averaging Reference Date for such Index shall be the first succeeding Scheduled Trading Day for such Index following such Scheduled Averaging Reference Date that the Issuer determines is not a Disrupted Day relating to that Index (irrespective of whether that deferred Averaging Reference Date is already or is deemed to be another Averaging Reference Date for such Index), unless the Issuer determines that each of the consecutive Scheduled Trading Days for such Index equal in number to the Maximum Days of Disruption immediately following such Scheduled Averaging Reference Date is a Disrupted Day relating to such Index. In that case:

(A) the last consecutive Scheduled Trading Day for such Index shall be deemed to be the Averaging Reference Date for such Index (irrespective of whether that last consecutive Scheduled Trading Day for such Index is already or is deemed to be another Averaging Reference Date or is a Disrupted Day for such Index); and

(B) the Issuer shall determine the Index Level for such Index on or in respect of that last consecutive Scheduled Trading Day for such Index in accordance with Asset Term 2.1(g) (Formula for and method of calculating an Index Level after the Maximum Days of Disruption), and such determination by the Issuer pursuant to this paragraph (B) shall be deemed to be the Index Level in respect of the relevant Averaging Reference Date for such Index; or

(iii) "Modified Postponement", then for each Index in the Index Basket for which the Issuer determines that such Scheduled Averaging Reference Date is a Disrupted Day, the Averaging Reference Date for such Index shall be the first succeeding Valid Date relating to that Index. If the first succeeding Valid Date has not occurred as of the relevant Valuation Time on the last consecutive Scheduled Trading Day for such Index equal in number to the Maximum Days of Disruption immediately following the final Scheduled Averaging Reference Date, then:

(A) that last consecutive Scheduled Trading Day for such Index shall be deemed to be the Averaging Reference Date for such Index (irrespective of whether that last consecutive Scheduled Trading Day for such Index is already or is deemed to be another Averaging Reference Date or is a Disrupted Day for such Index); and

(B) the Issuer shall determine the Index Level for such Index on or in respect of that last consecutive Scheduled Trading Day for such Index in accordance with Asset Term 2.1(g) (Formula for and method of calculating an Index Level after the Maximum Days of Disruption), and such determination by the Issuer pursuant to this paragraph (B) shall be deemed to be the Index Level in respect of the relevant Averaging Reference Date for such Index.

If the Issuer determines that any Averaging Reference Date is a Disrupted Day for any Index in the Index Basket and, if in the relevant Pricing Supplement no consequence is specified in respect of such Averaging Reference Date, then it shall be deemed that the consequence specified in "Modified Postponement" will apply.

(f) Index Basket and Averaging Reference Dates – Common/Common

Where the Securities relate to an Index Basket and unless otherwise specified in the relevant Pricing Supplement, if the relevant Pricing Supplement specifies that "Index Basket and Averaging Reference Dates – Common/Common" applies to the Index Basket and an Averaging Reference Date, then if the Issuer determines that the Scheduled Averaging Reference Date relating to such Averaging Reference Date is a Disrupted Day in respect of any Index in the Index Basket and if, in the relevant Pricing Supplement, the consequence specified is:

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(i) "Omission", then such Scheduled Averaging Reference Date will be deemed not to be a relevant Averaging Reference Date for each Index in the Index Basket, provided that, if through the operation of this provision there would be no Averaging Reference Dates, then the sole Averaging Reference Date for each Index in the Index Basket shall be the first succeeding Scheduled Trading Day for each Index in the Index Basket following the final Scheduled Averaging Reference Date that the Issuer determines is not a Disrupted Day for any Index in the Index Basket, unless the Issuer determines that each of the consecutive Scheduled Trading Days for each Index in the Index Basket equal in number to the Maximum Days of Disruption immediately following the final Scheduled Averaging Reference Date is a Disrupted Day relating to one or more Indices in the Index Basket. In that case:

(A) that last consecutive Scheduled Trading Day for each Index in the Index Basket shall be deemed to be the sole Averaging Reference Date for each Index in the Index Basket, notwithstanding the fact that such day is a Disrupted Day for one or more Indices in the Index Basket (each such Index being an "Affected Basket Index" for such sole Averaging Reference Date);

(B) for each Index in the Index Basket other than an Affected Basket Index, the relevant Index Level shall be determined by reference to the relevant screen pages by the Issuer at the applicable Valuation Time on such last consecutive Scheduled Trading Day for each Index in the Index Basket; and

(C) for each Affected Basket Index, the Issuer shall determine the Index Level for such Affected Basket Index on or in respect of that last consecutive Scheduled Trading Day for each Index in the Index Basket in accordance with Asset Term 2.1(g) (Formula for and method of calculating an Index Level after the Maximum Days of Disruption), and such determination by the Issuer pursuant to this paragraph (C) shall be deemed to be the Index Level in respect of the sole Averaging Reference Date for such Affected Basket Index;

(ii) "Postponement", then the Averaging Reference Date for each Index in the Index Basket shall be the first succeeding Scheduled Trading Day for each Index in the Index Basket following such Scheduled Averaging Reference Date which the Issuer determines is not a Disrupted Day for any Index in the Index Basket (irrespective of whether that deferred Averaging Reference Date is already or is deemed to be another Averaging Reference Date), unless the Issuer determines that each of the consecutive Scheduled Trading Days for each Index in the Index Basket equal in number to the Maximum Days of Disruption immediately following such Scheduled Averaging Reference Date is a Disrupted Day relating to one or more Indices in the Index Basket. In that case:

(A) that last consecutive Scheduled Trading Day for each Index in the Index Basket shall be deemed to be the Averaging Reference Date for each Index in the Index Basket, notwithstanding the fact that such day is a Disrupted Day for one or more Indices in the Index Basket (each such Index being an "Affected Basket Index" for such Averaging Reference Date);

(B) for each Index in the Index Basket other than an Affected Basket Index, the relevant Index Level shall be determined by reference to the relevant screen pages by the Issuer at the applicable Valuation Time on such last consecutive Scheduled Trading Day for each Index in the Index Basket; and

(C) for each Affected Basket Index, the Issuer shall determine the Index Level for such Affected Basket Index on or in respect of that last consecutive

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Scheduled Trading Day for each Index in the Index Basket in accordance with Asset Term 2.1(g) (Formula for and method of calculating an Index Level after the Maximum Days of Disruption), and such determination by the Issuer pursuant to this paragraph (C) shall be deemed to be the Index Level in respect of the relevant Averaging Reference Date for such Affected Basket Index; or

(iii) "Modified Postponement", then the Averaging Reference Date for each Index in the Index Basket shall be the first succeeding Common Valid Date. If the first succeeding Common Valid Date has not occurred as of the relevant Valuation Time on the last consecutive Scheduled Trading Day for each Index in the Index Basket equal in number to the Maximum Days of Disruption immediately following the final Scheduled Averaging Reference Date, then:

(A) that last consecutive Scheduled Trading Day for each Index in the Index Basket shall be deemed to be the Averaging Reference Date for each Index in the Index Basket, notwithstanding the fact that such day is a Disrupted Day for one or more Indices in the Index Basket (each such Index being an "Affected Basket Index" for such Averaging Reference Date);

(B) for each Index in the Index Basket other than an Affected Basket Index, the relevant Index Level shall be determined by reference to the relevant screen pages by the Issuer at the applicable Valuation Time on such last consecutive Scheduled Trading Day for each Index in the Index Basket; and

(C) for each Affected Basket Index, the Issuer shall determine the Index Level for such Affected Basket Index on or in respect of that last consecutive Scheduled Trading Day for each Index in the Index Basket in accordance with Asset Term 2.1(g) (Formula for and method of calculating an Index Level after the Maximum Days of Disruption), and such determination by the Issuer pursuant to this paragraph (C) shall be deemed to be the Index Level in respect of the relevant Averaging Reference Date for such Affected Basket Index.

If the Issuer determines that any Averaging Reference Date is a Disrupted Day for any Index in the Index Basket and, if in the relevant Pricing Supplement no consequence is specified in respect of such Averaging Reference Date, then it shall be deemed that the consequence specified in "Modified Postponement" will apply.

(g) Formula for and method of calculating an Index Level after the Maximum Days of Disruption

In respect of an Index, the Issuer shall determine the Index Level on or in respect of the relevant last consecutive Scheduled Trading Day, pursuant to Asset Term 2.1(a)(ii), 2.1(b)(i)(B), 2.1(b)(ii)(B), 2.1(b)(iii)(B), 2.1(c)(ii), 2.1(d)(iii), 2.1(e)(i)(B)(2), 2.1(e)(ii)(B), 2.1(e)(iii)(B), 2.1(f)(i)(C), 2.1(f)(ii)(C) or 2.1(f)(iii)(C), as the case may be, in accordance with the formula for and method of calculating such Index last in effect prior to the occurrence of the relevant first Disrupted Day, using:

(i) in respect of a Single-Exchange Index or Multi-Exchange Index, the Exchange traded or quoted price as of the Valuation Time on the last consecutive Scheduled Trading Day of each Component included in such Index (or, if an event giving rise to a Disrupted Day (as defined in the Equity-linked Securities Asset Term 1) has occurred in respect of any relevant Component that is a Share (or an analogous event has occurred in respect of any relevant Component that is not a Share) on such last consecutive Scheduled Trading Day, or such last consecutive Scheduled Trading Day is not a Scheduled Trading Day for any relevant Component, as determined by the Issuer, its good faith

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estimate of the value for the relevant Component as of the Valuation Time on the last consecutive Scheduled Trading Day); and

(ii) in respect of a Proprietary Index, such levels or values as the Issuer determines to be appropriate as of the Valuation Time on or in respect of that last consecutive Scheduled Trading Day of each Component included in such Index.

2.2 Index Adjustment Events

(a) Successor Sponsor or Successor Index

If an Index is (i) not calculated and announced by the Sponsor but is calculated and announced by a successor sponsor acceptable to the Issuer (a "Successor Sponsor"), or (ii) replaced by a successor index using, in the determination of the Issuer, the same or a substantially similar formula for, and method of, calculation as used in the calculation of such Index, then in each case such index (the "Successor Index") will be deemed to be the Index.

The Issuer may make such adjustment(s) that it deems appropriate, if any, to any variable, calculation methodology, valuation, settlement, payment terms or any other terms of the Securities to account for such Successor Index and to preserve the original economic objective and rationale of the Securities (provided that, if the relevant Pricing Supplement specifies that "Institutional" is not applicable, no adjustment shall be made to the terms of the Securities to take into account any increase in the costs incurred by the Issuer and/or its affiliates by reason of its Hedging Arrangements).

Upon making any such adjustment, the Issuer shall give notice as soon as practicable to the Securityholders stating the adjustment to any amount payable under the Securities and/or any of the other relevant terms and giving brief details of the Successor Index, provided that any failure to give such notice shall not affect the validity of any action taken.

(b) Occurrence of an Index Adjustment Event

If the Issuer determines in respect of an Index that, on or prior to any Reference Date, Averaging Reference Date, Observation Date or other relevant date, an Index Adjustment Event has occurred in respect of such Index, then the Issuer shall determine if such Index Adjustment Event has a material effect on the Securities and, if so, shall calculate the relevant Index Level using, in lieu of a published level for such Index, the level for such Index as at the Valuation Time on that Reference Date, Averaging Reference Date, Observation Date or other relevant date, as the case may be, as determined by the Issuer in accordance with the formula for, and method of, calculating such Index last in effect prior to the relevant Index Adjustment Event, but using only those Components that comprised such Index immediately prior to such Index Adjustment Event (other than those Components that have since ceased to be listed on the relevant Exchange).

If the Issuer determines, in its discretion, that the above adjustments would not achieve a commercially reasonable result, on giving notice to Securityholders as soon as practicable in accordance with the General Conditions, the Issuer may redeem the Securities in whole but not in part, in which case the Issuer will cause to be paid to each Securityholder in respect of each Security held by it an amount equal to the Unscheduled Termination Amount on (i) if the relevant Pricing Supplement specifies that "Institutional" is applicable or where the terms of the Securities do not provide for the amount payable at maturity to be subject to a minimum amount or for Instalment Amounts to be payable, such day as selected by the Issuer in its discretion, (ii) otherwise, the due date for redemption. For the avoidance of doubt, no other amounts shall be payable in respect of the Securities on account of interest or otherwise following such determination by the Issuer, provided that, in respect of Instalment Securities, each Instalment Amount scheduled to be paid (but unpaid) on an Instalment

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Date falling on or after the Unscheduled Termination Event Date shall continue to be paid on such Instalment Date.

2.3 Consequences of Additional Disruption Events

If the Issuer determines that an Additional Disruption Event (where specified as being applicable in the relevant Pricing Supplement) has occurred, the Issuer may (but need not) determine:

(a) the appropriate adjustment, if any, to be made to any one or more of the terms of the Securities, including without limitation, any variable or term relevant to the settlement or payment under such Securities, as the Issuer determines appropriate to account for the economic effect of such Additional Disruption Event on the Securities and to preserve the original economic objective and rationale of the Securities, and determine the effective date of that adjustment. Upon making any such adjustment, the Issuer shall give notice as soon as practicable to the Securityholders stating the adjustment to any amount payable under the Securities and/or any of the other relevant terms and giving brief details of the Additional Disruption Event, provided that any failure to give such notice shall not affect the validity of the Additional Disruption Event or any action taken; or

(b) that no adjustments to the terms of the Securities would achieve a commercially reasonable result, on giving notice to Securityholders as soon as practicable in accordance with the General Conditions, the Issuer may redeem the Securities in whole but not in part, in which case the Issuer will cause to be paid to each Securityholder in respect of each Security held by it an amount equal to the Unscheduled Termination Amount on (i) if the relevant Pricing Supplement specifies that "Institutional" is applicable or where the terms of the Securities do not provide for the amount payable at maturity to be subject to a minimum amount or for Instalment Amounts to be payable, such day as selected by the Issuer in its discretion, (ii) otherwise, the due date for redemption. For the avoidance of doubt, no other amounts shall be payable in respect of the Securities on account of interest or otherwise following such determination by the Issuer, provided that, in respect of Instalment Securities, each Instalment Amount scheduled to be paid (but unpaid) on an Instalment Date falling on or after the Unscheduled Termination Event Date shall continue to be paid on such Instalment Date.

3. Adjustment in respect of Jurisdictional Event

If the relevant Pricing Supplement specifies in relation to an Index that Jurisdictional Event shall apply and, in the determination of the Issuer, a Jurisdictional Event occurs, the Issuer may make such downward adjustment to any amount otherwise payable under the Securities as it shall determine in its discretion, acting in good faith and in a commercially reasonable manner, to take account of the effect of such Jurisdictional Event on any Hedging Arrangements and any difference between the Hedge Proceeds and the amount which, but for these provisions would otherwise be the amount so payable. The Issuer will use commercially reasonable endeavours to preserve the value of the Hedge Proceeds, but it shall not be obliged to take any measures which it determines, in its discretion, to be commercially impracticable. The Issuer (where there is a corresponding applicable regulatory obligation) shall also take into account whether fair treatment is achieved by any such adjustment in accordance with its applicable regulatory obligations.

Upon making any such adjustment, the Issuer shall give notice as soon as practicable to the Securityholders stating the adjustment to any amount payable under the Securities and/or any of the other relevant terms and giving brief details of the Jurisdictional Event, provided that any failure to give such notice shall not affect the validity of the Jurisdictional Event or any action taken.

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4. Correction of Index Levels

In the event that any relevant level of an Index published by the Sponsor on any date which is utilised for any calculation or determination in connection with the Securities is subsequently corrected and the correction is published by the Sponsor by the second Currency Business Day prior to the next date on which any relevant payment may have to be made by the Issuer or in respect of which any relevant determination in respect of the Securities may have to be made, then the Issuer may determine the amount that is payable or deliverable or make any determination, acting in good faith and in a commercially reasonable manner, in connection with the Securities, after taking into account such correction, and, to the extent necessary, may adjust any relevant terms of the Securities to account for such correction.

5. Responsibility

Neither the Issuer nor the Agents shall have any responsibility in respect of any error or omission or subsequent corrections made in the calculation or announcement of an Index by the relevant Sponsor, whether caused by negligence or otherwise.

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SPECIFIC TERMS

PART A – CONTRACTUAL TERMS

1. Issuer: Credit Suisse International

2. Series Number: SPCSI2017-632

3. Tranche Number: Not Applicable

4. Applicable General Terms General Certificate Conditions and Conditions:

5. Type of Certificates: Equity Index-linked

6. Settlement Currency: Euro ("EUR")

7. Institutional: Not Applicable

8. Number of Securities:

(i) Series: 15,327 Securities

(ii) Tranche: Not Applicable

9. Issue Price: EUR 1,000 per Security

10. Nominal Amount: EUR 1,000 per Security

11. Transferable Number of One Security Securities:

12. Minimum Trading Lot: Not Applicable

13. Issue Date: 29 November 2017

14. Maturity Date: In respect of:

(a) each Security in respect of which the Issuer has exercised its Call Option, the Call Optional Redemption Date; and

(b) each Security in respect of which the Securityholder has exercised its Put Option, the Put Optional Redemption Date

15. Redemption/Payment Basis: Equity Index-linked

16. Put/Call Options: Put and Call (further particulars specified below)

PROVISIONS RELATING TO INTEREST AND PREMIUM

17. Fixed Rate Provisions Not Applicable (General Certificate Condition 4):

18. Floating Rate Provisions Not Applicable (General Certificate Condition 4):

19. Premium Provisions (General Not Applicable Certificate Condition 4):

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PROVISIONS RELATING TO REDEMPTION

20. Redemption Amount: The Redemption Amount payable by the Issuer in respect of each Security on the relevant Maturity Date shall be zero. For the avoidance of doubt, only the Call Optional Redemption Amount or the Put Optional Redemption Amount, as applicable, shall be payable in respect of each Security on the relevant Maturity Date, and no other amounts shall be payable

(i) Averaging Dates: Not Applicable

(ii) Initial Averaging Not Applicable Dates:

(iii) Initial Setting Date: 22 November 2017

(iv) Interim Valuation Not Applicable Date:

(v) Observation Date(s): Not Applicable

(vi) Observation Period: Not Applicable

(vii) Valuation Date(s): In respect of:

(a) each Security in respect of which the Issuer has exercised its Call Option, the Call Optional Redemption Exercise Date in respect of such Security; and

(b) each Security in respect of which the Securityholder has exercised its Put Option, the Put Optional Redemption Exercise Date in respect of such Security

(viii) Valuation Time: As determined in accordance with Equity Index-linked Securities Asset Term 1

(ix) Other terms and See the Schedule hereto conditions:

21. Physical Settlement Not Applicable Provisions:

22. Call Option: Applicable, provided that General Certificate Condition 3(c) (Redemption at the Option of the Issuer) shall be deleted and replaced with the following:

"(c) Redemption at the Option of the Issuer

Unless the Securityholder has previously exercised its Put Option or the Securities have been previously redeemed or purchased and cancelled in accordance with the Conditions, the Issuer may exercise its Call Option in respect of all (but not some only) of the Securities on a Call Optional Redemption Exercise Date by giving notice to the Securityholders not less than 366 calendar days prior to such Call Optional Redemption Exercise Date, and in such case, shall redeem each Security on the Call Optional Redemption Date at the Call Optional Redemption Amount. Such notice shall specify the Call Optional Redemption Exercise Date in respect of which the Issuer is exercising its Call Option. For the avoidance of doubt, if the Securityholder has already

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given notice of redemption of such Security in accordance with General Certificate Condition (d) (Redemption at the Option of Securityholders) prior to the day on which the Issuer gives notice of the exercise of its Call Option, no such Call Option may be exercised in respect of such Security and such Security shall be redeemed on the relevant Put Optional Redemption Date instead."

(i) Optional Redemption 3 Currency Business Days following the Call Optional Date: Redemption Exercise Date in respect of which the Issuer has exercised its Call Option (and such date shall be the "Call Optional Redemption Date")

(ii) Optional Redemption The final Scheduled Trading Day of February, May, August Exercise Dates: and November in each calendar year from, and including, the final Scheduled Trading Day of November 2018 (each a "Call Optional Redemption Exercise Date")

(iii) Optional Redemption In respect of each Security in respect of which the Issuer has Amount, and method, exercised its Call Option, an amount in the Settlement if any, of calculation of Currency equal to the product of (a) the Nominal Amount such amount(s): multiplied by (b) the Certificate Value (Final) (the "Call Optional Redemption Amount").

Where:

"Adjusted Index Value (Final)" means an amount determined by the Calculation Agent in accordance with the following formula:

( ) Index Value (Final) × (1 Structuring Fee) N Final 360 "Certificate Value (Final)− " means an amount determined by the Calculation Agent in accordance with the following formula: Adjusted Index Value (Final) × Certificate Value (Initial) Index Value (Initial)

"Certificate Value (Initial)" means 100 per cent.

"Index Value (Final)" means the Index Level on the Valuation Date.

"Index Value (Initial)" means the Index Level on the Initial Setting Date.

"N(Final)" means, in respect of a Security, the number of calendar days falling in the period commencing from, and including, the Initial Setting Date and ending on, but excluding, the Valuation Date.

"Structuring Fee" means 1.40 per cent. (expressed as a decimal)

(iv) Description of any Not Applicable other Issuer's option:

(v) Notice Period: As specified in paragraph 22 above

23. Put Option: Applicable, provided that General Certificate Condition 3(d) (Redemption at the Option of Securityholders) shall be 91

deleted and replaced with the following:

"(d) Redemption at the Option of Securityholders

Unless the Issuer has previously exercised its Call Option or the Securities have been previously redeemed or purchased and cancelled in accordance with the Conditions, the Issuer shall, at the option of the holder of a Security, upon the holder exercising its Put Option in respect of such Security on a Put Optional Redemption Exercise Date by giving notice to the Issuer not less than 366 calendar days prior to such Put Optional Redemption Exercise Date (substantially in the form set out in the Agency Agreement or in such other form as the Issuer and the Principal Certificate Agent may approve), redeem such Security on the Put Optional Redemption Date at the Put Optional Redemption Amount. Such notice shall specify the Put Optional Redemption Exercise Date in respect of which the Securityholder is exercising its Put Option. For the avoidance of doubt, if the Issuer has already given notice of redemption of the Securities in accordance with General Certificate Condition (c) (Redemption at the Option of the Issuer) on or before the day on which the Securityholder gives notice of the exercise of its Put Option, no such Put Option may be exercised and the Securities shall be redeemed on the Call Optional Redemption Date instead."

Where "Put Optional Redemption Exercise Date" means the final Scheduled Trading Day of November in each calendar year from, and including, the final Scheduled Trading Day of November 2020

(i) Optional Redemption In respect of a Security, 3 Currency Business Days following Date(s): the Put Optional Redemption Exercise Date in respect of which a Securityholder has validly exercised its Put Option in respect of such Security (and such date shall be the "Put Optional Redemption Date")

(iii) Optional Redemption In respect of each Security in respect of which the Amount(s), and Securityholder has exercised its Put Option, an amount in the method, if any, of Settlement Currency determined in accordance with the calculation of such same formula for calculating the Call Optional Redemption amount(s): Amount, as specified in paragraph 22(iii) above (such amount, the "Put Optional Redemption Amount")

(iv) Description of any Not Applicable other Securityholder's option:

(v) Notice Period: As specified in paragraph 23 above

24. Unscheduled Termination Amount:

(i) Unscheduled Not Applicable Termination at Par:

(ii) Minimum Payment Not Applicable

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Amount:

(iii) Deduction for Hedge Not Applicable Costs:

25. Payment Disruption: Not Applicable

26. Interest and Currency Rate Not Applicable Additional Disruption Event:

UNDERLYING ASSET(S)

27. List of Underlying Asset(s): Applicable

Underlying Asset(s) Weighting Composite

1. Credit Suisse Not Applicable Not Applicable AnxiousSocieties EUR Index (the "Index")

ASSET TERMS

28. Equity -linked Securities: Not Applicable

29. Equity Index-linked Securities: Applicable

Single Index, Index Basket or Single Index Multi-Asset Basket:

(i) Index: Credit Suisse Anxious Societies EUR Index

(ii) Type of Index: Proprietary Index

(iii) Bloomberg code(s): CSEAASET

(iv) Information Source: https://opus.credit-suisse.com/Default.aspx?LangCode=- 1&InstCode=&MienCode=&MoldCode=&OpusCode=2&Pag eCode=

(v) Required Exchanges: Not Applicable

(vi) Related Exchange: Not Applicable

(vii) Disruption Threshold: Not Applicable

(viii) Maximum Days of Five Scheduled Trading Days Disruption:

(ix) Adjustment basis for Not Applicable Index Basket and Reference Dates:

(x) Adjustment basis for Not Applicable Single Index and Averaging Reference Dates:

(xi) Trade Date: 21 November 2017

(xii) Jurisdictional Event: Not Applicable

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(xiii) Jurisdictional Event Not Applicable Jurisdiction(s):

(xiv) Additional Disruption Applicable, as amended in accordance with the Schedule Events: hereto

(a) Change in law: Change in Law Option 1 Applicable

(b) Foreign Not Applicable Ownership Event:

(c) FX Disruption: Not Applicable

(d) Hedging Applicable Disruption:

(e) Increased Cost of Not Applicable Hedging:

30. Commodity -linked Securities: Not Applicable

31. Commodity Index-linked Not Applicable Securities:

32. ETF -linked Securities: Not Applicable

33. Fund -linked Securities: Not Applicable

34. FX -linked Securities: Not Applicable

35. FX Index-linked Securities: Not Applicable

36. Inflation Index-linked Not Applicable Securities:

37. Interest Rate Index-linked Not Applicable Securities:

38. Cash Index-linked Securities: Not Applicable

39. Multi -Asset Basket-linked Not Applicable Securities:

GENERAL PROVISIONS

40. Form of Securities: Registered Global Security

41. The Issuer intends to permit Not Applicable indirect interests in the Securities to be held through CREST Depository Interests to be issued by the CREST Depository:

42. Financial Centre(s): London and New York

43. Business Centre(s): Not Applicable

44. Listing and Admission to Application has been made for the Securities to be listed on Trading: the Official List of the Luxembourg Stock Exchange and the Daily Official List of Euronext Amsterdam and to be admitted to trading on the regulated market of the Luxembourg Stock Exchange and the Euronext Amsterdam

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Securities Market with effect from, at the earliest, the Issue Date, provided, however, no assurance can be given that such application for listing and admission to trading will be granted (or, if granted, will be granted by the Issue Date or any specific date thereafter)

45. Security Codes and Ticker Symbols:

ISIN: XS1009881787

Common Code: 100988178

Swiss Security Number: 35832631

Telekurs Ticker: Not Applicable

WKN Number: Not Applicable

46. Clearing and Trading:

Clearing System(s) and any Euroclear Bank S.A./N.V., Clearstream Banking, société relevant identification anonyme and Nederlands Centraal Instituut voor Giraal number(s): Effectenverkeer B.V. (NECIGEF)

47. Delivery: Delivery against payment

48. Agents:

Calculation Agent: Credit Suisse International One Cabot Square London E14 4QJ

Principal Certificate Agent: The Bank of New York Mellon, acting through its London Branch One Canada Square London E14 5AL

Paying Agent(s): The Bank of New York Mellon, acting through its London Branch One Canada Square London E14 5AL

Additional Agents: Applicable

Registrar: The Bank of New York Mellon S.A./N.V., Luxembourg Branch Vertigo Building - Polaris 2-4 rue Eugene Ruppert L-2453 Luxembourg

49. Dealer(s): Credit Suisse International

50. Additional steps that may only Not Applicable be taken following approval by Extraordinary Resolution:

51. Specified newspaper for the Not Applicable purposes of notices to Securityholders:

52. 871(m) Securities: The Issuer has determined that the Securities should be treated as transactions that are subject to U.S. withholding 95

tax under section 871(m). See Annex A hereto

53. Additional Provisions: Not Applicable

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PART B – OTHER INFORMATION

Interests of Natural and Legal Persons involved in the Issue

So far as the Issuer is aware, no person involved in the issue of the Securities has an interest material to the issue, save for any fees payable to the distributor(s).

The Issuer will charge a structuring fee of 1.40 per cent. per annum, such fee to be deductible from the amounts otherwise payable on the Securities. The structuring fee comprises (a) a distribution fee payable by the Issuer to any distributor(s), such fee being 0.85 per cent. per annum; and (b) an index management fee payable by the Issuer to the Index Rebalancing Entity of 0.15 per cent. per annum. The Certificate Value (Final) will be published net of the structuring fee.

Performance of the Underlying Asset and other information concerning the Underlying Asset

Information about the past and future performance and volatility of the Underlying Asset can be found at https://opus.credit-suisse.com/Default.aspx?LangCode=-1&InstCode=&MienCode=&MoldCode=& OpusCode=2&PageCode= (but the information appearing on such website does not form part of this Prospectus).

POST-ISSUANCE INFORMATION

The Issuer will not provide any post-issuance information with respect to the Underlying Asset, unless required to do so by applicable law or regulation.

REASONS FOR THE ISSUE, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES

(i) Reasons for the issue: Not Applicable; the net proceeds from the issue of the Securities will be used by the Issuer for its general corporate purposes (including hedging arrangements).

(ii) Estimated net proceeds: Not Applicable.

(iii) Estimated total expenses: Not Applicable; there are no estimated expenses charged to the investor by the Issuer/offeror.

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SCHEDULE

AMENDMENTS TO THE EQUITY INDEX-LINKED SECURITIES ASSET TERMS

The Equity Index-linked Securities Asset Terms ("Asset Terms") shall be amended as follows:

1. Asset Term 1 (Definitions) shall be amended by:

(a) deleting the definition of "Additional Disruption Event" therein and replacing it with the following:

""Additional Disruption Event" means a Change in Law, a Hedging Disruption, a Materially Increased Cost of Hedging and/or an Index Disruption Event.";

(b) adding the following definition immediately after the definition of "Hedging Disruption":

""Hypothetical Investor" means a hypothetical investor located in England investing in any investment or financial instrument for the purposes of hedging the Securities.";

(c) adding the following definition immediately after the definition of "Index Disruption":

""Index Disruption Event" has the meaning given to such term in the Index Rules.";

(d) adding the following definition immediately after the definition of "Index Modification":

""Index Rules" means the Index Specific Rules of the Credit Suisse Anxious Societies EUR Index dated 21 November 2017 and the Master Index Rules of the Credit Suisse Actively Rebalanced Unit-Based Indices dated 21 November 2017 (as may be amended from time to time). The Index Rules can be obtained free of charge from Credit Suisse AG at VBOP 1, Cross Asset Structuring, Uetlibergstr. 231, 8070 Zurich, Switzerland."; and

(e) adding the following definition immediate after the definition of "Market Disruption Event":

""Materially Increased Cost of Hedging" means the Issuer is subject to materially increased (as compared with the circumstances existing as of the Trade Date) Index Component Costs in respect of its hedging arrangements to hedge the equity price risk of the Issuer entering into and performing its obligations with respect to the Securities (which are driven by the dynamic nature of the Index), but only to the extent that:

(a) such increased Index Component Costs are of substantially the same nature and substantially the same amount as the costs that would be incurred by a Hypothetical Investor acquiring, maintaining or unwinding a direct investment in such Component, and the deduction of such increased Index Component Costs in the calculation of the Index Level is expected to have a material adverse effect on the future performance of the Index, as determined by the Calculation Agent acting in good faith and in a commercially reasonable manner, taking into account:

(i) whether such increased Index Component Costs materially exceed the Index Component Costs embedded in the calculation of the Index as of the Trade Date; and

(ii) the expected size and frequency of any future rebalancing and reallocation of Components within the Index; and

(b) the effects of such increased Index Component Costs, if deducted in the calculation of the Index, would be material in the context of the prevailing risk return profile of the Index, as determined by the Calculation Agent acting in good faith and in a commercially reasonable manner, taking into account the historical rebalancing and allocation of the Index to the relevant Component and the historical performance and volatility of the Index.

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Where "Index Component Costs" means costs (per unit notional exposure to a Component) incurred by the Issuer which are incidental and necessary to (A) acquire, establish, re-establish, substitute, maintain, unwind or dispose of any position in a Component the Issuer deems necessary in order to hedge the equity price risk of the Issuer entering into and performing its obligations with respect to the Securities, or (B) realise, recover or remit the proceeds of any such position in a Component. These costs include but are not limited to movements in bid and offer prices of a Component, applicable costs incurred from a third party charged in addition to bid and offer prices (such as exchange or brokerage fees or commissions, or other fees upon transacting in a Component) and other costs having a similar effect on the Issuer, provided that any costs that are incurred solely due to the deterioration of the creditworthiness of the Issuer and/or its affiliates shall not constitute an Index Component Cost."."

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ANNEX A

UNITED STATES TAX CONSIDERATIONS FOR INVESTORS

The paragraph entitled "Substitute Dividend and Dividend Equivalent Payments" in the sub- section entitled "United States Tax Considerations for Investors" in the section entitled "Taxation" on pages 542 to 543 of the Base Prospectus, shall be deleted and replace with the following:

"Substitute Dividend and Dividend Equivalent Payments

Section 871(m) of the United States Internal Revenue Code of 1986 (the "Code") and regulations thereunder treat a "dividend equivalent" payment as a dividend from sources within the United States. Such payments generally will be subject to U.S. withholding tax at a rate of 30 per cent. Very generally, final regulations provide that a "dividend equivalent" is any payment or deemed payment that references the payment of a dividend from an "underlying security" pursuant to certain specified financial transactions or instruments. An underlying security is any interest in an entity if a payment with respect to that interest could give rise to a U.S. source dividend pursuant to U.S. Treasury regulations.

The Issuer has determined that the Securities are transactions that are subject withholding under section 871(m) with respect to one or more underlying securities (as defined above) that are Components of the Index. The Issuer's determination is generally binding on holders of the Securities. The Issuer or its agent will withhold tax under section 871(m) with respect to the Securities based on dividends on each underlying security that is a Component of the Index. Withholding tax will apply even though holders generally are not expected to receive concurrent payments on the Securities in respect of dividends on the underlying securities that are Components of the Index. To the extent the Index provides for net reinvestment of dividends on Components of the Index that are underlying securities or the Securities otherwise provide for the pass-through of dividends on Components of the Index that are underlying securities, and the amount of dividends reinvested or passed through is less than the gross amount of such dividends, holders will be deemed to receive an amount equal to any withholding tax imposed under section 871(m) and such amount will be withheld by the Issuer or its agent. For the avoidance of doubt, the Issuer will not be required to make any additional payments for amounts withheld under section 871(m). Holders should also consult with their own tax advisors regarding any potential non-U.S. tax consequences of any amounts withheld under section 871(m).

The rate of withholding is not expected to be reduced even if a holder is otherwise eligible for a reduction under an applicable treaty, although non-U.S. holders that are entitled to a lower rate of withholding under a tax treaty may be able to claim a refund for any excess amounts withheld by filing a U.S. tax return. However, holders may not receive the necessary information to properly claim a refund for any withholding in excess of the applicable treaty-based amount. In addition, the U.S. Internal Revenue Service may not credit a holder with withholding taxes remitted in respect of its Security for purposes of claiming a refund. Finally, a holder's resident tax jurisdiction may not permit the holder to take a credit for U.S. withholding taxes related to the dividend equivalent amount. The Issuer will not pay any additional amounts with respect to amounts withheld.

The regulations under section 871(m) are extremely complex. Holders should consult their tax advisors regarding the U.S. federal income tax consequences to them of these regulations.

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ANNEX B

ADDITIONAL SELLING RESTRICTIONS

Each reference to "Dealer" in these Additional Selling Restrictions shall be deemed to include each distributor in relation to the Securities.

The Securities may not be offered or sold or otherwise transferred, nor may transactions in the Securities be executed, at any time, to, or for the account or benefit of, either (i) a "United States person" as defined in section 7701(a)(30) of the U.S. Internal Revenue Code (the "Code") or (ii) persons that are not United States persons as defined in section 7701(a)(30) of the Code ("Non-U.S. Persons") and that are engaged in the conduct of a U.S. trade or business for U.S. federal income tax purposes (such Non-U.S. Persons, together with United States persons, "Prohibited Persons"). The Dealer may not offer, sell, trade, deliver or effect transactions in the Securities to, or for the account or benefit of, Prohibited Persons at any time.

In the case of Securities that are warrants, the warrants (i) may not be exercised by or on behalf of any Prohibited Person unless such exercise is registered under the Securities Act or an exemption from such registration is available, and (ii) upon exercise of any warrant, written certification must be given that that each person who is exercising a warrant is not a Prohibited Person and the warrant is not being exercised on behalf of a Prohibited Person.

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ANNEX C

INDEX DESCRIPTION

The Credit Suisse Anxious Societies EUR Index (the "Index") comprises of 25-40 stocks that are expected to benefit from the potential growth in sectors related to the Anxious Societies – Multipolar World Supertrend, for example the sectors National Champions & Brands, Security & Defense or Emerging Market Consumers.

The trend is in line with the rising inequalities within Western countries since the financial crisis, disenchanted Western Middle class and additional frustrations (migration, insecurity from terrorism, etc.). 2017 is a busy electoral year with lots of political changes. New governments shift to policies geared to restore Western Middle-Class prosperity through job creation and wage increase. There are more self-centred growth models: domestic economy first. The world becomes more multi-polar than before. Within this trend, we focus on three different areas including National Champions where companies’ loyal customer base with a large workforce in their home country; Security & defence where companies benefit from government grants; EM consumers where companies focus on predominantly young population most likely to drive consumption for longer.

The Index measures the performance of a notional investment in a synthetic portfolio consisting of single stocks (the "Index Components"). The Index Components are as follows:

• part of a universe (the "Index Universe") of 431 single stocks as specified in the Index Rules, which may be amended from time to time, according to the Stock Universe Expansion methodology; and

• freely tradable.

The Index is actively rebalanced by the Index Rebalancing Entity. The weights assigned to each Index Component (each a "Weight" and combined, the "Weights") is initially set out in the Index Rules however are not fixed and may be changed following the Index start date. Such weights determine the allocation of the Index to each Index Component (each a "Unit", and combined, the "Units"). Following the Index start date, the Index Rebalancing Entity may rebalance the Weight of each Index Component at least once a quarter ("Index Rebalancing Day"), subject to the new allocation being compliant with the below restrictions (the "Investment Restrictions") on any Index Rebalancing Day:

• The Weight of each stock shall be a percentage number between 0% (the "Minimum Weight") and +5% (the "Maximum Weight");

• The sum of the Weights of all Index Components shall be 100%;

• A maximum number of 40 stocks;

As the daily performance of each Index Component fluctuates, the Index may, from time to time, include a residual positive or negative cash allocation (Cash Component / Funding Component). If positive, such allocation shall be capped at 5%. Conversely, if negative, such allocation shall be floored at -5%.

The exposure to each stock will be determined by the Index Rebalancing Entity based on a qualitative process and follows multiple criteria. First, exposure will not be given to a Stock unless it is a) part of the Credit Suisse Equity Research Coverage Universe, and b) rated as at least "BUY/HOLD" by Credit Suisse PB research or "OUTPERFORM/NEUTRAL" by Credit Suisse GM research on the business day preceding the respective Optional Rebalancing Day (where "business day" means a day on which Credit Suisse PB research or Credit Suisse GM research is open for business). Then, a top-down and bottom-up analysis including projected future earnings contribution related to the focus sectors complements the stock selection process. The Index aims to capture potential growth in the selected stocks' prices. The index components are reviewed by Credit Suisse not less than on a quarterly basis.

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The Index is constructed on "notional" investments and described as a "synthetic portfolio" as there is no actual asset held in respect of the Index. The Index simply reflects an actively rebalanced trading strategy, calculated using the value of assumed investments in each of the relevant components.

The Index measures the rate of return of a hypothetical portfolio consisting of long positions, including leverage in the Index Components, as specified in Table 1: Index Components Description. Long positions refer to the practice of buying an asset with the intention of subsequently selling it at a later stage.

The Index can include "leveraged" exposure to the underlying assets. Leverage refers to the practice of using financial derivatives (in the form of swap contracts) or debt to amplify returns, by having an allocation of more than 100% of the Index to the Index Components. The use of leverage creates an opportunity for greater yield and total return but, at the same time, may increase the Portfolio’s investment risk, which may result in partial or significant loss of the Portfolio.

The Index is constructed as a "Total Return" mechanism. Total Return means the rate of return of the index is measured taking into account not only the capital appreciation of the notional assets comprising the constituent components of the index but also the income generated by those assets in the form of interest and dividends as it assumes that all such distributions are reinvested in the Index. For instance, in order to replicate a Total Return equity index, any prospective investor would need to purchase the portfolio of securities representing that specific equity index, and to reinvest all dividend payments.

Main roles

Credit Suisse Securities (Europe) Limited is the sponsor of the Index (the "Index Sponsor"). The Index Sponsor makes various determinations in accordance with the Index Rules. Representatives of the Index Sponsor comprise the Index Committee.

Credit Suisse International (acting through its Risk Department) is the calculation agent for the Index (the "Index Calculation Agent"). The Index Calculation Agent will, in accordance with the Index Rules, calculate and publish the value of the Index (the "Index Value") in respect of each day on which the Index is scheduled to be published (each such day an "Index Calculation Day").

All calculations, determinations and exercises of discretion made by the Index Sponsor or the Index Calculation Agent will be made in good faith and in a commercially reasonable manner and (where there is a corresponding applicable regulatory obligation) shall take into account whether fair treatment is achieved by any such calculation, determination and exercise of discretion in accordance with its applicable regulatory obligations.

S&P Opco LLC is the Stock Calculation Agent and will calculate and maintain the Adjusted Values, in accordance with the S&P Dow Jones Indices’ Index mathematics document located on the Stock Calculation Agent’s web site, www.spdji.com, as amended from time to time (the "Stock Calculation Agent Methodology") and the S&P Dow Jones Indices’ Equity Indices Policies & Practices document located on the website, www.spdji.com (treatment relevant to 'Modified Market Cap Weighted Indices'), as amended from time to time (the "Corporate Action Policy").

Credit Suisse AG is the rebalancing entity for the Index (the "Index Rebalancing Entity"). The Index Rebalancing Entity will, in accordance with the investment restrictions (the "Investment Restrictions"), as further described in Section: Investment Restrictions and below in the Section: Index Rebalancing Methodology, determine the allocation between the Index Components.

Assets Included in the Index

The Index measures the performance of a notional investment in a synthetic portfolio consisting of the stocks in the Stock Universe as specified in Tables 1 & 2 below (each an "Index Component" and collectively the "Index Components"), an amount held in cash generating interest at EONIA (the "Cash Component"), or an amount of funding costing interest at EONIA (the "Funding Component").

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Table 1: Index Components Description

Index Component i Bloomberg Asset Return i Currency Asset Type Value ("ICi") Ticker Class Type Each stock which is part As specified of the Stock Universe in As specified in Closing in Schedule Equity Stock Total Return respect of Index Schedule A Price A Calculation Day t

Table 2: Index Components Costs and Restrictions

Long Index Component Minimum Maximum Maximum Short Transaction Fees i Access i ("ICi") Weight Weight Rebalancing Access Fee (Fee-In/Fee-Out) Fee Each stock which is 0% 5% 5% Not 0% 0.10% plus any part of the Stock Applicable transaction tax (e.g. Universe in respect FTT) applicable on of Index Calculation the relevant Index Day t Calculation Day for purchasing shares of the relevant Index Component to non- resident individuals who do not benefit from double taxation treaties.

Stock Universe Expansion

The Index Rebalancing Entity may, from time to time, request an expansion of the Stock Universe in accordance with the Index Rules. Any addition is subject to the prior approval of the Index Calculation Agent.

Stock Adjusted Value Calculation Methodology & Corporate Actions

The Stock Calculation Agent calculates the Adjusted Value of each Stock in respect of each relevant Stock/ETF Calculation Day that reflects the value of a hypothetical portfolio holding shares in such Stock, in accordance with the Stock Calculation Agent Methodology, adjusting for any dividend payments and/or corporate events with respect to such Stock, in accordance with the Corporate Action Policy.

The Index Rules set out the basic principles which will be applied by the Stock Calculation Agent in calculating the adjusted values of Stocks. In the event of any conflict or inconsistency between the information provided in the Index Rules and the Stock Calculation Agent Methodology, with respect to the calculation of Adjusted Value and Divisor of Stocks, the Stock Calculation Agent Methodology shall prevail.

Operational Corporate Actions

Corporate events are partially applied via a divisor (the "Divisor") that is unique to each Stock. Operational adjustments with respect to corporate actions such as Rights Offering, Stock Split, Stock Issuance or Stock Repurchase and Special Dividends (each an "Operational Corporate Action"), might require adjustments to each Divisor or to the allocated number of shares in the Index Component, as described in the Index Rules.

Extraordinary Corporate Actions

Corporate actions such as Stock Redenomination, Merger, Takeover/Acquisition, Demerger/Spin-Off, Bankruptcy, Change of Listing, Suspension (each an "Extraordinary Corporate Action") with respect to a Stock, may lead to the removal of the affected Stock from the Index as a consequence, in accordance with the Stock Removal Procedure as described in the Index Rules, such that the Weight of the Stock being removed will be allocated to the Cash Component and the respective Weight of the each other Index Component stays unaffected by this removal.

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The Index Rules set out the basic principles which will be applied by the Stock Calculation Agent in determining the occurrence of corporate events in respect of a Stock and the adjustment to be implemented as a consequence of such corporate event. Except where the Index Sponsor is the Stock Calculation Agent, neither the Index Sponsor nor the Index Calculation Agent is responsible for the determination of the Stock Calculation Agent in terms of the occurrence or non-occurrence of such corporate action or the determination by the Stock Calculation Agent of any adjustment made to a Stock as a consequence thereof. In the event of any conflict or inconsistency between the information provided in relation to (i) Operational Corporate Actions in the Index Rules and the Corporate Actions Policy, the Corporate Actions Policy shall prevail, and (ii) to Extraordinary Corporate Actions in the Index Rules and the Corporate Actions Policy in respect of the determination of an Extraordinary Corporate Action, the Corporate Actions Policy shall prevail.

In addition, if the Index Sponsor determines that there has been a suspension or limitation of trading in a Stock imposed by the relevant Exchange or otherwise, which has remained in place for the Maximum Stock/ETF Suspension Period, and in respect of which the Stock Calculation Agent has not notified the Index Sponsor, the Index Sponsor shall remove the relevant Stock from the Index in accordance with the Stock Removal Procedure as described in the Index Rules. In addition, any outstanding rebalancing of the affected Stock will be cancelled and such Stock will be valued using the last Value available prior to such suspension.

Furthermore any Stock which becomes non-freely tradable, including, in the determination of the Index Sponsor, if such Stock is placed on a restricted trading list by the Index Sponsor or its affiliates, such Stock will be removed from the Index following the Stock Removal Procedure as described in the Index Rules.

Index Methodology

Index Rebalancing Methodology

The weights/units within the Index allocated to each Index Component (each a "Weight/Unit" and combined, the "Weights/Units") will be initially set out in the Index Rules. However, the Weights/Units are not fixed and may be changed following the Index start date. Such weights/units determine the notional exposure of the Index to each Index Component. Following the Index start date, the Index Rebalancing Entity may, in furtherance of the Strategy, rebalance the Weight/Units held of each Index Component on each Index Calculation Day up to 24 times per calendar year (each an "Optional Rebalancing Day"), subject to the new allocation being compliant with the Investment Restrictions as described in Section: Investment Restrictions.

As such, the Index Rebalancing Entity’s reallocation of the Weight/Units held of each Index Component will be a significant variable impacting the performance of the Index. The Index Rebalancing Entity acts with absolute discretion, subject to the Investment Restrictions.

The Index Rebalancing Entity may, in furtherance of the Strategy, by providing a valid notice to the Index Sponsor (the "Rebalancing Notice") make a proposal for the Weight/Units of each Index Component within the Index in respect of any Optional Rebalancing Day Subject to the proposed Weights/Units complying with the Investment Restrictions and the proposed allocation being confirmed by the Index Sponsor, with the Index Sponsor having the discretion to withhold such confirmation, the Index shall be rebalanced in such a manner on such Optional Rebalancing Day. The Index Sponsor has no obligation to monitor the Index Rebalancing Entity’s exercise of discretion in relation to proposing Weights/Units and providing Rebalancing Notices, or its compliance with the Strategy.

Each such Optional Rebalancing Day, each such Scheduled Rebalancing Day and each rebalancing day triggered by the removal of a Stock from the Index, will henceforth be deemed to be an "Index Rebalancing Day".

Please note that rules are provided such that the Index Rebalancing Entity will determine the Units to redeem or subscribe based on the supplied Weights. In order to translate the Weights to Units the Index Component Value and applicable FX rates are used from two Index Calculation Days prior to the Rebalancing Day.

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Investment Restrictions

The following restrictions (the "Investment Restrictions") will apply to the weight that the Index Rebalancing Entity may allocate to each Index Component on each Optional Rebalancing Day:

- Each Weight shall be a percentage number between the relevant Minimum Weight and Maximum Weight, as specified in Table 2: Index Components Costs and Restrictions, under the columns entitled "Minimum Weight" and "Maximum Weight";

- The absolute value of the difference between the Weight of each Index Component on the Index Rebalancing Day and on the previous Index Rebalancing Day shall be a percentage number between 0 and the relevant Maximum Rebalancing, as specified in Table 2: Index Components Costs and Restrictions , under the columns entitled "Maximum Rebalancing";

- The sum of the Weights of all Index Components (including allocation to the cash component) shall be 100%;

- The number of Index Components shall be lower than or equal to 40.

Effective weights

As the daily performance of each Index Component fluctuates, the effective weight of each Index Component within the index will vary from the Weight of that Index Component set by the Index Rebalancing Entity on the last Optional Rebalancing Date (or, before the first Optional Rebalancing Date, the Initial Weight), as the daily positive or negative performance of each Index Component is factored into the Index Value. Where (i) such deviation results in the sum of the effective weights being lower than 95%, or higher than 105% (an "Automatic Rebalancing Trigger"), and (ii) none of the two Index Calculation Days following such Automatic Rebalancing Trigger is an Index Rebalancing Day, an Index Rebalancing Day shall be triggered two Index Calculation Days following such Automatic Rebalancing Trigger.

The Weights of each Index Component on such Index Rebalancing Day shall remain unchanged from the Weights on the immediately preceding Index Rebalancing Day.

Index

The Index is a weighted basket of the Index Components, which measures the total return rate of return of a notional investment in a synthetic portfolio consisting of:

- The stocks included in the Stock Universe as specified in Tables 1 & 2, (each an "Index Component" and collectively the "Index Components");

- An amount held in the Cash Component; and / or

- An amount borrowed in the Funding Component.

The Index is denominated in EUR (the "Index Currency") and is calculated net of:

- The transaction fee associated with an increase in the Weight of each Index Component, as specified in Table 2: Index Components Costs and Restrictions under the column entitled "Fee-In", is charged on any increase in Weight of any Index Component; and

- The transaction fee associated with a decrease in the Weight of each Index Component, as specified in Table 2: Index Components Costs and Restrictions , under the column entitled "Fee-Out" is charged on any decrease in Weight of any Index Component.

The Index performance will take into account synthetic reinvestment of dividends for stocks net of withholding tax.

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The Index is constructed as a Total Return mechanism. As such:

- If the aggregate allocation to Index Components defined as Total Return, as specified in Table 1: Index Components Description, under the column entitled "Return Type", is lower or equal than 100%, then the remaining will be invested in the Cash Component.

- Otherwise, if the allocation to the Index is greater than 100% (i.e. incorporates leverage), the Funding Component will be deducted from the allocation exceeding 100%.

Schedule A: Initial Stock List

Stock Bloomberg Ticker Currency Primary Exchange 3M MMM US Equity USD New York A10 Networks, Inc. ATEN US Equity USD New York ACCENTURE PLC-A ACN US Equity USD New York Adidas ADS GR Equity EUR Xetra ADOBE ADBE US Equity USD NASDAQ GS ADVANCED INFO SER. ADVANC TB Equity THB Bangkok AEON CO LTD 8267 JP Equity JPY Tokyo AIA 1299 HK Equity HKD Hong Kong AIRBUS SE AIR FP Equity EUR EN Paris Alibaba BABA US Equity USD New York Allegion ALLE US Equity USD New York ALLIANZ SE-VINK ALV GR Equity EUR Xetra ALS Limited ALQ AU Equity AUD ASE Alsea ALSEA* MM Equity MXN Mexico AMAZON.COM INC AMZN US Equity USD NASDAQ GS AMBEV ABEV3 BZ Equity BRL BM&FBOVESPA AMERICA MOVIL-L AMXL MM Equity MXN Mexico AMERICAN AIRLINE AAL US Equity USD NASDAQ GS AMERICAN EXPRESS AXP US Equity USD New York AMOREPACIFIC 090430 KS Equity KRW Korea SE Anadolu Efes AEFES TI Equity TRY Istanbul ANHEUSER-BUSCH I ABI BB Equity EUR EN Brussels Ansell ANN AU Equity AUD ASE Anta Sports 2020 HK Equity HKD Hong Kong APPLE INC AAPL US Equity USD NASDAQ GS ARAMARK ARMK US Equity USD New York ARCA CONTINENTAL AC* MM Equity MXN Mexico Arcelik ARCLK TI Equity TRY Istanbul ARCELORMITTAL MT US Equity USD New York Aselsan ASELS TI Equity TRY Istanbul Assa Abloy ASSAB SS Equity SEK Stockholm ASSOC BRIT FOODS ABF LN Equity GBp London ASTRA INTERNATIO ASII IJ Equity IDR Indonesia AT&T INC T US Equity USD New York ATENTO SA ATTO US Equity USD New York

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Atos ATO FP Equity EUR EN Paris AVI AVI SJ Equity ZAr Johannesburg AXIATA GROUP AXIATA MK Equity MYR Bursa Malays AYALA AC PM Equity PHP Philippines AYALA LAND ALI PM Equity PHP Philippines B2W BTOW3 BZ Equity BRL BM&FBOVESPA BAE SYSTEMS BA/ LN Equity GBp London BANCO SANTANDER SAN SM Equity EUR Soc.Bol SIBE BANK CENTRAL ASIA BBCA IJ Equity IDR Indonesia BANK MANDIRI BMRI IJ Equity IDR Indonesia BANK NEGARA INDONESIA BBNI IJ Equity IDR Indonesia BANK OF AMERICA BAC US Equity USD New York BANK OF CHINA-H 3988 HK Equity HKD Hong Kong BANK OF THE PHILP.ISLE. BPI PM Equity PHP Philippines Banorte GFNORTEO MM MXN Mexico Equity BARCLAYS PLC BARC LN Equity GBp London Barracuda CUDA US Equity USD New York BASF BAS GR Equity EUR Xetra BAYER MOTOREN WK BMW GR Equity EUR Xetra BBVA BBVA SM Equity EUR Soc.Bol SIBE BDO UNIBANK BDO PM Equity PHP Philippines BEC World BEC TB Equity THB Bangkok BEIERSDORF BEI GR Equity EUR Xetra BERKSHIRE HATH-A BRK/A US Equity USD New York BEST BUY CO INC BBY US Equity USD New York Bidvest Group BVT SJ Equity ZAr Johannesburg BIG C SUPERCENTER BIGC TB Equity THB Bangkok BIM BIRLESIK MAGAZALAR BIMAS TI Equity TRY Istanbul BlackBerry BB CN Equity CAD Toronto BNP PARIBAS BNP FP Equity EUR EN Paris BOEING CO/THE BA US Equity USD New York Booz Allen Hamilton BAH US Equity USD New York BOUYGUES SA EN FP Equity EUR EN Paris Bradesco BBDC4 BZ Equity BRL BM&FBOVESPA Brait SE BAT SJ Equity ZAr Johannesburg BRF BRASIL FOODS ON BRFS3 BZ Equity BRL BM&FBOVESPA BRIDGESTONE CORP 5108 JP Equity JPY Tokyo BRILLIANCE CHINA AUTV. HDG. 1114 HK Equity HKD Hong Kong British American Tobacco Malaysia ROTH MK Equity MYR Bursa Malays BT BT/A LN Equity GBp London BV BVI FP Equity EUR EN Paris BYD 'A' 1211 HK Equity HKD Hong Kong CANON INC 7751 JP Equity JPY Tokyo

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CAPGEMINI SE CAP FP Equity EUR EN Paris CARNIVAL PLC CCL LN Equity GBp London CARREFOUR SA CA FP Equity EUR EN Paris CATERPILLAR CAT US Equity USD New York CCB-H 939 HK Equity HKD Hong Kong CCI CCOLA TI Equity TRY Istanbul CCU CCU CI Equity CLP Sant. Comerc CECONOMY AG CEC GR Equity EUR Xetra CENCOSUD SA CENCOSUD CI CLP Sant. Comerc Equity CHAROEN POKPHAND FOODS CPF TB Equity THB Bangkok Check Point CHKP US Equity USD NASDAQ GS CHINA COM CONS-H 1800 HK Equity HKD Hong Kong CHINA ENERGY E-H 3996 HK Equity HKD Hong Kong CHINA INTL.TRVL.SER.'A' 1900 HK Equity HKD Hong Kong CHINA MENGNIU DAIRY 2319 HK Equity HKD Hong Kong CHINA MOBILE 941 HK Equity HKD Hong Kong CHINA NATL BDG-H 3323 HK Equity HKD Hong Kong CHINA RAIL CN-H 1186 HK Equity HKD Hong Kong CHINA RAIL GR-H 390 HK Equity HKD Hong Kong CHINA RES.BEER (HDG.)CO. 291 HK Equity HKD Hong Kong CHINA TELECOM-H 728 HK Equity HKD Hong Kong CHINA UNICOM 762 HK Equity HKD Hong Kong CHOW TAI FOOK JEWELLERY GP. 1929 HK Equity HKD Hong Kong CHRISTIAN DIOR CDI FP Equity EUR EN Paris Cielo CIEL3 BZ Equity BRL BM&FBOVESPA Cisco Systems CSCO US Equity USD NASDAQ GS CITIC 267 HK Equity HKD Hong Kong CITIGROUP INC C US Equity USD New York Citrix CTXS US Equity USD NASDAQ GS CKH HOLDINGS 1 HK Equity HKD Hong Kong Clicks CLS SJ Equity ZAr Johannesburg CMS 867 HK Equity HKD Hong Kong COACH COH US Equity USD New York COCA COLA KO US Equity USD New York Coca-Cola Amatil CCL AU Equity AUD ASE Coca-Cola Andina ANDINAB CI Equity CLP Sant. Comerc Coca-Cola Femsa KOFL MM Equity MXN Mexico COGNIZANT TECH-A CTSH US Equity USD NASDAQ GS COLGATE CL US Equity USD New York COMCAST CORP-A CMCSA US Equity USD NASDAQ GS COMMUNITY HEALTH CYH US Equity USD New York COMPASS GROUP CPG LN Equity GBp London CONTINENTAL AG CON GR Equity EUR Xetra

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CONVERGYS CORP CVG US Equity USD New York COSTCO WHOLESALE COST US Equity USD NASDAQ GS CP ALL CPALL TB Equity THB Bangkok CR Pharma 3320 HK Equity HKD Hong Kong Credicorp BAP US Equity USD New York CSPC 1093 HK Equity HKD Hong Kong CVS HEALTH CORP CVS US Equity USD New York CyberArk Software CYBR US Equity USD NASDAQ GS DAIMLER AG DAI GR Equity EUR Xetra Dali Foods 3799 HK Equity HKD Hong Kong DANONE BN FP Equity EUR EN Paris DARDEN RESTAURAN DRI US Equity USD New York DEERE DE US Equity USD New York DELPHI AUTOMOTIV DLPH US Equity USD New York DENSO CORP 6902 JP Equity JPY Tokyo DEUTSCHE LUFT-RG LHA GR Equity EUR Xetra DEUTSCHE POST-RG DPW GR Equity EUR Xetra DEUTSCHE TELEKOM DTE GR Equity EUR Xetra DIGI.COM DIGI MK Equity MYR Bursa Malays Dis-Chem DCP SJ Equity ZAr Johannesburg DOLLAR GENERAL C DG US Equity USD New York DONGFENG MOTOR-H 489 HK Equity HKD Hong Kong DOWDUPONT INC. O DWDP US Equity USD New York EBAY EBAY US Equity USD NASDAQ GS Ecolab Inc ECL US Equity USD New York EDF EDF FP Equity EUR EN Paris ELIOR GROUP ELIOR FP Equity EUR EN Paris ERICSSON LM-B #N/A SEK Stockholm Eros EROS US Equity USD New York Everbridge EVBG US Equity USD NASDAQ GM Experian EXPN LN Equity GBp London F5 Networks FFIV US Equity USD NASDAQ GS FACEBOOK FB US Equity USD NASDAQ GS FEDEX CORP FDX US Equity USD New York FIAT CHRYSLER AU FCAU US Equity USD New York FINATIS SA FNTS FP Equity EUR EN Paris FireEye FEYE US Equity USD NASDAQ GS FLEX LTD FLEX US Equity USD NASDAQ GS FOMENTO ECONOMICO FEMSAUBD MM MXN Mexico MEXICANO Equity FONCIERE EURIS EURS FP Equity EUR EN Paris FORD MOTOR CO F US Equity USD New York Fortinet FTNT US Equity USD NASDAQ GS Fortune Brands H&S FBHS US Equity USD New York

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FRESENIUS SE & C FRE GR Equity EUR Xetra FUJITSU LTD 6702 JP Equity JPY Tokyo G4S PLC GFS LN Equity GBp London GAP INC/THE GPS US Equity USD New York GAZPROM GAZP RM Equity RUB MICEX Main GEELY AUTOMOBILE HDG. 175 HK Equity HKD Hong Kong Gemalto N.V. GTO NA Equity EUR EN Amsterdam General Dynamics GD US Equity USD New York GENERAL ELECTRIC GE US Equity USD New York GENERAL MOTORS C GM US Equity USD New York Genting BHD GENT MK Equity MYR Bursa Malays GENTING MALAYSIA GENM MK Equity MYR Bursa Malays GENTING SINGAPORE GENS SP Equity SGD Singapore Giant Manufacturing 9921 TT Equity TWD Taiwan Gigamon GIMO US Equity USD New York GLENCORE PLC GLEN LN Equity GBp London GLOBE TELECOM GLO PM Equity PHP Philippines GOLDEN AGRI-RESO GGR SP Equity SGD Singapore GOLDMAN SACHS GS US Equity USD New York GOOGLE GOOGL US Equity USD NASDAQ GS Gruma GRUMAB MM Equity MXN Mexico Grupo Aeroportuario del Centro Norte OMAB MM Equity MXN Mexico Grupo Aeroportuario del Pacifico GAPB MM Equity MXN Mexico Grupo Aeroportuario del Sureste ASURB MM Equity MXN Mexico GRUPO BIMBO 'A' BIMBOA MM Equity MXN Mexico Grupo Televisa TLEVICPO MM Equity MXN Mexico Gudang Garam GGRM IJ Equity IDR Indonesia Haier 1169 HK Equity HKD Hong Kong HCA HEALTHCARE I HCA US Equity USD New York HEINEKEN HEIA NA Equity EUR EN Amsterdam Hengan Intl 1044 HK Equity HKD Hong Kong HENNES & MAURI-B HMB SS Equity SEK Stockholm HERMES RMS FP Equity EUR EN Paris HERSHEY HSY US Equity USD New York HILTON WORLDWIDE HLT US Equity USD New York HITACHI LTD 6501 JP Equity JPY Tokyo HOME DEPOT INC HD US Equity USD New York HON HAI 2317 TT Equity TWD Taiwan HONDA MOTOR CO 7267 JP Equity JPY Tokyo HONEYWELL INTL HON US Equity USD New York HP HPQ US Equity USD New York HP ENTERPRISE HPE US Equity USD New York HSBC HOLDINGS PL HSBA LN Equity GBp London Huntington Ingalls HII US Equity USD New York

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HYPERMARCAS ON HYPE3 BZ Equity BRL BM&FBOVESPA HYUNDAI 005380 KS Equity KRW Korea SE IBM IBM US Equity USD New York ICICI BANK LTD-SPON ADR IBN US EUR Frankfurt ICICI BANK LTD-SPON ADR IBN US USD New York INDITEX ITX SM Equity EUR Soc.Bol SIBE Indofood INDF IJ Equity IDR Indonesia Indofood CBP sukses ICBP IJ Equity IDR Indonesia Infineon IFX GR Equity EUR Xetra INFOSYS LTD-SP ADR INFY US EUR Frankfurt INFOSYS LTD-SP ADR INFY US USD New York Ingenico S.A. ING FP Equity EUR EN Paris INTEL INTC US Equity USD NASDAQ GS Intertek Group ITRK LN Equity GBp London INTOUCH HOLDINGS INTUCH TB Equity THB Bangkok ISS A/S ISS DC Equity DKK Copenhagen Itau ITUB4 BZ Equity BRL BM&FBOVESPA JABIL INC JBL US Equity USD New York JAPAN POST HOLDI 6178 JP Equity JPY Tokyo JARDINE MATHESON JM SP Equity USD Singapore JBS JBSS3 BZ Equity BRL BM&FBOVESPA JD.COM INC-ADR JD US Equity USD NASDAQ GS JG Summit JGS PM Equity PHP Philippines JOHNSON CONTROLS JCI US Equity USD New York JOHNSON&JOHNSON JNJ US Equity USD New York JPMORGAN CHASE JPM US Equity USD New York Juniper Networks JNPR US Equity USD New York Kalbe KLBF IJ Equity IDR Indonesia KAO 4452 JP Equity JPY Tokyo KELLOGG K US Equity USD New York KERING KER FP Equity EUR EN Paris KimberlyClark Mx KIMBERA MM Equity MXN Mexico KONINKLIJKE AHOL AD NA Equity EUR EN Amsterdam KRAFT HEINZ KHC US Equity USD NASDAQ GS KROGER CO KR US Equity USD New York KT & G 033780 KS Equity KRW Korea SE L-3 Technologies LLL US Equity USD New York Largan Precision 3008 TT Equity TWD Taiwan LATAM AIRL.GP ADR LTM US Equity USD New York LEAR CORP LEA US Equity USD New York Leonardo LDO IM Equity EUR BrsaItaliana LG Electronics 066570 KS Equity KRW Korea SE LOBLAW COS LTD L CN Equity CAD Toronto Lockheed Martin LMT US Equity USD New York

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Lojas Americanas LAME4 BZ Equity BRL BM&FBOVESPA LOJAS RENNER ON LREN3 BZ Equity BRL BM&FBOVESPA L'OREAL OR FP Equity EUR EN Paris LOWE'S COS INC LOW US Equity USD New York LT Group LTG PM Equity PHP Philippines Luye Pharma 2186 HK Equity HKD Hong Kong LVMH MC FP Equity EUR EN Paris M. Dias Branco MDIA3 BZ Equity BRL BM&FBOVESPA MACY'S INC M US Equity USD New York MAGNA INTL MG CN Equity CAD Toronto MAILRU GROUP GDR (REG S) MAIL LI Equity USD London Intl MARRIOTT INTL-A VAC US Equity USD New York MASTERCARD MA US Equity USD New York MAXIS MAXIS MK Equity MYR Bursa Malays Mayora MYOR IJ Equity IDR Indonesia MCDONALDS CORP MCD US Equity USD New York MCOT PCL MCOT TB Equity THB Bangkok Megacable MEGACPO MM MXN Mexico Equity MEGAFON GDR MFON LI Equity USD London Intl Melrose plc MRO LN Equity GBp London Mercadolibre MELI US Equity USD NASDAQ GS Merida Industry 9914 TT Equity TWD Taiwan METRO WHOLESALE B4B GR Equity EUR Xetra METROPOLITAN BK.& TST. MBT PM Equity PHP Philippines MICROSOFT CORP MSFT US Equity USD NASDAQ GS Minerva BEEF3 BZ Equity BRL BM&FBOVESPA MINOR INTERNATIONAL MINT TB Equity THB Bangkok Mistras Group MG US Equity USD New York Mitie MTO LN Equity GBp London MITSUB ELEC CORP 6503 JP Equity JPY Tokyo Mr Price MRP SJ Equity ZAr Johannesburg MTN GROUP MTN SJ Equity ZAr Johannesburg Nampak NPK SJ Equity ZAr Johannesburg Naspers NPN SJ Equity ZAr Johannesburg Naver 035420 KS Equity KRW Korea SE NEC 6701 JP Equity JPY Tokyo NESTLE SA-REG NESN VX Equity CHF SIX Swiss Ex NETFLIX NFLX US Equity USD NASDAQ GS NIKE NKE US Equity USD New York NIPPON TELEGRAPH 9432 JP Equity JPY Tokyo NISSAN MOTOR CO 7201 JP Equity JPY Tokyo Northrop Grumman NOC US Equity USD New York NOVARTIS AG-REG NOVN VX Equity CHF SIX Swiss Ex

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NTT DATA 9613 JP Equity JPY Tokyo Oceana OCE SJ Equity ZAr Johannesburg ORACLE CORP ORCL US Equity USD New York ORANGE ORA FP Equity EUR EN Paris OTP BANK OTP HB Equity HUF Budapest Palo Alto Networks PANW US Equity USD New York PANASONIC CORP 6752 JP Equity JPY Tokyo PEPSICO INC PEP US Equity USD New York PETROCHINA-H 857 HK Equity HKD Hong Kong PHILIP MORRIS INTERNATIONAL PM US Equity USD New York PHILIPS PHIA NA Equity EUR EN Amsterdam PICC GROUP-H 1339 HK Equity HKD Hong Kong PICC P&C-H 2328 HK Equity HKD Hong Kong PING AN 2318 HK Equity HKD Hong Kong Pioneer Foods PFG SJ Equity ZAr Johannesburg PJSC MAGNIT GDR (REG S) MGNT LI Equity USD London Intl PLDT TEL PM Equity PHP Philippines POSTAL SAVINGS-H 1658 HK Equity HKD Hong Kong POSTE ITALIANE PST IM Equity EUR BrsaItaliana POU CHEN 9904 TT Equity TWD Taiwan PRESIDENT CHAIN STORE 2912 TT Equity TWD Taiwan PROCTER&GAMBLE PG US Equity USD New York PROSEGUR PSG SM Equity EUR Soc.Bol SIBE QinetiQ QQ/ LN Equity GBp London QUALCOMM QCOM US Equity USD NASDAQ GS Raia Drogasil RADL3 BZ Equity BRL BM&FBOVESPA Raytheon Co. RTN US Equity USD New York RENAULT SA RNO FP Equity EUR EN Paris RICHEMONT CFR VX Equity CHF SIX Swiss Ex ROYAL MAIL RMG LN Equity GBp London SACI FALABELLA FALAB CI Equity CLP Sant. Comerc Safran SA SAF FP Equity EUR EN Paris SAINSBURY PLC SBRY LN Equity GBp London SAINT GOBAIN SGO FP Equity EUR EN Paris SAMSUNG 005930 KS Equity KRW Korea SE SANDS CHINA 1928 HK Equity HKD Hong Kong SAP SAP GR Equity EUR Xetra SBERBANK SBER RM Equity RUB MICEX Main SCA SCAB SS Equity SEK Stockholm SCHNEIDER ELECTR SU FP Equity EUR EN Paris SEARS HOLDINGS SHLD US Equity USD NASDAQ GS SecureWorks SCWX US Equity USD NASDAQ GS SECURITAS AB-B SECUB SS Equity SEK Stockholm SEVEN & I HOLDIN 3382 JP Equity JPY Tokyo

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SGS SA SGSN VX Equity CHF SIX Swiss Ex Shandong Weigao 1066 HK Equity HKD Hong Kong Shoprite SHP SJ Equity ZAr Johannesburg SIAM MAKRO MAKRO TB Equity THB Bangkok SIEMENS AG-REG SIE GR Equity EUR Xetra SIME DARBY SIME MK Equity MYR Bursa Malays SINA Corp SINA US Equity USD NASDAQ GS Singtel ST SP Equity SGD Singapore Sino Biopharm 1177 HK Equity HKD Hong Kong SINOPEC CORP-H 386 HK Equity HKD Hong Kong Sinopharm 1099 HK Equity HKD Hong Kong Skyworth Digital 751 HK Equity HKD Hong Kong SM PRIME HOLDINGS SMPH PM Equity PHP Philippines Smiths Group SMIN LN Equity GBp London SOC GENERALE SA GLE FP Equity EUR EN Paris SODEXO SA SW FP Equity EUR EN Paris SONY CORP 6758 JP Equity JPY Tokyo Splunk SPLK US Equity USD NASDAQ GS STARBUCKS CORP SBUX US Equity USD NASDAQ GS STMicroelectronics STM IM Equity EUR BrsaItaliana SUMITOMO ELEC IN 5802 JP Equity JPY Tokyo SUN ART RETAIL 6808 HK Equity HKD Hong Kong SURGUTNEFTEGAS SNGS RM Equity RUB MICEX Main Symantec SYMC US Equity USD NASDAQ GS TARGET CORP TGT US Equity USD New York TATA MOTORS LTD-SPON ADR TTM US EUR Frankfurt TATA MOTORS LTD-SPON ADR TTM US USD New York TELEFONICA TEF SM Equity EUR Soc.Bol SIBE TELEKOM MALAYSIA T MK Equity MYR Bursa Malays TELEKOMUNIKASI INDONESIA TLKM IJ Equity IDR Indonesia TELEPERFORMANCE RCF FP Equity EUR EN Paris Tencent Holdings TLKM IJ Equity IDR Indonesia TENET HEALTHCARE THC US Equity USD New York TESCO PLC TSCO LN Equity GBp London Thai Beverage THBEV SP Equity SGD Singapore Thai Union TU TB Equity THB Bangkok THALES HO FP Equity EUR EN Paris THYSSENKRUPP AG TKA GR Equity EUR Xetra Tiger Brands TBS SJ Equity ZAr Johannesburg TINGYI CYMN.ISLE.HLDG. 322 HK Equity HKD Hong Kong TJX COS INC TJX US Equity USD New York TOSHIBA CORP 6502 JP Equity JPY Tokyo TOYOTA MOTOR 7203 JP Equity JPY Tokyo Trend Micro 4704 JP Equity JPY Tokyo

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TRUE CORPORATION TRUE TB Equity THB Bangkok TSMC 2330 TT Equity TWD Taiwan TURK TELEKOMUNIKASYON TTKOM TI Equity TRY Istanbul TURKCELL ILETISIM HZM. TCELL TI Equity TRY Istanbul TV Azteca AZTECACP MM MXN Mexico Equity Ulker ULKER TI Equity TRY Istanbul Ultra Electronics ULE LN Equity GBp London Ultrapar UGPA3 BZ Equity BRL BM&FBOVESPA UNICREDIT SPA UCG IM Equity EUR BrsaItaliana Unilever Indo UNVR IJ Equity IDR Indonesia UNILEVER NV-CVA UNA NA Equity EUR EN Amsterdam UNILEVER PLC ULVR LN Equity GBp London UNI-PRESIDENT ENTS. 1216 TT Equity TWD Taiwan UNITED PARCEL-B UPS US Equity USD New York UNITED TECH CORP UTX US Equity USD New York UNITEDHEALTH GRP UNH US Equity USD New York Universal Robina URC PM Equity PHP Philippines UPC 220 HK Equity HKD Hong Kong Valid VLID3 BZ Equity BRL BM&FBOVESPA VEOLIA ENVIRONNE VIE FP Equity EUR EN Paris VEON ADR 1:1 VEON US Equity USD NASDAQ GS VERIZON COMMUNIC VZ US Equity USD New York VINCI SA DG FP Equity EUR EN Paris Vinda Intl Hldgs 3331 HK Equity HKD Hong Kong Vipshop VIPS US Equity USD New York VISA V US Equity USD New York VMware Inc VMW US Equity USD New York VODACOM GROUP VOD SJ Equity ZAr Johannesburg VOLKSWAGEN AG VOW3 GR Equity EUR Xetra WALGREENS BOOTS WBA US Equity USD NASDAQ GS WALMART DE MEXICO 'V' WALMEX* MM Equity MXN Mexico WAL-MART STORES WMT US Equity USD New York WALT DISNEY CO DIS US Equity USD New York Want Want China 151 HK Equity HKD Hong Kong WELLS FARGO & CO WFC US Equity USD New York Wendel SA MF FP Equity EUR EN Paris WESFARMERS LTD WES AU Equity AUD ASE WESTON (GEORGE) WN CN Equity CAD Toronto WH GROUP 288 HK Equity HKD Hong Kong WOOLWORTHS LTD WOW AU Equity AUD ASE WPP PLC WPP LN Equity GBp London WYNN MACAU 1128 HK Equity HKD Hong Kong X 5 RETAIL-GDR FIVE LI Equity USD London Intl

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XL Axiata EXCL IJ Equity IDR Indonesia Yamaha Motor 7272 JP Equity JPY Tokyo YAMATO HOLDINGS 9064 JP Equity JPY Tokyo YUE YUEN IND 551 HK Equity HKD Hong Kong YUM CHINA HO YUMC US Equity USD New York

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ANNEX D

INDEX DISCLAIMER

This disclaimer extends to Credit Suisse Securities (Europe) Limited ("CSSEL"), its affiliates or its designate in any of its capacities.

The Index Rules are published by CSSEL. CSSEL is authorised by the Prudential Regulation Authority ("PRA") and regulated by the Financial Conduct Authority ("FCA") and the PRA. Notwithstanding that CSSEL is so regulated, the rules of neither the FCA nor the PRA are incorporated into the Index Rules.

CSSEL or its affiliates may also offer securities or other financial products ("Investment Products") the return of which is linked to the performance of the Index. CSSEL may, therefore, in each of its capacities face a conflict in its obligations carrying out such role with investors in the Investment Products.

In addition, the Index Rules are not to be used or considered as an offer or solicitation to buy or subscribe for such Investment Products nor are they to be considered to be or to contain any advice or a recommendation with respect to such products. Before making an investment decision in relation to such products one should refer to the prospectus or other disclosure document relating to such products.

The Index Rules are published for information purposes only and CSSEL and its affiliates expressly disclaim (to the fullest extent permitted by applicable law except for where loss is caused by the negligence, fraud or wilful default of CSSEL or its affiliates) all warranties (express, statutory or implied) regarding this document and the Index, including but not limited to all warranties of merchantability, fitness for a particular purpose of use and all warranties arising from course of performance, course of dealing or usage of trade and their equivalents under applicable laws of any jurisdiction unless losses result from the breach of such warranties where such losses are caused by the negligence, fraud or wilful default of CSSEL or its affiliates.

CSSEL is described as Index Sponsor under the Index Rules and Credit Suisse International ("CSI") is described as the Index Calculation Agent. Each of CSI and CSSEL may transfer or delegate to another entity, at its discretion, some or all of the functions and calculations associated with the role of Index Sponsor and Index Calculation Agent respectively under the Index Rules.

CSSEL as Index Sponsor is the final authority on the Index and the interpretation and application of the Index Rules.

CSSEL as Index Sponsor may supplement, amend (in whole or in part), revise or withdraw the Index Rules at any time. The Index Rules may change without prior notice.

CSSEL will apply the Index Rules in its discretion acting in good faith and in a commercially reasonable manner and (where there is a corresponding applicable regulatory obligation) shall take into account whether fair treatment is achieved by any such calculation, determination and exercise of discretion in accordance with its applicable regulatory obligations, and in doing so may rely upon other sources of market information.

CSSEL as Index Sponsor does not warrant or guarantee the accuracy or timeliness of calculations of Index Values (as defined in the Index Rules) or the availability of an Index Value on any particular date or at any particular time.

Neither CSSEL nor any of its affiliates (including their respective officers, employees and delegates) shall be under any liability to any party on account of any loss suffered by such party (however such loss may have been incurred) in connection with anything done, determined, interpreted, amended or selected (or omitted to be done, determined or selected) by it in connection with the Index and the Index Rules unless such loss is caused by CSSEL's or any of its affiliates' negligence, fraud or wilful default. Without prejudice to the generality of the foregoing and unless caused by CSSEL's or any of its affiliates' negligence, fraud or wilful default, neither CSSEL nor any of its affiliates shall be liable for any loss suffered by any party as a result of any determination, calculation, interpretation, amendment or selection it makes (or fails to make) in relation to the construction or the valuation of 118

the Index and the application of the Index Rules and, once made, neither CSSEL nor any of its affiliates shall be under any obligation to revise any calculation, determination, amendment, interpretation and selection made by it for any reason. Neither CSSEL nor any of its affiliates makes any warranty or representation whatsoever, express or implied, as to the results to be obtained from the use of the Index, or as to the performance and/or the value thereof at any time (past, present or future).

The Index Strategy (as defined in the Index Rules) is a proprietary strategy of the Index Sponsor. The Index Strategy is subject to change at any time by the Index Sponsor but subject to consultation with the Index Committee (as defined in the Index Rules). Neither CSSEL nor its affiliates shall be under any liability to any party on account of any loss suffered by such party, unless such loss is caused by CSSEL's negligence, fraud or wilful default, in connection with any change in any such strategy, or determination or omission in respect of such strategy.

Neither CSSEL nor any of its affiliates is under any obligation to monitor whether or not an Index Disruption Event has occurred and shall not be liable for any by CSSEL's negligence, fraud or wilful default resulting from (i) any determination that an Index Disruption Event has occurred or has not occurred, (ii) the timing relating to the determination that an Index Disruption Event has occurred or (iii) any actions taken or not taken by CSSEL or any of its affiliates as a result of such determination.

Unless otherwise specified, CSSEL shall make all calculations, determinations, amendments, interpretations and selections in respect of the Index. Neither CSSEL nor any of its affiliates (including their respective officers, employees and delegates) shall have any responsibility for good faith errors or omissions in its calculations, determinations, amendments, interpretations and selections as provided in the Index Rules unless caused by CSSEL's negligence, fraud or wilful default. The calculations, determinations, amendments, interpretations and selections of CSSEL and CSI shall be made by it in accordance with the Index Rules, acting in good faith and in a commercially reasonable manner and (where there is a corresponding applicable regulatory obligation) shall take into account whether fair treatment is achieved by any such calculation, determination, amendment, interpretation and selections in accordance with its applicable regulatory obligations (having regard in each case to the criteria stipulated herein and (where relevant) on the basis of information provided to or obtained by employees or officers of CSSEL and CSI responsible for making the relevant calculations, determinations, amendments, interpretations and selections). For the avoidance of doubt, any calculations or determinations made by CSSEL or CSI under the Index Rules on an estimated basis may not be revised following the making of such calculation or determination.

Neither the Index Sponsor nor the Index Calculation Agent, is responsible for the determinations or calculations made by the Stock Calculation Agent (as defined in the Index Rules) in respect of any Index Components which are stocks or exchange traded funds (including, but not limited to, adjustments following corporate actions). Further information on the principles and methodology employed by the Stock Calculation Agent can be found in the Stock Calculation Agent’s Corporate Actions Policy and the Stock Calculation Agent Methodology (each as defined in the Index Rules).

No person may reproduce or disseminate the Index Rules, any Index Value and any other information contained in the Index Rules without the prior written consent of CSSEL. This document is not intended for distribution to, or use by any person in a jurisdiction where such distribution or use is prohibited by law or regulation. No one other than CSSEL is permitted to use the Index Rules or any Index Value in connection with the writing, trading, marketing, or promotion of any financial instruments or products or to create any indices.

"Credit Suisse", the Credit Suisse logo and "Credit Suisse Multi-Asset Actively Rebalanced Indices", "Credit Suisse Anxious Societies USD Index" and "Credit Suisse Anxious Societies EUR Index" are trademarks or service marks or registered trademarks or registered service marks of Credit Suisse Group AG or one of its affiliates.

Copyright © 2017 CREDIT SUISSE GROUP AG and/or its affiliates. All rights reserved.

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Signed on behalf of the Issuer:

59806930/Ashurst(KSYOMI/HSHAND)/KT 120

CREDIT SUISSE INTERNATIONAL

History, Development and Organisational Structure

Credit Suisse International ("CSi") was incorporated in England and Wales under the Companies Act 1985, on 9 May 1990, with registered no. 2500199 and operates under English law. CSi was re- registered as an unlimited company under the name "Credit Suisse Financial Products" on 6 July 1990, and was renamed "Credit Suisse First Boston International" on 27 March 2000 and "Credit Suisse International" on 16 January 2006.

CSi, a bank domiciled in England established under English law, is an indirect wholly owned subsidiary of Credit Suisse Group AG. CSi's registered head office is in London and is located at One Cabot Square, London E14 4QJ and its telephone number is +44 (0)20 7888 8888.

CSi is authorised by the Prudential Regulation Authority ("PRA") and regulated by the Financial Conduct Authority ("FCA") and the PRA.

CSi is an unlimited liability company and, as such, its shareholders have a joint, several and unlimited obligation to meet any insufficiency in the assets of CSi in the event of its liquidation. The joint, several and unlimited liability of the shareholders of CSi to meet any insufficiency in the assets of CSi will only apply upon liquidation of CSi. Therefore, prior to any liquidation of CSi, the creditors may only have the benefit of recourse to the assets of CSi and not to those of its shareholders.

CSi and its consolidated subsidiaries have direct access to funding sources of Credit Suisse AG. After making enquiries of Credit Suisse AG, the Directors of CSi have received a confirmation that Credit Suisse AG will ensure that CSi maintains a sound financial position and is able to meet its debt obligations for the foreseeable future.

Principal Activities and Principal Markets

CSi commenced business on 16 July 1990. Its principal business is banking, including the trading of derivative products linked to interest rates, foreign exchange, equities, commodities and credit. The primary objective of CSi is to provide comprehensive treasury and risk management derivative product services. CSi has established a significant presence in global derivative markets through offering a full range of derivative products and continues to develop new products in response to the needs of its customers and changes in underlying markets. The business is managed as a part of the Global Markets and Investment Banking and Capital Markets Divisions of Credit Suisse AG. For more information on CSi's principal markets and activities, see sub-sections "Profile" on page 6 and "Principal products/Principal product areas" on page 7 of the CSi 2016 Annual Report.

The liquidity and capital requirements of CSi and its consolidated subsidiaries are managed as an integral part of the wider framework of Credit Suisse Group AG and its consolidated subsidiaries. This includes the local regulatory liquidity and capital requirements in the UK.

Organisational Structure

The subsidiaries of CSi which are consolidated in the financial statements contained in the CSi 2016 Annual Report are listed under sub-section "Composition of the CSi Group" on pages 82 to 84 of the CSi 2016 Annual Report. For information on CSi's relationship to Credit Suisse Group AG, see page 6 of the CSi 2016 Annual Report.

Major Shareholders

The shareholders of CSi are:

(a) Credit Suisse Group AG, whose head office is at Paradeplatz 8, CH-8001 Zürich, Switzerland, and who is the ultimate parent of the consolidated Credit Suisse Group which includes Credit Suisse AG;

(b) Credit Suisse AG, a Swiss bank and a leading global bank acting through its registered head office at Paradeplatz 8, CH-8001 Zürich, Switzerland (Zurich Stammhaus) which provides its clients with private banking, investment banking and asset management services worldwide;

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(c) Credit Suisse AG, Guernsey Branch, whose place of business is at Helvetia Court, Les Echelons, South Esplanade, St Peter Port GY1 3ZQ, Guernsey was established as a Branch of Credit Suisse AG on 1 April 1986 and whose principal activities are deposit taking, bond issuing and lending the funds received within the Credit Suisse Group; and

(d) Credit Suisse PSL GmbH, whose registered office is c/o Credit Suisse AG, Paradeplatz 8, 8001 Zürich, Switzerland and was incorporated in Zürich, Switzerland on 29 September 2009 and whose principal activity is to finance, purchase, hold, manage and sell financial participations in other Credit Suisse Group companies.

Credit Suisse Group AG

Credit Suisse AG

Zurich Guernsey Stammhaus Branch

Credit Suisse PSL GmbH

Credit Suisse International

There is trading of shares in CSi between these shareholders and therefore the respective shareholdings will change from time to time, although CSi will remain an indirect wholly owned subsidiary of Credit Suisse Group AG.

Names and Addresses of Directors and Executives

The business address of the members of the Board of Directors is One Cabot Square, London E14 4QJ.

The current members of the Board of Directors, their role within CSi and their principal activities outside CSi, if any, are as follows:

Board Member External Activities

Noreen Doyle (Non-Executive Chair) • Independent member and Chair of the Board of Directors, the Nomination and the Advisory Remuneration Committee, independent member of the Risk Committee of CSi and Credit Suisse Securities (Europe) Limited.

• Ms. Doyle is also:

o Chair of the Board of the BBA; and

o Chair of the Board of Directors, Chair of the Corporate Governance and Nominating Committee and of the Executive-Finance Committee and Member of the Audit Committee of Newmont Mining Corporation.

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Paul Ingram • Managing Director in the CRO division of CSi.

• Mr. Ingram is also Chief Risk Officer of CSi and Credit Suisse Securities (Europe) Ltd.

• Member of the Board of Directors of Credit Suisse Securities (Europe) Limited.

Christopher Horne • Managing Director in the CFO division of CSi.

• Mr. Horne is also Deputy CEO of CSi and Credit Suisse Securities (Europe) Ltd.

• Member of the Board of Directors of Credit Suisse Securities (Europe) Limited, Credit Suisse Investment Holdings (UK) and Credit Suisse Investments (UK).

Alison Halsey (Non-Executive) • Independent member of the Board of Directors, Chair of the Audit and Conflicts Committee and Member of the Risk and the Nomination Committee of CSi and Credit Suisse Securities (Europe) Limited.

• Ms. Halsey is also Non-executive Director and Member of the Risk, Compliance and Nominations Committees and Chair of the Audit Committee of Aon UK Limited.

David Mathers (CEO) • Managing Director in the CFO division of Credit Suisse AG.

• Mr. Mathers is also CEO of CSi and Credit Suisse Securities (Europe) Ltd and CFO of Credit Suisse AG.

• Member of the Board of Directors of Credit Suisse Securities (Europe) Limited.

Eraj Shirvani • Global head of GM Solutions.

• UK Head of GM Credit & Solutions.

• UK Head of GM Equities (Interim).

• Member of the Board of Directors of Credit Suisse Securities (Europe) Limited.

• Mr. Shirvani is a member of the Board of Directors of:

o Association for Financial Markets in Europe (AFME); and

o Global Financial Markets Association (GFMA) Robert Endersby (Non-Executive) • Independent member of the Board of Directors, Chair of the Risk Committee and Member of the Audit, the Advisory Remuneration and the Conflicts Committee of CSi and Credit Suisse Securities (Europe) Limited.

• Mr. Endersby is also Non-executive Director, Chair of Risk Committee, Member of Audit Committee, Remuneration Committee and Disclosure Committee

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of Tesco Personal Finance Group Limited and Tesco Personal Finance Plc.

Caroline Waddington • Managing Director in the CFO division of CSi.

• Ms. Waddington is also Regional CFO for Credit Suisse UK Regulated Entities including CSi and Chair of the UK Pension Committee.

• Member of the Board of Directors of Credit Suisse Securities (Europe) Limited and a Member of the Board of Directors of Credit Suisse Investment Holdings (UK) and Credit Suisse Investments (UK).

• Ms. Waddington is a member of the Board of Directors of:

o NameCo (No.357) Limited;

o Roffey Park Institute Limited; and

o Brook House (Clapham Common) Management Company Limited.

John Devine (Non-Executive) • Independent member of the Board of Directors, the Audit, the Nomination and the Conflicts Committee of the Issuer and Credit Suisse Securities (Europe) Limited.

• Mr Devine is also:

o Non-Executive Director, Chair of Audit Committee, Member of Risk Committee and Remuneration Committee of Standard Life Aberdeen PLC.

o Non-Executive Director, Chair of Audit Committee, Member of Risk Committee and Nominations Committee of Citco Custody (UK) Ltd and Citco Custody Holding Ltd Malta.

Pages 1 to 5 and 22 to 23 of the CSi 2016 Annual Report provide further information on CSi's Board of Directors.

Directors' Conflicts of Interest

There are no potential conflicts of interest of the members of the Board of Directors between their duties to CSi and their private interests and/or other duties. Potential conflicts of interest of members of the Board of Directors due to roles held with Credit Suisse Group AG / Credit Suisse AG are managed by a Board Conflicts Committee and Conflicts Management Framework.

Legal and Arbitration Proceedings

During the period of 12 months ending on the date of this Prospectus there have been no governmental, legal or arbitration proceedings which may have, or have had in the past, significant effects on the financial position or profitability of CSi and its consolidated subsidiaries, and CSi is not aware of any such proceedings being either pending or threatened, except as disclosed in the CSi 2016 Annual Report (under the heading Contingent Liabilities and Other Commitments on pages 81 to 82) and below: 124

1. CSi is defending a EUR 170 million clawback claim brought by the Winding up Committee ("WUC") of Kaupthing Bank hf in the District Court of Reykjavik, Iceland. The claim relates to the issuance of ten credit-linked notes issued in 2008, which the WUC is seeking to challenge under various provisions of Icelandic insolvency law in order to claw back funds paid to CSi. The WUC is also claiming significant penalty interest under Icelandic law. CSi argues that the purchase of the credit linked notes is governed by English law, which does not provide a legal basis for such clawback actions. In October 2014, the Court of the European Free Trade Association States issued a non-binding decision supporting CSi's position that the governing law of the transactions is relevant. Separately, CSi is pursuing a claim for USD 226 million in the District Court of Reykjavik, Iceland against Kaupthing Bank hf's WUC in order to enforce certain security rights arising under a 2007 structured trade. CSi acquired the security rights following Kaupthing Bank hf's insolvency in 2008. In December 2016 CSi and Kaupthing ehf (formerly Kaupthing Bank hf) entered into a confidential settlement agreement bringing an end to these proceedings.

2. Rosserlane and Swinbrook v Credit Suisse International. CSi is the defendant in English court litigation brought by Rosserlane Consultants Limited and Swinbrook Developments Limited (the "claimants"). The litigation relates to the forced sale by CSi in 2008 of Caspian Energy Group LP ("CEG"), the vehicle through which the claimants held a 51 per cent. stake in the Kyurovdag oil and gas field in Azerbaijan. CEG was sold for USD 245 million following two unsuccessful M&A processes. The claimants allege that CEG should have been sold for at least USD 700 million. CSi is vigorously defending the claims, which it believes are without merit. The trial commenced in October 2014 and on 20 February 2015 the case was dismissed and judgment given in favour of CSi. The claimants appealed the judgment and in January 2017 the Court of Appeal ruled in CSi's favour.

3. CSi is the defendant in German court litigation brought by Stadtwerke Munchen GmbH, a German water utility company (the "claimant"). The litigation relates to a series of interest rate swaps entered into between 2008 and 2012. The claimant alleges breach of an advisory duty to provide both investor- and investment-specific advice, including in particular a duty to disclose the initial mark-to-market value of the trades at inception. The claimant seeks damages of EUR 58 million, repayment of EUR 103 million of collateral held by CSi and its consolidated subsidiaries and release from all future obligations under the trades. Witness hearings took place in 2017 with further hearings scheduled for H1 2018.

4. Credit Suisse is responding to requests from regulatory and enforcement authorities related to Credit Suisse's arrangement of loan financing to Mozambique state enterprises, Proindicus S.A. and Empresa Mocambiacana de Atum S.A. (EMATUM), a distribution to private investors of loan participation notes (LPN) related to the EMATUM financing in September 2013, and Credit Suisse's subsequent role in arranging the exchange of those LPNs for Eurobonds issued by the Republic of Mozambique. Credit Suisse has been cooperating with the authorities on this matter.

Provision for litigation is disclosed in Note 21 to the interim consolidated financial statements on pages 33 to 34 of the 2017 CSi Interim Report.

Auditor

CSi's auditor is KPMG LLP, 15 Canada Square, London E14 5GL. KPMG LLP is registered to carry out audit work by the Institute of Chartered Accountants in England and Wales.

Further information on CSi's auditor may be found on pages 23 to 25 of the CSi 2016 Annual Report.

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GENERAL INFORMATION

1. Approval for the purposes of the Prospectus Directive: This Prospectus has been approved by the Commission de Surveillance du Secteur Financier (the "CSSF"), as competent authority under the Prospectus Directive. The CSSF only approves this Prospectus as meeting the requirements imposed under Luxembourg and EU law pursuant to the Prospectus Directive. By approving the Prospectus, the CSSF gives no undertaking as to the economic and financial soundness of the Securities and quality or solvency of the Issuer in line with the provisions of article 7(7) of the Luxembourg Act dated 10 July 2005 on prospectuses for securities as amended by the law of 3 July 2012, the law of 21 December 2012 and the law of 10 May 2016 (the "Luxembourg Prospectus Law").

The Issuer has requested the CSSF to provide the competent authority in the Kingdom of the Netherlands for the purposes of the Prospectus Directive with a certificate of approval in accordance with Article 18 of the Prospectus Directive attesting that this document has been drawn up in accordance with the Prospectus Directive.

2. Responsibility Statement: The Issuer accepts responsibility for the information contained in this Prospectus. To the best of the knowledge of the Issuer, having taken all reasonable care to ensure that such is the case, the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information.

3. No consent to use the Prospectus: The Issuer does not consent to the use of the Prospectus by any person in connection with the making of an offer of the Securities to the public.

4. Listing and admission to trading: Application has been made for the Securities to be listed on the Official List of the Luxembourg Stock Exchange and the Daily Official List of Euronext Amsterdam and to be admitted to trading on the regulated market of the Luxembourg Stock Exchange and the Euronext Amsterdam Securities Market with effect from, at the earliest, the Issue Date. There can be no assurance that any such listing will be obtained, or if obtained, will be maintained. The regulated market of the Luxembourg Stock Exchange is a regulated market for the purposes of Directive 2004/39/EC on Markets in Financial Instruments (as amended, varied or replaced from time to time including through the implementation of Directive 2014/65/EU). This Prospectus will constitute a prospectus for the purposes of the Prospectus Directive.

5. The Issuer has obtained all necessary consents, approvals and authorisations in connection with the issue of the Securities. The issue of the Securities will be in accordance with the Organizational Guidelines and Regulations of Credit Suisse Group AG and Credit Suisse AG dated 9 February 2017 and the resolution of the Board of Directors of the Issuer dated 13 March 2006.

6. There has been no material adverse change in the prospects of the Issuer and its consolidated subsidiaries since 31 December 2016.

There has been no significant change in the financial position of the Issuer and its consolidated subsidiaries since 30 June 2017.

See pages 10 and 123 to 135 of the CSi 2016 Annual Report and the section entitled "Risk Factors" of the Base Prospectus (as supplemented by the 31 August 2017 Supplement) that together disclose the principal risks to the Issuer.

Please see "Operating environment" on pages 4 to 6 (pages 15 to 17 of the PDF) of the exhibit (Credit Suisse Financial Report 3Q) to the Form 6-K Dated 2 November 2017, "Economic Environment" on page 7 to 8 of the 2017 CSi Interim Report, "Operating environment" on pages 4 to 6 (pages 20 to 22 of the PDF) of the fifth exhibit (Credit Suisse Financial Report 2Q17) to the Form 6-K Dated 28 July 2017, "Operating environment" on pages 4 to 6 (pages 10 to 12 of the PDF) of the exhibit (Credit Suisse Financial Report 1Q17) to the Form 6-K Dated 4 May 2017, "Operating Environment" on pages 52 to 54 (pages 76 to 78 of the PDF) of the Group Annual Report 2016 and "Economic Environment" on pages 7 and 8 of the CSi 2016 Annual Report for information relating to the economic environment that may affect the future results of operations or financial condition of Credit Suisse Group AG and its consolidated subsidiaries, 126

including the Issuer.

7. The Securities will be offered to any category of investors (including retail and wholesale), provided that such offer does not constitute an offer to the public of the Securities.

8. Copies of the agency agreement and deeds of covenant of the Programme will be available for inspection during normal business hours on any business day (except Saturdays, Sundays and legal holidays) at the offices of the Paying Agents. In addition, copies of the following will be available free of charge during normal business hours on any business day (except Saturdays, Sundays and legal holidays) at the offices of the Paying Agents and at the registered office of the Issuer, if applicable:

(a) the Memorandum and Articles of Association of the Issuer;

(b) the audited accounts and unaudited interim accounts of the Issuer for the last two years;

(c) a copy of this Prospectus together with any supplement to this Prospectus; and

(d) a copy of any document incorporated by reference in this Prospectus.

9. The Securities may be accepted for clearance through the following clearing systems (which are the entities in charge of keeping the relevant records):

(a) Euroclear Bank S.A./N.V. (1 Boulevard du Roi Albert II, B-1210 Brussels, Belgium);

(b) Clearstream Banking, société anonyme (42 Avenue JF Kennedy, L-1855 Luxembourg); and

(c) Nederlands Centraal Instituut voor Giraal Effectenverkeer B.V. (NECIGEF) (Herengracht 459-469, 1017 BS Amsterdam, The Netherlands).

10. No content of any website, cited or referred to in this Prospectus, shall be deemed to form part of, or be incorporated by reference into, this Prospectus.

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APPENDIX - INDEX RULES

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