Preliminary Pricing Supplement No. U887
To the Underlying Supplement dated July 29, 2013,
Product Supplement No. U-I dated March 23, 2012,
Prospectus Supplement dated March 23, 2012 and
Prospectus dated March 23, 2012
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Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-180300-03
August 13, 2013
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Financial
Products
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$
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18 Month 4.75% - 5.25% per annum Callable Yield Notes due February 27, 2015
Linked to the Performance of the S&P 500® Index and the Russell 2000® Index
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The securities are designed for investors who are mildly bearish, neutral or mildly bullish on the Underlyings. Investors should be willing to lose some or all of their investment if a Knock-In Event occurs. Any payment on the securities is subject to our ability to pay our obligations as they become due.
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Coupons will be paid quarterly in arrears at a rate expected to be between 4.75% and 5.25% per annum (to be determined on the Trade Date), subject to Early Redemption. Coupons will be calculated on a 30/360 basis from and including the Settlement Date to and excluding the earlier of the Early Redemption Date and the Maturity Date, as applicable.
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The Issuer may redeem the securities, in whole but not in part, on any Coupon Payment Date scheduled to occur on or after November 29, 2013. No coupons will accrue or be payable following an Early Redemption.
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Senior unsecured obligations of Credit Suisse AG, acting through one of its branches, maturing February 27, 2015.†
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Minimum purchase of $1,000. Minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.
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The securities are expected to price on or about August 23, 2013 (the “Trade Date”) and are expected to settle on or about August 30, 2013 (the “Settlement Date”). Delivery of the securities in book-entry form only will be made through The Depository Trust Company.
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Issuer:*
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Credit Suisse AG (“Credit Suisse”), acting through one of its branches
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Underlyings:
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Each Underlying is identified in the table below, together with its Bloomberg ticker symbol, Initial Level and Knock-In Level:
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Underlying
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Ticker
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Initial Level**
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Knock-In Level
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S&P 500® Index (“SPX”)
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SPX <Index>
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Russell 2000® Index (“RTY”)
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RTY <Index>
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Coupon Rate:
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Expected to be between 4.75% and 5.25% per annum (to be determined on the Trade Date). Coupons will be calculated on a 30/360 basis from and including the Settlement Date to and excluding the earlier of the Early Redemption Date and the Maturity Date, as applicable.
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Coupon Payment Dates:
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Subject to Early Redemption, coupons will be paid quarterly in arrears on November 29, 2013, February 28, 2014, May 30, 2014, August 29, 2014, November 28, 2014 and the Maturity Date, subject to the modified following business day convention. No coupons will accrue or be payable following an Early Redemption.
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Redemption Amount:
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At maturity, the Redemption Amount you will be entitled to receive will depend on the individual performance of each Underlying and whether a Knock-In Event occurs. Subject to Early Redemption, the Redemption Amount will be determined as follows:
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If a Knock-In Event occurs, the Redemption Amount will equal the principal amount of the securities you hold multiplied by the sum of one plus the Underlying Return of the Lowest Performing Underlying. In this case, the Redemption Amount will be equal to or less than $750 per $1,000 principal amount of the securities. You could lose your entire investment.
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If a Knock-In Event does not occur, the Redemption Amount will equal the principal amount of the securities you hold.
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Any payment on the securities is subject to our ability to pay our obligations as they become due.
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Early Redemption:
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Prior to the Maturity Date, the Issuer may redeem the securities in whole, but not in part, on any Coupon Payment Date scheduled to occur on or after November 29, 2013 upon notice on or before the immediately preceding Early Redemption Notice Date at 100% of the principal amount of the securities, together with the coupon payable on that Coupon Payment Date (the “Early Redemption Date”).
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Early Redemption Notice Dates:
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Notice of Early Redemption will be provided prior to the relevant Coupon Payment Date on or before November 21, 2013, February 21, 2014, May 22, 2014, August 22, 2014 or November 20, 2014, as applicable.
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Knock-In Event:
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A Knock-In Event will occur if the Final Level of any Underlying is equal to or less than its Knock-In Level.
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Knock-In Level:
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The Knock-In Level for each Underlying will be approximately 75.0% of the Initial Level of such Underlying (to be determined on the Trade Date).
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Lowest Performing Underlying:
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The Underlying with the lowest Underlying Return.
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Price to Public
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Underwriting Discounts and Commissions(1)
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Proceeds to Issuer
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Per security
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$1,000.00
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$
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$
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Total
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$
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$
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$
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Underlying Return:
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For each Underlying, the Underlying Return will be calculated as follows:
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Final Level — Initial Level
Initial Level
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, subject to a maximum of zero
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Initial Level:**
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For each Underlying, the closing level of such Underlying on the Trade Date.
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Final Level:
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For each Underlying, the closing level of such Underlying on the Valuation Date.
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Valuation Date:†
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February 20, 2015
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Maturity Date:†
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February 27, 2015
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Listing:
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The securities will not be listed on any securities exchange.
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CUSIP:
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22547Q7J9
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Underlying supplement dated July 29, 2013:
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Product supplement No. U-I dated March 23, 2012:
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Prospectus supplement and Prospectus dated March 23, 2012:
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Principal Amount
of Securities
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Percentage Change from the Initial Level
to the Final Level
of the Lowest
Performing Underlying
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Underlying Return
of the Lowest
Performing Underlying
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Redemption
Amount per $1,000 Principal Amount of Securities
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Total Coupon
Payment per $1,000 Principal Amount of Securities
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Total
Payment per $1,000 Principal Amount of Securities
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$1,000.00
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100.00%
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0.00%
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$1,000.00
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$75.00
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$1,075.00
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$1,000.00
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90.00%
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0.00%
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$1,000.00
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$75.00
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$1,075.00
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$1,000.00
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80.00%
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0.00%
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$1,000.00
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$75.00
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$1,075.00
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$1,000.00
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70.00%
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0.00%
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$1,000.00
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$75.00
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$1,075.00
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$1,000.00
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60.00%
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0.00%
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$1,000.00
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$75.00
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$1,075.00
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$1,000.00
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50.00%
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0.00%
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$1,000.00
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$75.00
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$1,075.00
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$1,000.00
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40.00%
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0.00%
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$1,000.00
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$75.00
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$1,075.00
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$1,000.00
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30.00%
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0.00%
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$1,000.00
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$75.00
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$1,075.00
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$1,000.00
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20.00%
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0.00%
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$1,000.00
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$75.00
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$1,075.00
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$1,000.00
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10.00%
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0.00%
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$1,000.00
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$75.00
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$1,075.00
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$1,000.00
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0.00%
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0.00%
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$1,000.00
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$75.00
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$1,075.00
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$1,000.00
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−10.00%
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−10.00%
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$1,000.00
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$75.00
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$1,075.00
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$1,000.00
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−20.00%
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−20.00%
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$1,000.00
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$75.00
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$1,075.00
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$1,000.00
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−24.99%
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−24.99%
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$1,000.00
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$75.00
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$1,075.00
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$1,000.00
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−25.00%
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−25.00%
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$750.00
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$75.00
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$825.00
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$1,000.00
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−30.00%
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−30.00%
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$700.00
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$75.00
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$775.00
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$1,000.00
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−40.00%
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−40.00%
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$600.00
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$75.00
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$675.00
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$1,000.00
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−50.00%
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−50.00%
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$500.00
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$75.00
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$575.00
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$1,000.00
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−60.00%
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−60.00%
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$400.00
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$75.00
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$475.00
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$1,000.00
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−70.00%
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−70.00%
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$300.00
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$75.00
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$375.00
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$1,000.00
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−80.00%
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−80.00%
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$200.00
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$75.00
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$275.00
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$1,000.00
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−90.00%
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−90.00%
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$100.00
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$75.00
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$175.00
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$1,000.00
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−100.00%
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−100.00%
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$0.00
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$75.00
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$75.00
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Underlying
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Final Level
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SPX
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110% of Initial Level
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RTY
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75% of Initial Level
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Underlying
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Final Level
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SPX
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50% of Initial Level
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RTY
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75% of Initial Level
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Underlying
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Final Level
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SPX
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110% of Initial Level
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RTY
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110% of Initial Level
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YOU MAY RECEIVE LESS THAN THE PRINCIPAL AMOUNT AT MATURITY — You may receive less at maturity than you originally invested in the securities, or you may receive nothing, excluding any accrued and unpaid coupons. If the Final Level of any Underlying is equal to or less than its Knock-In Level, you will be fully exposed to any depreciation in the Lowest Performing Underlying. In this case, the Redemption Amount you will be entitled to receive will be less than the principal amount of the securities, and you could lose your entire investment. It is not possible to predict whether a Knock-In Event will occur, and in the event that there is a Knock-In Event, by how much the Final Level of the Lowest Performing Underlying will decrease in comparison to its Initial Level. Any payment on the securities is subject to our ability to pay our obligations as they become due.
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THE SECURITIES WILL NOT PAY MORE THAN THE PRINCIPAL AMOUNT, PLUS ACCRUED AND UNPAID COUPON, AT MATURITY OR UPON EARLY REDEMPTION — The securities will not pay more than the principal amount, plus accrued and unpaid coupon, at maturity or upon early redemption. Even if the Final Level of each Underlying is greater than its respective Initial Level, you will not participate in the appreciation of any Underlying. Assuming the securities are held to maturity and the term of the securities is exactly 18 months, the maximum amount payable with respect to the securities is expected to be $1,075.00 (to be determined on the Trade Date) for each $1,000 principal amount of the securities.
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THE SECURITIES ARE SUBJECT TO THE CREDIT RISK OF CREDIT SUISSE — Although the return on the securities will be based on the performance of the Underlyings, the payment of any amount due on the securities, including any applicable coupon payments, early redemption payment and payment at maturity, is subject to the credit risk of Credit Suisse. Investors are dependent on our ability to pay all amounts due on the securities and, therefore, investors are subject to our credit risk. In addition, any decline in our credit ratings, any adverse changes in the market’s view of our creditworthiness or any increase in our credit spreads is likely to adversely affect the value of the securities prior to maturity.
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IF A KNOCK-IN EVENT OCCURS, YOUR RETURN WILL BE BASED ON THE INDIVIDUAL PERFORMANCE OF THE LOWEST PERFORMING UNDERLYING — If a Knock-In Event occurs, your return will be based on the individual performance of the Lowest Performing Underlying. In such case, your return will be negative even if a Knock-In Event occurs with respect to only one Underlying.
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THE SECURITIES ARE SUBJECT TO A POTENTIAL EARLY REDEMPTION, WHICH WOULD LIMIT YOUR OPPORTUNITY TO ACCRUE COUPONS OVER THE FULL TERM OF THE SECURITIES —The securities are subject to a potential early redemption. Prior to maturity, the securities may be redeemed on any Coupon Payment Date scheduled to occur on or after November 29, 2013, upon notice on or before the immediately preceding Early Redemption Notice Date. If the securities are redeemed prior to the Maturity Date, you will be entitled to receive the principal amount of your securities and any accrued and unpaid coupon payable on such Coupon Payment Date. In this case, you will lose the opportunity to continue to accrue and be paid coupons from the date of Early Redemption to the scheduled Maturity Date. If the securities are redeemed prior to the Maturity Date, you may be unable to invest in other securities with a similar level of risk that yield as much coupon as the securities.
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SINCE THE SECURITIES ARE LINKED TO THE PERFORMANCE OF MORE THAN ONE UNDERLYING, YOU WILL BE FULLY EXPOSED TO THE RISK OF FLUCTUATIONS IN THE LEVEL OF EACH UNDERLYING — Since the securities are linked to the performance of more than one Underlying, the securities will be linked to the individual performance of each Underlying. Because the securities are not linked to a basket, in which the risk is mitigated and diversified among all of the components of a basket, you will be exposed to the risk of fluctuations in the levels of the Underlyings to the same degree for each Underlying. For example, in the case of securities linked to a basket, the return would depend on the weighted aggregate performance of the basket components as reflected by the basket return. Thus, the depreciation of any basket component could be mitigated by the appreciation of another basket component, to the extent of the weightings of such components in the basket. However, in the case of securities linked to the lowest performing underlying, the individual performance of each underlying is not combined to calculate your return and the depreciation of any Underlying is not mitigated by the appreciation of any other Underlying. Instead, if a Knock-In Event occurs, the Redemption Amount payable at maturity will be based on the lowest performing of the Underlyings to which the securities are linked.
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THE SECURITIES ARE LINKED TO THE RUSSELL 2000® INDEX AND ARE SUBJECT TO THE RISKS ASSOCIATED WITH SMALL-CAPITALIZATION COMPANIES — The Russell 2000® Index is composed of equity securities issued by companies with relatively small market capitalization. These equity securities often have greater stock price volatility, lower trading volume and less liquidity than the equity securities of large-capitalization companies, and are more vulnerable to adverse business and economic developments than those of large-capitalization companies. In addition, small-capitalization companies are typically less established and less stable financially than large-capitalization companies. These companies may depend on a small number of key personnel, making them more vulnerable to loss of personnel. Such companies tend to have smaller revenues, less diverse product lines, smaller shares of their product or service markets, fewer financial resources and less competitive strengths than large-capitalization companies and are more susceptible to adverse developments related to their products. Therefore, the Russell 2000® Index may be more volatile than it would be if it were composed of equity securities issued by large-capitalization companies.
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ESTIMATED VALUE OF THE SECURITIES AFTER DEDUCTING CERTAIN COSTS — The estimated value of your securities on the Trade Date (as determined by reference to our pricing models and our internal funding rate) may be significantly less than the original Price to Public. The Price to Public of the securities includes the agent’s discounts or commissions as well as transaction costs such as expenses incurred to create, document and market the securities and the cost of hedging our risks as issuer of the securities through one or more of our affiliates (which includes a projected profit). These costs will be effectively borne by you as an investor in the securities. These amounts will be retained by Credit Suisse or our affiliates in connection with our structuring and offering of the securities (except to the extent discounts or commissions are reallowed to other broker-dealers or any costs are paid to third parties).
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On the Trade Date, we value the components of the securities in accordance with our pricing models. These include a fixed income component valued using our internal funding rate, and individual option components valued using mid-market pricing. Our option valuation models are proprietary. They take into account factors such as interest rates, volatility and time to maturity of the securities, and they rely in part on certain assumptions about future events, which may prove to be incorrect.
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EFFECT OF INTEREST RATE USED IN ESTIMATING VALUE — The internal funding rate we use in structuring notes such as these securities is typically lower than the interest rate that is reflected in the yield on our conventional debt securities of similar maturity in the secondary market (our “secondary market credit spreads”), to account for costs related to structuring and offering the securities. In circumstances where the internal funding rate is lower than the secondary market credit spread, the value of the securities would be higher if we used our secondary market credit spread. Our use of our lower internal funding rate is also reflected in the secondary market prices of the securities. Because Credit Suisse’s pricing models may differ from other issuers’ valuation models, and because funding rates taken into account by other issuers may vary materially from the rates used by Credit Suisse (even among issuers with similar creditworthiness), our estimated value may not be comparable to estimated values of similar securities of other issuers.
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SECONDARY MARKET PRICES — If Credit Suisse (or an affiliate) offers to repurchase your securities in secondary market transactions, which we are not obligated to do, the secondary market price (and the value used for account statements or otherwise) may be higher or lower than the Price to Public and the estimated value of the securities on the Trade Date. The secondary market price of your securities at any time cannot be predicted and will reflect the then-current estimated value determined by reference to our pricing models and other factors. These other factors include customary bid and ask spreads and other transaction costs, changes in market conditions and any deterioration or improvement in our creditworthiness. Furthermore, assuming no change in market conditions or other relevant factors from the Trade Date, the secondary market price of your securities will be lower than the Price to Public because it will not include the agent’s discounts or commissions and hedging and other transaction costs. If you sell your securities to a dealer, the dealer may impose an additional discount or commission, and as a result the price you receive on your securities may be lower than the price at which we repurchase the securities from such dealer.
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We (or an affiliate) may initially offer to repurchase the securities from you at a price that will exceed the then-current estimated value of the securities. That higher price reflects our projected profit and costs that were included in the Price to Public, and that higher price may also be initially used for account statements or otherwise. We (or our affiliate) may offer to pay this higher price, for your benefit, but the amount of any excess over the then-current estimated value will be temporary and is expected to decline over a period of approximately 90 days.
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The securities are not designed to be short-term trading instruments and any sale prior to maturity could result in a substantial loss to you. You should be willing and able to hold your securities to maturity.
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LACK OF LIQUIDITY — The securities will not be listed on any securities exchange. Credit Suisse (or its affiliates) intends to offer to purchase the securities in the secondary market but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the securities when you wish to do so. Because other dealers are not likely to make a secondary market for the securities, the price at which you may be able to trade your securities is likely to depend on the price, if any, at which Credit Suisse (or its affiliates) is willing to buy the securities. If you have to sell your securities prior to maturity, you may not be able to do so or you may have to sell them at a substantial loss.
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POTENTIAL CONFLICTS — We and our affiliates play a variety of roles in connection with the issuance of the securities, including acting as calculation agent, hedging our obligations under the securities and determining the estimated value of the securities. In performing these duties, the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the securities.
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MANY ECONOMIC AND MARKET FACTORS WILL AFFECT THE VALUE OF THE SECURITIES — In addition to the levels of the Underlyings on any trading day, the value of the securities will be affected by a number of economic and market factors that may either offset or magnify each other, including:
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the expected volatility of the Underlyings;
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the time to maturity of the securities;
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the Early Redemption feature, which is likely to limit the value of the securities;
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interest and yield rates in the market generally;
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investors’ expectations with respect to the rate of inflation;
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geopolitical conditions and a variety of economic, financial, political, regulatory or judicial events that affect the components comprising the Underlyings, or markets generally and which may affect the levels of the Underlyings; and
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our creditworthiness, including actual or anticipated downgrades in our credit ratings.
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NO OWNERSHIP RIGHTS RELATING TO THE UNDERLYINGS — Your return on the securities will not reflect the return you would realize if you actually owned the equity securities that comprise the Underlyings. The return on your investment, which is based on the percentage change in the Underlyings, is not the same as the total return based on the purchase of the equity securities that comprise the Underlyings.
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NO DIVIDEND PAYMENTS OR VOTING RIGHTS — As a holder of the securities, you will not have voting rights or rights to receive cash dividends or other distributions or other rights with respect to the equity securities that comprise the Underlyings.
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