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Term Sheet No. K82
To the Underlying Supplement dated September 14, 2009,
Product Supplement No. AK-I dated November 25, 2009,
Prospectus Supplement dated March 25, 2009 and
Prospectus dated March 25, 2009		   Filed Pursuant to Rule 433
Registration Statement No. 333-158199-10
February 26, 2010

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$
Buffered Accelerated Return Equity Securities
due October 1, 2012 Linked to the Performance of a Basket Consisting of the S&P 500 Index and the Russell 2000 Index

General

•
The securities are designed for investors who seek a leveraged return linked to the appreciation of a weighted basket consisting of the S&P 500 Index and the Russell 2000 Index, subject to the Basket Return Cap, which is expected to be between 32% and 34% (to be determined on the Trade Date). Investors should be willing to forgo interest and dividend payments and, if the Basket declines by more than 10%, be willing to lose up to 90% of their investment. Any payment at maturity is subject to our ability to pay our obligations as they become due.
•
Senior unsecured obligations of Credit Suisse AG, acting through its Nassau Branch, maturing October 1, 2012†.
•
Minimum purchase of $1,000. Minimum denominations of $1,000 and integral multiples in excess thereof.
•
The securities are expected to price on or about March 26, 2010 (the "Trade Date") and are expected to settle on or about March 31, 2010. Delivery of the securities in book-entry form only will be made through The Depository Trust Company.

Key Terms

Issuer:   Credit Suisse AG ("Credit Suisse"), acting through its Nassau Branch
Basket:   The securities are linked to a weighted basket consisting of two indices (each a "Basket Component" and, together, the "Basket Components"). Each Basket Component is identified in the table below, together with its Bloomberg ticker symbol, Initial Level and Component Weighting:
        Basket Components   Ticker   Initial Level*   Component Weighting
        S&P 500 Index   SPX       50%
        Russell 2000 Index   RTY       50%
    * The Initial Level of each Basket Component will be the closing level of such Basket Component on the Trade Date. In the event that the closing level for any Basket Component is not available on the Trade Date, the Initial Level for such Basket Component will be determined on the immediately following trading day on which a closing level is available.
Redemption Amount:   At maturity, you will be entitled to receive a Redemption Amount in cash that will equal the principal amount of the securities you hold multiplied by the sum of 1 plus the Basket Return, calculated as set forth below.
Basket Return:   •   If the Final Basket Level is greater than or equal to the Initial Basket Level, the Basket Return will be the lesser of (i) the Basket Return Cap and (ii) an amount calculated as follows:
            Upside Participation Rate ×   Final Basket Level – Initial Basket Level
Initial Basket Level		    
    •   If the Final Basket Level is less than the Initial Basket Level by not more than 10%, the Basket Return will equal zero and the Redemption Amount will equal the principal amount of the securities.
    •   If the Final Basket Level is less than the Initial Basket Level by more than 10%, the Basket Return will be calculated as follows:
            Final Basket Level – Initial Basket Level
Initial Basket Level		   + 10%
    If the Final Basket Level is less than the Initial Basket Level by more than 10%, the Basket Return will be negative and you will receive less than the principal amount of your securities at maturity. You could lose up to $900 per $1,000 principal amount.
Upside Participation Rate:   Expected to be 200% (to be determined on the Trade Date).
Basket Return Cap:   Expected to be between 32% and 34% (to be determined on the Trade Date).
Buffer Amount:   10%
Initial Basket Level:   Set equal to 100 on the Trade Date.
Final Basket Level:   On the Valuation Date, the Final Basket Level will be calculated as follows:
    100 × [1 + (S&P 500 Index Return × 50%) + (Russell 2000 Index Return × 50%)]
    The "S&P 500 Index Return" and the "Russell 2000 Index Return" are the respective Component Returns for each Basket Component.
Component Return:   With respect to each Basket Component, the Component Return will be calculated as follows:
            Final Level – Initial Level
Initial Level		        
Final Level:   For each Basket Component, the closing level of such Basket Component on the Valuation Date.
Valuation Date†:   September 26, 2012
Maturity Date†:   October 1, 2012
Listing:   The securities will not be listed on any securities exchange.
CUSIP:   22546ESM7

†    Subject to postponement in the event of a market disruption event as described in the accompanying product supplement under "Description of the Securities—Market disruption events."

Investing in the securities involves a number of risks. See "Selected Risk Considerations" beginning on page 5 of this term sheet and "Risk Factors" beginning on page PS-3 of the accompanying product supplement.

Credit Suisse has filed a registration statement (including a prospectus) with the Securities and Exchange Commission, or SEC, for the offering to which this term sheet relates. Before you invest, you should read the prospectus in that registration statement and the other documents relating to this offering that Credit Suisse has filed with the SEC for more complete information about Credit Suisse and this offering. You may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Credit Suisse or any agent or any dealer participating in this offering will arrange to send you the term sheet, underlying supplement, product supplement, prospectus supplement and prospectus if you so request by calling 1-800-221-1037.

You may revoke your offer to purchase the securities at any time prior to the time at which we accept such offer on the date the securities are priced. We reserve the right to change the terms of, or reject any offer to purchase the securities prior to their issuance. In the event of any changes to the terms of the securities, we will notify you and you will be asked to accept such changes in connection with your purchase. You may also choose to reject such changes in which case we may reject your offer to purchase.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities or passed upon the accuracy or the adequacy of this term sheet or the accompanying underlying supplement, the product supplement, the prospectus supplement and the prospectus. Any representation to the contrary is a criminal offense.

 
 
   Price to Public
   Underwriting Discounts and Commissions(1)
   Proceeds to Issuer
 

Per security

   $1,000.00   $               $            
 

Total

   $               $               $            
 

(1)    We or one of our affiliates may pay varying discounts and commissions of between 0.00% and 0.25% per $1,000 principal amount of securities in connection with the distribution of the securities. In addition, an affiliate of ours may pay referral fees of up to 0.50% per $1,000 principal amount of securities in connection with the distribution of the securities. For more detailed information, please see "Supplemental Plan of Distribution (Conflicts of Interest)" on the last page of this term sheet.

The agent for this offering, Credit Suisse Securities (USA) LLC ("CSSU"), is our affiliate. For more information, see "Supplemental Plan of Distribution (Conflicts of Interest)" on the last page of this term sheet.

The securities are not deposit liabilities and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency of the United States, Switzerland or any other jurisdiction.

Credit Suisse

February 26, 2010

Additional Terms Specific to the Securities

You should read this term sheet together with the underlying supplement dated September 14, 2009, the product supplement dated November 25, 2009, the prospectus supplement dated March 25, 2009 and the prospectus dated March 25, 2009, relating to our Medium-Term Notes of which these securities are a part. You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

    •
    Underlying supplement dated September 14, 2009:

Our Central Index Key, or CIK, on the SEC website is 1053092. As used in this term sheet, the "Company," "we," "us," or "our" refers to Credit Suisse.

This term sheet, together with the documents listed above, contain the terms of the securities and supersede all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, fact sheets, correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set forth in "Selected Risk Considerations" in this term sheet and "Risk Factors" in the accompanying product supplement, as the securities involve risks not associated with conventional debt securities. You should consult your investment, legal, tax, accounting and other advisers before deciding to invest in the securities.

1

Hypothetical Redemption Amounts at Maturity

The tables and examples below illustrate the hypothetical Redemption Amount per $1,000 principal amount of securities for a range of hypothetical scenarios and assume an Upside Participation Rate of 200% and a Basket Return Cap of 33% (the midpoint of the expected range set forth on the cover page of this term sheet). The actual Upside Participation Rate and Basket Return Cap will be determined on the Trade Date. The scenarios illustrate that, even where there is a positive return on one Basket Component, a negative return on the other Basket Component may outweigh the positive return and the return on the securities may be negative. The hypothetical Redemption Amounts set forth below are for illustrative purposes only. The actual Redemption Amount applicable to a purchaser of the securities will be based on the Final Basket Level determined on the Valuation Date. The numbers appearing in the table below have been rounded for ease of analysis.

Final Basket Level
  Percentage Change
in Basket Level 		  Basket
Return 		  Redemption
Amount
200.00   100.00%   33.00%   $1,330.00
190.00   90.00%   33.00%   $1,330.00
180.00   80.00%   33.00%   $1,330.00
170.00   70.00%   33.00%   $1,330.00
160.00   60.00%   33.00%   $1,330.00
150.00   50.00%   33.00%   $1,330.00
140.00   40.00%   33.00%   $1,330.00
130.00   30.00%   33.00%   $1,330.00
120.00   20.00%   33.00%   $1,330.00
116.50   16.50%   33.00%   $1,330.00
115.00   15.00%   30.00%   $1,300.00
110.00   10.00%   20.00%   $1,200.00
105.00   5.00%   10.00%   $1,100.00
100.00   0.00%   0.00%   $1,000.00
95.00   -5.00%   0.00%   $1,000.00
90.00   -10.00%   0.00%   $1,000.00
85.00   -15.00%   -5.00%   $950.00
80.00   -20.00%   -10.00%   $900.00
70.00   -30.00%   -20.00%   $800.00
60.00   -40.00%   -30.00%   $700.00
50.00   -50.00%   -40.00%   $600.00
40.00   -60.00%   -50.00%   $500.00
30.00   -70.00%   -60.00%   $400.00
20.00   -80.00%   -70.00%   $300.00
10.00   -90.00%   -80.00%   $200.00
0.00   -100.00%   -90.00%   $100.00

2

The following scenarios illustrate how the Redemption Amount is calculated.

Scenario 1:

Basket Component
  S&P 500 Index   Russell 2000 Index
Component Return   30%   20%
Component Weighting   50%   50%

Scenario 1 assumes hypothetical Component Returns of 30% and 20% for the S&P 500 Index and Russell 2000 Index, respectively. The Redemption Amount is calculated as follows:

Final Basket Level   =   100 × [1 + (S&P 500 Index Return × S&P 500 Index Weighting) + (Russell 2000 Index Return × Russell 2000 Index Weighting)]
    =   100 × [1 + (30% × 50%) + (20% × 50%)]
    =   125
Basket Return   =   the lesser of (i) the Basket Return Cap and (ii) Upside Participation Rate × [(Final Basket Level - Initial Basket Level) / Initial Basket Level]
    =   the lesser of (i) the Basket Return Cap and (ii) 200% × [(125 - 100) / 100]
    =   the lesser of (i) 33% and (ii) 50%
    =   33%
Redemption Amount   =   Principal × (1 + Basket Return)
    =   $1,000 × 1.33
    =   $1,330

In this scenario, the Final Basket Level is greater than the Initial Basket Level and the Basket Return is limited to the Basket Return Cap. At maturity you would be entitled to receive a Redemption Amount equal to $1,330 per $1,000 principal amount of securities.

Scenario 2:

Basket Component
  S&P 500 Index   Russell 2000 Index
Component Return   10%   5%
Component Weighting   50%   50%

Scenario 2 assumes hypothetical Component Returns of 10% and 5% for the S&P 500 Index and Russell 2000 Index, respectively. The Redemption Amount is calculated as follows:

Final Basket Level   =   100 × [1 + (S&P 500 Index Return × S&P 500 Index Weighting) + (Russell 2000 Index Return × Russell 2000 Index Weighting)]
    =   100 × [1 + (10% × 50%) + (5% × 50%)]
    =   107.50
Basket Return   =   the lesser of (i) the Basket Return Cap and (ii) Upside Participation Rate × [(Final Basket Level - Initial Basket Level) / Initial Basket Level]
    =   the lesser of (i) the Basket Return Cap and (ii) 200% × [(107.50 - 100)/100]
    =   the lesser of (i) 33% and (ii) 15%
    =   15%
Redemption Amount   =   Principal × (1 + Basket Return)
    =   $1,000 × 1.15
    =   $1,150

In this scenario, the Final Basket Level is greater than the Initial Basket Level and the Basket Return is less than the Basket Return Cap. The return on the securities is based on a leveraged return linked to the appreciation in the level of the Basket and, at maturity, you would be entitled to receive a Redemption Amount equal to $1,150 per $1,000 principal amount of securities.

3

Scenario 3:

Basket Component
  S&P 500 Index   Russell 2000 Index
Component Return   -10%   -5%
Component Weighting   50%   50%

Scenario 3 assumes hypothetical Component Returns of -10% and -5% for the S&P 500 Index and Russell 2000 Index, respectively. The Redemption Amount is calculated as follows:

Final Basket Level   =   100 × [1 + (S&P 500 Index Return × S&P 500 Index Weighting) + Russell 2000 Index Return × Russell 2000 Index Weighting)]
    =   100 × [1 + (-10% × 50%) + (-5% × 50%)]
    =   92.50
Basket Return   =   0%
Redemption Amount   =   Principal × (1 + Basket Return)
    =   $1,000 × 1.00
    =   $1,000

In this scenario, the Final Basket Level of 92.50 is less than the Initial Basket Level of 100 and the Final Basket Level has declined from the Initial Basket Level by less than the Buffer Amount of 10%. As a result, the Basket Return is 0% and, at maturity, you would be entitled to receive a Redemption Amount equal to $1,000 per $1,000 principal amount of securities.

Scenario 4:

Basket Component
  S&P 500 Index   Russell 2000 Index
Component Return   -60%   20%
Component Weighting   50%   50%

Scenario 4 assumes hypothetical Component Returns of -60% and 20% for the S&P 500 Index and Russell 2000 Index, respectively. The Redemption Amount is calculated as follows:

Final Basket Level   =   100 × [1 + (S&P 500 Index Return × S&P 500 Index Weighting) + (Russell 2000 Index Return × Russell 2000 Index Weighting)]
    =   100 × [1 + (-60% × 50%) + (20% × 50%)]
    =   80
Basket Return   =   [(Final Basket Level - Initial Basket Level) / Initial Basket Level] + 10%
    =   [(80 - 100) / 100] + 10%
    =   -10%
Redemption Amount   =   Principal × (1 + Basket Return)
    =   $1,000 × 0.90
    =   $900

In this scenario, even though the Russell 2000 Index Return is positive, the negative return on the other Basket Component outweighs the positive return on the Russell 2000 Index and the Basket Return is less than the Buffer Amount of 10%. As a result, the return on the securities is negative and, at maturity, you would be entitled to receive a Redemption Amount equal to $900 per $1,000 principal amount of securities. You will participate in any depreciation in the Final Basket Level beyond the Buffer Amount.

4

Selected Risk Considerations

An investment in the securities involves significant risks. Investing in the securities is not equivalent to investing directly in the Basket or in any of the Basket Components. These risks are explained in more detail in the "Risk Factors" section of the accompanying product supplement.

    •
    YOUR INVESTMENT IN THE SECURITIES MAY RESULT IN A LOSS – The securities do not guarantee any return of your principal amount in excess of $100 per $1,000 principal amount. You could lose up to $900 per $1,000 principal amount of securities. If the Final Basket Level is less than the Initial Basket Level by more than 10%, you will lose 1% of your principal for each 1% decline in the Final Basket Level as compared to the Initial Basket Level beyond the Buffer Amount. Any payment at maturity is subject to our ability to pay our obligations as they become due.

    •
    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 Basket, the payment of any amount due on the securities is subject to the credit risk of Credit Suisse. Investors are dependant 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.

    •
    CAPPED APPRECIATION POTENTIAL – If the Final Basket Level is greater than the Initial Basket Level, for each $1,000 principal amount of securities, you will be entitled to receive at maturity $1,000 multiplied by the sum of 1 plus the Basket Return, subject to the Basket Return Cap. The Basket Return will not exceed the Basket Return Cap which is expected to be between 32% and 34% (to be determined on the Trade Date), regardless of the appreciation in the level of the Basket, which may be significant. Accordingly, the maximum Redemption Amount of the securities at maturity is expected to be between $1,320 and $1,340 per $1,000 principal amount of securities.

    •
    CHANGES IN THE VALUES OF THE BASKET COMPONENTS MAY OFFSET EACH OTHER – Movements in the level of the Basket Components may not correlate with each other. At a time when the level of one of the Basket Components increases, the level of the other Basket Component may not increase as much or may even decline. Therefore, in calculating the Basket Return, an increase in the level of one of the Basket Components may be moderated, or more than offset, by a lesser increase or decline in the level of the other Basket Component.

    •
    NO INTEREST PAYMENTS – As a holder of the securities, you will not receive interest payments.

    •
    CERTAIN BUILT-IN COSTS ARE LIKELY TO ADVERSELY AFFECT THE VALUE OF THE SECURITIES PRIOR TO MATURITY – While the payment at maturity described in this term sheet is based on the full principal amount of your securities, the original issue price of the securities includes the agent's commission and the cost of hedging our obligations under the securities through one or more of our affiliates. As a result, the price, if any, at which Credit Suisse (or its affiliates), will be willing to purchase securities from you in secondary market transactions, if at all, will likely be lower than the original issue price, and any sale prior to the Maturity Date could result in a substantial loss to you. The securities are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your securities to maturity.

5

    •
    NO VOTING RIGHTS OR DIVIDEND PAYMENTS – 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 stocks that comprise the Basket Components.

    •
    LACK OF LIQUIDITY – The securities will not be listed on any securities exchange. Credit Suisse (or its affiliates) intends to offer to purchase the securities in the secondary market but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the securities when you wish to do so. Because other dealers are not likely to make a secondary market for the securities, the price at which you may be able to trade your securities is likely to depend on the price, if any, at which Credit Suisse (or its affiliates) is willing to buy the securities. If you have to sell your securities prior to maturity, you may not be able to do so or you may have to sell them at a substantial loss.

    •
    POTENTIAL CONFLICTS – We and our affiliates play a variety of roles in connection with the issuance of the securities, including acting as calculation agent and hedging our obligations under 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.

    •
    MANY ECONOMIC AND MARKET FACTORS WILL AFFECT THE VALUE OF THE SECURITIES – In addition to the level of the Basket on any 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:

      o
      the expected volatility of the Basket Components;

      o
      the time to maturity of the securities;

      o
      the dividend rate on the stocks comprising the Basket Components;

      o
      interest and yield rates in the market generally;

      o
      geopolitical conditions and a variety of economic, financial, political, regulatory or judicial events that affect the stocks comprising the Basket Components or markets generally and which may affect the levels of the Basket Components; and

      o
      our creditworthiness, including actual or anticipated downgrades in our credit ratings.

      Some or all of these factors may influence the price that you will receive if you choose to sell your securities prior to maturity. The impact of any of the factors set forth above may enhance or offset some or all of any change resulting from another factor or factors.

Use of Proceeds and Hedging

We intend to use the proceeds of this offering for our general corporate purposes, which may include the refinancing of existing debt outside Switzerland. Some or all of the proceeds we receive from the sale of the securities may be used in connection with hedging our obligations under the securities through one or more of our affiliates. Such hedging or trading activities on or prior to the Trade Date and during the term of the securities (including on the Valuation Date) could adversely affect the value of the Basket and, as a result, could decrease the amount you may receive on the securities at maturity. For further information, please refer to "Use of Proceeds and Hedging" in the accompanying product supplement.

6

Historical Information

The following graphs set forth the historical performance of the Basket Components, as well as the Basket as a whole, based on the closing levels of the Basket Components from January 1, 2005 through February 24, 2010. The graph of the historical Basket performance assumes the Basket Level on February 24, 2010 was 100 and the Component Weightings were as specified on the cover of this term sheet. The closing level of the S&P 500 Index on February 24, 2010 was 1105.24. The closing level of the Russell 2000 Index on February 24, 2010 was 630.43. We obtained the closing levels for the Basket Components from Bloomberg, without independent verification. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg.

The historical levels of the Basket Components should not be taken as an indication of future performance, and no assurance can be given as to the closing levels of the Basket Components on any trading day during the term of the securities, including on the Valuation Date. We cannot give you assurance that the performance of the Basket Components will result in any return of your investment beyond the Buffer Amount.

Historical Performance of the S&P 500 Index

GRAPHIC

7

Historical Performance of the Russell 2000 Index

GRAPHIC

Historical Performance of the Basket

GRAPHIC

8

Certain United States Federal Income Tax Considerations

The following discussion summarizes certain U.S. federal income tax consequences of owning and disposing of securities that may be relevant to holders of securities that acquire their securities from us as part of the original issuance of the securities. This discussion applies only to holders that hold their securities as capital assets within the meaning of the Internal Revenue Code of 1986, as amended (the "Code"). Further, this discussion does not address all of the U.S. federal income tax consequences that may be relevant to you in light of your individual circumstances or if you are subject to special rules, such as if you are:

    •
    a financial institution,

    •
    a mutual fund,

    •
    a tax-exempt organization,

    •
    a grantor trust,

    •
    certain U.S. expatriates,

    •
    an insurance company,

    •
    a dealer or trader in securities or foreign currencies,

    •
    a person (including traders in securities) using a mark-to-market method of accounting,

    •
    a person who holds securities as a hedge or as part of a straddle with another position, constructive sale, conversion transaction or other integrated transaction, or

    •
    an entity that is treated as a partnership for U.S. federal income tax purposes.

The discussion is based upon the Code, law, regulations, rulings and decisions, in each case, as available and in effect as of the date hereof, all of which are subject to change, possibly with retroactive effect. Tax consequences under state, local and foreign laws are not addressed herein. No ruling from the U.S. Internal Revenue Service (the "IRS") has been or will be sought as to the U.S. federal income tax consequences of the ownership and disposition of securities, and the following discussion is not binding on the IRS.

You should consult your tax advisor as to the specific tax consequences to you of owning and disposing of securities, including the application of federal, state, local and foreign income and other tax laws based on your particular facts and circumstances.

IRS CIRCULAR 230 REQUIRES THAT WE INFORM YOU THAT ANY TAX STATEMENT HEREIN REGARDING ANY U.S. FEDERAL TAX IS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, BY ANY TAXPAYER FOR THE PURPOSE OF AVOIDING ANY PENALTIES. ANY SUCH STATEMENT HEREIN WAS WRITTEN TO SUPPORT THE MARKETING OR PROMOTION OF THE TRANSACTION(S) OR MATTER(S) TO WHICH THE STATEMENT RELATES. A PROSPECTIVE INVESTOR (INCLUDING A TAX-EXEMPT INVESTOR) IN THE SECURITIES SHOULD CONSULT ITS OWN TAX ADVISOR IN DETERMINING THE TAX CONSEQUENCES OF AN INVESTMENT IN THE SECURITIES, INCLUDING THE APPLICATION OF STATE, LOCAL OR OTHER TAX LAWS AND THE POSSIBLE EFFECTS OF CHANGES IN FEDERAL OR OTHER TAX LAWS.

9

Characterization of the Securities

There are no regulations, published rulings, or judicial decisions addressing the characterization for U.S. federal income tax purposes of securities with terms that are substantially the same as those of your securities. Thus, we intend to treat the securities, for U.S. federal income tax purposes, as a prepaid financial contract, with respect to the Basket that is eligible for open transaction treatment. In the absence of an administrative or judicial ruling to the contrary, we and, by acceptance of the securities, you, agree to treat your securities for all tax purposes in accordance with such characterization. In light of the fact that we agree to treat the securities as a prepaid financial contract, the balance of this discussion assumes that the securities will be so treated.

You should be aware that the characterization of the securities as described above is not certain, nor is it binding on the IRS or the courts. Thus, it is possible that the IRS would seek to characterize your securities in a manner that results in tax consequences to you that are different from those described above. For example, the IRS might assert that the securities constitute debt instruments that are "contingent payment debt instruments" that are subject to special tax rules under the applicable Treasury regulations governing the recognition of income over the term of your securities. If the securities were to be treated as contingent payment debt instruments and they had term of more than one year, you would be required to include in income on an economic accrual basis over the term of the securities an amount of interest that is based upon the yield at which we would issue a non-contingent fixed-rate debt instrument with other terms and conditions similar to your securities, or the comparable yield. The characterization of securities as contingent payment debt instruments under these rules is likely to be adverse. If the securities had a term of one year or less, the rules for short-term debt obligations would apply rather than the rules for contingent payment debt instruments. Under Treasury regulations, a short-term debt obligation is treated as issued at a discount equal to the difference between all payments on the obligation and the obligation's issue price. A cash method U.S. Holder that does not elect to accrue the discount in income currently should include the payments attributable to interest on the security as income upon receipt. Under these rules, any contingent payment would be taxable upon receipt by a cash basis taxpayer as ordinary interest income. You should consult your tax advisor regarding the possible tax consequences of characterization of the securities as debt instruments or contingent payment debt instruments.

It is also possible that the IRS would seek to characterize your securities as Code section 1256 contracts in the event that they are listed on a securities exchange. In such case, the securities would be marked to market at the end of the year and 40% of any gain or loss would be treated as short-term capital gain or loss, and the remaining 60% of any gain or loss would be treated as long-term capital gain or loss. We are not responsible for any adverse consequences that you may experience as a result of any alternative characterization of the securities for U.S. federal income tax or other tax purposes.

You should consult your tax adviser as to the tax consequences of such characterization and any possible alternative characterizations of your securities for U.S. federal income tax purposes.

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U.S. Holders

For purposes of this discussion, the term "U.S. Holder," for U.S. federal income tax purposes, means a beneficial owner of securities that is (1) a citizen or resident of the United States, (2) a corporation (or an entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States or any state thereof or the District of Columbia, (3) an estate, the income of which is subject to U.S. federal income taxation regardless of its source, or (4) a trust, if (a) a court within the United States is able to exercise primary supervision over the administration of such trust and one or more U.S. persons have the authority to control all substantial decisions of the trust or (b) such trust has in effect a valid election to be treated as a domestic trust for U.S. federal income tax purposes. If a partnership (or an entity treated as a partnership for U.S. federal income tax purposes) holds securities, the U.S. federal income tax treatment of such partnership and a partner in such partnership will generally depend upon the status of the partner and the activities of the partnership. If you are a partnership, or a partner of a partnership, holding securities, you should consult your tax adviser regarding the tax consequences to you from the partnership's purchase, ownership and disposition of the securities.

In accordance with the agreed-upon tax treatment described above, upon receipt of the redemption amount of the securities from us, a U.S. Holder will recognize gain or loss equal to the difference between the amount of cash received from us and the U.S. Holder's tax basis in the security at that time. For securities with a term of more than one year, such gain or loss will be long-term capital gain or loss if the U.S. Holder has held the security for more than one year at maturity. For securities with a term of one year or less, such gain or loss will be short-term capital gain or loss.

Upon the sale or other taxable disposition of a security, a U.S. Holder generally will recognize capital gain or loss equal to the difference between the amount realized on the sale or other taxable disposition and the U.S. Holder's tax basis in the security (generally its cost). For securities with a term of more than one year, such gain or loss will be long-term capital gain or loss if the U.S. Holder has held the security for more than one year at the time of disposition. For securities with a term of one year or less, such gain or loss will be short-term capital gain or loss.

Non-U.S. Holders Generally

In the case of a holder of the securities that is not a U.S. Holder and has no connection with the United States other than holding its securities (a "Non-U.S. Holder"), payments made with respect to the securities will not be subject to U.S. withholding tax, provided that such Non-U.S. Holder complies with applicable certification requirements. Any gain realized upon the sale or other disposition of the securities by a Non-U.S. Holder will generally not be subject to U.S. federal income tax unless (i) such gain is effectively connected with a U.S. trade or business of such Non-U.S. Holder or (ii) in the case of an individual, such individual is present in the United States for 183 days or more in the taxable year of the sale or other disposition and certain other conditions are met.

Non-U.S. Holders that are subject to U.S. federal income taxation on a net income basis with respect to their investment in the securities should refer to the discussion above relating to U.S. Holders.

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Possible Legislation Affecting Securities Held Through Foreign Accounts

On December 7, 2009, the Tax Extenders Act of 2009 (the "Act") was introduced in the U.S. Congress. The Act would impose a 30% withholding tax on "withholdable payments" made to foreign financial institutions (and their 50% affiliates) unless the payee foreign financial institution agrees to disclose the identity of any U.S. individual with an account at the institution (or the institution's affiliates) and to annually report certain information about such account. "Withholdable payments" include payments of interest (including original issue discount), dividends, and other items of fixed or determinable annual or periodical gains, profits, and income ("FDAP"), in each case, from sources within the United States, as well as gross proceeds from the sale of any property of a type which can produce interest or dividends from sources within the United States. The Act also requires withholding agents making withholdable payments to certain foreign entities that do not disclose the taxpayer identification number of any substantial U.S. owners to withhold tax at a rate of 30%.

Withholding under the Act would apply to all withholdable payments without regard to whether the beneficial owner of the payment is a U.S. person, or would otherwise be entitled to an exemption from the imposition of withholding tax pursuant to an applicable tax treaty with the United States or pursuant to U.S. domestic law. Unless a foreign financial institution is the beneficial owner of a payment, it would be subject to refund or credit in accordance with the same procedures and limitations applicable to other taxes withheld on FDAP payments provided that the beneficial owner of the payment furnishes such information as the IRS determines is necessary to determine whether such beneficial owner is a United States owned foreign entity and the identity of any substantial United States owners of such entity. Generally, the Act's withholding and reporting regime is proposed to apply to payments made after December 31, 2012. Thus, if you hold your securities through a foreign financial institution or foreign corporation or trust, a portion of your gains may be subject to 30% withholding if the Act is enacted, payment is made after December 31, 2012.

Possible Legislation Affecting Dividend Equivalent Payments

The Act also treats a "dividend equivalent" payment as a dividend from sources within the United States. Under the Act, unless reduced by an applicable tax treaty with the United States, such payments generally would be subject to U.S. withholding tax. A "dividend equivalent" payment is (i) a substitute dividend payment, (ii) a payment made pursuant to a notional principal contract that is contingent upon, or determined by reference to, the payment of a dividend from sources within the United States, and (iii) any other payment determined by the IRS to be substantially similar to a payment described in the preceding clauses (i) and (ii). These changes would apply to payments made on or after the date that is 90 days after the date on which the Act is enacted. Where the securities reference an interest in securities or an index that may provide for the payment of dividends from sources within the United States, absent guidance from the IRS, it is uncertain whether the IRS would determine payments under the securities to be substantially similar to a dividend. Thus, if the IRS determines that a payment is substantially similar to a dividend, it may be subject to U.S. withholding tax, unless reduced by an applicable tax treaty, if the Act is enacted.

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U.S. Federal Estate Tax Treatment of Non-U.S. Holders

The securities may be subject to U.S. federal estate tax if an individual Non-U.S. Holder holds the securities at the time of his or her death. The gross estate of a Non-U.S. Holder domiciled outside the United States includes only property situated in the United States. Individual Non-U.S. Holders should consult their tax advisers regarding the U.S. federal estate tax consequences of holding the securities at death.

IRS Notice on Certain Financial Transactions

On December 7, 2007, the IRS and the Treasury Department issued Notice 2008-2, in which they stated they are considering issuing new regulations or other guidance on whether holders of an instrument such as the securities should be required to accrue income during the term of the instrument. The IRS and Treasury Department also requested taxpayer comments on (a) the appropriate method for accruing income or expense (e.g., a mark-to-market methodology or a method resembling the noncontingent bond method), (b) whether income and gain on such an instrument should be ordinary or capital, and (c) whether foreign holders should be subject to withholding tax on any deemed income accrual.

Accordingly, it is possible that regulations or other guidance may be issued that require holders of the securities to recognize income in respect of the securities prior to receipt of any payments thereunder or sale thereof. Any regulations or other guidance that may be issued could result in income and gain (either at maturity or upon sale) in respect of the securities being treated as ordinary income. It is also possible that a Non-U.S. Holder of the securities could be subject to U.S. withholding tax in respect of the securities under such regulations or other guidance. It is not possible to determine whether such regulations or other guidance will apply to your securities (possibly on a retroactive basis). You are urged to consult your tax adviser regarding Notice 2008-2 and its possible impact on you.

Backup Withholding and Information Reporting

A holder of the securities (whether a U.S. Holder or a Non-U.S. Holder) may be subject to information reporting requirements and to backup withholding with respect to certain amounts paid to such holder unless it provides a correct taxpayer identification number, complies with certain certification procedures establishing that it is not a U.S. Holder or establishes proof of another applicable exemption, and otherwise complies with applicable requirements of the backup withholding rules.

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Supplemental Plan of Distribution (Conflicts of Interest)

Under the terms and subject to the conditions contained in a distribution agreement dated May 7, 2007, as amended, which we refer to as the distribution agreement, we have agreed to sell the securities to CSSU.

The distribution agreement provides that CSSU is obligated to purchase all of the securities if any are purchased.

CSSU proposes to offer the securities at the offering price set forth on the cover page of this term sheet and will receive underwriting discounts and commissions of between 0.00% and 0.25% or between $0.00 and $2.50 per $1,000 principal amount of securities. CSSU may re-allow some or all of the discount on the principal amount per security on sales of such securities by other brokers or dealers. If all of the securities are not sold at the initial offering price, CSSU may change the public offering price and other selling terms.

In addition, Credit Suisse International, an affiliate of Credit Suisse, may pay referral fees to other broker-dealers of up to 0.50% or $5.00 per $1,000 principal amount of securities in connection with the distribution of the securities. An affiliate of Credit Suisse has paid or may pay in the future a fixed amount to broker-dealers in connection with the costs of implementing systems to support these securities.

The agent for this offering, CSSU, is our affiliate. In accordance with NASD Rule 2720, CSSU may not make sales in this offering to any discretionary account without the prior written approval of the customer. A portion of the net proceeds from the sale of the securities will be used by CSSU or one of its affiliates in connection with hedging our obligations under the securities.

For further information, please refer to "Underwriting (Conflicts of Interest)" in the accompanying product supplement.

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