<SEC-DOCUMENT>0000950103-22-018164.txt : 20221021
<SEC-HEADER>0000950103-22-018164.hdr.sgml : 20221021
<ACCEPTANCE-DATETIME>20221021150423
ACCESSION NUMBER:		0000950103-22-018164
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20221021
FILED AS OF DATE:		20221021
DATE AS OF CHANGE:		20221021

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CREDIT SUISSE AG
		CENTRAL INDEX KEY:			0001053092
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33434
		FILM NUMBER:		221323216

	BUSINESS ADDRESS:	
		STREET 1:		PARADEPLATZ 8
		CITY:			ZURICH
		STATE:			V8
		ZIP:			8001
		BUSINESS PHONE:		01141 44 333 1111

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 1
		CITY:			ZURICH
		STATE:			V8
		ZIP:			8070

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CREDIT SUISSE / /FI
		DATE OF NAME CHANGE:	20050607

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CREDIT SUISSE FIRST BOSTON /                            /FI
		DATE OF NAME CHANGE:	19980115
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp182798_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Form 6-K</B></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16<BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">For the month of October, 2022</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Commission File Number 001-33434</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 24pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>CREDIT SUISSE AG</B></P>

<P STYLE="font: 24pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(Translation of Registrant&rsquo;s Name Into English)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Paradeplatz 8, CH-8001 Zurich, Switzerland</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or <BR>
Form 40-F.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><BR>
<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Form 20-F&nbsp;&nbsp;&nbsp;<IMG SRC="image_001.gif" ALT="" STYLE="height: 12px; width: 12px">&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;&nbsp;&nbsp;<IMG SRC="image_002.gif" ALT="" STYLE="height: 12px; width: 12px"></FONT>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):</FONT> ____</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):</FONT> ____</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Explanatory note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This report on Form 6-K contains the exhibits set forth below. This
report on Form 6-K and such exhibits are hereby incorporated by reference into Registration Statement No. 333-238458-02 of Credit Suisse
AG.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Exhibit 5.1</U>: Opinion of Davis Polk &amp; Wardwell LLP, U.S. counsel
to the Company, with respect to the validity of the Notes to be issued from time to time by the Company under the Company&rsquo;s Medium-Term
Notes program and with respect to the validity of the Warrants to be issued from time to time by the Company under the Company&rsquo;s
Warrants program, under New York law;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Exhibit 5.2</U>: Opinion of Homburger AG, Swiss counsel to the Company,
with respect to the Notes to be issued from time to time by the Company under the Company&rsquo;s Medium-Term Notes program, as to certain
matters under Swiss law; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Exhibit 5.3</U>: Opinion of Homburger AG, Swiss counsel to the Company,
with respect to the Warrants to be issued from time to time by the Company under the Company&rsquo;s Warrants program, as to certain matters
under Swiss law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">CREDIT SUISSE AG<BR>
<BR>
<BR>
&nbsp;</FONT></TD>
    </TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
  <TR>
    <TD><FONT STYLE="font-size: 10pt">Date: October 21, 2022</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Elaine Sam</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 41%"><FONT STYLE="font-size: 10pt">Elaine Sam</FONT></TD>
    </TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Authorized Officer</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="4"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Ashley MacLean</FONT></TD>
    </TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Ashley MacLean</FONT></TD>
    </TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Authorized Officer</FONT></TD>
    </TR>
  </TABLE>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>dp182798_ex0501.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; color: #140B7F">&nbsp;</TD>
    <TD STYLE="width: 40%; font-size: 10pt; color: #140BE3">&nbsp;</TD>
    <TD STYLE="width: 31%; font-size: 10pt; color: #140BE3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt; font-size: 10pt; color: #140B7F"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B><IMG SRC="image_004.jpg" ALT=""></B></FONT></TD>
    <TD>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Davis Polk &amp; Wardwell <FONT STYLE="font-variant: small-caps">llp</FONT></P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">450 Lexington Avenue<BR>
New York, NY 10017</P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">davispolk.com</P></TD>
    <TD STYLE="font-size: 10pt; color: #140BE3">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt">October 21, 2022</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Credit Suisse AG<BR>
Paradeplatz 8<BR>
CH 8001 Zurich, Switzerland</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Credit Suisse AG, a corporation organized under the laws of Switzerland
(the &ldquo;<B>Company</B>&rdquo;), has filed with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) a Registration
Statement on Form F-3 (File No. 333-238458-02) (the &ldquo;<B>Registration Statement</B>&rdquo;) for the purpose of registering under
the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), among other securities, (i) the Company&rsquo;s Medium-Term
Notes (the &ldquo;<B>Notes</B>&rdquo;) to be issued from time to time pursuant to the Senior Indenture dated as of March 29, 2007 (as
amended and supplemented from time to time and in effect as of the date hereof, the &ldquo;<B>Indenture</B>&rdquo;) between the Company
and The Bank of New York Mellon (formerly known as The Bank of New York), as trustee (the &ldquo;<B>Trustee</B>&rdquo;); and (ii) the
Company&rsquo;s Warrants (the &ldquo;<B>Warrants</B>&rdquo; and, together with the Notes, the &ldquo;<B>Securities</B>&rdquo;) to be issued
from time to time pursuant to the Warrant Agreement dated as of June 18, 2009 (as amended and supplemented from time to time and in effect
as of the date hereof, the &ldquo;<B>Warrant Agreement</B>&rdquo;) between the Company and The Bank of New York Mellon, as warrant agent
(the &ldquo;<B>Warrant Agent</B>&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We, as your United States counsel, have examined originals or copies
of such documents, corporate records, certificates of public officials and other instruments as we have deemed necessary or advisable
for the purpose of rendering this opinion. In rendering the opinion expressed herein, we have, without independent inquiry or investigation,
assumed that (i) all documents submitted to us as originals are authentic and complete, (ii) all documents submitted to us as copies conform
to authentic, complete originals, (iii) all documents filed as exhibits to the Registration Statement that have not been executed will
conform to the forms thereof, (iv) all signatures on all documents that we reviewed are genuine, (v) all natural persons executing documents
had and have the legal capacity to do so, (vi) all statements in certificates of public officials and all statements as to factual matters
in certificates of officers of the Company that we reviewed were and are accurate and (vii) all representations made by the Company as
to matters of fact in the documents that we reviewed were and are accurate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Based upon the foregoing, and subject to the additional assumptions
and qualifications set forth below, we advise you that, in our opinion, when the specific terms of a particular Security have been duly
authorized and established in accordance with the Indenture or the Warrant Agreement, as applicable, and such Security has been duly authorized,
executed, issued, delivered, and, in the case of the Notes, authenticated by the Trustee, and, in the case of the Warrants, countersigned
by the Warrant Agent, in accordance with the Indenture or the Warrant</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><IMG SRC="image_004.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Agreement, as applicable, and the applicable underwriting or other distribution
agreement against payment therefor, such Security will constitute valid and binding obligations of the Company, enforceable in accordance
with its terms, subject to (i) applicable bankruptcy, insolvency and similar laws affecting creditors&rsquo; rights generally, (ii) concepts
of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing
and the lack of bad faith) and (iii) possible judicial or regulatory actions or application giving effect to governmental actions or foreign
laws affecting creditors&rsquo; rights, <I>provided </I>that we express no opinion as to the effect of fraudulent conveyance, fraudulent
transfer or similar provision of applicable law on the conclusions expressed above or the validity, legally binding effect or enforceability
of any provision that permits holders to collect any portion of stated principal amount upon acceleration of the Notes to the extent determined
to constitute unearned interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In connection with the opinion expressed above, we have assumed that,
at or prior to the time of the delivery of any such Security, (i) the terms of such Security shall have been duly established under the
Indenture or the Warrant Agreement, as applicable, and such Security, and the offer, sale and issuance of such Security shall have been
duly authorized by the Company and such authorization shall not have been modified or rescinded; (ii) the Company is, and shall remain,
validly existing as a corporation in good standing under the laws of Switzerland; (iii) the Trustee or the Warrant Agent, as applicable,
is, and shall remain, validly existing and in good standing under the laws of the jurisdiction of its organization; (iv) the effectiveness
of the Registration Statement under the Securities Act and, with respect to the Notes, the qualification of the Indenture under the Trust
Indenture Act of 1939, as amended, shall not have been terminated or rescinded; (v) the Indenture or the Warrant Agreement, as applicable,
has been duly authorized, executed and delivered by, and is a valid, binding and enforceable agreement of, the Company and the Trustee
or the Warrant Agent, as applicable; (vi) the execution and delivery of the Indenture or the Warrant Agreement, as applicable, and such
Security by each party thereto, and the performance by each such party of its obligations thereunder, are within its corporate powers,
do not and will not contravene, or constitute a default under, its articles of association, articles of incorporation, bylaws or any other
constitutive documents and require no action by or in respect of, or filing with, any governmental body, agency or official; (vii) the
terms of such Security shall not contravene, or constitute a default under, any provision of applicable law or regulation or any judgment,
injunction, order or decree or any agreement or other instrument binding upon such party; and (viii) there shall not have occurred any
change in law affecting the validity or enforceability of the Indenture or the Warrant Agreement, as applicable, or the Security. We have
also assumed that none of the terms of any Security to be established subsequent to the date hereof, nor the issuance and delivery of
such Security, nor the compliance by the Company with the terms of such Security, will violate any applicable law, public policy or regulation
or will result in a violation of any provision of any instrument or agreement then binding upon the Company or of any restriction imposed
by any court or other governmental body, agency or official having jurisdiction over the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We express no opinion as to (x) provisions in the Indenture that purport
to waive objections to venue, claims that a particular jurisdiction is an inconvenient forum or the like, (y) whether a United States
federal court would have subject-matter or personal jurisdiction over a controversy arising under the Securities or (z) the effectiveness
of any service of process made other than in</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><IMG SRC="image_004.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">accordance with applicable law. In addition, we note that, with respect
to the Notes, the enforceability in the United States of Section 10.08(c) of the Indenture is subject to the limitations set forth in
the United States Foreign Sovereign Immunities Act of 1976.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We express no opinion as to (i) whether a New York State or United States
federal court would render or enforce a judgment in a currency other than U.S. Dollars or (ii) the exchange rate that such a court would
use in rendering a judgment in U.S. Dollars in respect of an obligation in any other currency.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We are members of the Bar of the State of New York, and the foregoing
opinion is limited to the laws of the State of New York, except that we express no opinion as to the application of state securities or
Blue Sky laws to the Securities. Insofar as the foregoing opinion involves matters governed by Swiss law, we have relied, without independent
inquiry or investigation, on the opinions of Homburger AG, Swiss legal counsel for the Company, dated October 21, 2022, to be filed by
the Company with the Commission as exhibits to a Current Report on Form 6-K concurrently with this opinion, and our opinion is subject
to the same assumptions, qualifications, and limitations set forth therein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We hereby consent to the filing of this opinion as an exhibit to a Current
Report on Form 6-K to be filed by the Company with the Commission on the date hereof and its incorporation by reference into the Registration
Statement. In addition, if a pricing supplement relating to the offer and sale of any particular Security or Securities is prepared and
filed by the Company with the Commission on this date or a future date and the pricing supplement contains a reference to us and our opinion
substantially in the form set forth below, this consent shall apply to the reference to us and our opinion in substantially such form:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&ldquo;In the opinion of Davis Polk &amp; Wardwell LLP, as
United States counsel to the Company, when the securities offered by this pricing supplement have been executed and issued by the Company
and [authenticated by the trustee] [countersigned by the warrant agent] pursuant to the [indenture] [warrant agreement], and delivered
against payment therefor, such securities will be valid and binding obligations of the Company, enforceable in accordance with their terms,
subject to (i) applicable bankruptcy, insolvency and similar laws affecting creditors&rsquo; rights generally, (ii) concepts of reasonableness
and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of
bad faith) and (iii) possible judicial or regulatory actions or application giving effect to governmental actions or foreign laws affecting
creditors&rsquo; rights, <I>provided</I> that such counsel expresses no opinion as to the effect of fraudulent conveyance, fraudulent
transfer or similar provision of applicable law on the conclusions expressed above [or the validity, legally binding effect or enforceability
of any provision that permits holders to collect any portion of stated principal amount upon acceleration of the securities to the extent
determined to constitute unearned interest]. This opinion is given as of the date of this pricing supplement and is limited to the laws
of the State of New York, except that such counsel expresses no opinion as to the application of state securities or Blue Sky laws to
the securities. Insofar as this opinion involves matters governed by Swiss law, Davis Polk &amp; Wardwell LLP has relied, without independent
inquiry or investigation, on the opinion of Homburger AG, dated October 21, 2022 and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">filed by the Company as an exhibit to a Current Report on Form 6-K on
October 21, 2022. The opinion of Davis Polk &amp; Wardwell LLP is subject to the same assumptions, qualifications and limitations with
respect to such matters as are contained in the opinion of Homburger AG. In addition, the opinion of Davis Polk &amp; Wardwell LLP is
subject to customary assumptions about the establishment of the terms of the securities, the [trustee&rsquo;s] [warrant agent&rsquo;s]
authorization, execution and delivery of the [indenture] [warrant agreement] and its [authentication] [countersigning] of the securities,
and the validity, binding nature and enforceability of the [indenture] [warrant agreement] with respect to the [trustee] [warrant agent],
all as stated in the opinion of Davis Polk &amp; Wardwell LLP dated October 21, 2022, which was filed by the Company as an exhibit to
a Current Report on Form 6-K on October 21, 2022. [This opinion is also subject to the discussion, as stated in such opinion, of the enforcement
of securities denominated in a foreign currency.] [Davis Polk &amp; Wardwell LLP expresses no opinion as to waivers of objections to venue,
the subject matter or personal jurisdiction of a United States federal court or the effectiveness of service of process other than in
accordance with applicable law. In addition, such counsel notes that the enforceability in the United States of Section 10.08(c) of the
indenture is subject to the limitations set forth in the United States Foreign Sovereign Immunities Act of 1976.]&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In giving this consent, we do not admit that we are in the category
of persons whose consent is required under Section 7 of the Securities Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Very truly yours,</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">/s/ Davis Polk &amp; Wardwell LLP</TD></TR>
  </TABLE>

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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>3
<FILENAME>dp182798_ex0502.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><IMG SRC="image_008.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #969696">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">To:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Credit Suisse AG</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Paradeplatz 8</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">P.O. Box</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">8070 Zurich</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Switzerland</FONT></P></TD>
    <TD STYLE="width: 35%">
    <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Homburger AG</P>
    <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Prime Tower</P>
    <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Hardstrasse 201</P>
    <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">CH&ndash;8005 Zurich</P>
    <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">T +41 43 222 10 00</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">F +41 43 222 15 00</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">lawyers@homburger.ch</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Zurich, October&nbsp;21, 2022</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt; font-weight: bold">Credit Suisse AG, acting through its Nassau and London Branches</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><B>U.S. Medium-Term Note Program under the Credit Suisse Group AG and Credit Suisse AG U.S. Shelf</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Ladies and Gentlemen</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We, Homburger AG, have acted as special Swiss counsel to Credit Suisse
AG (<B>Credit Suisse</B>), a Swiss bank, in connection with senior medium-term notes (the <B>Notes</B>) to be issued from time to time
on or after the date hereof by Credit Suisse, acting through either its Nassau Branch or its London Branch (each, an <B>Issuing Branch</B>),
under the Senior Indenture dated as of March&nbsp;29, 2007 (the <B>Base Indenture</B>), between Credit Suisse and The Bank of New York
Mellon, as trustee (in such capacity, the <B>Trustee</B>), as supplemented by the Second Supplemental Indenture dated as of March&nbsp;25,
2009 (the <B>Second Supplemental Indenture</B>), and the Third Supplemental Indenture dated as of September&nbsp;9, 2020 (the <B>Third
Supplemental Indenture</B> and, together with the Base Indenture and the Second Supplemental Indenture, the <B>Indenture</B>), between
Credit&nbsp;Suisse and the Trustee. As such counsel, we have been requested to give our opinion as to certain matters of Swiss law relating
to the Notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #9664E1; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt">I.</TD><TD STYLE="text-align: justify">Basis of Opinion</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This opinion is confined to and given on the basis of the laws of Switzerland
in force at the date hereof. Such laws and the interpretation thereof are subject to change. In the absence of explicit statutory law,
we base our opinion solely on our independent professional judgment. This opinion is also confined to the matters stated herein and the
Documents (as defined below), and is not to be read as extending, by implication or otherwise, to any agreement or other document referred
to</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><IMG SRC="image_009.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">in any of the Documents (including, in the case of the Prospectus (as
defined below), any document incorporated by reference therein or exhibited thereto) or any other matter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For purposes of this opinion, we have not conducted any due diligence
or similar investigation as to factual circumstances that are or may be referred to in the Documents, and we express no opinion as to
the accuracy of representations and warranties of facts set out in the Documents or the factual background assumed therein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For purposes of this opinion, we have only reviewed the following documents
(collectively, the <B>Documents</B>):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD>an electronic copy of the executed Distribution Agreement dated May&nbsp;7, 2007, between Credit&nbsp;Suisse Securities (USA) LLC,
as distributor, and Credit Suisse (as amended by Amendment No. 1 dated January&nbsp;11, 2008, the <B>Distribution Agreement</B>), as supplemented
by (A)&nbsp;the Distributor Accession Letter and Confirmation dated June&nbsp;18, 2008, pursuant to which JPMorgan Chase Bank, National
Association and JPMorgan Securities LLC (formerly JPMorgan Securities, Inc.), each acting through JPMorgan Private Bank and JPMorgan Private
Client Services, are appointed distributors, (B)&nbsp;the Distributor Accession Letters and Confirmations dated March&nbsp;23, 2012, pursuant
to which Barclays Capital Inc., Citigroup Global Markets Inc. and Incapital LLC are appointed distributors, (C)&nbsp;the Distributor Accession
Letter and Confirmation dated May 8, 2012, pursuant to which BofA Securities, Inc. (formerly known as BofAML Securities, Inc.) is appointed
distributor, (D)&nbsp;the Distributor Accession Letter and Confirmation dated May&nbsp;18, 2012, pursuant to which Morgan Stanley &amp;
Co. LLC is appointed distributor, (E)&nbsp;the Distributor Accession Letter and Confirmation dated March&nbsp;12, 2014, pursuant to which
UBS Financial Services Inc. is appointed distributor, and (F)&nbsp;the Distributor Accession Letter and Confirmation dated August&nbsp;1,
2016, pursuant to which Wells Fargo Securities LLC is appointed distributor (collectively, the <B>Accession Agreements</B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD>an electronic copy of the executed Base Indenture;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(iii)</TD><TD>an electronic copy of the executed Second Supplemental Indenture;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(iv)</TD><TD>an electronic copy of the executed Third Supplemental Indenture (together with the Distribution Agreement, the Accession Agreements,
the Base Indenture and the Second Supplemental Indenture, the <B>Transaction Agreements</B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(v)</TD><TD>an electronic copy of the prospectus dated June&nbsp;18, 2020 (the <B>Base Prospectus</B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(vi)</TD><TD>an electronic copy of the prospectus supplement to the Base Prospectus dated June&nbsp;18, 2020 (the <B>Prospectus Supplement</B>
and, together with the Base Prospectus, the <B>Prospectus</B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(vii)</TD><TD>electronic copies of the pricing supplements (including any underlying supplement and product supplement incorporated therein by reference)
(the <B>Existing Representative Pricing Supplements</B>) filed by Credit Suisse with the U.S. Securities and Exchange Commission (the
<B>SEC</B>) and listed on <U>Annex A</U> of the Agreement Regarding Exhibit 5 Opinions for Registered Medium-Term Notes and Warrants of
Credit Suisse AG entered into</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-indent: 0in">as of May&nbsp;4, 2015, by and among Credit
Suisse, Davis Polk &amp; Wardwell LLP (<B>Davis Polk</B>) and Homburger AG (as amended from time to time, the <B>Agreement About Opinions</B>);</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(viii)</TD><TD>electronic copies of the underlying supplements filed by Credit Suisse with the SEC and listed on <U>Annex C</U> of the Agreement
About Opinions (the <B>Existing Representative Underlying Supplements</B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(ix)</TD><TD>an electronic copy of the executed Officer's Certificate dated June&nbsp;18, 2020, issued by Credit&nbsp;Suisse pursuant to Sections
2.02, 10.03 and 10.04 of the Indenture;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(x)</TD><TD>a certified excerpt from the Commercial Register of the Canton of Zurich (the <B>Commercial Register</B>) for Credit Suisse, dated
October&nbsp;14, 2022 (the <B>Excerpt</B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xi)</TD><TD>a copy of the articles of association (<I>Statuten</I>) of Credit Suisse in their version as of (A)&nbsp;April&nbsp;19, 2006 (the<B>&nbsp;2006
Articles</B>), (B)&nbsp;August&nbsp;26, 2008 (the <B>2008&nbsp;Articles</B>), and (C)&nbsp;September&nbsp;4, 2014 (the <B>2014&nbsp;Articles</B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xii)</TD><TD>an electronic copy of (A)&nbsp;the Organizational Guidelines and Regulations of Credit Suisse, valid as of January&nbsp;1, 2006 (the
<B>2006&nbsp;Regulations</B>), and (B)&nbsp;the Organizational Guidelines and Regulations of Credit Suisse Group AG and Credit Suisse,
valid as of (t)&nbsp;March&nbsp;24, 2009 (the <B>2009&nbsp;Regulations</B>), (u)&nbsp;April&nbsp;25, 2019 (the <B>April 2019 Regulations</B>),
(v)&nbsp;December&nbsp;5, 2019 (the <B>December 2019 Regulations</B>), (w)&nbsp;August&nbsp;20, 2020 (the <B>2020&nbsp;Regulations</B>),
(x)&nbsp;April&nbsp;1, 2021 (the <B>2021&nbsp;Regulations</B>), (y)&nbsp;March&nbsp;8, 2022 (the <B>March 2022&nbsp;Regulations</B>),
and (z)&nbsp;October&nbsp;20, 2022 (the <B>October 2022&nbsp;Regulations</B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xiii)</TD><TD>an electronic copy of (A)&nbsp;the GP-00200 Global Policy Funding Authority within Credit Suisse Group and Credit Suisse effective
as of (x)&nbsp;January&nbsp;1, 2007 (the <B>2007&nbsp;Funding Authority</B>), and (y)&nbsp;December&nbsp;17, 2008 (the <B>2008&nbsp;Funding
Authority</B>), and (B)&nbsp;the Global Policy (GP-00200) Funding Authority for Third Party transactions effective as of (x)&nbsp;June<B>&nbsp;</B>4,
2019 (the <B>2019 Funding Authority</B>), and (y)&nbsp;June<B>&nbsp;</B>4, 2021 (the <B>2021 Funding Authority</B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xiv)</TD><TD>an electronic copy of (A)&nbsp;the memorandum of the Chief Financial Officer of Credit Suisse and Credit Suisse Group AG to the members
of the Board of Directors of Credit Suisse and Credit Suisse Group AG, dated February&nbsp;14, 2007 (the <B>February 2007 CFO Approval</B>),
(B)&nbsp;the certificate of R. Fassbind, as Chief Financial Officer of Credit Suisse (<B>CFO</B>), dated May&nbsp;2, 2007 (the <B>May
2007 CFO Approval</B>), (C)&nbsp;the certificate of R. Fassbind, as CFO, dated March&nbsp;12, 2009 (the <B>2009 CFO Approval</B>), and
(D)&nbsp;the certificate of D. Mathers, as CFO, dated May&nbsp;12, 2020 (the <B>2020 CFO Approval</B> and, together with the February
2007 CFO Approval, the May 2007 CFO Approval, and the 2009&nbsp;CFO Approval, the <B>CFO Approvals</B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xv)</TD><TD>an electronic copy of (A)&nbsp;the power of attorney dated March&nbsp;26, 2007, issued by R. Fassbind, as CFO, and R. Enderli, as
Treasurer of Credit Suisse (<B>Treasurer</B>) (the <B>March 2007 Power of Attorney</B>), (B)&nbsp;the power of attorney dated May&nbsp;2,
2007, issued by R. Fassbind, as CFO, and R. Enderli, as Treasurer (the <B>May 2007 Power of Attorney</B>), (C)&nbsp;the power of attorney
dated March&nbsp;20, 2008, issued by R. Fassbind, as CFO, and R. Enderli, as Treasurer (the <B>2008 Power of Attorney</B>), (D)&nbsp;the
power of attorney dated July&nbsp;19, 2019, issued by D.&nbsp;Mathers, as CFO, and D. Wong, as Treasurer (the <B>2019 Power of Attorney</B>),</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-indent: 0in">and (E)&nbsp;the power of attorney dated
July&nbsp;22, 2022, issued by D.&nbsp;Mathers, as CFO, and G.M. Martino, as Treasurer (the <B>2022 Power of Attorney</B>);</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xvi)</TD><TD>an electronic copy of the Structured Notes and Warrants &ndash; Business Division Authorizations (Version 21.0), finalized August&nbsp;12,
2022, which is the list of Senior SN Business Personnel referred to in the 2021 Funding Authority (the <B>Business Authorizations List</B>);
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xvii)</TD><TD>an electronic copy of the Secretary's Certificate dated October&nbsp;21, 2022 (including the exhibits thereto, the <B>Secretary's
Certificate</B>), executed by two Corporate Secretaries of Credit Suisse.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">No documents have been reviewed by us in connection with this opinion
other than the Documents. Accordingly, we shall limit our opinion to the Documents and their legal implications under the laws of Switzerland.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In this opinion, Swiss legal concepts are expressed in English terms
and not in their original language. These concepts may not be identical to the concepts described by the same English terms as they exist
under the laws of other jurisdictions. With respect to Documents governed by laws other than the laws of Switzerland, for purposes of
this opinion, we have relied on the plain meaning of the words and expressions contained therein without regard to any import they may
have under the relevant governing law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #9664E1; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt">II.</TD><TD STYLE="text-align: justify">Assumptions</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In rendering the opinion below, we have assumed the following:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(a)</TD><TD>all documents produced to us as originals are authentic and complete, and all documents produced to us as copies (including, without
limitation, fax and electronic copies) conform to the original;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(b)</TD><TD>all documents produced to us as originals and the originals of all documents produced to us as copies were duly executed and certified,
as applicable, by the individuals purported to have executed or certified, as the case may be, such documents, and any electronic signatures
of Credit Suisse (whether or not acting through an Issuing Branch) on any such document have been affixed thereto by the individual to
whom such electronic signature belongs and such individual has saved and submitted such document as so electronically signed in such a
manner so as to prevent removal or other alteration of such signature;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(c)</TD><TD>except as expressly opined upon herein, all information contained in the Documents is, and all material statements made to us in connection
with the Documents are, true and accurate as of the date hereof and as of the issue date for each tranche of Notes as if given or made
on such issue date, including, without limitation, the statements set forth in the Secretary's Certificate, including as to the following
facts:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD>the 2014 Articles continue in full force and effect and have not been amended;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD>the 2008 Articles were in full force and effect and had not been amended as of the date of the Second Supplemental Indenture;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;<IMG SRC="image_007.jpg" ALT=""></P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(iii)</TD><TD>the 2006 Articles were in full force and effect and had not been amended as of the dates of the Base Indenture and the Distribution
Agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(iv)</TD><TD>the October 2022 Regulations continue in full force and effect and have not been amended;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(v)</TD><TD>the March 2022 Regulations were in full force and effect and had not been amended as of the dates of the 2022 Power of Attorney and
the Business Authorizations List;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(vi)</TD><TD>the 2021 Regulations were in full force and effect and had not been amended as of the date of the 2021 Funding Authority;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(vii)</TD><TD>the 2020 Regulations were in full force and effect and had not been amended as of the date of the Third Supplemental Indenture;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(viii)</TD><TD>the December 2019 Regulations were in full force and effect and had not been amended as of the date of the 2020 CFO Approval;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(ix)</TD><TD>the April 2019 Regulations were in full force and effect and had not been amended as of the dates of the 2019 Funding Authority and
the 2019 Power of Attorney;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(x)</TD><TD>the 2009 Regulations were in full force and effect and had not been amended as of the date of the Second Supplemental Indenture;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xi)</TD><TD>the 2006 Regulations were in full force and effect and had not been amended as of the dates of the Base Indenture, the Distribution
Agreement, the 2007 Funding Authority, the 2008 Funding Authority, the February 2007 CFO Approval, the March 2007 Power of Attorney, the
May 2007 Power of Attorney, the May 2007 CFO Approval, the 2008 Power of Attorney, and the 2009 CFO Approval;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xii)</TD><TD>the 2021 Funding Authority, the CFO Approvals, the 2022 Power of Attorney and the Business Authorizations List continue in full force
and effect and have not been amended;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xiii)</TD><TD>the 2019 Funding Authority was in full force and effect and had not been amended as of the dates of the Third Supplemental Indenture,
the 2020 CFO Approval and the 2019 Power of Attorney;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xiv)</TD><TD>the 2008 Funding Authority was in full force and effect and had not been amended as of the dates of the Second Supplemental Indenture
and the 2009 CFO Approval;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xv)</TD><TD>the 2007 Funding Authority was in full force and effect and had not been amended as of the dates of the Base Indenture, the Distribution
Agreement, the February 2007 CFO Approval, the March 2007 Power of Attorney, the May 2007 Power of Attorney, the May 2007 CFO Approval
and the 2008 Power of Attorney;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xvi)</TD><TD>the 2019 Power of Attorney was in full force and effect and had not been amended as of the date of the Third Supplemental Indenture;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;<IMG SRC="image_007.jpg" ALT=""></P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xvii)</TD><TD>the 2008 Power of Attorney was in full force and effect and had not been amended as of the date of the Second Supplemental Indenture;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xviii)</TD><TD>the May 2007 Power of Attorney was in full force and effect and had not been amended as of the date of the Distribution Agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xix)</TD><TD>the March 2007 Power of Attorney was in full force and effect and had not been amended as of the date of the Base Indenture;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xx)</TD><TD>the Distribution Agreement has not been amended (other than by the Accession Agreements) and continues in full force and effect;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xxi)</TD><TD>the Excerpt is correct and complete other than (x)&nbsp;with respect to the appointment of each of Dixit Joshi and Francesca McDonagh
to the management of Credit Suisse, and the resignation of David Mathers from the management of Credit Suisse, which appointments and
resignation had not yet been registered with the Commercial Register as of the date of the Excerpt, and (y)&nbsp;with respect to any changes
to the signatories registered with the Commercial Register (including, without limitation, the addition or removal of any such signatory)
that have occurred since the date of the Excerpt;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xxii)</TD><TD>the Base Indenture has not been amended (other than by the Second Supplemental Indenture, the Third Supplemental Indenture, the first
supplemental indenture dated as of May&nbsp;6, 2008, and any other supplements thereto relating to note issuances thereunder that do not
constitute Notes) and the Indenture continues in full force and effect; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xxiii)</TD><TD>immediately after giving effect to the issuance of Notes, the aggregate issuance amount, as measured by the aggregate offering price,
of (x)&nbsp;medium-term notes (including such Notes) issued pursuant to the Prospectus Supplement, including any supplement thereto, will
not exceed USD&nbsp;80 billion and (y)&nbsp;securities (including such Notes) issued pursuant to the U.S. registration statement on Form
F-3 of which the Base Prospectus forms a part, will not exceed USD&nbsp;80 billion, in each case in accordance with the 2020&nbsp;CFO
Approval;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(d)</TD><TD>all Notes constitute business-driven structured debt securities within the meaning of the 2021&nbsp;Funding Authority;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(e)</TD><TD>the Notes will have terms substantially similar to those described in one or more of (x)&nbsp;the Existing Representative Pricing
Supplements or (y)&nbsp;any pricing supplement (including the Base Prospectus, the Prospectus Supplement and any underlying supplement
and product supplement incorporated therein by reference) that may be listed on <U>Annex A</U> to the Agreement About Opinions from time
to time pursuant to an amendment thereof executed by the parties thereto on or before the issue date of the relevant Notes (together with
the Existing Representative Pricing Supplements, the <B>Representative Pricing Supplements</B>), except that any or all of the following
terms may vary from Note to Note:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD>amounts payable on the Note, including the formula for determining such amounts;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD>provisions relating to optional and automatic early redemption of the Note;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(iii)</TD><TD>the pricing date and any measurement, redemption or maturity date of the Note;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(iv)</TD><TD>subject to clause&nbsp;(f) below, any security, rate, index and other market measure referenced by the Note; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(v)</TD><TD>the principal amount and issue price of, and any commissions or fees on, the Note; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(f)</TD><TD>the Notes will not reference any security, rate, index or other market measure unless it is:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD>described in one of (x)&nbsp;the Existing Representative Underlying Supplements or (y)&nbsp;to the extent such supplement is applicable
to Notes, any underlying supplement that may be listed on <U>Annex C</U> to the Agreement About Opinions from time to time pursuant to
an amendment thereof executed by the parties thereto on or before the issue date of the relevant Notes; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD>described in one of the Representative Pricing Supplements; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(iii)</TD><TD>a security issued by an issuer that has a class of equity securities registered under the U.S. Securities Exchange Act of 1934, as
amended, so long as such issuer or such issuer's jurisdiction of incorporation does not appear on any of the United Nations Security Committee's
targeted sanction lists or any sanction list issued by the Swiss or U.S. government (collectively, the <B>Sanction Lists</B>); or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(iv)</TD><TD>a security issued by an &quot;Investment Company&quot; registered under the Investment Company Act of 1940, as amended (as such term
is defined therein), so long as such Investment Company or such Investment Company's jurisdiction of organization does not appear on any
Sanction List; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(v)</TD><TD>an index tracking securities traded on established securities markets of any jurisdiction that does not appear on any Sanction List;
or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(vi)</TD><TD>a commodity or index of commodities included in the universe of eligible components included in the Bloomberg Commodity Index and
the S&amp;P GSCI Commodity Indices; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(vii)</TD><TD>a currency exchange rate or index of currency exchange rates; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(viii)</TD><TD>a measure, such as an inflation measure, published by the government of a jurisdiction that does not appear on any Sanction List or
an agency of any such government; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(ix)</TD><TD>an interest or swap rate; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(x)</TD><TD>futures or forwards contracts traded on any established futures exchange or over-the-counter market, other than the futures exchanges
or over-the-counter markets of any jurisdiction that appears on any Sanction List; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xi)</TD><TD>any &quot;critical benchmark&quot; or &quot;significant benchmark&quot; as such terms are defined in Regulation (EU) 2016/1011 of
the European Parliament and of the Council of 8&nbsp;June 2016; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xii)</TD><TD>an index composed of one or more of the items listed in clauses (i)&nbsp;through (xi) above.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #9664E1; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt">III.</TD><TD STYLE="text-align: justify">Opinion</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Based on the foregoing and subject to the qualifications set out below,
we are of the opinion that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">1.</TD><TD>Credit Suisse is a corporation (<I>Aktiengesellschaft</I>) duly incorporated and validly existing under the laws of Switzerland.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">2.</TD><TD>Credit Suisse has the necessary corporate power and authority to, acting through the relevant Issuing Branch, issue the Notes.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">3.</TD><TD>With respect to any tranche of Notes to be issued by Credit Suisse, acting through the relevant Issuing Branch, when the terms, issuance
and sale of such Notes have been approved by (a)&nbsp;any two persons listed in the 2022 Power of Attorney in the required combination
and (b)&nbsp;one of the persons listed in the Business Authorizations List having the authority to authorize such Notes on behalf of such
Issuing Branch for retail or institutional issuances, as applicable, such Notes will have been duly authorized by all necessary corporate
action by Credit Suisse, <I>provided</I> that at the time of such approval (i)&nbsp;such persons are employees of Credit Suisse or one
of its affiliates and (ii)&nbsp;the 2022 Power of Attorney and the Business Authorizations List are in full force and effect.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #9664E1; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt">IV.</TD><TD STYLE="text-align: justify">Qualifications</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The above opinions are subject to the following qualifications:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(a)</TD><TD>The lawyers of our firm are members of the Zurich bar and do not hold themselves out to be experts in any laws other than the laws
of Switzerland. Accordingly, we are opining herein as to Swiss law only and we express no opinion with respect to the applicability or
the effect of the laws of any other jurisdiction to or on the matters covered herein.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(b)</TD><TD>We express no opinion on the legality, validity or enforceability of any of the provisions of any Transaction Agreement or the Notes
or the performance of the obligations assumed by Credit&nbsp;Suisse thereunder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(c)</TD><TD>Further, we express no opinion as to tax matters, regulatory matters or as to any commercial, accounting, calculating, auditing or
other non-legal matter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">* * *</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We have issued this opinion as of the date hereof and we assume no obligation
to advise you of any changes in fact or in law that are made or brought to our attention after the date hereof. This opinion is addressed
to you for your benefit, and is not to be relied upon by any other person without our express consent, except that it may be relied upon
by initial purchasers of Notes issued during the four month-period commencing on the date of this opinion (such period, the <B>Relevant
Period</B>), and by Davis Polk for purposes of issuing its opinions to you during the Relevant Period with respect to certain matters
of the laws of the State of New York and U.S. federal law pertaining to the Notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We hereby consent to the filing of this opinion with the SEC as an exhibit
to a report on Form 6-K to be filed by Credit Suisse on the date hereof, and further consent to the reference of our name in (i)&nbsp;any
pricing supplement relating to Notes or (ii)&nbsp;an opinion of Davis Polk relating to Notes exhibited to a report on Form 6-K, in each
case, to be filed by Credit Suisse with the SEC, provided that (a)&nbsp;the terms of the relevant Notes meet the requirements described
in clauses&nbsp;(e) and (f) of Section&nbsp;II, (b)&nbsp;the relevant Notes are issued within the Relevant Period, (c)&nbsp;in the case
of a pricing supplement, such pricing supplement has been reviewed by Davis Polk as U.S. counsel to Credit Suisse, (d)&nbsp;Davis Polk
has given its consent to be named in such pricing supplement or Form 6-K to which its opinion will be exhibited, as applicable, and (e)&nbsp;such
reference is substantially in the form set out in the opinion of Davis Polk to Credit Suisse dated October&nbsp;21, 2022. In giving such
consent, we do not admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the U.S. Securities
Act of 1933, as amended. Save as aforementioned, this opinion may not be transmitted by you to any other person, quoted or referred to
in any public document or filed with anyone, in each case, without our express consent.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This opinion is governed by and shall be construed in accordance with
the laws of Switzerland. We confirm our understanding that all disputes arising out of or in connection with this opinion shall be subject
to the exclusive jurisdiction of the courts of the Canton of Zurich, Switzerland, venue being the City of Zurich.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Sincerely yours,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">/s/ HOMBURGER AG</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">HOMBURGER AG</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-5.3
<SEQUENCE>4
<FILENAME>dp182798_ex0503.htm
<DESCRIPTION>EXHIBIT 5.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.3</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><IMG SRC="image_005.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #969696">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">To:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Credit Suisse AG</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Paradeplatz 8</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">P.O. Box</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">8070 Zurich</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Switzerland</FONT></P></TD>
    <TD STYLE="width: 35%">
    <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Homburger AG</P>
    <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Prime Tower</P>
    <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Hardstrasse 201</P>
    <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">CH&ndash;8005 Zurich</P>
    <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">T +41 43 222 10 00</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">F +41 43 222 15 00</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">lawyers@homburger.ch</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Zurich, October&nbsp;21, 2022</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt; font-weight: bold">Credit Suisse AG, acting through its Nassau and London Branches</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><B>U.S. Warrant Program under the Credit Suisse Group AG and Credit Suisse AG U.S. Shelf</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Ladies and Gentlemen</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We, Homburger AG, have acted as special Swiss counsel to Credit Suisse
AG (<B>Credit Suisse</B>), a Swiss bank, in connection with warrants (the <B>Warrants</B>) to be issued from time to time on or after
the date hereof by Credit Suisse, acting through either its Nassau Branch or its London Branch (each, an <B>Issuing Branch</B>), under
the Warrant Agreement dated as of June&nbsp;18, 2009 (the <B>Warrant Agreement</B>), between Credit Suisse and The Bank of New York Mellon,
as warrant agent (in such capacity, the <B>Warrant Agent</B>). As such counsel, we have been requested to give our opinion as to certain
matters of Swiss law relating to the Warrants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #9664E1; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt">I.</TD><TD STYLE="text-align: justify">Basis of Opinion</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This opinion is confined to and given on the basis of the laws of Switzerland
in force at the date hereof. Such laws and the interpretation thereof are subject to change. In the absence of explicit statutory law,
we base our opinion solely on our independent professional judgment. This opinion is also confined to the matters stated herein and the
Documents (as defined below), and is not to be read as extending, by implication or otherwise, to any agreement or other document referred
to in any of the Documents (including, in the case of the Prospectus (as defined below), any document incorporated by reference therein
or exhibited thereto) or any other matter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><IMG SRC="image_006.jpg" ALT="">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For purposes of this opinion, we have not conducted any due diligence
or similar investigation as to factual circumstances that are or may be referred to in the Documents, and we express no opinion as to
the accuracy of representations and warranties of facts set out in the Documents or the factual background assumed therein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For purposes of this opinion, we have only reviewed the following documents
(collectively, the <B>Documents</B>):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD>an electronic copy of the executed Distribution Agreement dated May&nbsp;26, 2009, between Credit Suisse Securities (USA) LLC and
Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, as distributors, and Credit Suisse (the <B>Distribution Agreement</B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD>electronic copies of (A)&nbsp;the executed Distributor Accession Letter dated November&nbsp;17, 2009, from J.P. Morgan Securities
Inc., acting through JPMorgan Private Bank and JPMorgan Private Wealth Management, to Credit Suisse, and the related Distributor Accession
Confirmation dated November&nbsp;17, 2009, from Credit Suisse to (and agreed to and accepted by) J.P. Morgan Securities Inc., acting through
JPMorgan Private Bank and JPMorgan Private Wealth Management, (B)&nbsp;the executed Distributor Accession Letter dated November&nbsp;17,
2009, from JPMorgan Chase Bank, N.A., acting through JPMorgan Private Bank and JPMorgan Private Wealth Management, to Credit Suisse, and
the related Distributor Accession Confirmation dated November&nbsp;17, 2009, from Credit Suisse to (and agreed to and accepted by) JPMorgan
Chase Bank, N.A., acting through JPMorgan Private Bank and JPMorgan Private Wealth Management, and (C)&nbsp;the executed Distributor Accession
Letter dated August&nbsp;10, 2012, from Barclays Capital Inc. to Credit Suisse, and the related Distributor Accession Confirmation dated
August&nbsp;10, 2012, from Credit Suisse to (and agreed to and accepted by) Barclays Capital Inc. (collectively, the <B>Accession Agreements</B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(iii)</TD><TD>an electronic copy of the executed Warrant Agreement (together with the Distribution Agreement and the Accession Agreements, the <B>Transaction
Agreements</B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(iv)</TD><TD>an electronic copy of the prospectus dated June&nbsp;18, 2020 (the <B>Base Prospectus</B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(v)</TD><TD>an electronic copy of the prospectus supplement to the Base Prospectus dated June&nbsp;18, 2020 (the <B>Prospectus Supplement</B>
and, together with the Base Prospectus, the <B>Prospectus</B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(vi)</TD><TD>electronic copies of the pricing supplements (including any underlying supplement and product supplement incorporated therein by reference)
(the <B>Existing Representative Pricing Supplements</B>) filed by Credit Suisse with the U.S. Securities and Exchange Commission (the
<B>SEC</B>) and listed on <U>Annex B</U> of the Agreement Regarding Exhibit 5 Opinions for Registered Medium-Term Notes and Warrants of
Credit Suisse AG entered into as of May&nbsp;4, 2015, by and among Credit Suisse, Davis Polk &amp; Wardwell LLP (<B>Davis Polk</B>) and
Homburger AG (as amended from time to time, the <B>Agreement About Opinions</B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(vii)</TD><TD>electronic copies of the underlying supplements filed by Credit Suisse with the SEC and listed on <U>Annex C</U> of the Agreement
About Opinions to the extent such supplements are applicable to Warrants (the <B>Existing Representative Underlying Supplements</B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(viii)</TD><TD>electronic copies of the executed Officer's Certificate and Certificate of Authorized Persons, in each case, dated December&nbsp;19,
2014, and issued pursuant to Sections 1.02, 1.03(b), 1.05(a)(iii) and 6.08 of the Warrant Agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(ix)</TD><TD>a certified excerpt from the Commercial Register of the Canton of Zurich (the <B>Commercial Register</B>) for Credit Suisse, dated
October&nbsp;14, 2022 (the <B>Excerpt</B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(x)</TD><TD>a copy of the articles of association (<I>Statuten</I>) of Credit Suisse in their version as of (A)&nbsp;August&nbsp;26, 2008 (the
<B>2008&nbsp;Articles</B>), and (B)&nbsp;September&nbsp;4, 2014 (the <B>2014&nbsp;Articles</B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xi)</TD><TD>an electronic copy of (A)&nbsp;the Organizational Guidelines and Regulations of Credit Suisse, valid as of January&nbsp;1, 2006 (the
<B>2006&nbsp;Regulations</B>), and (B)&nbsp;the Organizational Guidelines and Regulations of Credit Suisse Group AG and Credit Suisse,
valid as of (u)&nbsp;March&nbsp;24, 2009 (the <B>2009&nbsp;Regulations</B>), (v)&nbsp;April&nbsp;25, 2019 (the <B>April 2019 Regulations</B>),
(w)&nbsp;December&nbsp;5, 2019 (the <B>December 2019 Regulations</B>), (x)&nbsp;April&nbsp;1, 2021 (the <B>2021&nbsp;Regulations</B>),
(y)&nbsp;March&nbsp;8, 2022 (the <B>March 2022&nbsp;Regulations</B>), and (z)&nbsp;October&nbsp;20, 2022 (the <B>October 2022&nbsp;Regulations</B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xii)</TD><TD>an electronic copy of (A)&nbsp;the GP-00200 Global Policy Funding Authority within Credit Suisse Group and Credit Suisse effective
as of December&nbsp;17, 2008 (the <B>2008&nbsp;Funding Authority</B>), and (B)&nbsp;the Global Policy (GP-00200) Funding Authority for
Third Party transactions effective as of (x)&nbsp;June<B>&nbsp;</B>4, 2019 (the <B>2019 Funding Authority</B>), and (y)&nbsp;June<B>&nbsp;</B>4,
2021 (the <B>2021 Funding Authority</B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xiii)</TD><TD>an electronic copy of (A)&nbsp;the memorandum to R. Fassbind, as Chief Financial Officer of Credit Suisse (<B>CFO</B>), dated April&nbsp;3,
2009, and executed by R. Fassbind, as CFO, and R. Enderli, as Treasurer of Credit Suisse (<B>Treasurer</B>), on April&nbsp;8, 2009 (the
<B>Warrant Program Approval</B>), (B)&nbsp;the memorandum to D. Wong, as Treasurer, dated June&nbsp;9, 2020, and executed by D.&nbsp;Wong,
as Treasurer, on June&nbsp;10, 2020 (the <B>Warrant Program Update Approval</B>), and (C)&nbsp;the certificate of D. Mathers, as CFO,
dated May&nbsp;12, 2020 (the <B>Registration Statement Approval</B> and, together with the Warrant Program Approval and the Warrant Program
Update Approval, the <B>Approvals</B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xiv)</TD><TD>an electronic copy of (A)&nbsp;the power of attorney dated April&nbsp;8, 2009, issued by R. Fassbind, as CFO, and R. Enderli, as Treasurer
(the <B>2009&nbsp;Power of Attorney</B>), and (B)&nbsp;the power of attorney dated July&nbsp;22, 2022, issued by D. Mathers, as CFO, and
G.M. Martino, as Treasurer (the <B>2022&nbsp;Power of Attorney</B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xv)</TD><TD>an electronic copy of the Structured Notes and Warrants &ndash; Business Division Authorizations (Version 21.0), finalized August&nbsp;12,
2022, which is the list of Senior SN Business Personnel referred to in the 2021 Funding Authority (the <B>Business Authorizations List</B>);
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xvi)</TD><TD>an electronic copy of the Secretary's Certificate dated October&nbsp;21, 2022 (including the exhibits thereto, the <B>Secretary's
Certificate</B>), executed by two Corporate Secretaries of Credit Suisse.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">No documents have been reviewed by us in connection with this opinion
other than the Documents. Accordingly, we shall limit our opinion to the Documents and their legal implications under the laws of Switzerland.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In this opinion, Swiss legal concepts are expressed in English terms
and not in their original language. These concepts may not be identical to the concepts described by the same English terms as they exist
under the laws of other jurisdictions. With respect to Documents governed by laws other than the laws of Switzerland, for purposes of
this opinion, we have relied on the plain meaning of the words and expressions contained therein without regard to any import they may
have under the relevant governing law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #9664E1; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt">II.</TD><TD STYLE="text-align: justify">Assumptions</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In rendering the opinion below, we have assumed the following:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(a)</TD><TD>all documents produced to us as originals are authentic and complete, and all documents produced to us as copies (including, without
limitation, fax and electronic copies) conform to the original;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(b)</TD><TD>all documents produced to us as originals and the originals of all documents produced to us as copies were duly executed and certified,
as applicable, by the individuals purported to have executed or certified, as the case may be, such documents, and any electronic signatures
of Credit Suisse (whether or not acting through an Issuing Branch) on any such document have been affixed thereto by the individual to
whom such electronic signature belongs and such individual has saved and submitted such document as so electronically signed in such a
manner so as to prevent removal or other alteration of such signature;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(c)</TD><TD>except as expressly opined upon herein, all information contained in the Documents is, and all material statements made to us in connection
with the Documents are, true and accurate as of the date hereof and as of the issue date for each tranche of Warrants as if given or made
on such issue date, including, without limitation, the statements set forth in the Secretary's Certificate, including as to the following
facts:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD>the 2014 Articles continue in full force and effect and have not been amended;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD>the 2008 Articles were in full force and effect and had not been amended as of the dates of the Warrant Agreement and the Distribution
Agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(iii)</TD><TD>the October 2022 Regulations continue in full force and effect and have not been amended;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(iv)</TD><TD>the March 2022 Regulations were in full force and effect and had not been amended as of the dates of the 2022 Power of Attorney and
the Business Authorizations List;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(v)</TD><TD>the 2021 Regulations were in full force and effect and had not been amended as of the date of the 2021 Funding Authority;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(vi)</TD><TD>the December 2019 Regulations were in full force and effect and had not been amended as of the dates of the Warrant Program Update
Approval and the Registration Statement Approval;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(vii)</TD><TD>the April 2019 Regulations were in full force and effect and had not been amended as of the date of the 2019 Funding Authority;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(viii)</TD><TD>the 2009 Regulations were in full force and effect and had not been amended as of the dates of the Warrant Agreement, the Distribution
Agreement and the Warrant Program Approval;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(ix)</TD><TD>the 2006 Regulations were in full force and effect and had not been amended as of the date of the 2008 Funding Authority;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(x)</TD><TD>the 2021 Funding Authority, the Approvals, the 2022 Power of Attorney and the Business Authorizations List continue in full force
and effect and have not been amended;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xi)</TD><TD>the 2019 Funding Authority was in full force and effect and had not been amended as of the dates of the Warrant Program Update Approval
and the Registration Statement Approval;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xii)</TD><TD>the 2008 Funding Authority was in full force and effect and had not been amended as of the date of the Warrant Program Approval;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xiii)</TD><TD>the 2009 Power of Attorney was in full force and effect and had not been amended as of the dates of the Warrant Agreement and the
Distribution Agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xiv)</TD><TD>the Distribution Agreement continues in full force and effect and has not been amended, other than by the Accession Agreements;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xv)</TD><TD>the Warrant Agreement continues in full force and effect and has not been amended;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xvi)</TD><TD>the Excerpt is correct and complete other than (x)&nbsp;with respect to the appointment of each of Dixit Joshi and Francesca McDonagh
to the management of Credit Suisse, and the resignation of David Mathers from the management of Credit Suisse, which appointments and
resignation had not yet been registered with the Commercial Register as of the date of the Excerpt, and (y)&nbsp;with respect to any changes
to the signatories registered with the Commercial Register (including, without limitation, the addition or removal of any such signatory)
that have occurred since the date of the Excerpt; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xvii)</TD><TD>immediately after giving effect to the issuance of Warrants, (x)&nbsp;the aggregate notional amount of warrants (including such Warrants)
issued under the Warrant Agreement on or after June&nbsp;28, 2010 will not exceed USD&nbsp;2 billion, in accordance with the Warrant Program
Update Approval, and (y)&nbsp;the aggregate issuance amount, as measured by the aggregate offering price, of securities (including such
Warrants) issued pursuant to the U.S. registration statement on Form F-3 of which the Base</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;<IMG SRC="image_007.jpg" ALT=""></P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 56.7pt; text-indent: 0in">Prospectus forms a part, will not exceed
USD&nbsp;80 billion, in accordance with the Registration Statement Approval;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 56.7pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(d)</TD><TD>all Warrants constitute business-driven warrants within the meaning of the 2021&nbsp;Funding Authority;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(e)</TD><TD>the Warrants will have terms substantially similar to those described in one or more of (x)&nbsp;the Existing Representative Pricing
Supplements or (y)&nbsp;any pricing supplement (including the Base&nbsp;Prospectus, the Prospectus Supplement and any underlying supplement
and product supplement incorporated therein by reference) that may be listed on <U>Annex B</U> to the Agreement&nbsp;About Opinions from
time to time pursuant to an amendment thereof executed by the parties thereto on or before the issue date of the relevant Warrants (together
with the Existing&nbsp;Representative Pricing Supplements, the <B>Representative Pricing Supplements</B>), except that any or all of the
following terms may vary from Warrant to Warrant:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD>amounts payable on the Warrant, including the formula for determining such amounts;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD>provisions relating to optional and automatic early exercise of the Warrant;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(iii)</TD><TD>the trade date, the pricing date, the expiration date and any exercise date, redemption date or valuation (or other measurement) date
of the Warrant;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(iv)</TD><TD>subject to clause&nbsp;(f) below, any security, rate, index and other market measure referenced by the Warrant; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(v)</TD><TD>the notional amount and issue price of, and any commissions or fees on, the Warrant; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(f)</TD><TD>the Warrants will not reference any security, rate, index or other market measure unless it is:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD>described in one of (x)&nbsp;the Existing Representative Underlying Supplements or (y)&nbsp;to the extent such supplement is applicable
to Warrants, any underlying supplement that may be listed on <U>Annex C</U> to the Agreement About Opinions from time to time pursuant
to an amendment thereof executed by the parties thereto on or before the issue date of the relevant Warrants; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD>described in one of the Representative Pricing Supplements; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(iii)</TD><TD>a security issued by an issuer that has a class of equity securities registered under the U.S. Securities Exchange Act of 1934, as
amended, so long as such issuer or such issuer's jurisdiction of incorporation does not appear on any of the United Nations Security Committee's
targeted sanction lists or any sanction list issued by the Swiss or U.S. government (collectively, the <B>Sanction Lists</B>); or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;<IMG SRC="image_007.jpg" ALT=""></P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(iv)</TD><TD>a security issued by an &quot;Investment Company&quot; registered under the Investment Company Act of 1940, as amended (as such term
is defined therein), so long as such Investment Company or such Investment Company's jurisdiction of organization does not appear on any
Sanction List; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(v)</TD><TD>an index tracking securities traded on established securities markets of any jurisdiction that does not appear on any Sanction List;
or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(vi)</TD><TD>a commodity or index of commodities included in the universe of eligible components included in the Bloomberg Commodity Index and
the S&amp;P GSCI Commodity Indices; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(vii)</TD><TD>a currency exchange rate or index of currency exchange rates; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(viii)</TD><TD>a measure, such as an inflation measure, published by the government of a jurisdiction that does not appear on any Sanction List or
an agency of any such government; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(ix)</TD><TD>an interest or swap rate; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(x)</TD><TD>futures or forwards contracts traded on any established futures exchange or over-the-counter market, other than the futures exchanges
or over-the-counter markets of any jurisdiction that appears on any Sanction List; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xi)</TD><TD>any &quot;critical benchmark&quot; or &quot;significant benchmark&quot; as such terms are defined in Regulation (EU) 2016/1011 of
the European Parliament and of the Council of 8&nbsp;June 2016; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xii)</TD><TD>an index composed of one or more of the items listed in clauses&nbsp;(i) through (xi) above.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #9664E1; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt">III.</TD><TD STYLE="text-align: justify">Opinion</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Based on the foregoing and subject to the qualifications set out below,
we are of the opinion that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">1.</TD><TD>Credit Suisse is a corporation (<I>Aktiengesellschaft</I>) duly incorporated and validly existing under the laws of Switzerland.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">2.</TD><TD>Credit Suisse has the necessary corporate power and authority to, acting through the relevant Issuing Branch, issue the Warrants.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">3.</TD><TD>With respect to any tranche of Warrants to be issued by Credit Suisse, acting through the relevant Issuing Branch, when the terms,
issuance and sale of such Warrants have been approved by (a)&nbsp;any two persons listed in the 2022 Power of Attorney in the required
combination and (b)&nbsp;one of the persons listed in the Business Authorizations List having the authority to authorize such Warrants
on behalf of such Issuing Branch for retail or institutional issuances, as applicable, such Warrants will have been duly authorized by
all necessary corporate action by Credit Suisse, <I>provided</I> that at the time of such approval (i)&nbsp;such persons are employees
of Credit Suisse or one of its affiliates and (ii)&nbsp;the 2022 Power of Attorney and the Business Authorizations List are in full force
and effect.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;<IMG SRC="image_007.jpg" ALT=""></P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #9664E1; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt">IV.</TD><TD STYLE="text-align: justify">Qualifications</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The above opinions are subject to the following qualifications:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(a)</TD><TD>The lawyers of our firm are members of the Zurich bar and do not hold themselves out to be experts in any laws other than the laws
of Switzerland. Accordingly, we are opining herein as to Swiss law only and we express no opinion with respect to the applicability or
the effect of the laws of any other jurisdiction to or on the matters covered herein.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(b)</TD><TD>We express no opinion on the legality, validity or enforceability of any of the provisions of any Transaction Agreement or the Warrants
or the performance of the obligations assumed by Credit&nbsp;Suisse thereunder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(c)</TD><TD>Further, we express no opinion as to tax matters, regulatory matters or as to any commercial, accounting, calculating, auditing or
other non-legal matter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">* * *</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We have issued this opinion as of the date hereof and we assume no obligation
to advise you of any changes in fact or in law that are made or brought to our attention after the date hereof. This opinion is addressed
to you for your benefit, and is not to be relied upon by any other person without our express consent, except that it may be relied upon
by initial purchasers of Warrants issued during the four month-period commencing on the date of this opinion (such period, the <B>Relevant
Period</B>), and by Davis Polk for purposes of issuing its opinions to you during the Relevant Period with respect to certain matters
of the laws of the State of New York and U.S. federal law pertaining to the Warrants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We hereby consent to the filing of this opinion with the SEC as an exhibit
to a report on Form 6-K to be filed by Credit Suisse on the date hereof, and further consent to the reference of our name in (i)&nbsp;any
pricing supplement relating to Warrants or (ii)&nbsp;an opinion of Davis Polk relating to Warrants exhibited to a report on Form 6-K,
in each case, to be filed by Credit Suisse with the SEC, provided that (a)&nbsp;the terms of the relevant Warrants meet the requirements
described in clauses&nbsp;(e) and (f) of Section II, (b)&nbsp;the relevant Warrants are issued within the Relevant Period, (c)&nbsp;in
the case of a pricing supplement, such pricing supplement has been reviewed by Davis Polk as U.S. counsel to Credit Suisse, (d)&nbsp;Davis
Polk has given its consent to be named in such pricing supplement or Form 6-K to which its opinion will be exhibited, as applicable, and
(e)&nbsp;such reference is substantially in the form set out in the opinion of Davis Polk to Credit Suisse dated October&nbsp;21, 2022.
In giving such consent, we do not admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the U.S.
Securities Act of 1933, as amended. Save as aforementioned, this opinion may not be transmitted by you to any other person, quoted or
referred to in any public document or filed with anyone, in each case, without our express consent.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->/9</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;<IMG SRC="image_007.jpg" ALT=""></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This opinion is governed by and shall be construed in accordance with
the laws of Switzerland. We confirm our understanding that all disputes arising out of or in connection with this opinion shall be subject
to the exclusive jurisdiction of the courts of the Canton of Zurich, Switzerland, venue being the City of Zurich.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Sincerely yours,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">/s/ HOMBURGER AG</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">HOMBURGER AG</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
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begin 644 image_007.jpg
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<DOCUMENT>
<TYPE>GRAPHIC
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<FILENAME>image_008.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_008.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
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M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>image_009.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_009.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
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M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  > !H# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
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end
</TEXT>
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