<SEC-DOCUMENT>0001213900-22-065472.txt : 20221021
<SEC-HEADER>0001213900-22-065472.hdr.sgml : 20221021
<ACCEPTANCE-DATETIME>20221021144636
ACCESSION NUMBER:		0001213900-22-065472
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
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:		221323179

	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>s144449_6k.htm
<DESCRIPTION>6-K
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<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Form
6-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the month of October, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission
File Number 001-33434</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>CREDIT
SUISSE AG</B></FONT></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form 20-F&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F&nbsp;&nbsp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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): ____</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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): ____</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Explanatory note</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">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.</FONT>
333-238458-02 <FONT STYLE="font-size: 10pt">of Credit Suisse AG.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A HREF="s144449_ex5-1.htm"><U>Exhibit 5.1</U>: Opinion of Latham &amp; Watkins 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 under New York law.</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A HREF="s144449_ex5-2.htm"><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.</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">CREDIT SUISSE AG</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <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: 60%"><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: 31%"><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>

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

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

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>s144449_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="text-align: right; font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
5.1</B>&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%">1271 Avenue of the Americas</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>New York, New York 10020-1401</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Tel: +1.212.906.1200 Fax: +1.212.751.4864</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>www.lw.com</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><IMG SRC="ex5-1_001.jpg" ALT=""></TD>
    <TD COLSPAN="2">FIRM / AFFILIATE OFFICES</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 20%">Austin</TD>
    <TD STYLE="width: 20%">Milan</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Beijing</TD>
    <TD>Munich</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Boston</TD>
    <TD>New York</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Brussels</TD>
    <TD>Orange County</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Century City</TD>
    <TD>Paris</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Chicago</TD>
    <TD>Riyadh</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Dubai</TD>
    <TD>San Diego</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>D&uuml;sseldorf</TD>
    <TD>San Francisco</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Frankfurt</TD>
    <TD>Seoul</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Hamburg</TD>
    <TD>Shanghai</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Hong Kong</TD>
    <TD>Silicon Valley</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Houston</TD>
    <TD>Singapore</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>London</TD>
    <TD>Tel Aviv</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Los Angeles</TD>
    <TD>Tokyo</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Madrid</TD>
    <TD>Washington, D.C.</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
21, 2022</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
Suisse AG</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paradeplatz
8</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CH
8001 Zurich, Switzerland</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the addressee set forth above:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, 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;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We,
as your special 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 signatures
on all documents that we reviewed are genuine, (iv) all natural persons executing documents had and have the legal capacity to do so,
(v) 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 (vi) all representations made by the Company as to matters of fact in the documents that we
reviewed were and are accurate.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>October 21, 2022</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Page 2</B></P></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="ex5-1_002.jpg" ALT="" STYLE="width: 190px; height: 13px"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon the foregoing, we advise you that, in our opinion, when the specific terms of particular Notes have been duly authorized and established
in accordance with the terms of the Indenture, and such Notes have been duly authorized, executed, issued, delivered, and authenticated
by the Trustee, in accordance with the Indenture and the distribution agreement against payment therefor, such Notes will constitute
valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, subject to (i) applicable
bankruptcy, insolvency and similar laws affecting creditors&rsquo; rights generally, (ii) possible judicial or regulatory actions giving
effect to governmental actions or foreign laws affecting creditors&rsquo; rights and (iii) concepts of reasonableness and equitable principles
of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), <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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the opinion expressed above, we have assumed that, at or prior to the time of the delivery of any such Notes, (i) the
terms of such Notes shall have been duly established under the Indenture, and such Notes, and the offer, sale and issuance of such Notes
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 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 the qualification of the Indenture under the Trust Indenture Act of 1939, as amended, shall not
have been terminated or rescinded; (v) the Indenture has been duly authorized, executed and delivered by, and is a valid, binding and
enforceable agreement of, the Company and the Trustee; (vi) the execution and delivery of the Indenture and such Notes 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; and (vii) there shall not have occurred
any change in law affecting the validity or enforceability of the Indenture or the Notes. We have also assumed that none of the terms
of any Notes to be established subsequent to the date hereof, nor the issuance and delivery of such Notes, nor the compliance by the
Company with the terms of such Notes, will violate any applicable law or public policy 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 governmental body having jurisdiction
over the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Notes or (z) the effectiveness of any service of process made other than in accordance with applicable
law. In addition, we note 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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>October 21, 2022</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Page 3</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><IMG SRC="ex5-1_002.jpg" ALT="" STYLE="width: 190px; height: 13px"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are members of the Bar of the State of New York, and we express no opinion as to the laws of any jurisdiction other than the laws of
the State of New York. 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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hereby consent to the filing of this opinion as an exhibit to a Current Report on Form 6-K 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 Notes 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:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 31.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;In
the opinion of Latham &amp; Watkins LLP, as United States special counsel to Credit Suisse AG, when the securities offered by this pricing
supplement have been executed and issued by Credit Suisse AG and authenticated by the trustee pursuant to the indenture, and delivered
against payment therefor, such securities will be valid and binding obligations of Credit Suisse AG, enforceable against Credit Suisse
AG in accordance with their terms, subject to (i) applicable bankruptcy, insolvency and similar laws affecting creditors&rsquo; rights
generally, (ii) possible judicial or regulatory actions giving effect to governmental actions or foreign laws affecting creditors&rsquo;
rights and (iii) concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts
of good faith, fair dealing and the lack of bad faith), provided that such special counsel expresses no opinion as to the effect of fraudulent
conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is given as of
the date of this pricing supplement and is limited to the laws of the State of New York. Insofar as this opinion involves matters governed
by Swiss law, Latham &amp; Watkins LLP has relied, without independent inquiry or investigation, on the opinion of Homburger AG, dated
October 21, 2022 and filed by the Company as an exhibit to a Current Report on Form 6-K on October 21, 2022. The opinion of Latham &amp;
Watkins 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 Latham &amp; Watkins LLP is subject to customary assumptions about the establishment of
the terms of the securities, the trustee&rsquo;s authorization, execution and delivery of the indenture and its authentication of the
securities, and the validity, binding nature and enforceability</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 31.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 31.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>October 21, 2022</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Page 4</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 31.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="ex5-1_002.jpg" ALT="" STYLE="width: 190px; height: 13px"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 31.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 31.5pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
the indenture with respect to the trustee, all as stated in the opinion of Latham &amp; Watkins 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.] [Latham &amp; Watkins
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 special
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;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
giving our consent above, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities
Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Latham &amp; Watkins LLP</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<TYPE>EX-5.2
<SEQUENCE>3
<FILENAME>s144449_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
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<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Exhibit 5.2</B></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><IMG SRC="ee5-2_001.jpg" ALT="">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 65%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">To:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Credit Suisse AG</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Paradeplatz 8</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">P.O. Box</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">8070 Zurich</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Switzerland</P></TD>
    <TD STYLE="width: 35%">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0"><B>Homburger AG</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0"><B>Prime Tower</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0"><B>Hardstrasse 201</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0"><B>CH&ndash;8005 Zurich</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">T +41 43 222 10 00</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">F +41 43 222 15 00</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">lawyers@homburger.ch</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Zurich, October&nbsp;21, 2022</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Credit Suisse AG, acting through its Nassau and London Branches</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>U.S. Medium-Term Note Program under the Credit Suisse Group AG and Credit
Suisse AG U.S. Shelf</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Ladies and Gentlemen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 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 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 13pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basis
                                            of Opinion</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 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>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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 of Credit Suisse AG entered into as of March&nbsp;29, 2016, by and among Credit
Suisse, Latham &amp; Watkins LLP (<B>Latham &amp; Watkins</B>) and Homburger AG (as amended from time to time, the <B>Agreement About
Opinions</B>);</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 28.35pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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 B</U> of the Agreement About Opinions (the <B>Existing
                                            Representative Underlying Supplements</B>);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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 CFO, dated May&nbsp;2,
                                            2007 (the <B>May 2007 CFO Approval</B>), (C)&nbsp;the certificate of R. Fassbind, as Chief
                                            Financial Officer of Credit Suisse (<B>CFO</B>), 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>), 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>);</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 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 Times New Roman, Times, Serif; margin-right: 0; margin-left: 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 13pt; margin-bottom: 13pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">II.</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Assumptions</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">In rendering the opinion below, we have assumed
the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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 B</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Based on the foregoing and subject to the qualifications
set out below, we are of the opinion that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IV.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qualifications</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The above opinions are subject to the following
qualifications:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 13pt; margin-bottom: 13pt"><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="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center; text-indent: 0in">*&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;*</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 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 Latham &amp; Watkins 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 Times New Roman, Times, Serif; margin-right: 0; margin-left: 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 Latham &amp; Watkins 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 Latham &amp; Watkins as U.S. counsel
to Credit Suisse, (d)&nbsp;Latham &amp; Watkins 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 Latham &amp;
Watkins 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 Times New Roman, Times, Serif; margin-right: 0; margin-left: 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 Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Sincerely yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">/s/ HOMBURGER AG</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">HOMBURGER AG</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>


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