<SEC-DOCUMENT>0000950103-22-013155.txt : 20220728
<SEC-HEADER>0000950103-22-013155.hdr.sgml : 20220728
<ACCEPTANCE-DATETIME>20220728154837
ACCESSION NUMBER:		0000950103-22-013155
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20220728
DATE AS OF CHANGE:		20220728

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:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-238458-02
		FILM NUMBER:		221115088

	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>424B2
<SEQUENCE>1
<FILENAME>dp177898_424b2-ir172.htm
<DESCRIPTION>FORM 424B2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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    <TD STYLE="width: 49%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Pricing Supplement No. IR-172</B><BR>
To Product Supplement No. IR&ndash;I dated November 10, 2020<BR>
Prospectus Supplement dated June 18, 2020 and<BR>
Prospectus dated June 18, 2020</FONT></TD>
    <TD STYLE="width: 51%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Filed Pursuant to Rule 424(b)(2)<BR>
Registration Statement No. 333-238458-02<BR>
July 27, 2022</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0pt 3pt"></P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="vertical-align: top; width: 15%; background-color: #365F91">
    <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 10.1pt; color: white"><B>&nbsp;&nbsp;Financial</B></P>
    <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: white"><B>&nbsp;&nbsp;Products</B></P>
    <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: white">&nbsp;</P></TD>
    <TD STYLE="width: 85%; font-size: 10pt"><IMG SRC="image_001.jpg" ALT=""></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0pt 3pt"></P>

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    <TD STYLE="width: 100%">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E78"><B>$12,875,000</B></P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E78"><B>Callable Fixed Rate Securities due January 29,
2026</B></P></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0pt 3pt"></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: 0.25in">&bull;</TD><TD><FONT STYLE="font-size: 10pt">Subject to Early Redemption, at maturity, you will receive a cash payment of $1,000 for each $1,000
principal amount of securities that you hold, plus accrued but unpaid interest on the Maturity Date. Any payment on the securities is
subject to our ability to pay our obligations as they become due.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 3pt"></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: 0.25in">&bull;</TD><TD>On each Interest Payment Date, we will pay interest at a fixed rate of 4.40% per annum ($11 per quarterly Interest Period per security).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 3pt"></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: 0.25in">&bull;</TD><TD>We may redeem the securities, in whole but not in part, on any Early Redemption Date. No interest will accrue or be payable following
an Early Redemption.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 3pt"></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: 0.25in">&bull;</TD><TD>Senior unsecured obligations of Credit Suisse maturing January 29, 2026.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 3pt"></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: 0.25in">&bull;</TD><TD>Minimum purchase of $1,000. Minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 3pt"></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: 0.25in">&bull;</TD><TD>The offering price for the securities was determined on July 27, 2022 (the &ldquo;Trade Date&rdquo;), and the securities are expected
to settle on July 29, 2022 (the &ldquo;Settlement Date&rdquo;). Delivery of the securities in book-entry form only will be made through
The Depository Trust Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 3pt"></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: 0.25in">&bull;</TD><TD>The securities will not be listed on any exchange.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 3pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 3pt"><B>Investing in the securities involves a number of risks. See
&ldquo;Selected Risk Considerations&rdquo; beginning on page 3 of this pricing supplement and &ldquo;Risk Factors&rdquo; beginning on
page PS-3 of the accompanying product supplement. </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 3pt">Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of the securities or passed upon the accuracy or the adequacy of this pricing supplement or the
accompanying product supplement, the prospectus supplement and the prospectus. Any representation to the contrary is a criminal offense.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 14%; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Price to Public<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 42%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Underwriting Discounts and Commissions <SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Proceeds to Issuer</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Per security</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$1,000</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$7.10</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$992.90 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$12,875,000</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$91,412.50 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$12,783,587.50</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt">(1) The offering price for an eligible institutional investor and an
investor purchasing the securities in a fee-based advisory account will vary based on then-current market conditions and the negotiated
price determined at the time of each sale; provided, however, the offering price for such investors will not be less than $992.90 per
security and will not be more than $1,000 per security. The offering price for such investors reflects a foregone selling concession
with respect to such sales as described in footnote (2) below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 3pt">(2) Wells Fargo Securities, LLC (&ldquo;WFS&rdquo;) is the agent for
the distribution of the securities. WFS will receive discounts and commissions of $7.10 per security, and from such discounts and commissions
will allow selected dealers a selling concession of $7.10 per security depending on market conditions that are relevant to the value
of the securities at the time an order to purchase the securities is submitted to the agent. Dealers who purchase the securities for
sales to eligible institutional investors and fee-based advisory accounts may forgo some or all selling concessions. For more detailed
information, please see &ldquo;Supplemental Plan of Distribution&rdquo; in this pricing supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 3pt"><B>Credit Suisse currently estimates the value of each $1,000 principal
amount of the securities on the Trade Date is $980 (as determined by reference to our pricing models and the rate we are currently paying
to borrow funds through issuance of the securities (our &ldquo;internal funding rate&rdquo;)). See &ldquo;Selected Risk Considerations&rdquo;
in this pricing supplement.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 3pt"><I>The securities are not deposit liabilities and are not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency of the United States, Switzerland or any other
jurisdiction.</I></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Wells Fargo Securities</B></P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">July 27, 2022</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #004E78"><B>Key Terms</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 20%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Issuer:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 80%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Credit Suisse AG (&ldquo;Credit Suisse&rdquo;), acting through its London Branch</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Redemption Amount:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Subject to Early Redemption, at maturity, you will receive a cash payment of $1,000 for each $1,000 principal amount of securities that you hold, plus accrued but unpaid interest on the Maturity Date. Any payment on the securities is subject to our ability to pay our obligations as they become due.</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Early Redemption:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Prior to the Maturity Date, we may redeem the securities in whole, but not in part, on any Early Redemption Date upon at least five Business Days&rsquo; notice to the trustee for a cash payment equal to $1,000 for each $1,000 principal amount of securities that you hold (the &ldquo;Early Redemption Amount&rdquo;), together with any accrued but unpaid interest on that Early Redemption Date.&nbsp;&nbsp;No interest will accrue or be payable following an Early Redemption.</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Early Redemption Dates:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The 29<SUP>th</SUP> day of each January, April, July and October prior to the Maturity Date, beginning on January 29, 2024, subject to adjustment in accordance with the Modified Following Business Day Convention. No additional interest or any other payment will be payable hereon because of any postponement of an Early Redemption Date. No interest will accrue or be payable following an Early Redemption. Interest payable on the Early Redemption Date, will be payable to the person to whom the Early Redemption Amount is payable.</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Interest:</FONT></TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt 0">On each Interest Payment Date, for each $1,000 principal amount
of securities, you will receive an interest payment in respect of the immediately preceding Interest Period, calculated as follows:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt 0; text-align: center">Interest Rate &times; $1,000 &times; Day Count
Fraction&nbsp;</P></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Interest Rate:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 11.2pt; text-indent: -11.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For each Interest Period, 4.40% per annum ($11 per quarterly Interest Period per security). </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Interest Period: </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The period from and including the Settlement Date to but excluding the first Interest Payment Date, and each successive period from and including an Interest Payment Date to but excluding the next succeeding Interest Payment Date.</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Interest Payment Dates:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Interest payments will be made on the 29<SUP>th</SUP> day of each January, April, July and October, beginning on October 29, 2022, through and including the earlier of the Early Redemption Date and the Maturity Date, as applicable, subject to adjustment in accordance with the Modified Following Business Day Convention. The amount of any interest will not be adjusted in respect of any adjustment of an Interest Payment Date and no interest will be payable hereon because of any postponement of an Interest Payment Date. No interest will accrue or be payable following an Early Redemption. Interest will be payable to the holder of record at the close of business on the Business Day immediately preceding the applicable Interest Payment Date, provided that the interest payable on the Early Redemption Date or Maturity Date, as applicable, will be payable to the person to whom the Early Redemption Amount or the Redemption Amount, as applicable, is payable.</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Day Count Fraction:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">30/360 unadjusted</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Maturity Date:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">January 29, 2026, subject to adjustment in accordance with the Modified Following Business Day Convention. No additional interest or any other payment will be payable because of any postponement of the Maturity Date.</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Events of Default and Acceleration:</FONT></TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt 0">In case an event of default (as defined in the accompanying prospectus)
with respect to any securities shall have occurred and be continuing, the amount declared due and payable upon any acceleration of the
securities (in accordance with the acceleration provisions set forth in the accompanying prospectus) shall be an amount in cash equal
to the stated principal amount plus accrued but unpaid interest.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt 0">With respect to these securities, the first bullet of the first
sentence of &ldquo;Description of Debt Securities&mdash; Events of Default&rdquo; in the accompanying prospectus is amended to read in
its entirety as follows:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;a
default in payment of the principal or any premium on any debt security of that series when due, and such default continues for 30 days;</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Business Day:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Any day, other than a Saturday, Sunday or a day on which banking institutions in the City of New York or in London, England are generally authorized or obligated by law or executive order to close. </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Calculation agent:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Credit Suisse International</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CUSIP:</FONT></TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">22553QCD7</P></TD>
    </TR>
  </TABLE>

<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; color: #004E78"><B>Additional Terms Specific to the Securities</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E78">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">You should read this pricing supplement together with the product supplement
dated November 10, 2020, the prospectus supplement dated June 18, 2020 and the prospectus dated June 18, 2020, relating to our Medium-Term
Notes of which these securities are a part. You may access these documents on the SEC website at www.sec.gov as follows (or if such address
has changed, by reviewing our filings for the relevant date on the SEC website):</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: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Product Supplement No.&nbsp;IR-I dated November 10, 2020:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt 0pt 0.75in"><U><A HREF="https://www.sec.gov/Archives/edgar/data/1053092/000095010320021949/dp139998_424b2-iri.htm" STYLE="color: Blue; text-decoration: underline">https://www.sec.gov/Archives/edgar/data/1053092/000095010320021949/dp139998_424b2-iri.htm</A>
</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in">&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: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Prospectus Supplement and Prospectus dated June 18, 2020:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt 0pt 0.75in"><A HREF="https://www.sec.gov/Archives/edgar/data/1053092/000110465920074474/tm2019510-8_424b2.htm" STYLE="color: Blue; text-decoration: underline">https://www.sec.gov/Archives/edgar/data/1053092/000110465920074474/tm2019510-8_424b2.htm</A></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In the event the terms of the securities described in this pricing supplement
differ from, or are inconsistent with, the terms described in the product supplement, the prospectus supplement or prospectus, the terms
described in this pricing supplement will control.</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">Our Central Index Key, or CIK, on the SEC website is 1053092. As used
in this pricing supplement, &ldquo;we,&rdquo; &ldquo;us,&rdquo; or &ldquo;our&rdquo; refers to Credit Suisse.</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 pricing supplement, together with the documents listed above, contains
the terms of the securities and supersedes all other prior or contemporaneous oral statements as well as any other written materials including
preliminary or indicative pricing terms, fact sheets, correspondence, trade ideas, structures for implementation, sample structures, brochures
or other educational materials of ours. We may, without the consent of the registered holder of the securities and the owner of any beneficial
interest in the securities, amend the securities to conform to its terms as set forth in this pricing supplement and the documents listed
above, and the trustee is authorized to enter into any such amendment without any such consent. You should carefully consider, among other
things, the matters set forth in &ldquo;Selected Risk Considerations&rdquo; in this pricing supplement and &ldquo;Risk Factors&rdquo;
in the product supplement, &ldquo;Foreign Currency Risks&rdquo; in the accompanying prospectus, and any risk factors we describe in the
combined Annual Report on Form 20-F of Credit Suisse Group AG and us incorporated by reference therein, and any additional risk factors
we describe in future filings we make with the SEC under the Securities Exchange Act of 1934, as amended, as the securities involve risks
not associated with conventional debt securities. You should consult your investment, legal, tax, accounting and other advisors before
deciding to invest in the securities.</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; color: #004E78"><B>Selected Risk Considerations</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E78">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">An investment in the securities involves material risks. These risks
are explained in more detail in the &ldquo;Risk Factors&rdquo; section of the accompanying product supplement.</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"><B><I>Risks Relating to the Securities Generally </I></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: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><B>THE SECURITIES ARE SUBJECT TO THE CREDIT RISK OF CREDIT SUISSE</B>&nbsp;&mdash;&nbsp;Investors are dependent on our ability to
pay all amounts due on the securities and, therefore, if we were to default on our obligations, you may not receive any amounts owed to
you under the securities. In addition, any decline in our credit ratings, any adverse changes in the market&rsquo;s view of our creditworthiness
or any increase in our credit spreads is likely to adversely affect the value of the securities prior to maturity.</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: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><B>THE SECURITIES ARE SUBJECT TO A POTENTIAL EARLY REDEMPTION, WHICH WOULD LIMIT YOUR ABILITY TO BE PAID INTEREST OVER THE FULL TERM
OF THE SECURITIES</B>&nbsp;&mdash; The securities are subject to a potential early redemption. Prior to maturity, we may redeem the securities
on any Early Redemption Date, upon at least five Business Days&rsquo; notice to the trustee. Market events could affect our decision to
redeem the securities. For example, it is more likely that Credit Suisse will redeem the securities prior to the Maturity Date at a time
when Credit Suisse believes it could issue a comparable debt security with a lower interest rate.</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 0pt 0.75in; text-indent: 0in">If the securities are redeemed prior to
the Maturity Date, you will receive a cash payment equal to the principal amount of your securities and any accrued but unpaid interest
on that Early Redemption Date, and no further payments will be made in respect of the securities. In this case, you will lose the opportunity
to continue to be paid interest from the date of Early Redemption to the scheduled Maturity Date. If the securities are redeemed prior
to the Maturity Date, you may be unable to invest in other securities with a similar level of risk that provide you with the opportunity
to be paid the same interest payments as the securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; 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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">&bull;</FONT></TD><TD><FONT STYLE="background-color: white"><B>REGARDLESS OF THE AMOUNT OF ANY PAYMENT YOU RECEIVE ON THE SECURITIES, YOUR ACTUAL YIELD
MAY BE DIFFERENT IN REAL VALUE TERMS</B>&nbsp;&mdash; Inflation may cause the real value of any payment you receive on the securities
to be less at maturity than it is at the time you invest. An investment in the securities also represents a forgone opportunity to invest
in an alternative asset that generates a higher real return. You should carefully consider whether an investment that may result in a
return that is lower than the return on alternative investments is appropriate for you.</FONT></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 0pt 0.75in; text-indent: -0.75in"><B><I>Risks Relating to the Issuer</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&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: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><B>CREDIT SUISSE IS SUBJECT TO SWISS REGULATION</B> &mdash; As a Swiss bank, Credit Suisse is subject to regulation by governmental
agencies, supervisory authorities and self-regulatory organizations in Switzerland. Such regulation is increasingly more extensive and
complex and subjects Credit Suisse to risks. For example, pursuant to Swiss banking laws, the Swiss Financial Market Supervisory Authority
(FINMA) may open resolution proceedings if there are justified concerns that Credit Suisse is over-indebted, has serious liquidity problems
or no longer fulfills capital adequacy requirements. FINMA has broad powers and discretion in the case of resolution proceedings, which
include the power to convert debt instruments and other liabilities of Credit Suisse into equity and/or cancel such liabilities in whole
or in part. If one or more of these measures were imposed, such measures may adversely affect the terms and market value of the securities
and/or the ability of Credit Suisse to make payments thereunder and you may not receive any amounts owed to you under the securities.</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 0pt 0.75in; text-indent: -0.75in"><B><I>Risks Relating to Conflicts of
Interest</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&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: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><B>POTENTIAL CONFLICTS </B>&mdash; We and our affiliates play a variety of roles in connection with the issuance of the securities,
including acting as calculation agent and as agent of the issuer for the offering of the securities, hedging our obligations under the
securities and determining their estimated value. In performing these duties, the economic interests of us and our affiliates are potentially
adverse to your interests as an investor in the securities. Further, hedging activities may adversely</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 0.75in">affect any payment on or the value of the securities. Any
profit in connection with such hedging activities will be in addition to any other compensation that we and our affiliates receive for
the sale of the securities, which creates an additional incentive to sell the securities to you.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in"><B><I>Risks Relating to the Estimated
Value and Secondary Market Prices of the Securities </I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&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: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><B>UNPREDICTABLE ECONOMIC AND MARKET FACTORS WILL AFFECT THE VALUE OF THE SECURITIES</B>&nbsp;&mdash;&nbsp;The payout on the securities
can be replicated using a combination of the components described in &ldquo;The estimated value of the securities on the Trade Date is
less than the Price to Public.&rdquo; Therefore, the terms of the securities at issuance and the value of the securities prior to maturity
may be influenced by factors that impact the value of fixed income securities and options in general, such as:</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: 71.3pt"></TD><TD STYLE="width: 22.3pt">o</TD><TD>the time to maturity of the securities;</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: 71.3pt"></TD><TD STYLE="width: 22.3pt">o</TD><TD>changes in U.S. interest and swap rates;</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: 71.3pt"></TD><TD STYLE="width: 22.3pt">o</TD><TD>supply and demand for the securities;</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: 71.3pt"></TD><TD STYLE="width: 22.3pt">o</TD><TD>interest and yield rates in the market generally;</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: 71.3pt"></TD><TD STYLE="width: 22.3pt">o</TD><TD>investors&rsquo; expectations with respect to the rate of inflation;</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: 71.3pt"></TD><TD STYLE="width: 22.3pt">o</TD><TD>geopolitical conditions and economic, financial, political, regulatory, judicial or other events that affect the interest and yield
rates or markets generally; 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: 71.5pt"></TD><TD STYLE="width: 22pt">o</TD><TD>our creditworthiness, including actual or anticipated downgrades in our credit ratings.</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 0pt 55pt">Some or all of these factors may influence the price that you
will receive if you choose to sell your securities prior to maturity. The impact of any of the factors set forth above may enhance or
offset some or all of any change resulting from another factor or factors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 55pt">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><B>&bull;</B></TD><TD><B>THE ESTIMATED VALUE OF THE SECURITIES ON THE TRADE DATE IS LESS THAN THE PRICE TO PUBLIC</B>&nbsp;&mdash;&nbsp;The initial estimated
value of your securities on the Trade Date (as determined by reference to our pricing models and our internal funding rate) is less than
the original Price to Public. The Price to Public of the securities includes any discounts or commissions as well as transaction costs
such as expenses incurred to create, document and market the securities and the cost of hedging our risks as issuer of the securities
through one or more of our affiliates (which includes a projected profit). These costs will be effectively borne by you as an investor
in the securities. These amounts will be retained by Credit Suisse or our affiliates in connection with our structuring and offering of
the securities (except to the extent discounts or commissions are reallowed to other broker-dealers or any costs are paid to third parties).<BR>
<BR>
On the Trade Date, we value the components of the securities in accordance with our pricing models. These include a fixed income component
valued using our internal funding rate, and individual option components valued using proprietary pricing models dependent on inputs such
as volatility, correlation, dividend rates, interest rates and other factors, including assumptions about future market events and/or
environments. These inputs may be market-observable or may be based on assumptions made by us in our discretionary judgment. As such,
the payout on the securities can be replicated using a combination of these components and the value of these components, as determined
by us using our pricing models, will impact the terms of the securities at issuance. Our option valuation models are proprietary. Our
pricing models take into account factors such as interest rates, volatility and time to maturity of the securities, and they rely in part
on certain assumptions about future events, which may prove to be incorrect.</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 0pt 0.75in; text-indent: 0in"><FONT STYLE="background-color: white">Because
Credit Suisse&rsquo;s pricing models may differ from other issuers&rsquo; valuation models, and because funding rates taken into account
by other issuers may vary materially from the rates used by Credit Suisse (even among issuers with similar creditworthiness), our estimated
value at any time may not be comparable to estimated values of similar securities of other issuers.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>


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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>&bull;</B></TD><TD><FONT STYLE="text-transform: uppercase; background-color: white"><B>EFFECT OF INTEREST RATE USED IN STRUCTURING THE SECURITIES</B></FONT><FONT STYLE="background-color: white">&nbsp;&mdash;&nbsp;The
internal funding rate we use in structuring notes such as these securities is typically lower than the interest rate that is reflected
in the yield on our conventional debt securities of similar maturity in the secondary market (our &ldquo;secondary market credit spreads&rdquo;).&nbsp;
If on the Trade Date our internal funding rate is lower than our secondary market credit spreads, we expect that the economic terms of
the securities will generally be less favorable to you than they would have been if our secondary market credit spread had been used in
structuring the securities. We will also use our internal funding rate to determine the price of the securities if we post a bid to repurchase
your securities in secondary market transactions. See &ldquo;&mdash;Secondary Market Prices&rdquo; below.</FONT></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: 0.5in"></TD><TD STYLE="width: 0.25in"><B>&bull;</B></TD><TD><B>SECONDARY MARKET PRICES</B>&nbsp;&mdash;&nbsp;If Credit Suisse (or an affiliate) bids for your securities in secondary market transactions,
which we are not obligated to do, the secondary market price (and the value used for account statements or otherwise) may be higher or
lower than the Price to Public and the estimated value of the securities on the Trade Date. The estimated value of the securities on the
cover of this pricing supplement does not represent a minimum price at which we would be willing to buy the securities in the secondary
market (if any exists) at any time. The secondary market price of your securities at any time cannot be predicted and will reflect the
then-current estimated value determined by reference to our pricing models, the related inputs and other factors, including our internal
funding rate, customary bid and ask spreads and other transaction costs, changes in market conditions and deterioration or improvement
in our creditworthiness. In circumstances where our internal funding rate is higher than our secondary market credit spreads, our secondary
market bid for your securities could be less favorable than what other dealers might bid because, assuming all else equal, we use the
higher internal funding rate to price the securities and other dealers might use the lower secondary market credit spread to price them.
Furthermore, assuming no change in market conditions from the Trade Date, the secondary market price of your securities will be lower
than the Price to Public because it will not include any discounts or commissions and hedging and other transaction costs. If you sell
your securities to a dealer in a secondary market transaction, the dealer may impose an additional discount or commission, and as a result
the price you receive on your securities may be lower than the price at which we may repurchase the securities from such dealer.<BR>
<BR>
We (or an affiliate) may initially post a bid to repurchase the securities from you at a price that will exceed the then-current estimated
value of the securities. That higher price reflects our projected profit and costs, which may include discounts and commissions that were
included in the Price to Public, and that higher price may also be initially used for account statements or otherwise. We (or our affiliate)
may offer to pay this higher price, for your benefit, but the amount of any excess over the then-current estimated value will be temporary
and is expected to decline over a period of approximately three months.<BR>
<BR>
The securities are not designed to be short-term trading instruments and any sale prior to maturity could result in a substantial loss
to you. You should be willing and able to hold your securities to maturity.</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: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><B>LACK OF LIQUIDITY</B>&nbsp;&mdash;&nbsp;The securities will not be listed on any securities exchange. Credit Suisse (or its affiliates)
intends to offer to purchase the securities in the secondary market but is not required to do so. Even if there is a secondary market,
it may not provide enough liquidity to allow you to trade or sell the securities when you wish to do so. Because other dealers are not
likely to make a secondary market for the securities, the price at which you may be able to trade your securities is likely to depend
on the price, if any, at which Credit Suisse (or its affiliates) is willing to buy the securities. If you have to sell your securities
prior to maturity, you may not be able to do so or you may have to sell them at a substantial loss.</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E78"><B>Supplemental Use of Proceeds and Hedging</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E78">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We intend to use the proceeds of this offering for our general corporate
purposes, which may include the refinancing of existing debt outside Switzerland. Some or all of the proceeds we receive from the sale
of the securities may be used in connection with hedging our obligations under the securities through one or more of our affiliates. For
additional information, see &ldquo;Supplemental Use of Proceeds and Hedging&rdquo; in the accompanying product supplement.</P>

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


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E78"><B>United States Federal Tax Considerations</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E78">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In the opinion of our tax counsel, Davis Polk &amp; Wardwell LLP, the
securities should be treated for U.S. federal income tax purposes as fixed rate debt instruments that are issued without original issue
discount.</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">Both U.S. and non-U.S. persons considering an investment in the securities
should read the discussion under &ldquo;United States Federal Tax Considerations&rdquo; in the accompanying product supplement for more
information.</P>

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


<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E78"><B>Supplemental Plan of Distribution</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E78">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under the terms of the distributor accession confirmation with WFS dated
as of August 1, 2016, WFS will act as agent for the securities and will receive discounts and commissions of $7.10 per security, and from
such discounts and commissions will allow selected dealers a selling concession of $7.10 per security depending on market conditions that
are relevant to the value of the securities at the time an order to purchase the securities is submitted to the agent. Dealers who purchase
the securities for sales to eligible institutional investors and fee-based advisory accounts may forgo some or all selling concessions.
If all of the offered securities are not sold on the Trade Date at the Price to Public, the agent and/or dealers may change the offering
price and the other selling terms and thereafter from time to time may offer the securities for sale in one or more transactions at market
prices prevailing at the time of sale, at prices related to market prices or at negotiated prices. For further information, please refer
to &ldquo;Underwriting (Conflicts of Interest)&rdquo; in any accompanying product supplement.</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 expect to deliver the securities against payment for the securities
on the Settlement Date indicated herein, which may be a date that is greater than two business days following the Trade Date. Under Rule
15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business
days, unless the parties to a trade expressly agree otherwise. Accordingly, if the Settlement Date is more than two business days after
the Trade Date, purchasers who wish to transact in the securities more than two business days prior to the Settlement Date will be required
to specify alternative settlement arrangements to prevent a failed settlement.</P>

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


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E78"><FONT STYLE="background-color: white"><B>Validity of
the Securities</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E78">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">In the opinion of Davis Polk &amp;
Wardwell LLP, as United States counsel to Credit Suisse, when the securities offered by this pricing supplement have been executed and
issued by Credit Suisse 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, enforceable against Credit Suisse 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, provided 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. 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 July 22, 2022 and filed by Credit Suisse as an exhibit to
a Current Report on Form 6-K on July 22, 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 authorization,
execution and delivery of the indenture and its authentication of the securities, and the validity, binding nature and enforceability
of the indenture with respect to the trustee, all as stated in the opinion of Davis Polk &amp; Wardwell LLP dated July 22, 2022, which
was filed by Credit Suisse as an exhibit to a Current Report on Form 6-K on July 22, 2022. 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.</FONT></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>

<!-- Field: Page; Sequence: 10; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>2
<FILENAME>dp177898_exfilingfees.htm
<DESCRIPTION>EXHIBIT 107.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Exhibit
107.1</B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">The pricing supplement
to which this Exhibit is attached is a final prospectus for the related offering. The maximum aggregate offering price of that offering
is $12,875,000.</FONT></P>

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

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

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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