<SEC-DOCUMENT>0001104659-23-002175.txt : 20230109
<SEC-HEADER>0001104659-23-002175.hdr.sgml : 20230109
<ACCEPTANCE-DATETIME>20230109130256
ACCESSION NUMBER:		0001104659-23-002175
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20230109
FILED AS OF DATE:		20230109
DATE AS OF CHANGE:		20230109

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:		23517482

	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>tm2229663d5_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="margin: 0pt">&nbsp;</P>

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

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>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">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form 6-K</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; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></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">January 9, 2023</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">Commission File Number 001-33434</P>

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CREDIT SUISSE AG</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; text-align: center">(Translation of Registrant&#8217;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, 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">&nbsp;</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form
20-F&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&#120;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Form
40-F&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Note:</B> Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Note:</B> Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant&#8217;s &#8220;home country&#8221;), or under the rules of the home country exchange on which the registrant&#8217;s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant&#8217;s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This report on Form 6-K contains the exhibits set forth below.&nbsp;&nbsp;This
report on Form 6-K and such exhibits are hereby incorporated by reference into Registration Statement No. <A HREF="http://www.sec.gov/Archives/edgar/data/29646/000110465920073692/tm2019510-5_f3a.htm" STYLE="-sec-extract: exhibit">333-238458-02</A> of Credit Suisse
AG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 105.75pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="tm2229663d5_ex5-1.htm" STYLE="-sec-extract: exhibit"><U>Exhibit 5.1</U>: Opinion of Cleary Gottlieb Steen &amp; Hamilton LLP, U.S. counsel to the Company, with respect to the validity of the $1,250,000,000 aggregate principal amount of 7.950% Fixed Rate Senior Notes due 2025 and $2,500,000,000 aggregate principal amount of 7.500% Fixed Rate Senior Notes due 2028 under New York law.</A></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="tm2229663d5_ex5-2.htm">Exhibit 5.2: Opinion of Homburger AG, Swiss counsel to the Company, with respect to the $1,250,000,000 aggregate principal amount of 7.950% Fixed Rate Senior Notes due 2025 and $2,500,000,000 aggregate principal amount of 7.500% Fixed Rate Senior Notes due 2028, as to certain matters under Swiss law.</A></FONT>&nbsp;</P>

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

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

<P STYLE="text-align: justify; 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">&nbsp;</TD>
<TD COLSPAN="3">CREDIT SUISSE AG </TD></TR>
<TR>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: January 9, 2023</FONT></TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Christopher Chadie</TD></TR>
<TR>
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="width: 3%">&nbsp;</TD>
<TD STYLE="white-space: nowrap; vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
<TD STYLE="width: 42%">Christopher Chadie</TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
<TD>Authorized Person</TD></TR>
<TR>
<TD COLSPAN="4">&nbsp;</TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Lanie Roberts</TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
<TD>Lanie Roberts</TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
<TD>Authorized Person</TD></TR>
</TABLE>

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

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2229663d5_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 1.5in; margin-bottom: 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><B>Exhibit
5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-right: 1.5in; margin-bottom: 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2229663d5_ex5-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-right: 1.5in; margin-bottom: 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-right: 1.5in; margin-bottom: 0pt; text-indent: 0.5in">January 9, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Credit Suisse AG<BR>
Paradeplatz 8, 8070</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Zurich, Switzerland</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">Ladies and Gentlemen:</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; text-indent: 1in">We have acted as special United
States counsel to Credit Suisse AG, a corporation established under the laws of, and duly licensed as a bank in, Switzerland (the &#8220;Company&#8221;),
in connection with the offering by the Company, acting through its New York branch (the &#8220;Branch&#8221;), pursuant to a registration
statement on Form F-3 (No. 333-238458-02) of $1,250,000,000 aggregate principal amount of 7.950% Senior Notes due 2025 and $2,500,000,000
aggregate principal amount of 7.500% Senior Notes due 2028 (together, the &#8220;Securities&#8221;) to be issued under a senior indenture,
dated as of March 29, 2007 (the &#8220;Base Indenture&#8221;), as supplemented by a second supplemental indenture, dated as of March 25,
2009 (the &#8220;Second Supplemental Indenture&#8221;) and a third supplemental indenture, dated as of September 9, 2020 (the &#8220;Third
Supplemental Indenture&#8221; and, together with the Base Indenture and the Second Supplemental Indenture, the &#8220;Indenture&#8221;),
in each case between the Company and The Bank of New York Mellon, as trustee (the &#8220;Trustee&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Such registration
statement, as amended as of its most recent effective date (January 4, 2023), insofar as it relates to the Securities (as determined
for purposes of Rule&nbsp;430B(f)(2) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;)), including the
documents incorporated by reference therein but excluding Exhibits 25.1 - 25.5, is herein called the &#8220;Registration
Statement;&#8221; the related prospectus dated June 18, 2020, included in the Registration Statement filed with the Securities and
Exchange Commission (the &#8220;Commission&#8221;) under the Securities Act, including the documents incorporated by reference
therein, is herein called the &#8220;Base Prospectus;&#8221; the related prospectus supplement dated June 18, 2020, as filed with
the Commission pursuant to Rule 424(b) under the Securities Act, including the documents incorporated by reference therein, is
herein called the &#8220;Prospectus Supplement;&#8221; the preliminary pricing supplement dated January 4, 2023, as filed with the
Commission pursuant to Rule 424(b) under the Securities Act, including the documents incorporated by reference therein, is herein
called the &#8220;Preliminary Pricing Supplement;&#8221; and the related final pricing supplement dated January 4, 2023, as filed
with the Commission pursuant to Rule 424(b) under the Securities Act, including the documents incorporated by reference therein, is
herein called the &#8220;Final Pricing Supplement.&#8221; The Base Prospectus, the Prospectus Supplement and the Preliminary Pricing
Supplement together are herein called the &#8220;Pricing Prospectus,&#8221; and the Base Prospectus, the Prospectus Supplement and
the Final Pricing Supplement together are herein called the &#8220;Final Prospectus.&#8221;</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-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm2229663d5_ex5-1img002.jpg" ALT="">&nbsp;</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"></P>

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<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Credit Suisse
AG, p. </FONT>2</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; text-indent: 1in">In arriving at the opinion expressed
below, we have reviewed the following documents: (a) the Registration Statement; (b) the Pricing Prospectus; (c) the Final Prospectus;
(d) a facsimile copy of the Securities in global form as executed by the Company and authenticated by the Trustee; (e) an executed copy
of the Terms Agreement dated January 4, 2023 related to the Securities (and incorporating by reference the Distribution Agreement dated
May&nbsp;7, 2007) (the &#8220;Terms Agreement&#8221;); and (f) an executed copy of the Indenture. In addition, we have made such investigations
of law as we have deemed appropriate as a basis for the opinion expressed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In rendering the opinion expressed
below, we have assumed the authenticity of all documents submitted to us as originals and the conformity to the originals of all documents
submitted to us as copies. In addition, we have assumed and have not verified the accuracy as to factual matters of each document we have
reviewed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Based on the foregoing, and
subject to the further assumptions and qualifications set forth below, it is our opinion that, when the Securities have been duly delivered
to and paid for by the purchasers thereof in the manner described in the Terms Agreement and the Final Prospectus, the Securities will
be the valid, binding and enforceable obligations of the Company, acting through the Branch, entitled to the benefits of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Insofar as the foregoing opinion
involves matters governed by Swiss law, we have relied, without independent inquiry or investigation, on the opinion of Homburger AG of
January 9, 2023 and filed by the Company as an exhibit to a Report on Form 6-K on the date hereof. Our opinion is subject to the same
assumptions, qualifications and limitations with respect to such matters as are contained in the opinion of Homburger AG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Insofar as the foregoing opinion
relates to the validity, binding effect or enforceability of any agreement or obligation of the Company or the Branch, (a) we have assumed
that the Company, the Branch and each other party to such agreement or obligation has satisfied those legal requirements that are applicable
to it to the extent necessary to make such agreement or obligation enforceable against it (except that no such assumption is made as to
the Company or the Branch regarding matters of the federal law of the United States of America or the law of the State of New York that
in our experience normally would be applicable to general business entities or to banks with respect to such agreement or obligation),
(b) such opinion is subject to applicable bankruptcy, insolvency and similar laws affecting creditors&#8217; rights generally and to general
principles of equity, (c) we express no opinion with respect to the effect of any mandatory choice of law rules and (d) such opinion is
subject to the effect of judicial application of foreign laws or foreign governmental actions affecting creditors&#8217; rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">We express no opinion as to
the subject matter jurisdiction of any United States federal court to adjudicate any action relating to the Securities where jurisdiction
based on diversity of citizenship under 28 U.S.C. &sect;1332 does not exist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Credit Suisse
AG, p. </FONT>3</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; text-indent: 1in">In addition, we note that the
designation in Section 10.08(b) of the Indenture of the U.S. federal courts located in the Borough of Manhattan, City of New York as the
venue for actions or proceeding relating to the Indenture and the Securities is (notwithstanding the waiver in Section 10.08(b)) subject
to the power of such courts to transfer actions pursuant to 28 U.S.C. &sect;1404(a) or to dismiss such actions or proceedings on the grounds
that such a federal court is an inconvenient forum for such actions or proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">We express no opinion as to
the enforceability of Section 10.15 of the Base Indenture and Section 3(g) of the Second Supplemental Indenture relating to currency indemnity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The foregoing opinion is limited
to the federal law of the United States of America and the law of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">We hereby consent to the filing
of this opinion letter as Exhibit 5.1 to a Report on Form 6-K to be filed by the Company on the date hereof. In giving such consent, we
do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the
rules and regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The opinion expressed herein
is rendered on and as of the date hereof, and we assume no obligation to advise you or any other person, or to make any investigations,
as to any legal developments or factual matters arising subsequent to the date hereof that might affect the opinion expressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">CLEARY GOTTLIEB STEEN &amp; HAMILTON
    LLP&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-size: 10pt">/s/ Sebastian R. Sperber</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Sebastian R. Sperber, a Partner</FONT></TD></TR>
  </TABLE>


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<DESCRIPTION>EXHIBIT 5.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><IMG SRC="tm2229663d5_ex5-2img002.jpg" ALT=""></P>

<P STYLE="margin: 0; text-align: right">&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 STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Confidential</B></P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To:</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 0pt 21.25pt; text-indent: 0in">Credit Suisse AG<BR>
Paradeplatz 8<BR>
P.O. Box<BR>
8070 Zurich<BR>
Switzerland&nbsp;</P></TD>
    <TD ROWSPAN="3" STYLE="width: 50%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Homburger AG</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prime Tower</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hardstrasse 201</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">CH&ndash;8005 Zurich</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">T +41 43 222 10 00</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">F +41 43 222 15 00</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">lawyers@homburger.ch&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>

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

<P STYLE="margin: 0">Zurich, January 9, 2023</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Credit Suisse AG, acting through its New
York Branch</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>U.S. Shelf / $1,250,000,000 aggregate
principal amount of 7.950% Senior Notes due 2025 and $2,500,000,000 aggregate principal amount of 7.500% Senior Notes due 2028</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">Ladies and Gentlemen</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">We, Homburger AG, have acted as special Swiss counsel to Credit Suisse
AG (<B>Credit Suisse</B>), a Swiss bank, in connection with the issuance by Credit Suisse, acting through its New York Branch (the <B>Issuing
Branch</B>), of (i)&nbsp;$1,250,000,000 aggregate principal amount of 7.950% Senior Notes due 2025 (the <B>2025 Notes</B>, which expression,
unless the context otherwise requires, includes the 2025&nbsp;Global Notes (as defined below)) and (ii)&nbsp;$2,500,000,000 aggregate
principal amount of 7.500% Senior Notes due 2028 (the <B>2028 Notes</B>, which expression, unless the context otherwise requires, includes
the 2028 Global Notes (as defined below), and, together with the 2025&nbsp;Notes, the <B>Notes</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 Second Supplemental Indenture and the Base Indenture, the <B>Indenture</B>), in each case, between Credit Suisse and
the Trustee. As such special Swiss counsel, we have been requested to give our opinion as to certain matters of Swiss law relating to
the Notes.</P>

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2229663d5_ex5-2img001.jpg" ALT="">&nbsp;</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"></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 21.25pt">I.</TD><TD STYLE="text-align: justify">Basis of Opinion</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This opinion is confined to and given on the basis of the laws of
Switzerland in force at the date hereof. Such laws and the interpretation thereof are subject to change. This opinion is also confined
to the matters stated herein and the Documents (as defined below), and is not to be read as extending, by implication or otherwise, to
any agreement or other document referred to in any of the Documents (including, in the case of the Prospectus (as defined below), any
document incorporated by reference therein or exhibited thereto) or any other matter.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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">(i)</TD><TD>an electronic copy of the executed Distribution Agreement dated May&nbsp;7,
                                            2007, between Credit Suisse Securities (USA) LLC, as distributor, and Credit Suisse (the
                                            <B>Distribution Agreement</B>);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">(ii)</TD><TD>an electronic copy of the executed Base Indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">(iii)</TD><TD>an electronic copy of the executed Second Supplemental Indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">(iv)</TD><TD>an electronic copy of the executed Third Supplemental Indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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 executed Terms Agreement with respect to the
                                            Notes dated January&nbsp;4, 2023, between Credit Suisse Securities (USA) LLC, as distributor,
                                            and the several underwriters named therein, on the one hand, and Credit Suisse, acting through
                                            the Issuing Branch, on the other hand (the <B>Terms Agreement</B> and, together with the
                                            Distribution Agreement and the Indenture, the <B>Transaction Agreements</B>);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">(vi)</TD><TD>an electronic copy of the executed (i)&nbsp;3 global notes representing
                                            the 2025 Notes (the <B>2025 Global Notes</B>) and (ii)&nbsp;5 global notes representing the
                                            2028 Notes (the <B>2028 Global Notes</B> and, together with the 2025 Global Notes, the <B>Global
                                            Notes</B>);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">(vii)</TD><TD>an electronic copy of the prospectus dated June&nbsp;18, 2020 (the
                                            <B>Base Prospectus</B>);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">(viii)</TD><TD>an electronic copy of the prospectus supplement to the Base Prospectus
                                            dated June&nbsp;18, 2020 (the <B>Prospectus Supplement</B>);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">(ix)</TD><TD>an electronic copy of the pricing supplement to the Prospectus Supplement
                                            dated January&nbsp;4, 2023 (together with the Base Prospectus and the Prospectus Supplement,
                                            the <B>Prospectus</B>);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">(x)</TD><TD>an electronic copy of the Officer's Certificate dated June&nbsp;18,
                                            2020, issued by Credit Suisse pursuant to Sections 2.02, 10.03 and 10.04 of the Indenture;</TD></TR></TABLE>

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

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

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2229663d5_ex5-2img002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">(xi)</TD><TD>a certified excerpt from the Commercial Register of the Canton of Zurich
                                            for Credit Suisse, dated January&nbsp;3, 2023 (the <B>Excerpt</B>);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">(xii)</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>2006 Articles</B>), (B)&nbsp;August&nbsp;26,
                                            2008 (the <B>2008 Articles</B>), and (C)&nbsp;September&nbsp;4, 2014 (the <B>2014 Articles</B>);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">(xiii)</TD><TD>an electronic copy of (A)&nbsp;the Organizational Guidelines and
                                            Regulations of Credit Suisse, valid as of January&nbsp;1, 2006 (the <B>2006&nbsp;Regulations</B>),
                                            and (B)&nbsp;the Organizational Guidelines and Regulations of Credit Suisse Group AG and
                                            Credit Suisse, valid as of (t)&nbsp;March&nbsp;24, 2009 (the <B>2009&nbsp;Regulations</B>),
                                            (u)&nbsp;April&nbsp;25, 2019 (the <B>April 2019 Regulations</B>), (v)&nbsp;December&nbsp;5,
                                            2019 (the <B>December 2019 Regulations</B>), (w)&nbsp;August&nbsp;20, 2020 (the <B>2020&nbsp;Regulations</B>),
                                            (x)&nbsp;April&nbsp;1, 2021 (the <B>2021&nbsp;Regulations</B>), (y)&nbsp;March&nbsp;8, 2022
                                            (the <B>March 2022&nbsp;Regulations</B>), and (z)&nbsp;October&nbsp;20, 2022 (the <B>October
                                            2022&nbsp;Regulations</B>);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">(xiv)</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&nbsp;4, 2021 (the <B>2021&nbsp;Funding Authority</B>);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">(xv)</TD><TD>an electronic copy of the Policy (P-00201) Powers of attorney of Credit
                                            Suisse Group AG, Credit Suisse and Credit Suisse (Schweiz) AG in its version of March&nbsp;24,
                                            2021 (the <B>PoA Policy</B>);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">(xvi)</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&nbsp;Suisse Group AG, dated February&nbsp;14, 2007 (the <B>February
                                            2007 CFO Approval</B>), (B)&nbsp;the certificate of R. Fassbind, as Chief Financial Officer
                                            of Credit Suisse (<B>CFO</B>), dated May&nbsp;2, 2007 (the <B>May 2007 CFO Approval</B>),
                                            (C)&nbsp;the certificate of R. Fassbind, as CFO, dated March&nbsp;12, 2009 (the <B>2009 CFO
                                            Approval</B>), and (D)&nbsp;the certificate of D. Mathers, as CFO, dated May&nbsp;12, 2020
                                            (the <B>2020 CFO Approval</B> and, together with the February 2007 CFO Approval, the May&nbsp;2007
                                            CFO Approval and the 2009 CFO Approval, the <B>CFO Approvals</B>);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">(xvii)</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">(xviii)</TD><TD>an electronic copy of the email dated January&nbsp;5, 2023, from
                                            C. Chadie to C. Moser, as Treasurer, with a copy to J.K. Beaudry, H. Schmid Obrist and T.
                                            Wenke, and the reply email dated January&nbsp;5, 2023, from C. Moser, as Treasurer, to C.
                                            Chadie, with a copy to J.K. Beaudry, H. Schmid Obrist and T. Wenke, regarding the approval
                                            of the Notes by the Treasurer (together with the CFO Approvals, the <B>Approvals</B>);</TD></TR></TABLE>

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

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

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt"><IMG SRC="tm2229663d5_ex5-2img002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt">&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">(xix)</TD><TD>an electronic copy of the Secretary's Certificate dated January&nbsp;9,
                                            2023 (including the exhibits thereto, the <B>Secretary's Certificate</B>), executed by two
                                            Corporate Secretaries of Credit Suisse; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">(xx)</TD><TD>an email confirmation from J. Granados dated January&nbsp;9, 2023 (the
                                            <B>Confirmation</B>).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No documents have been reviewed by us in connection with this opinion
other than the Documents. Accordingly, we shall limit our opinion to the Documents and their legal implications under Swiss law.</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">In this opinion, Swiss legal concepts are expressed in English terms
and not in their original language. These concepts may not be identical to the concepts described by the same English terms as they exist
under the laws of other jurisdictions. With respect to Documents governed by laws other than the laws of Switzerland, for purposes of
this opinion, we have relied on the plain meaning of the words and expressions contained therein without regard to any import they may
have under the relevant governing law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 21.25pt">II.</TD><TD STYLE="text-align: justify">Assumptions</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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">(a)</TD><TD>all documents produced to us as originals are authentic and complete,
                                            and all documents produced to us as copies (including, without limitation, fax and electronic
                                            copies) conform to the original;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">(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 the Issuing Branch) on any such
                                            document have been affixed thereto by the individual to whom such electronic signature belongs
                                            and such individual has saved and submitted such document as so electronically signed in
                                            such a manner so as to prevent removal or other alteration of such signature;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">(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, including, without limitation, the statements set forth in:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 28.35pt"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD STYLE="text-align: justify">the Confirmation as to the following
                                            facts:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 58.3pt"></TD><TD STYLE="width: 27.35pt">(A)</TD><TD STYLE="text-align: justify">the Notes constitute (i)&nbsp;senior
                                            notes issued pursuant to funding/treasury transactions within the meaning of the 2021 Funding
                                            Authority and (ii)&nbsp;medium-term notes within the meaning of the 2020 CFO Approval; and</TD></TR></TABLE>

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

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

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2229663d5_ex5-2img002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 58.3pt"></TD><TD STYLE="width: 27.35pt">(B)</TD><TD STYLE="vertical-align: top; text-align: left">L. Roberts and C. Chadie were employees
                                            of Credit Suisse or one of its affiliates at the time such persons executed the Global Notes
                                            and the Terms Agreement, as applicable; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 28.35pt"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD STYLE="vertical-align: top; text-align: left">the Secretary's Certificate, including
                                            as to the following facts:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 58.5pt"></TD><TD STYLE="width: 27pt">(A)</TD><TD STYLE="vertical-align: top; text-align: left">the 2014 Articles continue in full force
                                            and effect and have not been amended;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 58.5pt"></TD><TD STYLE="width: 27pt">(B)</TD><TD STYLE="vertical-align: top; text-align: left">the 2008 Articles were in full force and
                                            effect and had not been amended as of the date of the Second Supplemental Indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 58.5pt"></TD><TD STYLE="width: 27pt">(C)</TD><TD STYLE="vertical-align: top; text-align: left">the 2006 Articles were in full force and
                                            effect and had not been amended as of the dates of the Base Indenture and the Distribution
                                            Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 58.5pt"></TD><TD STYLE="width: 27pt">(D)</TD><TD STYLE="vertical-align: top; text-align: left">the October 2022 Regulations continue
                                            in full force and effect and have not been amended;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 58.5pt"></TD><TD STYLE="width: 27pt">(E)</TD><TD STYLE="vertical-align: top; text-align: left">the March 2022 Regulations were in full
                                            force and effect and had not been amended as of the date of the 2022 Power of Attorney;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 58.5pt"></TD><TD STYLE="width: 27pt">(F)</TD><TD STYLE="vertical-align: top; text-align: left">the 2021 Regulations were in full force
                                            and effect and had not been amended as of the date of the 2021 Funding Authority;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 58.5pt"></TD><TD STYLE="width: 27pt">(G)</TD><TD STYLE="vertical-align: top; text-align: left">the 2020 Regulations were in full force
                                            and effect and had not been amended as of the date of the Third Supplemental Indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 58.5pt"></TD><TD STYLE="width: 27pt">(H)</TD><TD STYLE="vertical-align: top; text-align: left">the December 2019 Regulations were in
                                            full force and effect and had not been amended as of the date of the 2020 CFO Approval;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 58.5pt"></TD><TD STYLE="width: 27pt">(I)</TD><TD STYLE="vertical-align: top; text-align: left">the April 2019 Regulations were in full
                                            force and effect and had not been amended as of the dates of the 2019 Funding Authority and
                                            the 2019 Power of Attorney;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 58.5pt"></TD><TD STYLE="width: 27pt">(J)</TD><TD STYLE="vertical-align: top; text-align: left">the 2009 Regulations were in full force
                                            and effect and had not been amended as of the date of the Second Supplemental Indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 58.5pt"></TD><TD STYLE="width: 27pt">(K)</TD><TD STYLE="vertical-align: top; text-align: left">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&nbsp;Funding Authority, the February 2007
                                            CFO Approval, the March 2007 Power of Attorney, the May 2007 Power of Attorney, the May 2007
                                            CFO Approval, the 2008 Power of Attorney, and the 2009 CFO Approval;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 58.5pt"></TD><TD STYLE="width: 27pt">(L)</TD><TD STYLE="vertical-align: top; text-align: left">the 2021 Funding Authority, the PoA Policy,
                                            the Approvals and the 2022 Power of Attorney continue in full force and effect and have not
                                            been amended;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 58.5pt"></TD><TD STYLE="width: 27pt">(M)</TD><TD STYLE="vertical-align: top; text-align: left">the 2019 Funding Authority was in full
                                            force and effect and had not been amended as of the dates of the Third Supplemental Indenture,
                                            the 2020 CFO Approval and the 2019 Power of Attorney;</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font-size: 10pt; vertical-align: top; text-align: left"></P>

<P STYLE="font-size: 10pt; vertical-align: top; text-align: right"><IMG SRC="tm2229663d5_ex5-2img002.jpg" ALT=""></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 58.5pt"></TD><TD STYLE="width: 27pt">(N)</TD><TD STYLE="vertical-align: top; text-align: left">the 2008 Funding Authority was in full
                                            force and effect and had not been amended as of the dates of the Second Supplemental Indenture
                                            and the 2009 CFO Approval;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 58.5pt"></TD><TD STYLE="width: 27pt">(O)</TD><TD STYLE="vertical-align: top; text-align: left">the 2007 Funding Authority was in full
                                            force and effect and had not been amended as of the dates of the Base Indenture, the Distribution
                                            Agreement, the February 2007 CFO Approval, the March 2007 Power of Attorney, the May 2007
                                            Power of Attorney, the May 2007 CFO Approval and the 2008 Power of Attorney;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 58.5pt"></TD><TD STYLE="width: 27pt">(P)</TD><TD STYLE="text-align: justify">the 2019 Power of Attorney was in full
                                            force and effect and had not been amended as of the date of the Third Supplemental Indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 58.5pt"></TD><TD STYLE="width: 27pt">(Q)</TD><TD STYLE="text-align: justify">the 2008 Power of Attorney was in full
                                            force and effect and had not been amended as of the date of the Second Supplemental Indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 58.5pt"></TD><TD STYLE="width: 27pt">(R)</TD><TD STYLE="text-align: justify">the May 2007 Power of Attorney was in
                                            full force and effect and had not been amended as of the date of the Distribution Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 58.5pt"></TD><TD STYLE="width: 27pt">(S)</TD><TD STYLE="text-align: justify">the March 2007 Power of Attorney was in
                                            full force and effect and had not been amended as of the date of the Base Indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 58.5pt"></TD><TD STYLE="width: 27pt">(T)</TD><TD STYLE="text-align: justify">the Distribution Agreement continues in
                                            full force and effect and has not been amended;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 58.5pt"></TD><TD STYLE="width: 27pt">(U)</TD><TD STYLE="text-align: justify">the Excerpt is correct, complete and up-to-date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 58.5pt"></TD><TD STYLE="width: 27pt">(V)</TD><TD STYLE="vertical-align: top; text-align: left">the Base Indenture has not been terminated,
                                            rescinded or amended in any way (other than by the Third Supplemental Indenture, the Second
                                            Supplemental Indenture, the First Supplemental Indenture dated as of May 6, 2008, and any
                                            other supplements thereto relating to note issuances thereunder that do not constitute Notes)
                                            and the Indenture continues in full force and effect; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 58.5pt"></TD><TD STYLE="width: 27pt">(W)</TD><TD STYLE="vertical-align: top; text-align: left">immediately after giving effect to the
                                            issuance of Notes, the aggregate issuance amount, as measured by the aggregate offering price,
                                            of (i)&nbsp;medium-term notes (including the Notes) issued pursuant to the Prospectus Supplement,
                                            including any supplement thereto, will not exceed USD&nbsp;80 billion and (ii)&nbsp;securities
                                            (including the Notes) issued pursuant to the U.S. registration statement on Form F-3 of which
                                            the Base Prospectus forms a part (File No. 333-238458), will not exceed USD&nbsp;80 billion,
                                            in each case in accordance with the 2020&nbsp;CFO Approval.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 21.25pt">III.</TD><TD STYLE="text-align: justify">Opinion</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on the foregoing and subject to the qualifications set out below,
we are of the opinion that as of the date hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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">1.</TD><TD>Credit Suisse is a corporation (<I>Aktiengesellschaft</I>) duly incorporated
                                            and validly existing under the laws of Switzerland.</TD></TR></TABLE>

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

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

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2229663d5_ex5-2img002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">2.</TD><TD>Credit Suisse has the necessary corporate power and authority to, acting
                                            through the Issuing Branch, issue the Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">3.</TD><TD>The Notes have been duly authorized by all necessary corporate action
                                            by Credit Suisse.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 21.25pt">IV.</TD><TD STYLE="text-align: justify">Qualifications</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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">(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, based on our independent professional judgment,
                                            and we express no opinion with respect to the applicability or the effect of the laws of
                                            any other jurisdiction to or on the matters covered herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">(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 Suisse thereunder.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have issued this opinion as of the date hereof and we assume no
obligation to advise you of any changes in fact or in law that are made or brought to our attention after the date hereof. This opinion
is addressed to you for your benefit, and is not to be relied upon by any other person without our express consent, except that it may
be relied upon by initial purchasers of the Notes and by Cleary Gottlieb Steen &amp; Hamilton LLP for purposes of issuing its opinion
to you on or about the date hereof with respect to certain matters of the laws of the State of New York and United States federal law
pertaining to the Notes.</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">We hereby consent to the filing of this opinion with the U.S. Securities
and Exchange Commission as an exhibit to a report on Form 6-K to be filed by Credit Suisse on or around the date hereof. In giving such
consent, we do not admit that we are in the category of persons whose consent is required under Section 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: 0pt 0">&nbsp;</P>

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

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

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

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



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

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