<SEC-DOCUMENT>0000950103-23-002237.txt : 20230213
<SEC-HEADER>0000950103-23-002237.hdr.sgml : 20230213
<ACCEPTANCE-DATETIME>20230213150117
ACCESSION NUMBER:		0000950103-23-002237
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20230213
FILED AS OF DATE:		20230213
DATE AS OF CHANGE:		20230213

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:		23617464

	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>dp188792_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">For the month of February, 2023</P>

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or <BR>
Form 40-F.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><BR>
<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Form 20-F&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;&nbsp;&#9744;</FONT>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):</FONT> ____</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):</FONT> ____</TD></TR>
  </TABLE>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: gray">


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&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"><B>Explanatory note</B></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U><A HREF="dp188792-ex0401.htm">Exhibit 4.1</A></U>: Form of Master Note relating to certain Notes to
be issued from time to time by the Company under the Company&rsquo;s Medium-Term Notes program;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U><A HREF="dp188792-ex0501.htm">Exhibit 5.1</A></U>: Opinion of Davis Polk &amp; Wardwell LLP, U.S. counsel
to the Company, with respect to the validity of the Notes to be issued from time to time by the Company under the Company&rsquo;s Medium-Term
Notes program and with respect to the validity of the Warrants to be issued from time to time by the Company under the Company&rsquo;s
Warrants program, under New York law;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U><A HREF="dp188792-ex0502.htm">Exhibit 5.2</A></U>: Opinion of Homburger AG, Swiss counsel to the Company,
with respect to the Notes to be issued from time to time by the Company under the Company&rsquo;s Medium-Term Notes program, as to certain
matters under Swiss law; and</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U><A HREF="dp188792-ex0503.htm">Exhibit 5.3</A></U>: Opinion of Homburger AG, Swiss counsel to the Company,
with respect to the Warrants to be issued from time to time by the Company under the Company&rsquo;s Warrants program, as to certain matters
under Swiss law.</P>

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

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: gray">


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">CREDIT SUISSE AG</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">Date: February 13, 2023</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Michael Heraty</P>

<P STYLE="margin: 0pt 0; font: 11pt Arial, Helvetica, Sans-Serif; color: #1F497D"></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 45%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 8%"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 31%"><FONT STYLE="font-size: 10pt">Michael Heraty</P>

<P STYLE="margin: 0pt 0; font: 11pt Arial, Helvetica, Sans-Serif; color: #1F497D"></FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Authorized Officer</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Ashley MacLean</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Ashley MacLean</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Authorized Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>dp188792-ex0401.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Exhibit 4.1</B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">MASTER NOTE</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Unless this certificate
is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) (&ldquo;DTC&rdquo;
or the &ldquo;Depositary&rdquo;) to the Company (as defined below) or its agent for registration of transfer, exchange or payment, and
any certificate issued is registered in the name of Cede &amp; Co. or such other name as is requested by an authorized representative
of DTC and any payment is made to Cede &amp; Co. or such other entity as is requested by an authorized representative of DTC, ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede &amp; Co.,
has an interest herein.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Unless and until
it is exchanged in whole or in part for Notes in definitive registered form, this Note may not be transferred except as a whole by the
Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or
by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.</FONT></P>

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">CREDIT SUISSE
    AG<BR>
    SENIOR MEDIUM-TERM NOTE</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><BR></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This Note is a master
note, which term means a Registered Global Security with the meaning specified in the Indenture (as defined on the reverse hereof) that
provides for incorporation therein of the terms of one or more obligations of CREDIT SUISSE AG, a corporation established under the laws
of, and duly licensed as a bank in, Switzerland (the &ldquo;Company&rdquo;) (each such obligation, a &ldquo;Supplemental Obligation&rdquo;)
by reference to the Related Prospectuses (as defined below).</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The terms of each
Supplemental Obligation shall be reflected in this Note and in the applicable pricing supplement relating to such Supplemental Obligation
(each a &ldquo;Related Pricing Supplement&rdquo;) and any product supplement(s), underlying supplement(s), prospectus supplement(s) and
prospectus referred to therein (however titled) (together with the Related Pricing Supplement, the &ldquo;Related Prospectus&rdquo;).
With respect to each Supplemental Obligation, the terms of the Supplemental Obligation contained in the Related Prospectus are hereby
incorporated by reference in, and shall be deemed to be a part of, this Note for purposes of the applicable Supplemental Obligation only
as of the original issue date specified in the relevant Related Pricing Supplement; <I>provided, however</I>, that for the avoidance
of doubt, no hypothetical examples, risk factors, historical information or other information not considered to be terms of such Supplemental
Obligation provided or incorporated by reference in the Related Prospectus shall be used to determine the terms of such Supplemental
Obligation. Each Related Prospectus is on file with the Trustee referred to on the reverse hereof and is identified in the records of
the Trustee.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">With respect to
each Supplemental Obligation evidenced by this Note, the Company, acting through the branch specified in the applicable Related Pricing
Supplement (the &ldquo;Branch&rdquo;), for value received, hereby promises to pay and/or deliver to Cede &amp; Co., or registered assigns,</FONT></P>

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


<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- 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: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">an amount of cash
in the coin or currency of the United States and/or the number of securities or other property, as applicable, as specified in the applicable
Related Prospectus.</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: 0.5in"><FONT STYLE="font-size: 10pt">All terms used in
this Note that are or will be defined in the Indenture or Related Prospectus shall have the meanings assigned to them therein. In relation
to a particular Supplemental Obligation, in the event of any inconsistency between the definitions in the Indenture and the definitions
in the Related Prospectus, the definitions in the Related Prospectus shall govern.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Reference is hereby
made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place. With respect to each Supplemental Obligation, every term of this Note is subject to modification,
amendment or elimination through the incorporation of the applicable Related Prospectus by reference, whether or not the phrase &ldquo;unless
otherwise provided in the Related Prospectus&rdquo; or language of similar import precedes the term of this Note so modified, amended
or eliminated. It is the intent of the parties hereto that, in the case of any conflict between the applicable Related Prospectus and
the terms herein, the Related Prospectus shall control over the terms herein with respect to the relevant Supplemental Obligation. Without
limiting the foregoing, in the case of each Supplemental Obligation, the holders of this Note are directed to the applicable Related
Prospectus for a description of certain terms of such Supplemental Obligation, including the manner of determining the amounts due and/or
property to be delivered, if any, as applicable, on such Supplemental Obligation and the date or dates, if any, on which amounts due
and or securities or other property to be delivered, if any, on such Supplemental Obligation are to be paid or delivered, as applicable.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The principal amount
of each Supplemental Obligation evidenced by this Note shall be as specified in the applicable Related Pricing Supplement.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Unless the certificate of authentication
hereon has been signed by the Trustee or Authenticating Agent (which signature may be manual, facsimile or electronic (including, without
limitation, DocuSign and AdobeSign and other similar applications)), this Note shall not be entitled to any benefit under the Indenture
or be valid or obligatory for any purpose. The Company and the Trustee hereby agree that authentication of this Note shall be deemed
to be due authentication pursuant to Section 2.02 of the Indenture with respect to each Supplemental Obligation evidenced by this Note
and the execution and delivery of a written order of the Company with respect to a Supplemental Obligation by any two Authorized Persons
shall be deemed to be due execution pursuant to Section 2.02 with respect to such Supplemental Obligation.</FONT></P>

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


<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- 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: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">IN WITNESS WHEREOF,
the Company has caused this Note to be duly executed.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Date: February 13,
2023</FONT></P>

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

<TABLE BORDER="0" CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
     <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">CREDIT
SUISSE AG</TD>
</TR>
<TR>
     <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
     <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;By:</TD>
     <TD STYLE="vertical-align: top; width: 46%"></TD>
</TR>
<TR>
     <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="vertical-align: top; border-top: #000000 1px solid"> Name: </TD>
</TR>
<TR>
     <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="vertical-align: top">Title: Authorized Signatory</TD></TR>
</TABLE>

<P STYLE="text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
     <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
     <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;By:</TD>
     <TD STYLE="vertical-align: top; width: 46%"></TD>
</TR>
<TR>
     <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="vertical-align: top; border-top: #000000 1px solid"> Name: </TD>
</TR>
<TR>
     <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="vertical-align: top">Title: Authorized Signatory</TD></TR>
</TABLE>

<P STYLE="text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt; font: 10pt Times New Roman, Times, Serif">&nbsp;<FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- 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: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">CERTIFICATE
OF AUTHENTICATION</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; 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: 0.5in"><FONT STYLE="font-size: 10pt">This is one of the
Securities of the series designated therein referred to in the within-mentioned Indenture.</FONT></P>

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

<TABLE BORDER="0" CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
     <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">THE
BANK OF NEW YORK MELLON,</TD>
</TR>
<TR>
     <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.125in">as Trustee</TD></TR>
<TR>
     <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
     <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
     <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;By:</TD>
     <TD STYLE="vertical-align: top; width: 46%"></TD>
</TR>
<TR>
     <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Authorized Signatory</TD>
</TR>
</TABLE>

<P STYLE="text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- 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: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">REVERSE OF NOTE</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">CREDIT SUISSE AG<BR>
SENIOR MEDIUM-TERM NOTE</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This Note is one
of a duly authorized issue of Senior Medium-Term Notes (the &ldquo;Securities&rdquo;) of the Company, acting through the applicable Branch.
The Securities are issuable under a senior indenture, dated as of March 29, 2007, as supplemented by a second supplemental indenture,
dated as of March 25, 2009 and a third supplemental indenture, dated as of September 9, 2020 (collectively, the &ldquo;Indenture&rdquo;),
in each case between the Company and The Bank of New York Mellon (formerly known as The Bank of New York), as trustee (the &ldquo;Trustee&rdquo;),
to which indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities of the Company, the Trustee and the registered holder (the &ldquo;Holder&rdquo;) of the Securities and
the terms upon which the Securities are to be authenticated and delivered. The Bank of New York Mellon (formerly known as The Bank of
New York) at its corporate trust office in The City of New York has been appointed the Registrar and Paying Agent with respect to the
Securities. The terms of individual Securities may vary with respect to interest rates, interest rate formulas, issue dates, maturity
dates, or otherwise, all as provided in the Indenture. To the extent not inconsistent herewith, the terms of the Indenture are hereby
incorporated by reference herein. The Securities will not be subject to any sinking fund and, unless otherwise provided in the Related
Prospectus, the Securities will not be redeemable or subject to repayment at the option of the Holder prior to maturity.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This Note, and any
Note or Notes issued upon transfer or exchange hereof, is issuable only in fully registered form without coupons, and each Supplemental
Obligation is issued in the minimum denomination and any integral multiples thereof as specified in the Related Prospectus in the manner
and subject to the limitations provided in the Indenture.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This Note is payable
in the manner, with the effect and subject to the conditions provided in the Indenture.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Unless otherwise
stated in the Related Prospectus, if a payment date is not a Business Day as defined in the Indenture at a place of payment, payment
may be made at that place on the next succeeding day that is a Business Day, and no interest shall accrue for the intervening period.
Following any postponement of any date, no interest payment will be adjusted and no other payment will be payable hereon because of such
postponement.</FONT></P>

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


<!-- Field: Page; Sequence: 5; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- 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: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Indenture contains
provisions that provide that the Company and the Trustee may amend or supplement the Indenture or the Securities without notice to or
the consent of any Holder in order to (i) cure any ambiguity, defect or inconsistency in the Indenture, provided that such amendments
or supplements shall not materially and adversely affect the interests of the Holders; (ii) comply with the requirements of the Indenture
if the Company consolidates with, merges with or into, or sells, conveys, transfers, leases or otherwise disposes of all or substantially
all of its property and assets (as an entirety or substantially as an entirety in one transaction or a series of transactions), to any
person; (iii) comply with any requirements of the Securities and Exchange Commission in connection with the qualification of the Indenture
under the Trust Indenture Act; (iv) evidence and provide for the acceptance of appointment under the Indenture with respect to the Securities
by a successor Trustee; (v) provide for uncertificated or unregistered Securities and to make all appropriate changes for such purpose;
(vi) provide for a guarantee from a third party on outstanding Securities that are issued under the Indenture; (vii) provide for the
substitution of one or more of the Company&rsquo;s branches as obligor of the Securities or (viii) make any change that does not materially
and adversely affect the rights of any Holder.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Indenture contains
provisions that provide that, without prior notice to any Holders, the Company and the Trustee may amend the Indenture and the Securities
with the written consent of the Holders of a majority in principal amount of the outstanding Securities of all series affected by such
amendment (all such series voting as one class), and the Holders of a majority in principal amount of the outstanding Securities of all
series affected thereby (all such series voting as one class) by written notice to the Trustee may waive future compliance by the Company
with any provision of the Indenture or the Securities; provided that, without the consent of each Holder of the Securities affected thereby,
an amendment or waiver, including a waiver of past defaults, may not: (i) extend the stated maturity of the Principal of, or any sinking
fund obligation or any installment of interest on, such Holder&rsquo;s Security, or reduce the Principal thereof or the rate of interest
thereon (including any amount in respect of original issue discount), or adversely affect the rights of such Holder under any mandatory
redemption or repurchase provision or any right of redemption or repurchase at the option of such Holder, or reduce the amount of the
Principal of an Original Issue Discount Security that would be due and payable upon an acceleration of the maturity thereof or the amount
thereof provable in bankruptcy, insolvency or similar proceeding, or change any place of payment where, or the currency in which, the
Principal or the interest thereon is payable, modify any right to convert or exchange such Holder&rsquo;s Security for another security
to the detriment of the Holder or impair the right to institute suit for the enforcement of any such payment on or after the due date
therefor; (ii) reduce the percentage in Principal of outstanding Securities the consent of whose Holders is required for any such supplemental
indenture, for any waiver of compliance with certain provisions of the Indenture or certain Defaults and their consequences provided
for in the Indenture; (iii) waive a Default in the payment of Principal of or interest on any Security of such Holder; or (iv) modify
any of the provisions of the Indenture governing amendments or waivers with the consent of Holders except to increase any such percentage
or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the Holder of each outstanding
Security affected thereby.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Indenture contains
provisions that provide that the Company may at any time designate another branch of the Company (the &ldquo;Substitution Branch&rdquo;)
as substitute for the</FONT></P>

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


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- 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: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">Branch through which
it acts under a series of Securities with the same effect as if such Substitution Branch had been originally named as the Branch for
all purposes under the Indenture in relation to such Securities.</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: 0.5in"><FONT STYLE="font-size: 10pt">In case an Event
of Default with respect to a Supplemental Obligation shall have occurred and be continuing, the amount that may be declared due and payable
will be determined as set forth in the Related Prospectus, and, upon such declaration, such amount shall become due and payable in the
manner, with the effect and subject to the conditions provided in the Indenture.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">It is also provided
in the Indenture that, subject to certain conditions, the Holders of at least a majority in principal amount of the outstanding Securities
of all series affected (voting as a single class), by notice to the Trustee, may waive an existing Default or Event of Default with respect
to the Securities of such series and its consequences, except a Default in the payment of Principal of or interest on any Security or
in respect of a covenant or provision of the Indenture which cannot be modified or amended without the consent of the Holder of each
outstanding Security affected. Upon any such waiver, such Default shall cease to exist, and any Event of Default with respect to the
Securities of such series arising therefrom shall be deemed to have been cured, for every purpose of the Indenture; but no such waiver
shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The calculation
agent for a Supplemental Obligation (the &ldquo;Calculation Agent&rdquo;) is as specified in the Related Prospectus. The Calculation
Agent makes all determinations with respect to such Supplemental Obligation. All determinations made by the Calculation Agent will be
at the sole discretion of the Calculation Agent and will be conclusive for all purposes and binding upon all parties, including the Company
and the beneficial owners of such Supplemental Obligation, absent manifest error. The Calculation Agent will have no responsibility for
good faith errors or omissions in its calculations and determinations, whether caused by negligence or otherwise.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Indenture provides
that a series of Securities may include one or more tranches (each a &ldquo;tranche&rdquo;) of Securities, including Securities issued
in a Periodic Offering. The Securities of different tranches may have one or more different terms, but all the Securities of each tranche
within a series shall have identical terms, provided that Securities of each tranche within a series may have different authentication
dates, public offering prices, initial interest accrual dates, and initial interest payment dates, if applicable. Notwithstanding any
other provision of the Indenture, subject to certain exceptions, with respect to sections of the Indenture concerning the execution,
authentication and terms of the Securities, redemption of the Securities, maintenance of an office or agency of the Company in The City
of New York, Events of Default of the Securities, defeasance of the Securities and amendment of the Indenture, if any series of Securities
includes more than one tranche, all provisions of such sections applicable to any series of Securities shall be deemed equally applicable
to each tranche of any series of Securities in the same manner as though originally designated a series unless otherwise provided with
respect to such series or tranche pursuant to a Board Resolution or a supplemental indenture establishing such series or the Authority
establishing such tranche.</FONT></P>

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


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- 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: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Each Supplemental
Obligation evidenced by this Note is unsecured and ranks pari passu with all other unsecured and unsubordinated indebtedness of the Company.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The interest rate,
if any, coupon, if any, or redemption amount, as applicable, will in no event be higher than the maximum rate permitted by New York or
other applicable state law, as such law may be modified by United States law of general application.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">All determinations
referred to above made by the Company or its agents shall be at its sole discretion and shall, in the absence of manifest error, be conclusive
for all purposes and binding on Holders of Securities. So long as this Note shall be outstanding, the Company will cause to be maintained
an office or agency for the payment of amounts due or property to be delivered, if any, on this Note as herein provided in the Borough
of Manhattan, The City of New York, and an office or agency in said Borough of Manhattan for the registration, transfer and exchange
as aforesaid of the Notes. The Company may designate other agencies for the payment of such amounts or such property at such place or
places (subject to applicable laws and regulations) as the Company may decide. So long as there shall be any such agency, the Company
shall keep the Trustee advised of the names and locations of such agencies, if any are so designated.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">No provision of
this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay or deliver
the amounts or property due (whether at maturity or otherwise) on this Note at the time, place, and rate, and in the coin or currency
and/or the number of securities or other property, as applicable, herein and in the Indenture prescribed unless otherwise agreed between
the Company and the registered Holder of this Note.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Upon due presentment
for registration of transfer of this Note, a new Note or Notes of authorized denominations for an equal aggregate principal amount will
be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without charge except for any
tax or other governmental charge imposed in connection therewith.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Company or any
agent of the Company, the registrar of the Securities or the Trustee may treat the Holder in whose name this Note is registered as the
owner hereof for all purposes, whether or not this Note is overdue, and neither the Company, the Registrar, the Trustee nor any such
agent shall be affected by notice to the contrary.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">No recourse shall
be had for the payment of amounts due or property to be delivered, if any, with respect to each Supplemental Obligation evidenced by
this Note, for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental
thereto, against any incorporator, shareholder, officer or director, as such, past, present or future, of the Company or of any successor
corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule
of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part
of the consideration for the issue hereof, expressly waived and released.</FONT></P>

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


<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- 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: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This Note and each
Supplemental Obligation evidenced hereby shall for all purposes be governed by, and construed in accordance with, the laws of the State
of New York (without regard to conflicts of law principles thereof).</FONT></P>

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


<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- 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: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">FOR VALUE RECEIVED, the undersigned
hereby sell(s), assign(s) and transfer(s) unto</FONT></P>

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">[PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER
    OF ASSIGNEE]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">______________________________________________________________________________&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">______________________________________________________________________________&#9;<BR>
    [PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">______________________________________________________________________________<U><BR>
    </U>the within Note and all rights thereunder, hereby irrevocably constituting and appointing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">_________________________________________________________________<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U>&#8239;Attorney to transfer
such Note on the books of the Issuer, with full power of substitution in the premises.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; font-size: 12pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><BR> <BR></FONT></P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;<BR></FONT></P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Dated:<U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P></TD>
    <TD STYLE="width: 62%; font-size: 12pt"><FONT STYLE="font-size: 10pt">Signature:<BR>
    <BR>
    <BR>
    ____________________________________________<BR>
    NOTICE: &#9;The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular
    without alteration or enlargement or any change whatsoever.</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>dp188792-ex0501.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Exhibit 5.1</B></FONT></P>

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; color: #140B7F">&nbsp;<IMG SRC="image_001.jpg" ALT=""></TD>
    <TD STYLE="width: 40%"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Davis Polk &amp; Wardwell
    <FONT STYLE="font-variant: small-caps">llp</FONT></FONT></P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">450 Lexington Avenue<BR>
    New York, NY 10017</FONT></P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">davispolk.com</FONT></P></TD>
    <TD STYLE="width: 31%; font-size: 10pt; color: #140BE3">&nbsp;</TD></TR>
  </TABLE>

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

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

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt">February 13, 2023</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border-top: Blue 1pt solid; width: 34%; font-size: 9pt">February 13, 2023</TD><TD STYLE="border-top: Blue 1pt solid; width: 33%; font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: Blue 1pt solid; text-align: right; width: 33%; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We express no opinion as to (x) provisions in the Indenture that purport
to waive objections to venue, claims that a particular jurisdiction is an inconvenient forum or the like, (y) whether a United States
federal court would have subject-matter or personal jurisdiction over a controversy arising under the Securities or (z) the effectiveness
of any service of process made other than in accordance with applicable law. In addition, we note that, with respect to the Notes, the
enforceability in the United States of Section 10.08(c) of the Indenture is subject to the limitations set forth in the United States
Foreign Sovereign Immunities Act of 1976.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We are members of the Bar of the State of New York, and the foregoing
opinion is limited to the laws of the State of New York, except that we express no opinion as to the application of state securities or
Blue Sky laws to the Securities. Insofar as the foregoing opinion involves matters governed by Swiss law, we have relied, without independent
inquiry or investigation, on the opinions of Homburger AG, Swiss legal counsel for the Company, dated February 13, 2023, to be filed by
the Company with the Commission as exhibits to a Current Report on Form 6-K concurrently with this opinion, and our opinion is subject
to the same assumptions, qualifications, and limitations set forth therein.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&ldquo;In the opinion of Davis Polk &amp; Wardwell LLP, as
United States counsel to the Company, when the securities offered by this pricing supplement have been executed and issued by the Company
and [authenticated by the trustee and the trustee has made, in accordance with instructions from the Company, the appropriate entries
or notations in its records relating to the master global note that represents the securities] [countersigned by the warrant agent] pursuant
to the [indenture] [warrant agreement], and delivered against payment therefor, such securities will be valid and binding obligations
of the Company, enforceable in accordance with their terms, subject to (i) applicable bankruptcy, insolvency and similar laws affecting
creditors&rsquo; rights generally, (ii) concepts of reasonableness and equitable principles of general applicability (including, without
limitation, concepts of good faith, fair dealing and the lack of bad faith) and (iii) possible judicial or regulatory actions or application
giving effect to governmental actions or foreign laws affecting creditors&rsquo; rights, <I>provided</I> that such counsel expresses no
opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed
above [or the validity, legally binding effect</P>

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


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border-top: Blue 1pt solid; width: 34%; font-size: 9pt">February 13, 2023</TD><TD STYLE="border-top: Blue 1pt solid; width: 33%; font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: Blue 1pt solid; text-align: right; width: 33%; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">or enforceability of any provision that permits holders to collect any
portion of stated principal amount upon acceleration of the securities to the extent determined to constitute unearned interest]. This
opinion is given as of the date of this pricing supplement and is limited to the laws of the State of New York, except that such counsel
expresses no opinion as to the application of state securities or Blue Sky laws to the securities. Insofar as this opinion involves matters
governed by Swiss law, Davis Polk &amp; Wardwell LLP has relied, without independent inquiry or investigation, on the opinion of Homburger
AG, dated February 13, 2023 and filed by the Company as an exhibit to a Current Report on Form 6-K on February 13, 2023. The opinion of
Davis Polk &amp; Wardwell LLP is subject to the same assumptions, qualifications and limitations with respect to such matters as are contained
in the opinion of Homburger AG. In addition, the opinion of Davis Polk &amp; Wardwell LLP is subject to customary assumptions about the
establishment of the terms of the securities, the [trustee&rsquo;s] [warrant agent&rsquo;s] authorization, execution and delivery of the
[indenture] [warrant agreement] and its [authentication of the master global note representing the securities] [countersigning of the
securities], and the validity, binding nature and enforceability of the [indenture] [warrant agreement] with respect to the [trustee]
[warrant agent], all as stated in the opinion of Davis Polk &amp; Wardwell LLP dated February 13, 2023, which was filed by the Company
as an exhibit to a Current Report on Form 6-K on February 13, 2023. [This opinion is also subject to the discussion, as stated in such
opinion, of the enforcement of securities denominated in a foreign currency.] [Davis Polk &amp; Wardwell LLP expresses no opinion as to
waivers of objections to venue, the subject matter or personal jurisdiction of a United States federal court or the effectiveness of service
of process other than in accordance with applicable law. In addition, such counsel notes that the enforceability in the United States
of Section 10.08(c) of the indenture is subject to the limitations set forth in the United States Foreign Sovereign Immunities Act of
1976.]&rdquo;</P>

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

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

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Very truly yours,</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">/s/ Davis Polk &amp; Wardwell LLP</TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border-top: Blue 1pt solid; width: 34%; font-size: 9pt">February 13, 2023</TD><TD STYLE="border-top: Blue 1pt solid; width: 33%; font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: Blue 1pt solid; text-align: right; width: 33%; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>dp188792-ex0502.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Exhibit 5.2</B></FONT></P>

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

<P STYLE="text-align: right; margin: 0">&nbsp;<IMG SRC="image_003.jpg" ALT=""></P>

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">To:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Credit Suisse AG</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Paradeplatz 8</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">P.O. Box</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">8070 Zurich</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Switzerland</FONT></P></TD>
    <TD STYLE="width: 35%"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Homburger AG</FONT></P>
    <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Prime Tower</FONT></P>
    <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Hardstrasse 201</FONT></P>
    <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">CH&ndash;8005 Zurich</FONT></P>
    <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">T +41 43 222 10 00</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">F +41 43 222 15 00</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">lawyers@homburger.ch</FONT></P></TD></TR>
  </TABLE>

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

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%; font-size: 10pt">Zurich, February&nbsp;13, 2023</TD>
    <TD STYLE="width: 35%; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>

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

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

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt; font-weight: bold">Credit Suisse AG, acting through its Nassau and London Branches</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><B>U.S. Medium-Term Note Program under the Credit Suisse Group AG and Credit Suisse AG U.S. Shelf</B></TD></TR>
  </TABLE>

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

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

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: right; margin: 0pt"><IMG SRC="image_002.jpg" ALT=""></P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right; margin: 0pt"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(v)</TD><TD>an electronic copy of the executed master note dated February&nbsp;13, 2023 (the <B>Master Note</B> and, together with the Distribution
Agreement, the Accession Agreements, the Base Indenture, the Second Supplemental Indenture and the Third Supplemental Indenture, the <B>Transaction
Agreements</B>);</TD></TR></TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(viii)</TD><TD>electronic copies of the pricing supplements (including any underlying supplement and product supplement incorporated therein by reference)
(the <B>Existing Representative </B></TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(150,100,225); font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->/9&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right; margin: 0pt"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-indent: 0in"><B>Pricing Supplements</B>) filed by Credit
Suisse with the U.S. Securities and Exchange Commission (the <B>SEC</B>) and listed on <U>Annex A</U> of the Agreement Regarding Exhibit
5 Opinions for Registered Medium-Term Notes and Warrants of Credit Suisse AG entered into as of May&nbsp;4, 2015, by and among Credit
Suisse, Davis Polk &amp; Wardwell LLP (<B>Davis Polk</B>) and Homburger AG (as amended from time to time, the <B>Agreement About Opinions</B>);</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(x)</TD><TD>an electronic copy of the executed Officer's Certificate dated February&nbsp;13, 2023, issued by Credit&nbsp;Suisse pursuant to Sections
2.01, 2.02, 10.03 and 10.04 of the Indenture;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xi)</TD><TD>a certified excerpt from the Commercial Register of the Canton of Zurich (the <B>Commercial Register</B>) for Credit Suisse, dated
February&nbsp;8, 2023 (the <B>Excerpt</B>);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(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>&nbsp;2006
Articles</B>), (B)&nbsp;August&nbsp;26, 2008 (the <B>2008&nbsp;Articles</B>), and (C)&nbsp;September&nbsp;4, 2014 (the <B>2014&nbsp;Articles</B>);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(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>2022&nbsp;Regulations</B>), and (z)&nbsp;January&nbsp;27,
2023 (the <B>2023&nbsp;Regulations</B>);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(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<B>&nbsp;</B>4, 2021 (the <B>2021 Funding Authority</B>);</TD></TR></TABLE>

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

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

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

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

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


<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(150,100,225); font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->/9&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right; margin: 0pt"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xvii)</TD><TD>an electronic copy of the Structured Notes and Warrants &ndash; Business Division Authorizations (Version 22.0), finalized February&nbsp;12,
2023, which is the list of Senior SN Business Personnel referred to in the 2021 Funding Authority (the <B>Business Authorizations List</B>);
and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xviii)</TD><TD>an electronic copy of the Secretary's Certificate dated February&nbsp;13, 2023 (including the exhibits thereto, the <B>Secretary's
Certificate</B>), executed by two Corporate Secretaries of Credit Suisse.</TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(150,100,225); font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->/9&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right; margin: 0pt"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(iii)</TD><TD>the 2006 Articles were in full force and effect and had not been amended as of the dates of the Base Indenture and the Distribution
Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(iv)</TD><TD>the 2023 Regulations continue in full force and effect and have not been amended;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(v)</TD><TD>the 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="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(150,100,225); font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->/9&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right; margin: 0pt"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xxi)</TD><TD>the Excerpt is correct and complete other than with respect to any changes to the signatories registered with the Commercial Register
(including, without limitation, the addition or removal of any such signatory) that have occurred since the date of the Excerpt;</TD></TR></TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xxiv)</TD><TD>the persons whose signatures appear on the Master Note on behalf of Credit Suisse were employees of Credit Suisse or one of its affiliates
at the time of execution of the Master Note;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(e)</TD><TD>the Notes will have terms substantially similar to those described in one or more of (x)&nbsp;the Existing Representative Pricing
Supplements or (y)&nbsp;any pricing supplement (including the Base Prospectus, the Prospectus Supplement and any underlying supplement
and product supplement incorporated therein by reference) that may be listed on <U>Annex A</U> to the</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(150,100,225); font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->/9&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right; margin: 0pt"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-indent: 0in">Agreement About Opinions from time to
time pursuant to an amendment thereof executed by the parties thereto on or before the issue date of the relevant Notes (together with
the Existing Representative Pricing Supplements, the <B>Representative Pricing Supplements</B>), except that any or all of the following
terms may vary from Note to Note:</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(150,100,225); font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->/9&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right; margin: 0pt"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(150,100,225); font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->/9&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right; margin: 0pt"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We hereby consent to the filing of this opinion with the SEC as an exhibit
to a report on Form 6-K to be filed by Credit Suisse on the date hereof, and further consent to the reference of our name in (i)&nbsp;any
pricing supplement relating to Notes or (ii)&nbsp;an opinion of Davis Polk relating to Notes exhibited to a report on Form 6-K, in each
case, to be filed by Credit Suisse with the SEC, provided that (a)&nbsp;the terms of the relevant Notes meet the requirements described
in clauses&nbsp;(e) and (f) of Section&nbsp;II, (b)&nbsp;the relevant Notes are issued within the Relevant Period, (c)&nbsp;in the case
of a pricing supplement, such pricing supplement has been reviewed by Davis Polk as U.S. counsel to Credit Suisse, (d)&nbsp;Davis Polk
has given its consent to be named in such pricing supplement or Form 6-K to which its opinion will be exhibited, as applicable, and (e)&nbsp;such
reference is substantially in the form set out in the opinion of Davis Polk to Credit Suisse dated February&nbsp;13, 2023. In giving such
consent, we do not admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the U.S. Securities
Act of 1933, as amended. Save as aforementioned, this opinion may not be transmitted by you to any other person, quoted or referred to
in any public document or filed with anyone, in each case, without our express consent.</P>

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

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

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

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

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

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

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

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

<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: 9; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(150,100,225); font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->/9&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.3
<SEQUENCE>5
<FILENAME>dp188792-ex0503.htm
<DESCRIPTION>EXHIBIT 5.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Exhibit 5.3</B></FONT></P>

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

<P STYLE="margin: 0; text-align: right"><IMG SRC="image_003.jpg" ALT=""></P>

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">To:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Credit Suisse AG</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Paradeplatz 8</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">P.O. Box</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">8070 Zurich</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Switzerland</FONT></P></TD>
    <TD STYLE="width: 35%"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Homburger AG</FONT></P>
    <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Prime Tower</FONT></P>
    <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Hardstrasse 201</FONT></P>
    <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">CH&ndash;8005 Zurich</FONT></P>
    <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">T +41 43 222 10 00</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">F +41 43 222 15 00</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">lawyers@homburger.ch</FONT></P></TD></TR>
  </TABLE>

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

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

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

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%; font-size: 10pt">Zurich, February&nbsp;13, 2023</TD>
    <TD STYLE="width: 35%; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>

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

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

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

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt; font-weight: bold">Credit Suisse AG, acting through its Nassau and London Branches</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><B>U.S. Warrant Program under the Credit Suisse Group AG and Credit Suisse AG U.S. Shelf</B></TD></TR>
  </TABLE>

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

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

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: rgb(0,25,60) 1pt solid"><P STYLE="text-align: right; margin: 0pt"><IMG SRC="image_002.jpg" ALT=""></P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right; margin: 0pt"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(150,100,225); font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->/8</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right; margin: 0pt"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(ix)</TD><TD>a certified excerpt from the Commercial Register of the Canton of Zurich (the <B>Commercial Register</B>) for Credit Suisse, dated
February&nbsp;8, 2023 (the <B>Excerpt</B>);</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xi)</TD><TD>an electronic copy of (A)&nbsp;the Organizational Guidelines and Regulations of Credit Suisse, valid as of January&nbsp;1, 2006 (the
<B>2006&nbsp;Regulations</B>), and (B)&nbsp;the Organizational Guidelines and Regulations of Credit Suisse Group AG and Credit Suisse,
valid as of (u)&nbsp;March&nbsp;24, 2009 (the <B>2009&nbsp;Regulations</B>), (v)&nbsp;April&nbsp;25, 2019 (the <B>April 2019 Regulations</B>),
(w)&nbsp;December&nbsp;5, 2019 (the <B>December 2019 Regulations</B>), (x)&nbsp;April&nbsp;1, 2021 (the <B>2021&nbsp;Regulations</B>),
(y)&nbsp;March&nbsp;8, 2022 (the <B>2022&nbsp;Regulations</B>), and (z)&nbsp;January&nbsp;27, 2023 (the <B>2023&nbsp;Regulations</B>);</TD></TR></TABLE>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xv)</TD><TD>an electronic copy of the Structured Notes and Warrants &ndash; Business Division Authorizations (Version 22.0), finalized February&nbsp;12,
2023, which is the list of Senior SN Business Personnel referred to in the 2021 Funding Authority (the <B>Business Authorizations List</B>);
and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xvi)</TD><TD>an electronic copy of the Secretary's Certificate dated February&nbsp;13, 2023 (including the exhibits thereto, the <B>Secretary's
Certificate</B>), executed by two Corporate Secretaries of Credit Suisse.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(150,100,225); font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->/8</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right; margin: 0pt"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(iii)</TD><TD>the 2023 Regulations continue in full force and effect and have not been amended;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(iv)</TD><TD>the 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="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

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

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


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(150,100,225); font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->/8</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right; margin: 0pt"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xvi)</TD><TD>the Excerpt is correct and complete other than with respect to any changes to the signatories registered with the Commercial Register
(including, without limitation, the addition or removal of any such signatory) that have occurred since the date of the Excerpt; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">(xvii)</TD><TD>immediately after giving effect to the issuance of Warrants, (x)&nbsp;the aggregate notional amount of warrants (including such Warrants)
issued under the Warrant Agreement on or after June&nbsp;28, 2010 will not exceed USD&nbsp;2 billion, in accordance with the Warrant Program
Update Approval, and (y)&nbsp;the aggregate issuance amount, as measured by the aggregate offering price, of securities (including such
Warrants) issued pursuant to the U.S. registration statement on Form F-3 of which the Base Prospectus forms a part, will not exceed USD&nbsp;80
billion, in accordance with the Registration Statement Approval;</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(150,100,225); font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->/8</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right; margin: 0pt"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(150,100,225); font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->/8</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right; margin: 0pt"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(a)</TD><TD>The lawyers of our firm are members of the Zurich bar and do not hold themselves out to be experts in any laws other than the laws
of Switzerland. Accordingly, we are opining herein as</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(150,100,225); font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->/8</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right; margin: 0pt"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-indent: 0in">to Swiss law only and we express no opinion
with respect to the applicability or the effect of the laws of any other jurisdiction to or on the matters covered herein.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We hereby consent to the filing of this opinion with the SEC as an exhibit
to a report on Form 6-K to be filed by Credit Suisse on the date hereof, and further consent to the reference of our name in (i)&nbsp;any
pricing supplement relating to Warrants or (ii)&nbsp;an opinion of Davis Polk relating to Warrants exhibited to a report on Form 6-K,
in each case, to be filed by Credit Suisse with the SEC, provided that (a)&nbsp;the terms of the relevant Warrants meet the requirements
described in clauses&nbsp;(e) and (f) of Section II, (b)&nbsp;the relevant Warrants are issued within the Relevant Period, (c)&nbsp;in
the case of a pricing supplement, such pricing supplement has been reviewed by Davis Polk as U.S. counsel to Credit Suisse, (d)&nbsp;Davis
Polk has given its consent to be named in such pricing supplement or Form 6-K to which its opinion will be exhibited, as applicable, and
(e)&nbsp;such reference is substantially in the form set out in the opinion of Davis Polk to Credit Suisse dated February&nbsp;13, 2023.
In giving such consent, we do not admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the U.S.
Securities Act of 1933, as amended. Save as aforementioned, this opinion may not be transmitted by you to any other person, quoted or
referred to in any public document or filed with anyone, in each case, without our express consent.</P>

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

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

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

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

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

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

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

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

<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: 8; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(150,100,225); font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->/8</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  3 &H# 2(  A$! Q$!_\0
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MVZKX6T7Q/-IL$:K)&#RB@1(Q& ,\DFG:OXB^(WPHU"QN?$&IPZ]H=Q)Y;,%
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3<,2!(T29P%4#  &>@%%% '__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>image_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  > !H# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#V&!/WR_C_
M "K>K)52C;AUJQ]KE]!^5 $&I)F8'_/052\NKTK-,V6 _"H_+H N)$"W(XJS
;Y*?W1^5 4 T^@"M+$H(P*C\NK;+FDV"@#__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>image_003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_003.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" != !(# 2(  A$! Q$!_\0
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C-W?/Y^[&%)Z;1Z5Z+P]94K\NGKTMZFO+*VQU]%%%><9'_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
