Important Information / Disclaimer

Structured Products do not constitute participations in collective investment schemes within the meaning of the Swiss Federal Act on Collective Investment Schemes (CISA) and are therefore not subject to authorization and supervision by the Swiss Financial Market Supervisory Authority (FINMA).

The documents on this website regarding "Derivative Products Switzerland" have been prepared solely for information purposes. They may not be sent, taken into or distributed in the United States or to any U.S. Person (within the meaning of Regulation S under the US Securities Act of 1933, as amended) under any circumstances.

These documents are not an offer to sell, or a solicitation of an offer to buy, any products. Any results shown do not reflect the impact of commissions and/or fees, unless stated. Credit Suisse AG and/or its affiliates (hereinafter "Credit Suisse") prices are provided for information purposes only, as an accommodation and without charge. They do not constitute an offer, or a solicitation of an offer, to conclude any transaction at the prices noted.

Whilst the information provided on this website has been prepared by Credit Suisse based upon or by reference to sources, materials and systems that Credit Suisse believes to be reliable and accurate, Credit Suisse does not guarantee its completeness or accuracy and does not accept any liability for losses which might arise from making use of this information.

Credit Suisse may from time to time perform investment banking for, or solicit investment banking or other business from, any company mentioned. We or our employees may from time to time have a long or short position in any product discussed.

These documents do not purport to contain all of the information that an interested party may desire. In all cases, interested parties should conduct their own investigation and analysis of the transaction described in these documents and of the data set forth in them. In particular, it is recommended for interested parties to check that the information provided is in line with his/her own circumstances with regard to any legal, regulatory, tax or other consequences, if necessary with the help of a professional advisor. Historical data on the performance of the investment product or the underlying assets is no indication of future performance. No representation or warranty is made that any indicative performance or return indicated will be achieved in the future.

Risks involved with Structured Products

Issuer Risk (Credit Risk)

Issuer risk denotes the negative effects of a decline in the issuer’s financial standing on the repayment value of the structured product and/or its price in the secondary market. In the event of the insolvency of the issuer, repayment may not be made at the end of the term which would mean the total loss of the capital invested. If the issuer’s financial standing deteriorates during the term of the product, the price of the product in the secondary market may fall, and a sale before the end of the term could lead to a partial or even total loss of the capital invested. Even products with capital protection are exposed to issuer risk. The issuer’s financial standing is thus extremely important.

Complex Products are direct, unconditional, unsecured and unsubordinated obligations of Credit Suisse and are not covered by any compensation or insurance scheme (such as a bank deposit protection scheme). If Credit Suisse were to become insolvent, claims of investors in Complex Products would rank equally in right of payment with all other unsecured and unsubordinated obligations of Credit Suisse, except such obligations given priority by law.

Guarantor Risk (Credit Risk)

The guarantor will assume responsibility for paying part or all of the redemption price if the issuer is not in a position to do so. Participation of a guarantor does not make investing in Capital Protection Products risk-free. Investors bear the risk that guarantors may also become insolvent and therefore be unable to meet their obligations.

Market Risk

Market risk means the risk of a loss incurred by the investor due to adverse changes in the value of the underlying. These changes may have a variety of causes, such as changes in relevant market variables (interest rates, risk premiums, volatility, equity-index levels, exchanges rates, commodity prices, etc.), regulatory intervention, geopolitical events, lack of market transparency, and particular imbalances between the supply of the underlying and the demand for it. An adverse change in the price of the underlying may also be caused by transactions conducted by the issuer in the course of its business activity.

Currency Risk

Currency risk denotes the negative effects of fluctuations in exchange rates on the repayment value of the product and/or its price in the secondary market. When investing in a foreign currency, the investor is subject to the risk of the exchange rates developing unfavorably. Exchange rates can be very volatile and can fluctuate significantly. They are influenced by many micro and macroeconomic factors. The investor may be exposed to currency risk if (i) the product is based on an underlying in a currency other than the issue currency, or (ii) the issue currency is different from the investment currency underlying the investor’s portfolio (which is often, though not always, the currency of the country where the investor is domiciled).

Liquidity Risk

Liquidity risk denotes the possibility that the investor may not be able to dispose of a structured product at any given time or at a reasonable market price. The payout profile of a structured product defined in advance is always valid only at the end of the term. Before the end of the term it may not be possible to sell the product at an acceptable price, for example because no binding prices are quoted for it.

Secondary Market Risk

Changes in the price of the underlying are not necessarily reflected proportionally and immediately in the price of the structured product in the secondary market. The exact nature of the relationship depends on the product type, the residual term, and possibly other factors as well. Imbalance in the secondary market between the supply and the demand of the underlying may lead to a price difference between bid and offer prices (spread) and may even result in the failure to sell the structured product.

Commodity Risk

Investments in commodities can be subject to larger price fluctuations than normal investments. In addition, some commodity markets may further be subject to temporary illiquidity. This may result in a partial or total loss for the investor. In some commodity markets there is a lack of standardization, which may lead to an information deficit regarding the quality of a commodity. This can entail an increased risk for the investor. In case of physical settlement, it can be very expensive or even impossible to acquire the commodities to be delivered.

Emerging Market Risk

Emerging markets are located in countries which possess characteristics such as a certain degree of political instability, a financial market that is still at the development stage, a weak economy, and/or relatively unpredictable financial markets and economic growth patterns. Investing in emerging markets bears certain risks that an investor would not encounter in industrialized nations. The political system may be unstable in some countries, which can have a negative effect on the currency of the respective country and lead to significant currency fluctuations. Insufficient or a lack of market supervision can further lead to a situation where investors cannot, or cannot easily, assert their legal rights. Moreover, legal systems that are not adequately regulated by government institutions can lead to substantial legal uncertainty. As emerging markets are more volatile, investors may suffer temporary, partial or total losses.

No Rights from Underlying Securities

An investment in a structured product does not give you any of the rights associated with the ownership of the underlying itself such as voting rights, subscription rights, dividends or interest.

This risk disclosure notice cannot disclose all the risks. Any investors interested in purchasing a derivative product should conduct their own investigation and analysis of the product and consult with their own professional advisers as to the risks involved in making such a purchase. For further risks disclosures, please consult as well the Full Terms of the derivative product and the risk disclosure brochure "Special Risks in Securities Trading" (2008) (which is available on the Swiss Bankers Association's website: