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10973980_termsheet_EN

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									                                                                                                 Authorised and Regulated by the Financial Services Authority (FSA)




Structured Products Termsheet
Fixed Terms
 February 25, 2010



                                     Capital Protected Notes in USD linked to a
                                     Asian Currency Basket versus US Dollar (USD)
                                     March 10, 2010 until March 11, 2013


Brief Description                    Capital Protected Notes (“Notes”) are derivative financial instruments, enabling investors to participate in
                                     the positive development of a basket of currencies versus the US Dollar (“USD”) (see “Underlying”
                                     below), whilst retaining capital protection (100%) by the Issuer on the Maturity Date.

                                     For information on the product risks, see page 3 and 4.


Product Category                     Capital Protected Products, Uncapped Capital Protection (1100), according to the Swiss Derivative Map
                                     www.svsp-verband.ch


Risk Category                        Complex Product
                                     Complex Products require specific knowledge on the part of the investor regarding the product and the
                                     risks associated with such products. It is recommended that the investor obtains adequate information
                                     regarding the risks associated with the specific product before making an investment decision.


Security Codes                       Swiss Security No.                   ISIN                                                                                        Telekurs Ticker       WKN

                                     10 973 980                           XS 048 434 851 0                                                                            None                  None


Issuer                              CREDIT SUISSE AG, Zurich, acting through its London Branch, London (Aa1/A+)

Lead Manager                        CREDIT SUISSE INTERNATIONAL, London

Calculation Agent                   CREDIT SUISSE INTERNATIONAL, London

Paying Agent                        BANK OF NEW YORK Mellon, London


Underlying                          Asian Currency Basket, consisting of the following currencies versus the USD.
                                                                    Initial Fixing Level   Weighting                                                          Fixing Reference (or a
                                      i     CCYi      Country                                                                                                                                 Fixing Time
                                                                     (per USD 1.00)          (Wi)                                                           successor page or pages)
                                                       South                                                                                                                               at or around 15:00
                                      1    KRW                          1158.40               1/4                                                                      Reuters KFTC18
                                                       Korea                                                                                                                                      Seoul
                                                                                                                                                                                           at or around 11:00
                                      2     IDR      Indonesia            9347                1/4                                                                     Reuters ABSIRFIX01
                                                                                                                                                                                                Singapore
                                                                                                                                                                                           at or around 12:30
                                      3     INR         India             46.36               1/4                                                                        Reuters RBIB
                                                                                                                                                                                                 Mumbai
                                                                                                                                                                                           at or around 11:00
                                      4     SGD      Singapore           1.4117               1/4                                                                     Reuters ABSIRFIX01
                                                                                                                                                                                                Singapore


Issue Price                         100% of the Specified Denomination

Credit Suisse AG – Structured Products Termsheet, Fixed Terms – February 25, 2010 – ISIN: XS 048 434 851 0                                                                                                      1
Specified Denomination              USD 1'000

Trade Date                          February 24, 2010, being the date on which the Notes were traded.

Initial Fixing Date                 February 25, 2010, being the date on which the Initial Fixing Levels were fixed.

Issue / Payment Date                March 10, 2010, being the date on which the Notes are issued and the payment has to be made.

Last Trading Date                   March 04, 2013, 12:00 London time

Final Fixing Date                   March 05, 2013, being the date on which the Final Fixing Levels will be fixed.

Maturity Date                       March 11, 2013, being the date on which the Redemption Amount will be paid.

Basket Performance                  The Basket Performance is calculated according to the following formula:
                                      4
                                                   InitialFixingLeveli - FinalFixingLeveli
                                     ∑W ×
                                     i =1
                                             i
                                                              InitialFixingLeveli

Initial Fixing Level                USD/CCYi spot exchange rate (expressed as the number of CCYi per USD 1.00) as determined on the
                                    Initial Fixing Date by the Calculation Agent by reference to the corresponding Fixing Reference at the
                                    corresponding Fixing Time on the Initial Fixing Date (in each case, as set out in the section “Underlying”).
                                    If the Calculation Agent cannot determine the Initial Fixing Level in accordance with the above paragraph,
                                    the Initial Fixing Level shall be determined by the Calculation Agent in good faith and in a commercially
                                    reasonable manner

Participation Rate                  105%

Final Fixing Level                  USD/CCYi spot exchange rate (expressed as the number of CCYi per USD 1.00) as determined on the
                                    Final Fixing Date by the Calculation Agent by reference to the corresponding Fixing Reference at the
                                    corresponding Fixing Time on the Final Fixing Date (in each case, as set out in the section “Underlying”).
                                    If the Calculation Agent cannot determine the Final Fixing Level in accordance with the above paragraph, the
                                    Final Fixing Level shall be determined by the Calculation Agent in good faith and in a commercially
                                    reasonable manner.

Redemption Amount                   If the Basket Performance is at or above zero,
                                    Specified Denomination x [100% + Basket Performance x Participation Rate]
                                    If the Basket Performance is less than zero,
                                    Specified Denomination x 100%.
                                    For a more detailed explanation on redemption scenarios including calculation examples, please contact your
                                    relationship manager.

Business Days                       London, New York

Business Day                        Following
Convention

Entitlement                         Each Note entitles the holder thereof to the Redemption Amount once only.

Trading                             The Notes are traded in a percentage of the Denomination and are booked accordingly. The trading price
                                    includes accrued interest and premium (dirty price). Credit Suisse International may provide a secondary
                                    market for the Notes, but is under no obligation to do so. Upon request, Credit Suisse International may
                                    provide bid/offer prices for the Notes at its sole discretion taking into account prevailing market conditions at
                                    the time of the request. There will be a price difference between bid and offer prices (i.e. the spread).

Listing                             No application will be made to list the Notes on any stock exchange.

Minimum Trading Lot                 USD 1'000


Aggregate Notional                  USD 4'000'000 (may be increased or decreased at any time)
Amount


Credit Suisse AG – Structured Products Termsheet, Fixed Terms – February 25, 2010 – ISIN: XS 048 434 851 0                                       2
Settlement (Clearing)               Euroclear Bank S.A. and Clearstream Banking

Publication                         The fixed Termsheet and all material changes during the lifetime of the Notes may be obtained from your
                                    relationship manager upon request and will also be published on:
                                    www.credit-suisse.com/structuredinvestments or www.credit-suisse.com/structuredproducts
                                    The full and final terms and conditions of the Notes can be viewed on the following website, using the hugo
                                    code set out in your transaction confirmation as the password.
                                    If you cannot log in or have any other queries please email ib-tmg@exchea.csfb.com who will provide you
                                    with the password.
                                    https://derivatives.csfb.com/pricingsupplement/

Documentation                       The Notes will be documented under the Issuer’s Structured Products Programme.
                                    The fixed Termsheet shall include the information required for a simplified prospectus pursuant to Article 5 of
                                    the Federal Act on Collective Investment Schemes. Until the Issue Date the terms are indicative and may be
                                    amended. The information contained in the simplified prospectus is of summary nature. The full terms may
                                    be obtained directly from Credit Suisse AG, London Branch, One Cabot Square, London E14 4QJ, England
                                    or from Credit Suisse AG, VTYC 4 FX Structuring, Uetlibergstrasse 231, CH-8070 Zürich.

Form of Notes                       Bearer note, issued in the form of a single global note. Investors shall not have the right to request delivery
                                    of Notes in definitive form.
                                    So long as the Notes are represented by a global note, transfers of Notes may only be made within the
                                    relevant clearing system and will be made in accordance with the rules and procedures of the relevant
                                    clearing system.

Governing                           English Law; Courts of England
Law/Jurisdiction

Tax Considerations                  The following statements and discussions of certain Swiss tax considerations relevant to the purchase,
                                    ownership and disposition of the Notes are of a general nature only and do not address every potential tax
                                    consequence of an investment in the Notes under Swiss law. This summary is based on treaties, laws,
                                    regulations, rulings, practices and decisions currently in effect, all of which are subject to change. It does
                                    not address the tax consequences of the Notes in any jurisdiction other than Switzerland.
                                    Tax treatment depends on the individual tax situation of each investor and may be subject to changes in the
                                    future. Potential investors will therefore need to consult their own tax advisors to determine the special tax
                                    consequences of the purchase, ownership and disposition of the Notes. In particular, the precise tax
                                    treatment of a holder of Notes needs to be determined for each issue with reference to the terms of the
                                    Note under the law and practice at the relevant time.
                                    Investors in the Notes will be liable for all current and future taxes and duties as a consequence of an
                                    investment in Notes. The income tax treatment as depicted below is applicable to individual persons with tax
                                    residence in Switzerland and private assets. Swiss withholding tax and Swiss stamp taxes are applicable to
                                    all investors; however, specific rules apply with respect to certain types of investors and transactions.
                                    No Swiss withholding tax and no Swiss stamp tax at issuance (primary market) of the Notes. However,
                                    secondary market transactions of the Notes are subject to Swiss securities transfer stamp tax (0.15%) for
                                    Swiss resident investors. TK-Code 22
                                    The difference between the protected redemption (100%) and its present value (Bondfloor = 94.8295%;
                                    IRR = 1.7575%) is subject to income tax for Swiss resident private investors.
                                    This product classifies as transparent, IUP (Interest Unique Predominant).
                                    These Notes are not subject to EU Withholding Tax for Swiss paying agent. TK-Code 2; “out of scope”
                                    The Issuer or any of its affiliates expressly excludes all liability in respect of any tax implications.

Issuer Risk                         Each Note's retention of value is dependent not only on the performance of the Underlying to which the
                                    Notes are linked, but also on the creditworthiness of the Issuer, which may change over the term of the
                                    Notes. The Notes are direct, unsubordinated, unconditional and unsecured obligations of the Issuer and
                                    rank equally with all other direct, unsubordinated, unconditional and unsecured obligations of the Issuer. The
                                    Issuer is licensed as a bank pursuant to the Federal Act on Banks and Saving Banks and as a securities
                                    dealer pursuant to the Federal Act on Stock Exchanges and Securities Trading and is subject to supervision
                                    by the Swiss Financial Market Supervisory Authority (FINMA).

Product Risks                       Before buying these Notes, the investor should carefully consider, among other things the following:
                                    Potential Loss
                                    (a)    The Notes may have a market value during the term of the Notes below the minimum Redemption
                                           Amount and may deviate from the direction of movements in the Underlying.
                                    Underlying Risk
                                    (b)    Owning the Notes is not the same as owning the currencies referenced in the Underlying.
                                           Accordingly, changes in the performance of the Underlying may not result in a comparable change

Credit Suisse AG – Structured Products Termsheet, Fixed Terms – February 25, 2010 – ISIN: XS 048 434 851 0                                     3
                                              in the market value of the Notes.
                                    (c)       The level of the Underlying may go down as well as up throughout the term of the Note. Such
                                              fluctuations may affect the value of the Notes. Furthermore, the level of the Underlying at any
                                              specific date may not reflect the prior or future performance. There can be no assurance as to the
                                              future performance of the Underlying.
                                    (d)      The term of the Notes provide that the amount paid to the investor on the Maturity Date will be
                                             dependent upon the performance of the Underlying to which the Note is linked. Accordingly, the
                                             return on the Notes may be less than the amount that would be paid on a deposit for an equivalent
                                             period.
                                    Illiquidity Risk
                                    (e)      Credit Suisse International may provide a secondary market for the Notes, but is under no obligation
                                             to do so. Upon request, Credit Suisse International may provide bid/offer prices for the Notes at its
                                             sole discretion taking into account prevailing market conditions at the time of the request. There will
                                             be a price difference between bid and offer prices (i.e. the spread).
                                    (f)    It is not possible to predict the price at which the Notes will trade in the market or whether such
                                           market will be liquid or illiquid and the market for the Notes may be limited. Consequently, a
                                           purchaser must be prepared to hold the Notes for an indefinite period of time or until the Maturity
                                           Date. The only way in which a holder can realise value from the Note prior to the Maturity Date is to
                                           sell it at its then market price in the market, which may be less than the amount initially invested.
                                    Capital Protection only for Redemption on the Maturity Date
                                    (g)    Capital protection in respect of an investment in the Notes is only available for Notes which are not
                                           redeemed before the Maturity Date.
                                    Currency Risk
                                    (h)    The investor may be exposed to a currency risk, because the Notes are denominated in a currency
                                           other than that of the country in which the investor is resident. The value of the investment may
                                           therefore increase or decrease based on currency fluctuations.
                                    Emerging Market Risks
                                    (i)    An investment in Notes represents an investment in, among other things, Emerging Markets.
                                           Emerging Markets are located in countries that possess one or more of the following characteristics.
                                           A certain degree of political instability, relatively unpredictable financial markets and economic
                                           growth patterns, a financial market that is still at the development stage or a weak economy.
                                           Emerging Markets investments usually result in higher risk such as political risks, economical risks,
                                           credit risks, exchange rate risks, market liquidity risks, legal risks, settlement risks, market risks,
                                           shareholder risks and creditor risks.

                                    This risk disclosure notice cannot disclose all the risks. The investor should, therefore,
                                    consult the final terms and the “Special Risks in Securities Trading (2008)” risk
                                    disclosure brochure (which is available on the Swiss Bankers Association’s website:
                                    www.swissbanking.org/en/home/shop.htm or may be obtained from your relationship manager
                                    upon request).

Important Notices                   By entering into a transaction with the Issuer or any of its affiliates, the investor acknowledges having read
                                    and understood the following terms:
                                    The Issuer is acting solely as an arm’s length contractual counterparty and neither the Issuer nor any affiliate
                                    is acting as the financial adviser or fiduciary of the investor unless it has agreed to do so in writing.
                                    This document is issued solely for information purposes and for the recipient’s sole use. It does not
                                    constitute an offer or invitation to enter into any type of financial transaction. The Issuer has no obligation to
                                    issue this investment product. The information and views contained in this document are those of the Issuer
                                    and/or are derived from sources believed to be reliable. This document constitutes Marketing Material
                                    and is not the result of a financial analysis and, therefore, not subject to the “Directives on the Independence
                                    of Financial Research” (Swiss Bankers Association). The content of this document, therefore, does not fulfil
                                    the legal requirements for the independence of financial analyses and there is no restriction on trading prior
                                    to publication of financial research.
                                    This investment product does not constitute a participation in a collective investment scheme. Therefore, it is
                                    not supervised by the Swiss Financial Market Supervisory Authority (FINMA) and the investor does not
                                    benefit from the specific investor protection provided under the Federal Act on Collective Investment
                                    Schemes. The prospectus requirements of Art. 652a / Art. 1156 of the Swiss Code of Obligations are not
                                    applicable.
                                    In connection with this transaction, the Issuer and/or its affiliates may pay to third parties, or
                                    receive from third parties as part of their compensation or otherwise, one-time or recurring
                                    remunerations (e.g. placement or holding fees). In receiving payments by third parties, the Issuer’s and/or
                                    its affiliates’ interests may be adverse to those of the holders of this investment product and such payments
                                    could therefore adversely affect the investor’s return on the investment product. Further information may be
                                    requested from your bank / relationship manager.
Credit Suisse AG – Structured Products Termsheet, Fixed Terms – February 25, 2010 – ISIN: XS 048 434 851 0                                        4
                                    Where not explicitly otherwise stated, the Issuer has no duty to invest in the underlying assets and investors
                                    have no recourse to the underlying assets or to any payouts on the underlying assets. The price of the
                                    investment product will reflect the customary fees and costs charged on the level of the underlying assets
                                    (e.g. index calculation fees, management fees, administration fees). Certain built-in costs are likely to
                                    adversely affect the value of the investment product prior to maturity.
                                    This investment product is a complex structured financial instrument and involves a high degree of risk. It is
                                    intended only for investors who understand and are capable of assuming all risks involved. Before entering
                                    into any transaction, an investor should determine if this product suits his or her particular circumstances and
                                    should independently assess (with his or her professional advisers) the specific risks (maximum loss,
                                    currency risks, etc.) and the legal, regulatory, credit, tax and accounting consequences. The Issuer makes
                                    no representation as to the suitability or appropriateness of this investment product for any particular investor
                                    or as to the future performance of this investment product. This document does not replace a personal
                                    conversation with your relationship manager, which is recommended by Credit Suisse AG before the
                                    investment decision. Please request your relationship manager to provide you with any available, additional
                                    information regarding this investment product such as the full terms or the fact sheet.
                                    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. Neither this document nor any copy thereof may be sent, taken into
                                    or distributed in the United States or to any U. S. person or in any other jurisdiction except under
                                    circumstances that will result in compliance with the applicable laws thereof. This document may not be
                                    reproduced either in whole or in part, without the written permission of the Issuer.
                                    Please read the final terms for a fuller disclosure of product risks and important notices that you should
                                    consider in making your investment decision.

Selling Restrictions
General
Any Notes purchased by any person may not be offered or sold or any offering materials relating thereto distributed in any country or jurisdiction, unless the
offeror has complied and will comply with all applicable laws and regulations in such country or jurisdiction.
U.S.A. and U.S. Persons
The Notes have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold within the United States or to, or
for the account or benefit of, U.S. persons.
European Economic Area
The Base Prospectus has been prepared on the basis that, except to the extent sub-paragraph (ii) below may apply, any offer of Notes in any Member
State of the European Economic Area which has implemented the Prospectus Directive (2003/71/EC) (each, a “Relevant Member State”) will be made
pursuant to an exemption under the Prospectus Directive, as implemented in that Relevant Member State, from the requirement to publish a prospectus for
offers of Notes. Accordingly any person making or intending to make an offer in that Relevant Member State of Notes which are the subject of an
[offering/placement] contemplated in the Base Prospectus as completed by final terms in relation to the offer of those Notes may only do so (i) in
circumstances in which no obligation arises for the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive or
supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer, or (ii) if a prospectus for such offer has
been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State and notified to
the competent authority in that Relevant Member State and (in either case) published, all in accordance with the Prospectus Directive, provided that any
such prospectus has subsequently been completed by final terms which specify that offers may be made other than pursuant to Article 3(2) of the
Prospectus Directive in that Relevant Member State and such offer is made in the period beginning and ending on the dates specified for such purpose in
such prospectus or final terms, as applicable. Except to the extent sub-paragraph (ii) above may apply, neither the Issuer nor any Dealer have authorised,
nor do they authorise, the making of any offer of Notes in circumstances in which an obligation arises for the Issuer or any Dealer to publish or supplement
a prospectus for such offer.
United Kingdom
Credit Suisse AG has represented and agreed that: (a) (i) it is a person whose ordinary activities involve it in acquiring, holding, managing or disposing of
investments (as principal or agent) for the purposes of its business and (ii) it has not offered or sold and will not offer or sell the Notes other than to persons
whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their business or
who it is reasonable to expect will acquire, hold, manage or dispose of investments (as principal or agent) for the purposes of their businesses where the
issue of the Notes would otherwise constitute a contravention of Section 19 of the FSMA by Credit Suisse AG; (b) it has only communicated or caused to be
communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of
Section 21 of the FSMA) received by it in connection with the issue or sale of the Notes in circumstances in which Section 21(1) of the FSMA does not
apply to the Issuer; and (c) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the
Notes in, from or otherwise involving the United Kingdom.
Singapore
This document has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this document and any other document or
material in connection with the offer or sale, or invitation for subscription or purchase, of the securities may not be circulated or distributed, nor may the
securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other
than (i) to an Institutional Investor under section 274 of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”), (ii) to a relevant person, or
any person pursuant to section 275(1a), and in accordance with the conditions, specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in
accordance with the conditions of, any other applicable provision of the SFA. Where the securities are subscribed or purchased under Section 275 by a
relevant person which is: (a) a corporation (which is not an accredited investor) the sole business of which is to hold investments and the entire share capital
of which is owned by one or more individuals, each of whom is an accredited investor; or (b) a trust (where the trustee is not an accredited investor) whose
sole purpose is to hold investments and each beneficiary is an accredited investor, shares, then the debentures and units of shares and debentures of that
corporation or the beneficiaries’ rights and interest in that trust shall not be transferable for 6 months after that corporation or that trust has acquired the
securities under Section 275 except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person, or any person pursuant to section
275(1a), and in accordance with the conditions, specified in Section 275 of the SFA; (2) where no consideration is given for the transfer; or (3) by operation
of law.


Credit Suisse AG – Structured Products Termsheet, Fixed Terms – February 25, 2010 – ISIN: XS 048 434 851 0                                                    5
Hong Kong
Unless permitted under the securities law of Hong Kong, no advertisement, invitation, or documents relating to the Notes have been, or will be, issued or
held in any person’s possession for purpose of issue, other than with respect to the Notes intended to be disposed of to persons outside Hong Kong or to
be disposed of in Hong Kong only to persons whose business involves the acquisition, disposal or holding of securities, whether as principal or agent.




Credit Suisse AG – Structured Products Termsheet, Fixed Terms – February 25, 2010 – ISIN: XS 048 434 851 0                                          6

								
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