Terms of Use

By accessing this website, the pages contained on it, and the products, services, information, tools and material contained or described herein (the "Site"), you acknowledge your agreement with and understanding of the following terms of use.

Ownership of Site, Trademarks and Copyrights

Credit Suisse and other trademarks on this Site are trademarks and service marks or registered trademarks or service marks of Credit Suisse Group AG and/or its direct or indirect subsidiaries (hereinafter referred to as "Credit Suisse" or "we"). All material available on the Site, except where otherwise noted, is under copyright to Credit Suisse. Credit Suisse reserves all rights with respect to copyright and trademark ownership of all material on the Site, and will enforce such rights to the full extent of applicable law.

Nothing on the Site shall be construed as granting any license or right to use any image, trademark, service mark or logo. Downloading, copying or printing individual pages and/or parts of the Site is allowed for personal use only, and will not transfer title to any software or material on the Site to you. Explicit attribution to Credit Suisse must be made in the event that the material, or any part thereof, is reproduced in any form, written or electronic. Furthermore, any reproduction, re-publication or distribution of this material requires the express consent of Credit Suisse. 

Restrictions on Offer and Solicitation and Distribution

This Site is not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Credit Suisse to any registration or licensing requirement within such jurisdiction. Nothing on this Site shall constitute an offer or a solicitation of an offer to buy or sell any products or services, including but not limited to any securities, financial instruments or other investments or investment advice. The information in the Site is descriptive of Credit Suisse as a whole and the services, securities and financial instruments described may not be suitable for you or available in the jurisdiction in which you are located, or may only be available through a branch or an affiliate of Credit Suisse that is properly licensed to offer such services, securities or financial instruments in such jurisdiction.

Credit Suisse will not treat users of this Site as its clients by virtue of them accessing it. Users of this site should seek the advice of their independent financial adviser prior to taking any investment decision on the basis of any information contained herein and no information herein constitutes general or specific investment, legal, tax or accounting advice of any kind.

The information contained on this Site may relate to the products and services of a person or entity that is located in a jurisdiction other than that in which you are located. Accordingly the rules for the protection of private customers that apply in the jurisdiction in which you are located may not apply in relation to such products and services.

Disclaimers

Information and opinions presented in this Site have been obtained or derived from sources believed to be reliable, but Credit Suisse makes no representation as to their accuracy or completeness. Credit Suisse maintains the right to delete or modify information on this Site without prior notice.

Credit Suisse may, to the extent permitted by applicable law and/or regulation, participate or invest in financing transactions with the issuer(s) of securities referred to in this Site, perform services for or solicit business from such issuers, and/or have a position or holding, or other material interest or effect transactions in such securities or options thereon or investments related thereto. Credit Suisse may, to the extent permitted by applicable law and/or regulation, act upon or use the information or opinions it presents on this Site, or the research or analysis on which such information or opinions are based, before the material is published. Credit Suisse may have served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the issuers referred to on this Site or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment.

Credit Suisse may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented in this Site. Those reports reflect the different assumptions, views and analytical methods of the analysts who prepared them and Credit Suisse is under no obligation to ensure that such reports are brought to your attention.

Risk Considerations

Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Investing entails risks, including possible loss of principal. The price of, value of and income from securities or financial instruments can fall as well as rise. Certain investments are subject to high volatility, and may experience sudden and large falls in their value. Losses may equal or exceed your original investment. Foreign currency-denominated securities and financial instruments are subject to fluctuations in exchange rates that may have a positive or adverse effect on the value, price or income of such securities or financial instruments. Some investments may not be readily realizable and it may be difficult to sell or realize those investments. Similarly it may prove difficult for you to obtain reliable information about the value, or risks, to which such an investment is exposed. There are also special risk considerations associated with international and global investing (especially emerging markets), small-company investing, single-industry funds or investment strategies, single-country or regional funds or investment strategies, or other special, aggressive or concentrated investment strategies, such as the use of leverage or derivatives. Investors in securities effectively assume these risks.

No Warranty; No Liability

THE INFORMATION ON THIS SITE IS PROVIDED ON AN "AS IS," "AS AVAILABLE" BASIS. CREDIT SUISSE MAKES NO WARRANTY THAT ACCESS TO THE SITE WILL BE UNINTERRUPTED OR ERROR-FREE, THAT DEFECTS WILL BE CORRECTED, OR THAT VIRUSES OR OTHER HARMFUL COMPONENTS WILL NOT BE TRANSMITTED IN CONNECTION WITH YOUR USE OF THE SITE. CREDIT SUISSE HEREBY EXPRESSLY DISCLAIMS, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW AND/OR REGULATION, ALL WARRANTIES, EXPRESS, STATUTORY OR IMPLIED, REGARDING THE SITE AND ANY RESULTS TO BE OBTAINED FROM THE USE OF THE SITE AND ITS CONTENTS, INCLUDING BUT NOT LIMITED TO ALL WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT, FITNESS FOR A PARTICULAR PURPOSE OR USE AND ALL WARRANTIES ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING AND/OR USAGE OF TRADE OR THEIR EQUIVALENTS UNDER THE APPLICABLE LAWS AND/OR REGULATIONS OF ANY JURISDICTION. CREDIT SUISSE DOES NOT WARRANT OR GUARANTEE THE ACCURACY, TIMELINESS, SUITABILITY, COMPLETENESS OR AVAILABILITY OF THIS SITE OR THE INFORMATION OR RESULTS OBTAINED FROM USE OF IT.

UNDER NO CIRCUMSTANCES AND UNDER NO THEORY OF ANY APPLICABLE LAW AND/OR REGULATION SHALL CREDIT SUISSE BE LIABLE TO ANYONE FOR ANY DAMAGES ARISING IN TORT, CONTRACT, STRICT LIABILITY OR OTHERWISE FROM ACCESS TO OR USE OF OR INABILITY TO ACCESS OR USE THIS SITE OR FROM ANY ACTION TAKEN OR NOT TAKEN AS A RESULT, REGARDLESS OF WHETHER THEY ARE DIRECT, INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES OF ANY CHARACTER, INCLUDING DAMAGES FOR TRADING LOSSES OR LOST PROFITS, OR FOR ANY CLAIM OR DEMAND BY ANY THIRD PARTY, EVEN IF CREDIT SUISSE KNEW OR HAD REASON TO KNOW OF THE POSSIBILITY OF SUCH DAMAGES, CLAIM OR DEMAND.

Data Security

Please read our Security of data transfers from the Privacy Policy.

Links to Other Websites / Content of Other Providers

Activating certain links on this Site may cause you to leave this Site. Such links, addresses or hyperlinks are provided solely for your convenience and information. Credit Suisse has not reviewed any of the websites linked with or connected to this Site, or which provide links to this Site, and does not accept any liability for their contents, the offered products or services or any other offers. Using links from this Site to any website not owned by Credit Suisse is at your own risk.

Disclosure Notice

Cautionary statement regarding forward-looking information

This Site contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to the following:

• our plans, objectives or goals;
• our future economic performance or prospects;
• the potential effect on our future performance of certain contingencies; and
• assumptions underlying any such statements.

Words such as “believes,” “anticipates,” “expects,” “intends” and “plans” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements except as may be required by applicable securities laws. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include:

• the ability to maintain sufficient liquidity and access capital markets;
• market and interest rate fluctuations and interest rate levels;
• the strength of the global economy in general and the strength of the economies of the countries in which we conduct our operations, in particular the risk of continued slow economic recovery or downturn in the US or other developed countries in the future;
• the direct and indirect impacts of deterioration or slow recovery in residential and commercial real estate markets;
• adverse rating actions by credit rating agencies in respect of sovereign issuers, structured credit products or other credit-related exposures;
• the ability to achieve our strategic objectives, including improved performance, reduced risks, lower costs and more efficient use of capital;
• the ability of counterparties to meet their obligations to us;
• the effects of, and changes in, fiscal, monetary, trade and tax policies, and currency fluctuations;
• political and social developments, including war, civil unrest or terrorist activity;
• the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations;
• operational factors such as systems failure, human error, or the failure to implement procedures properly;
• actions taken by regulators with respect to our business and practices in one or more of the countries in which we conduct our operations;
• the effects of changes in laws, regulations or accounting policies or practices;
• competition in geographic and business areas in which we conduct our operations;
• the ability to retain and recruit qualified personnel;
• the ability to maintain our reputation and promote our brand;
• the ability to increase market share and control expenses;
• technological changes;
• the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users;
• acquisitions, including the ability to integrate acquired businesses successfully, and divestitures, including the ability to sell non-core assets;
• the adverse resolution of litigation and other contingencies;
• the ability to achieve our cost efficiency goals and cost targets; and
• our success at managing the risks involved in the foregoing.

We caution you that the foregoing list of important factors is not exclusive. When evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, including the information set forth in our most recent Annual Report under “Risk Factors” and in our other public filings

Cautionary Statement Regarding Non-GAAP Financial Information

This Site may contain non-GAAP financial information. If such non-GAAP financial information is disclosed, the most directly comparable measures under generally accepted accounting principles is provided in our most recent periodic report or in our other public filings.

Other information about disclosure on this site

On this Site, adjusted cost run-rate results are measured against our annualized 6M11 expense run rate measured at constant foreign exchange rates and adjusted to exclude business realignment and other significant non-operating expenses and variable compensation expenses.

As of January 1, 2013, Basel III was implemented in Switzerland along with the “Too Big to Fail” legislation and regulations thereunder. Our related disclosures are in accordance with our current interpretation of such requirements, including relevant assumptions. Changes in the interpretation of these requirements in Switzerland or in any of our assumptions or estimates could result in different numbers from those shown herein. Capital and ratio numbers for periods prior to 2013 herein are based on estimates, which are calculated as if the Basel III framework had been in place in Switzerland during such periods.

Unless otherwise noted, leverage ratio, leverage exposure and total capital amounts included herein are based on the current FINMA framework. The Swiss Total Capital leverage ratio is calculated as Swiss Total Capital, divided by a three-month average leverage exposure, which consists of balance sheet assets, off-balance sheet exposures, which consist of guarantees and commitments, and regulatory adjustments, which include cash collateral netting reversals and derivative add-ons.

For further information on Core results, refer to “Results overview” in II – Operating and financial review – Core Results in our most recent Annual Report.

All opinions and estimates expressed in this Site constitute our judgment as of publication and do not constitute general or specific investment legal, tax or accounting advice of any kind