AVVISO n.20918 16 Dicembre 2013 SeDeX - INV. CERTIFICATES

AVVISO n.20918

16 Dicembre 2013

SeDeX - INV. CERTIFICATES

Mittente del comunicato : Borsa Italiana

Societa' oggetto dell'Avviso

: Credit Suisse

Oggetto : Inizio negoziazione 'Investment Certificates

- Classe B' 'Credit Suisse'

Testo del comunicato

Si veda allegato.

Disposizioni della Borsa

Strumenti finanziari: Trigger Return Equity-linked Securities due 2015

linked to a basket of German shares

Emittente: Credit Suisse

Rating Emittente: Società di Rating Long Term Data Report Moody's Aa1 28/02/2012

Standard & Poor's A+ 29/11/2011

Fitch Ratings A 06/06/2012

Oggetto: INIZIO NEGOZIAZIONI IN BORSA

Data di inizio negoziazioni: 17/12/2013

Mercato di quotazione: Borsa - Comparto SEDEX 'Investment Certificates -

Classe B'

Orari e modalità di negoziazione: Negoziazione continua e l'orario stabilito dall'art. IA.7.3.1

delle Istruzioni

Operatore incaricato ad assolvere l'impegno di quotazione:

Credit Suisse Securities (Europe) Limited Member ID Specialist: IT7800

CARATTERISTICHE SALIENTI DEI TITOLI OGGETTO DI QUOTAZIONE

Trigger Return Equity-linked Securities due 2015 linked to a basket of German shares

Tipo di liquidazione: monetaria

Modalità di esercizio: europeo

Modalità di negoziazione: per gli Strumenti Finanziari la data di negoziazione ex-

diritto al pagamento dell'importo periodico decorre dal secondo giorno di mercato aperto antecedente le rispettive record date

DISPOSIZIONI DELLA BORSA ITALIANA

Dal giorno 17/12/2013, gli strumenti finanziari 'Trigger Return Equity-linked Securities due 2015 linked to a basket of German shares' (vedasi scheda riepilogativa delle caratteristiche dei securitised derivatives) verranno inseriti nel Listino Ufficiale, sezione Securitised Derivatives.

Allegati:

- Scheda riepilogativa delle caratteristiche dei securitised derivatives;

- Estratto del prospetto di quotazione dei Securitised Derivatives

Num. Serie

Codice Isin

Trading Code

Instrument Id

Descrizione

Sottostante

Tipologia

Data Scadenza

Valore Nominale

Quantità

Lotto Negoziazione

EMS

Prima Bonus/Strike Barriera %

Rebate

CH0225344040

Z44040

754872

XXXXXXXXXXXXXXX00%X000000

XXXXXXXX BANK / DEUTSCHE TELEKOM / DAIMLER AG

Inv

04/12/15

100

20000

100

6,8

Num. Serie

NOTA DI SINTESI DEGLI STRUMENTI FINANZIARI

Le note di sintesi sono costituite da obblighi di informativa conosciuti come “Elementi”. Questi Elementi sono numerati nelle Sezioni A - E (A.1 - E.7).

La presente nota di sintesi contiene tutti gli Elementi che devono essere inclusi in una nota di sintesi per questa tipologia di Strumenti Finanziari ed Emittente. Poiché alcuni Elementi non devono essere trattati, vi possono essere intervalli nella sequenza numerica degli Elementi.

Anche qualora l'inclusione di un Elemento nella nota di sintesi sia richiesta in ragione della tipologia degli Strumenti Finanziari e dell'Emittente, è possibile che nessuna informazione rilevante possa essere fornita in merito a quell'Elemento. In questo caso, una breve descrizione dell'Elemento è inclusa nella nota di sintesi con la menzione "non applicabile".

Sezione A - Introduzione e Avvertenze
A.1	Introduzione e Avvertenze:	La presente nota di sintesi va letta come un'introduzione al presente Prospetto di Base. Qualsiasi decisione di investire negli Strumenti Finanziari dovrebbe basarsi sull'esame da parte dell'investitore del presente Prospetto di Base nel suo complesso. Qualora sia proposta un'azione legale in merito alle informazioni contenute nel presente Prospetto di Base dinanzi all'autorità giudiziaria, l'investitore ricorrente, ai sensi della legislazione nazionale degli Stati membri, potrebbe essere tenuto a sostenere le spese di traduzione del presente Prospetto di Base prima dell'inizio del procedimento. La responsabilità civile incombe solo sulle persone che hanno preparato la nota di sintesi, compresa la sua eventuale traduzione, ma solo quando la nota di sintesi sia fuorviante, imprecisa o incoerente se letta insieme con le altre parti del presente Prospetto di Base oppure, se letta insieme con le altre parti del presente Prospetto di Base, non contenga informazioni chiave che aiutino gli investitori nello stabilire se investire negli Strumenti Finanziari.
A.2	Autorizzazion(e)(i):	Qualora gli Strumenti Finanziari debbano essere oggetto di un'offerta al pubblico che richieda la pubblicazione preventiva di un prospetto ai sensi della Direttiva Prospetti (una "Offerta Non Esente"), l'Emittente acconsente all'utilizzo del Prospetto di Base da parte dell'/degli intermediario/i finanziario/i ("Offerent(e)(i) Autorizzat(o)(i)"), durante il periodo di offerta e alle condizioni, secondo quanto previsto di seguito:
		(a)	Nome e indirizzo dell' (degli) Offerent(e)(i) Autorizzat(o)(i):	Poste Italian S.p.A. - Società con socio unico – Patrimonio BancoPosta Xxxxx Xxxxxx, 000 00000 Xxxx Xxxxxx
		(x)	Periodo di Offerta per il quale l'uso del Prospetto di Base da parte (dell')(degli )Offerent(e)(i) Autorizzat(o)(i) è autorizzato:	Dal 30 ottobre 2013 (incluso), fino al 21 novembre 2013 (incluso).

		(c)	Condizioni per l'utilizzo del Prospetto di Base da parte dell’ (degli) Offerente(i) Autorizzato(i):	Il Prospetto di Base può essere utilizzato solo dall'(dagli) Offerente(i) Autorizzato(i) per offerte degli Strumenti Finanziari nella(e) giurisdizione(i) nella(e) quale(i) l'Offerta non esente si svolge.
		Qualora intenda acquistare gli Strumenti Finanziari da un Offerente Autorizzato, potrà farlo, e tale offerta e vendita saranno fatte, nel rispetto dei termini e degli accordi in essere fra Lei e l’Offerente Autorizzato, incluso quanto stabilito con riferimento al prezzo e al pagamento. L’Emittente non sarà parte di alcuno di questi accordi le cui informazioni, di conseguenza, non sono incluse nel presente Prospetto di Base. I termini e le condizioni di tale offerta vi dovrebbero essere comunicate dall’Offerente Autorizzato. Né l’Emittente né alcuno dei Dealer sono responsabili di o per tali informazioni.
Sezione B - Emittente
B.1	Denominazione legale e commerciale dell'Emittente:	Credit Suisse AG ("CS"), che agisce tramite la propria filiale di Londra.
B.2	Domicilio e forma	CS è una banca svizzera e una società per azioni costituita ai sensi
	giuridica	della legge svizzera il 5 luglio 1856 ed opera ai sensi della legge
	dell'Emittente,	svizzera. La sede legale principale si trova a Xxxxxxxxxxx 0, XX-0000,
	xxxxxxxxxxxx xx	Xxxxxxxx.
	base alla quale
	l'Emittente opera e
	paese di
	costituzione
	dell'Emittente:
B.4b	Tendenze note riguardanti l'Emittente e i settori in cui opera:	Il settore dei servizi finanziari sta attraversando una fase di transizione Il settore dei servizi finanziari sta attraversando una fase di transizione, con le banche che cercano di adattarsi ai nuovi requisiti normativi, al cambiamento delle condizioni macroeconomiche e all'evoluzione delle esigenze dei clienti.
		Evoluzioni nell'investment banking
		L'investment banking è stato colpito da un elevato grado d'incertezza macroeconomica, da tensioni politiche e da continue evoluzioni normative. Vi sono inoltre preoccupazioni per la crisi europea del debito sovrano e per il rallentamento economico globale.
		L'attività di investment banking del Gruppo dell'Emittente è stata colpita da contenuta propensione al rischio aziendale e istituzionale, da continui bassi livelli di attività da parte dei clienti nei vari settori ed elevata volatilità dei mercati.
		Novità legislative e regolamentari
		Le istituzioni finanziarie di tutto il mondo sono state sotto notevole pressione nell'adattare i loro modelli di business a requisiti legali divenuti sempre più stringenti.
		Il quadro normativo in evoluzione e significativi sviluppi normativi hanno cambiato radicalmente il panorama economico e competitivo del

		settore. Un esempio di modifica sostanziale che ha influenzato il settore è l'introduzione graduale di requisiti patrimoniali minimi più elevati ai sensi di Basilea III, in alcuni paesi, tra cui la Svizzera, a partire dal 2013. Nell'ambito degli sforzi per prevenire un'altra crisi finanziaria, banche ritenute d'importanza sistemica dovranno detenere capitale aggiuntivo entro l'inizio del 2019. Anche se alcune delle nuove misure regolamentari richiedono ulteriore regolamentazione e saranno attuate nel corso del tempo, l'Emittente prevede maggiori requisiti di capitale e di liquidità e che la regolamentazione dei derivati comporterà una riduzione della propensione al rischio e una maggiore trasparenza.
B.5	Descrizione del gruppo e della posizione dell'Emittente all'interno del gruppo	CS è una società interamente controllata da Credit Suisse Group AG. Un organigramma di sintesi è indicato di seguito: 20%
B.9	Previsione o stima degli utili	Non applicabile; nessuna previsione o stima degli utili è stata fatta da parte dell'Emittente.
B.10	Xxxxxxx contenuti nella relazione di revisione sulle informazioni finanziarie relative agli esercizi passati	Non applicabile; non vi erano rilievi nella relazione di revisione sulle informazioni finanziarie relative agli esercizi passati.
B.12	Informazioni finanziarie fondamentali selezionate; assenza di cambiamenti negativi sostanziali e descrizione dei cambiamenti significativi nella situazione finanziaria o commerciale dell'Emittente:		CS
			In milioni di CHF	Esercizio chiuso al 31 dicembre
				2012	2011
			Principali dati di conto economico
			Ricavi netti	23.533	25.187
			Totale spese di gestione	(21.472)	(22.563)
			Utile netto/Perdita netta	1.495	2.042
			Principali dati di bilancio
			Totale attivo	908.160	1.034.787

Credit Suisse Group AG
Credit Suisse Group AG
	100%
Credit Suisse AG
	80%
Credit Suisse International
Credit Suisse International

			Totale del passivo	865.999	996.436
			Totale capitale azionario	42.161	38.351

				Semestre chiuso al 30 giugno (non sottoposto a revisione)
				2013	2012
			Principali dati di conto economico
			Ricavi netti	13.942	12.037
			Totale spese di gestione	(10.552)	(10.871)
			Utile netto/Perdita netta	2.414	857

			Principali dati di bilancio	Semestre chiuso al 30 giugno (non sottoposto a revisione)	Esercizio chiuso al 31 dicembre
				2013	2012
			Totale attività	902.216	908.160
			Totale del passivo	857.759	865.999
			Totale capitale azionario	44.457	42.161
		Non si sono verificati cambiamenti negativi sostanziali delle prospettive dell'Emittente dal 31 dicembre 2012. Non c'è stato alcun cambiamento significativo nella situazione finanziaria o commerciale dell'Emittente dal 30 giugno 2013.
B.13	Fatti recenti riguardanti l'Emittente che siano sostanzialmente rilevanti per la valutazione della solvibilità dell'Emittente:	Non applicabile; non vi sono fatti recenti riguardanti l'Emittente che siano rilevanti in misura sostanziale per la valutazione di solvibilità dell'Emittente.
B.14	Posizione dell'emittente nel suo gruppo aziendale e dipendenza da altri soggetti all'interno del gruppo aziendale:	Vedere Elemento B.5 di cui sopra.
B.15	Principali attività dell'Emittente:	Le attività principali di CS si articolano in tre linee di business: • Investment banking: CS offre prodotti relativi a strumenti finanziari e servizi di consulenza finanziaria a utenti e fornitori

		di capitale in tutto il mondo • Private banking: CS fornisce una consulenza completa e una vasta gamma di prodotti di investimento e servizi a livello globale, tra cui soluzioni di gestione patrimoniale • Asset management: CS offre prodotti in un ampio spettro di classi di investimento, tra cui gli investimenti alternativi e soluzioni multi-asset class.
B.16	Proprietà e controllo dell'Emittente:	Vedere Elemento B.5 di cui sopra.
B.17	Rating:	CS ha ricevuto un rating del debito senior di lungo termine non garantito di "A (Outlook Stabile)" da parte di Standard & Poor's, un rating del debito senior di lungo termine di "A (Outlook Stabile)" da parte di Fitch e un rating del debito senior di lungo termine di "A1 (Outlook Stabile)" da parte di Moody's Inc.
Sezione C – Strumenti Finanziari
C.1	Tipo e classe degli Strumenti Finanziari offerti:	Gli Strumenti Finanziari sono Certificati. Gli Strumenti Finanziari sono Strumenti Finanziari Trigger Return Securities. Gli Strumenti Finanziari di una Serie saranno unicamente identificati da ISIN: CH0225344040; Common Code: 098201475 e Swiss Security Number: 022534404.
C.2	Valuta:	La valuta degli Regolamento").	Strumenti	Finanziari	sarà	l’Euro	(la	"Valuta di
C.5	Descrizione delle restrizioni alla libera trasferibilità degli Strumenti Finanziari :	Gli Strumenti Finanziari non sono stati e non saranno registrati ai sensi dello US Securities Act of 1933 ("Securities Act") e non possono essere offerti o venduti negli Stati Uniti ovvero a, o per conto o a beneficio di, soggetti statunitensi se non in certe operazioni esenti dagli obblighi di registrazione del Securities Act e delle leggi di stato sui valori mobiliari applicabili.
		Nessuna offerta, vendita o consegna degli Strumenti Finanziari, o distribuzione di documentazione d'offerta relativa agli Strumenti Finanziari, può essere effettuata in o da qualunque giurisdizione, salvo in circostanze che risulteranno in conformità a tutte le leggi e regolamenti applicabili.
		Conformemente a quanto sopra, gli Strumenti Finanziari saranno liberamente trasferibili.
C.8	Descrizione dei diritti connessi agli Strumenti Finanziari, ranking degli Strumenti Finanziari e limitazione a tali diritti:	Diritti: gli Strumenti Finanziari daranno a ciascun detentore di Strumenti Finanziari (un "Detentore") il diritto di ricevere un potenziale rendimento sugli Strumenti Finanziari (vedere Elemento C.18 qui di seguito). Gli Strumenti Finanziari daranno anche a ciascun investitore il diritto di voto su alcune modifiche. Status e ranking: Gli Strumenti Finanziari sono obbligazioni non subordinate e non garantite dell'Emittente ed avranno pari grado tra di loro e rispetto a tutte le altre obbligazioni non subordinate e non garantite dell'Emittente di volta in volta in essere.
		Limitazione ai diritti:
		• L'Emittente potrà rimborsare anticipatamente gli Strumenti Finanziari per motivi di illegalità o a causa di determinati eventi che riguardano gli accordi di copertura dell'Emittente o

		delle Attività Sottostanti. In tal caso, l'importo pagabile su tale rimborso anticipato sarà pari all'equo valore di mercato degli Strumenti Finanziari. • L'Emittente può modificare i termini e le condizioni degli Strumenti Finanziari senza il consenso dei Detentori a seguito di determinati eventi di rettifica o di altri eventi che influenzano gli accordi di copertura dell'Emittente o delle Attività Sottostanti, o potrebbe rimborsare anticipatamente gli Strumenti Finanziari ad un importo che può essere inferiore all'investimento iniziale. • I termini e le condizioni degli Strumenti Finanziari contengono previsioni per la convocazione di riunioni dei Detentori per esaminare le questioni che riguardano i loro interessi, e le delibere approvate dalla relativa maggioranza della riunione saranno vincolanti per tutti i Detentori, a prescindere dal fatto che abbiano o meno partecipato a tale riunione o votato a favore o contro di esse. In determinate circostanze, l'Emittente può modificare i termini e le condizioni degli Strumenti Finanziari senza il consenso dei Detentori. • Gli Strumenti Finanziari sono soggetti ai seguenti eventi di default: se l'Emittente non riesce a pagare un qualunque importo dovuto in relazione agli Strumenti Finanziari entro 30 giorni dalla data di scadenza, o se si verificano eventi relativi all'insolvenza o alla liquidazione dell'Emittente. • L'Emittente può in ogni momento, senza il consenso dei Detentori, sostituire se stesso in qualità di Emittente degli Strumenti Finanziari con qualsiasi società con la quale si consolida, in cui si fonde o a cui vende tutti o sostanzialmente tutti i suoi beni. Legge Applicabile: Gli Strumenti Finanziari sono regolati dalla legge inglese.
C.9	Descrizione dei diritti connessi agli Strumenti Finanziari, compreso il ranking degli Strumenti Finanziari e limitazioni ed interessi e rimborso:	Non applicabile; gli Strumenti Finanziari non danno all'investitore il diritto di ricevere il 100% dell’importo nominale alla scadenza.
C.10	Componente derivata nel pagamento degli interessi:	Non applicabile; gli Strumenti Finanziari non danno all'investitore il diritto di ricevere il 100% dell’importo nozionale alla scadenza.
C.11	Ammissione alle negoziazioni:	Sarà presentata domanda di ammissione degli Strumenti Finanziari alle negoziazioni sul mercato regolamentato "Securities Derivatives Market" (il "SeDeX") organizzato e gestito da Borsa Italiana S.p.A.
C.15	Effetto dello(gli) strumento(i) sottostante(i) sul valore degli investimenti:	Il valore degli Strumenti Finanziari e se l'Importo Cedolare sia pagabile ad una Data di Pagamento Cedolare dipenderà dalla performance delle attività sottostanti alla relativa Data di Osservazione Cedolare. Il valore degli Strumenti Finanziari e se gli Strumenti Finanziari saranno rimborsati anticipatamente ad una Data di Rimborso Barriera Trigger

		dipenderà dalla performance delle attività sottostanti alle Date di Osservazione Barriera Trigger. Il valore degli Strumenti Finanziari e l'Importo di Xxxxxxxx pagabile in relazione agli Strumenti Finanziari rimborsati alla Data di Scadenza dipenderà dalla performance delle attività sottostanti in qualsiasi Data di Osservazione Knock-in ed alla Data di Fixing Finale. Vedere Elemento C.18. di seguito.
C.16	Data di Scadenza o Data di Regolamento programmata:	La Data di Scadenza programmata degli Strumenti Finanziari è 6 giorni lavorativi della valuta immediatamente successivi all'ultima Data di Fixing Finale da verificarsi (presumibilmente il 14 dicembre 2015).
C.17	Modalità di Regolamento:	Gli Strumenti Finanziari saranno consegnati dall'emittente dietro il pagamento del prezzo di emissione. La modalità di regolamento dipenderà dal sistema di compensazione degli Strumenti Finanziari e dalle pratiche locali nella giurisdizione dell'investitore. Gli Strumenti Finanziari sono regolati tramite Euroclear Bank S.A./N.V., Clearstream Banking, société anonyme, e Monte Titoli S.p.A..
C.18	Proventi degli Strumenti Finanziari Derivati:	I proventi degli Strumenti Finanziari deriveranno da: • L'(Gli) Importo(i) Cedolare(i) pagabile(i) (se del caso); • Il pagamento potenziale di un Importo di Rimborso Barriera Trigger a seguito del rimborso anticipato degli Strumenti Finanziari a causa del verificarsi di un Evento Trigger; • a meno che gli Strumenti Finanziari siano stati precedentemente rimborsati o acquistati e cancellati, il pagamento dell'Importo di Rimorso alla Data di Scadenza programmata degli Strumenti Finanziari. IMPORTO(I) CEDOLARE(I) Se si è verificato un Evento di Pagamento Cedolare, l’Importo Cedolare pagabile alla Data di Pagamento Cedolare dovrà essere un importo pari a (a) il prodotto (i) dell’Importo Nominale, (ii) del Tasso Cedolare, e (iii) del numero delle Date di Osservazione Cedolare che si sono verificate, meno (b) la somma degli Importi Cedolari (se del caso) pagati in relazione a tale Strumento Finanziario a ciascuna Data di Pagamento Cedolare precedente detta Data di Pagamento Cedolare. Se nessun Evento di Pagamento Cedolare si è verificato, l’Importo Cedolare pagabile alla relativa Data di Pagamento Cedolare sarà zero. Dove: • Dat(a)(e) di Osservazione Cedolare: come specificato nella tabella che segue, in ogni caso ferma restando la rettifica per i giorni di turbativa. • Dat(a)(e) di Pagamento Cedolare: 6 giorni lavorativi della valuta successivi alla relativa Data di Osservazione Cedolare. • Evento di Pagamento Cedolare: se alla relativa Data di Osservazione Cedolare, il Livello di ciascuna attività sottostante al Tempo della Valutazione è pari o superiore alla Soglia Cedolare di tale attività sottostante corrispondente a tale Data di Osservazione Cedolare.

• Tasso Cedolare: 6,80%
• Soglia Cedolare: con riferimento a ciascuna Data di Osservazione Cedolare, e a ciascuna attività sottostante, il 65% del suo Prezzo Strike.
• Data di Impostazione Iniziale: 6 dicembre 2013.
• Livello: con riferimento a qualunque giorno, il livello di chiusura dell’attività sottostante come calcolato e pubblicato dal relativo sponsor.
• Importo Nominale: Euro 100 per Strumento Finanziario.
• Prezzo Strike: il Livello dell’attività sottostante al Tempo della Valutazione all’Data di Impostazione Iniziale.
• Tempo della Valutazione: il tempo con riferimento al quale lo Sponsor calcola e pubblica il livello di chiusura dell’attività sottostante.
IMPORTO DI RIMBORSO BARRIERA TRIGGER
A meno che gli Strumenti Finanziari siano stati precedentemente rimborsati o acquistati e cancellati, se si è verificato un Evento Trigger, l'Emittente rimborserà gli Strumenti Finanziari alla Data di Rimborso Barriera Trigger all'Importo di Rimborso Barriera Trigger, unitamente a qualunque Importo Cedolare pagabile in tale Data di Rimborso Barriera Trigger.
Dove:
• Barriera Trigger: come specificato nella tabella che segue.
• Dat(a)(e) di Osservazione Barriera Trigger: come specificato nella tabella che seue, in ogni caso ferma restando la rettifica per i giorni di turbativa.
• Importo di Rimborso Barriera Trigger: 100 per cento dell'Importo Nominale.
• Data(e) di Rimborso Barriera Trigger: come specificato nella tabella che segue.
• Evento Trigger: Se in qualunque Data di Osservazione della Barriera Trigger, il Livello di ciascuna attività sottostante al al Tempo della Valutazione è pari o maggiore della Barriera Trigger di tale attività sottostante.
	Datan di	Barriera Trigger	Data di
	Osservazione		Rimborso

Datan di Osservazione Cedolare
1.	10 giugno 2014
2.	10 dicembre 2014
3.	10 giugno 2015
4.	4 dicembre 2015

		Barriera Trigger		Barriera
				Trigger
	1.	10 giugno 2014	100% del Prezzo	Un giorno
			Strike	scelto
				dall’Emittente
				che cada entro
				6 Currency
				Business Day
				successivi al
				verificarsi di un
				Evento Trigger
				(presumibilmen
				te il 18 giugno
				2014)
	2.	10 dicembre 2014	100% del Prezzo	Un giorno
			Strike	scelto
				dall’Emittente
				che cada entro
				6 Currency
				Business Day
				successivi al
				verificarsi di un
				Evento Trigger
				(presumibilmen
				te il 18
				dicembre 2014)
	3.	10 giugno 2015	100% del Prezzo	Un giorno
			Strike	scelto
				dall’Emittente
				che cada entro
				6 Currency
				Business Day
				successivi al
				verificarsi di un
				Evento Trigger
				(presumibilmen
				te il 18 giugno
				2015)
	4.	4 dicembre 2015	100% del Prezzo	La Data di
			Strike	Scadenza
IMPORTO DI RIMBORSO
A meno che gli Strumenti Finanziari siano stati precedentemente rimborsati o acquistati e cancellati, l'Emittente rimborserà gli Strumenti Finanziari alla Data di Scadenza.
L'Emittente rimborserà gli Strumenti Finanziari alla Data di Scadenza all'Importo di Rimborso, che sarà un importo arrotondato per difetto alla più vicina unità trasferibile della Valuta di Regolamento determinata in

conformità con il paragrafo (a) o (b) che segue:

(a) se un Evento Knock-in si è verificato, un importo pari al prodotto (i) dell'Importo Nominale e (ii) del Prezzo Finale Peggiore diviso per il Prezzo Strike Peggiore, fermo restando un massimo del 100%; oppure

(a) se non si è verificato alcun Evento Knock-in, un importo pari al

prodotto di (i) l'Importo Nominale e (ii) 100%.

Dove:

• Data di Fixing Finale: 4 dicembre 2015, soggetta ad modifiche.

• Prezzo Finale: il Livello della relativa attività sottostante al Tempo della Valutazione alla Data di Fixing Finale.

• Data di Impostazione Iniziale: 6 dicembre 2013.

• Barriera Knock-in: 65 per cento del Prezzo Strike della relativa attività sottostante.

• Evento Knock-in: se alla Data di Osservazione Knock-in, il Livello di qualsiasi attività sottostante al Tempo della Valutazione è inferiore alla Barriera Knock-in di tale attività sottostante.

• Data di Osservazione Knock-in: la data di Fixing Finale, ferma restando la rettifica per i giorni di turbativa.

• Livello: con riferimento a qualunque giorno, il livello di chiusura dell(')(e)attività sottostant(e)(i) quotato presso la borsa valori.

• Importo Nominale:100 Euro per Strumento Finanziario.

• Prezzo Strike: il Livello della relativa attività sottostante al Tempo della Valutazione alla Data di Impostazione Iniziale.

• Tempo della Valutazione: il momento con riferimento al quale lo sponsor calcola e pubblica il livello di chiusura dell'attività sottostante.

• Prezzo Finale Peggiore: il prezzo finale dell’attività sottostanteche ha la peggiore performance alla Data di Fixing Finale.

• Prezzo Strike Peggiore: il Prezzo Strike dell’attività sottostanteche ha la peggiore performance alla Data di Fixing Finale.

C.19

Prezzo di

riferimento finale del sottostante:

Il Prezzo Finale di una attività sottostante è determinato alla Data di

Fixing Finale.

C.20

Tipo di

sottostante:

Le Attività Sottostanti sono un paniere di Azioni comprendente Deutsche Telekom AG (DTE GY Equity), Deutsche Bank AG (DBK GY Equity) e Daimler AG (DAI GY GY Equity).

Le informazioni sulle Attività Sottostanti, inclusa ogni informazione sull’andamento passato e futuro e la volatilità delle Attività Sottostanti, possono essere trovate agli indirizzi internet xxxx://xxx.xxxxxx- xxxxxxxxx.xx/xx/xxxxxxxx/xxxxxxxxxxxxxxxxxxxxXX0000000000/xxxxxx

+data, xxxx://xxx.xxxxxx-

xxxxxxxxx.xx/xx/xxxxxxxx/xxxxxxxxxxxxxxxxxxxxXX0000000000/xxxxxx

+data, e xxxx://xxx.xxxxxx- xxxxxxxxx.xx/xx/xxxxxxxx/xxxxxxxxxxxxxxXX0000000000/xxxxxxxxxxx.

Sezione D - Rischi

D.2

Principali Rischi

che sono specifici per l'Emittente

Gli Strumenti Finanziari sono obbligazioni non garantite generali dell'Emittente. Gli Investitori negli Strumenti Finanziari sono esposti al rischio che l'Emittente potrebbe diventare insolvente e non riuscire ad effettuare i pagamenti da questi dovuti ai sensi degli Strumenti Finanziari.

L'Emittente è esposto a una serie di rischi che potrebbero influenzare negativamente le sue operazioni e/o la propria condizione finanziaria:

• Rischio di liquidità: la liquidità dell'Emittente potrebbe essere compromessa se non fosse in grado di accedere ai mercati del capitale o vendere attività, e l'Emittente si aspetta che i suoi costi di liquidità aumentino.

• Rischio di mercato: L'Emittente può incorrere in perdite significative nella sua attività di trading e di investimento a causa di fluttuazioni del mercato e dei livelli di volatilità dello stesso. Le sue attività sono soggette al rischio di perdita a causa di condizioni di mercato avverse e rischi economici, monetari, politici, giuridici ed altri rischi negli Stati in cui opera nel mondo.

• Rischio di credito: l'Emittente può incorrere in perdite significative a causa delle sue esposizioni creditizie.

• Rischi da stime e valutazioni: l'Emittente effettua stime e valutazioni che riguardano i risultati riportati, tali stime sono basate sul giudizio e le informazioni disponibili, ed i risultati effettivi possono differire materialmente da tali stime.

• Rischi relativi a soggetti fuori bilancio: l'Emittente può effettuare operazioni con alcune società a destinazione specifica non consolidate e le cui attività e passività sono fuori bilancio. Se all'Emittente è richiesto di consolidare una società a destinazione specifica per qualsiasi motivo, questo potrebbe avere un impatto negativo sui risultati delle operazioni dell'Emittente e capitale ed indici di leva.

• Rischi transfrontalieri e di cambio: i rischi transfrontalieri possono aumentare il rischi di mercato e di credito che l'Emittente deve affrontare. Le fluttuazioni dei cambi possono influire negativamente sui risultati delle operazioni dell'Emittente.

• Rischi operativi: l'Emittente è esposto a una varietà di rischi operativi, compresi i rischi relativi alle informazioni della tecnologia. L'Emittente può subire perdite a causa della cattiva condotta dei dipendenti.

• Rischi di gestione: le procedure e le politiche di gestione del rischio dell'Emittente possono non essere sempre efficaci, e

possono non mitigare appieno la sua esposizione al rischio in tutti i mercati o contro tutti i tipi di rischio.

• Rischi legali e regolamentari: l'Emittente affronta significativi rischi legali nelle sue attività. Le modifiche normative potrebbero incidere negativamente sull'attività dell'Emittente e la capacità di eseguire i suoi piani strategici.

• Rischi della concorrenza: l'Emittente affronta una forte concorrenza in tutti i mercati dei servizi finanziari e per i prodotti ei servizi che offre.

• Rischi relativi alla strategia: l'Emittente può non raggiungere tutti i benefici attesi delle sue iniziative strategiche.

D.3

Principali rischi

che sono specifici per gli Strumenti Finanziari

Gli Strumenti Finanziari sono soggetti ai seguenti rischi fondamentali:

• Un mercato secondario per gli Strumenti Finanziari può non svilupparsi o, altrimenti, potrebbe non fornire agli investitori liquidità e potrebbe non continuare per tutta la vita degli Strumenti Finanziari. L'illiquidità può avere un effetto negativo sul valore di mercato degli Strumenti Finanziari.

• Il prezzo di emissione degli Strumenti Finanziari può essere superiore al valore di mercato di tali Strumenti Finanziari alla data di emissione, e maggiore del prezzo a cui gli Strumenti Finanziari possono essere venduti nelle operazioni sul mercato secondario.

• Il valore di mercato degli Strumenti Finanziari e l'importo da pagare o consegnabile a scadenza dipende dalla performance dell’(degli) Attività Sottostante(i). Il rendimento di un’Attività Sottostante può essere soggetto nel tempo a cambiamenti imprevedibili notevoli ed improvvisi (noti come "volatilità"), che possono essere influenzati da eventi nazionali o internazionali, finanziari, politici, militari o economici o dalle attività dei partecipanti nei relativi mercati. Uno qualsiasi di questi eventi o attività potrebbe influire negativamente sul valore degli Strumenti Finanziari.

• I livelli e la base di tassazione sugli Strumenti Finanziari e le eventuali esenzioni dalla tassazione dipenderanno sulla situazione specifica del singolo investitore e potrebbe cambiare in qualsiasi momento. La classificazione fiscale e regolamentare degli Strumenti Finanziari potrebbe cambiare nel corso della vita degli Strumenti Finanziari. Ciò potrebbe avere conseguenze negative per gli investitori.

• In alcune circostanze (per esempio, se l'Emittente stabilisca che gli obblighi previsti dagli Strumenti Finanziari sono diventati illeciti o illegali, in virtù del verificarsi di taluni eventi in relazione (a qualsiasi)(alle) attività sottostant(e)(i) oppure a seguito di un evento di default) gli Strumenti Finanziari possono essere rimborsati prima della loro scadenza programmata. In tali circostanze, l'importo da pagare può essere inferiore al suo prezzo originario di acquisto e potrebbe essere pari a zero.

• A seguito di rimborso anticipato degli Strumenti Finanziari, gli investitori potrebbero non essere in grado di reinvestire i proventi del rimborso ad un tasso di interesse effettivo più alto del tasso di interesse o del rendimento sugli Strumenti Finanziari oggetto del riscatto e potrebbero essere in grado di fare ciò solo ad un tasso significativamente più basso. Gli investitori in Strumenti Finanziari

dovrebbero considerare tale rischio di reinvestimento alla luce

degli altri investimenti disponibili in quel momento.

• Se gli Strumenti Finanziari prevedono che qualsiasi importo da pagare è soggetto a un cap, la capacità di un investitore di partecipare alle variazioni del valore dell(')(e)attività sottostant(e)(i) lungo la durata degli Strumenti Finanziari sarà limitato nonostante l'eventuale performance positiva dell(')(e)attività sottostant(e)(i) sia superiore al cap stabilito. Di conseguenza, il rendimento degli Strumenti Finanziari potrebbe essere significativamente inferiore di quello che un investitore avrebbe ottenuto se avesse acquistato direttamente l(')(e)attività sottostant(e)(i).

• Gli investitori non hanno diritti di proprietà, compresi, a titolo esemplificativo ma non esaustivo, i diritto di voto, i diritti a ricevere dividendi o altre distribuzioni o altri diritti relativi a qualsiasi Attività Sottostante cui gli Strumenti Finanziari fanno riferimento.

• Gli investitori possono essere esposti al rischio di cambio in quanto l(')(e)attività sottostant(e)(i)può (possono) essere denominata(e) in una valuta diversa dalla valuta in cui sono denominati gli Strumenti Finanziari, o gli Strumenti Finanziari e/o l(')(e)attività sottostant(e)(i)possono essere denominati in valute diverse dalla valuta del paese in cui l'investitore è residente. Il valore degli Strumenti Finanziari potrebbe quindi aumentare o diminuire in base alle fluttuazioni di tali valute.

• L'Emittente può attuare qualunque rinvio consequenziale della, o eventuali disposizioni alternative per la, valutazione di un'attività sottostante a seguito di determinati eventi di turbativa in relazione a tale attività sottostante, ciascuno dei quali può avere un effetto negativo sul valore degli Strumenti Finanziari.

• L'Emittente può modificare i termini e le condizioni degli Strumenti Finanziari senza il consenso dei Detentori a seguito di determinati eventi di rettifica o di altri eventi che influenzano le modalità di copertura dell'Emittente o dell(')(e)attività sottostant(e)(i), o potrebbe rimborsare anticipatamente gli Strumenti Finanziari ad un importo che può essere inferiore all'investimento iniziale.

• Nel fare le determinazioni discrezionali secondo i termini e condizioni degli Strumenti Finanziari, l'Emittente e l'Agente di Calcolo possono prendere in considerazione l'impatto sui relativi accordi di copertura. Tali determinazioni potrebbero avere un effetto negativo sul valore degli Strumenti Finanziari e potrebbero causare la loro risoluzione anticipata.

• L'Emittente è soggetto a una serie di conflitti d'interesse, tra cui:

(a) nel fare certi calcoli e determinazioni, vi può essere una divergenza negli interessi tra gli investitori e l'Emittente, (b) nel normale svolgimento della propria attività l'Emittente (o un affiliato) può eseguire operazioni per conto proprio e può concludere operazioni di copertura in relazione agli Strumenti Finanziari o ai correlati strumenti derivati, che possono influenzare il prezzo di mercato, di liquidità o il valore degli Strumenti Finanziari, e (c) l'Emittente (o un affiliato) possono avere informazioni riservate in relazione all(')(e)attività sottostant(e)(i) o di eventuali strumenti derivati cui vi fanno riferimento, che può essere sostanzialmente rilevante per un investitore, ma che l'Emittente non ha l'obbligo (e può essere soggetto a divieto giuridico) di rivelare.

D.6

Avviso circa il

rischio che gli investitori possono perdere il

Gli investitori possono perdere fino a tutto il loro investimento, se

si verifica una o più delle seguenti situazioni: (a) gli Strumenti Finanziari non prevedono il rimborso programmato per intero del prezzo di emissione o di acquisto alla scadenza o alla scadenza

	valore dell'intero investimento o di parte di esso	anticipata obbligatoria o al rimborso opzionale anticipato gli Strumenti Finanziari, (b) l'emittente non è in grado di effettuare i pagamenti dovuti ai sensi degli Strumenti Finanziari, (c) vengono eseguite rettifiche ai termini e alle condizioni degli Strumenti Finanziari a seguito di determinati eventi che riguardano accordi di copertura dell'Emittente o dell(')(e)attività sottostant(e)(i), che si traducono in un importo da pagare o in un numero di azioni da consegnare ridotto, o (d) gli investitori vendono i loro Strumenti Finanziari prima della scadenza nel mercato secondario ad un importo che è inferiore al prezzo di acquisto iniziale. Si veda anche punto D.3 di cui sopra.
Sezione E – Altro
E.2b	Ragioni dell'offerta e impiego dei proventi:	Non applicabile; i proventi netti derivanti dall'emissione degli Strumenti Finanziari saranno utilizzati dall'Emittente per i propri scopi societari generali (compresi gli accordi di copertura).
E.3	Termini e condizioni dell'offerta:	Gli Strumenti Finanziari sono offerti alle seguenti condizioni: L’offerta degli Strumenti Finanziari è condizionata alla loro emissione. L’Emittente e il Distributore si riservano congiuntamente il diritto di ritirare l’offerta e/o cancellare l’emissione degli Strumenti Finanziari alla data di emissione in ogni momento precedente la stessa per qualunque ragione Nel caso in cui l’offerta venga cancellata, a meno che non sia specificato diversamente dal Distributore, quest’ultimo rimborserà il prezzo di acquisto e qualunque commissione pagata dall’acquirente, senza interessi. I pagamenti degli Strumenti Finanziari dovranno essere effettuati al relativo Distributore in conformità agli accordi esistenti tra il relativo Distributore ed i propri clienti in relazione alla sottoscrizione degli Strumenti Finanziari in generale.
E.4	Interessi che sono significativi per l'emissione/l' offerta:	Le commissioni devono essere pagate al Dealer. L'Emittente è soggetto a conflitti di interesse tra i propri interessi e quelli dei detentori degli Strumenti Finanziari, come descritto nel punto D.3 di cui sopra.
E.7	Spese stimate:	Non applicabile; Non ci sono spese stimate a carico dell'investitore da parte dell'Emittente.

Additional Provisions for Italian Securities

ADDITIONAL PROVISIONS FOR ITALIAN SECURITIES

Additional Provisions for Notes and Certificates listed on Borsa Italiana S.p.A.

If the relevant Final Terms specify that the Additional Provisions for Notes listed on Borsa Italiana S.p.A. (in the case of Notes) or the Additional Provisions for Certificates listed on Borsa Italiana S.p.A. (in the case of Certificates) are applicable, then the definition of "Disruption Cash Settlement Price" in Product Condition 4(c) shall be deemed to be deleted and replaced by the following:

""Disruption Cash Settlement Price" means in respect of each Security, an amount in the Settlement Currency equal to the fair market value of the Share Amount (taking into account, where the Settlement Disruption Event affected some but not all of the Shares comprising the Share Amount and such non-affected Shares have been duly delivered, the value of such Shares), all as determined by the Issuer."

Additional Provisions for Notes listed on Borsa Italiana S.p.A.

If the relevant Final Terms specify that the Additional Provisions for Notes listed on Borsa Italiana S.p.A. are applicable then the General Note Conditions shall apply and will be deemed amended as follows:

General Note Condition 5(b) (Early Redemption)

General Note Condition 5(b) shall be deemed to be deleted and replaced by the following:

"The Early Payment Amount payable in respect of any Security upon redemption of such Security pursuant to General Note Condition 5(c) or upon it becoming due and payable as provided in General Note Condition 8, shall be its Specified Denomination."

General Note Condition 10 (Modification)

General Note Condition 10 shall be deemed to be deleted in its entirety and replaced by the following:

"The Issuer may modify the Conditions without the consent of any Securityholder for the purposes of curing any ambiguity or correcting any material error, provided that such modification is not, in the determination of the Issuer, prejudicial to the interests of the Securityholders. Notice of any such modification will be given to the Securityholders."

General Note Condition 11 (Substitution of the Issuer)

Xxxxxx (a) of General Note Condition 11 shall be deemed to be deleted and replaced by the following:

"(a) the obligations of the Substitute in respect of the Securities shall be unconditionally and irrevocably guaranteed by the Issuer;"

General Note Condition 14 (Notices)

General Note Condition 14 shall be amended by deleting the wording in brackets in the first sentence and replacing it with:

"(in the case of the Italian Stock Exchange, if and so long as the rules of the exchange so require, by publication on xxx.xxxxxxxxxxxxx.xx)"

General Note Condition 18 (Miscellaneous Definitions)

The definition of "Early Payment Amount" in General Note Condition 18 shall be deemed to be deleted and replaced by the following:

""Early Payment Amount" means the fair market value of such Securities immediately prior to such redemption (which may be nil) taking into consideration all information which the

Additional Provisions for Italian Securities

Issuer deems relevant (including, without limitation, the circumstances that resulted in the events causing such redemption), all as determined by the Issuer in its discretion acting in good faith and in a commercially reasonable manner."

Additional Provisions for Certificates listed on Borsa Italiana S.p.A.

If the relevant Final Terms specify that the Additional Provisions for Certificates listed on Borsa Italiana S.p.A. are applicable then the General Certificate Conditions shall apply and will be deemed amended as follows:

General Certificate Condition 1(c) (Transfer)

General Certificate Condition 1(c) shall be deemed to be deleted in its entirety and replaced by the following:

"Transfer

Italian Securities listed on Borsa Italiana S.p.A. shall be transferred in lots at least equal to the Minimum Trading Lot, as defined by the listing rules of the market organised and managed by Borsa Italiana S.p.A. (Regolamento di Borsa Italiana), or multiples thereof, as determined by Borsa Italiana S.p.A. and specified in the relevant Final Terms and (i) in the case of Securities held through Monte Titoli, through the relevant Account Holder, or (ii) in the case of Securities held through another Clearing System, through such Clearing System. Transfers may be effected only upon registration of the transfer in the books of (i) in the case of Securities held through Monte Titoli, the relevant Account Holder, or (ii) in the case of Securities held in another Clearing System, such Clearing System."

General Certificate Condition 3(a) (Maturity Date)

General Certificate Condition 3(a) shall be deemed to be deleted in its entirety and replaced by the following:

"Exercise

Each Certificate will (unless previously redeemed or purchased and cancelled) be automatically exercised on the Maturity Date at an amount per Certificate equal to the Redemption Amount, subject as provided in the following paragraph. Payments under the Certificates pursuant to automatic exercise on the Maturity Date will be made on the Maturity Date. For the purpose of this General Certificate Condition 3, the Maturity Date will be deemed to be the exercise date (the "Exercise Date"). The minimum number of Certificates that may be exercised in respect of a Securityholder is one (1) Certificate and in excess thereof by multiples thereof.

Prior to 10.00 a.m. (London time) on the date specified in the relevant Final Terms (the "Renouncement Notice Cut-Off Date") each Securityholder may renounce automatic exercise of such Certificate in compliance with the applicable laws and regulations, including the regulations of the Italian Stock Exchange, applicable from time to time, by delivering a renouncement notice (the "Renouncement Notice") to the Clearing System, with a copy to the Issuer and the Certificate Agent. Once delivered a Renouncement Notice will be irrevocable.

The Clearing System will, in accordance with its normal operating procedures, verify that each person delivering a Renouncement Notice is the Securityholder thereof according to its records. Subject thereto, the Clearing System will confirm to the Certificate Agent the series number and number of Certificates in respect of which Renouncement Notices have been delivered. Upon receipt of such confirmation, the Certificate Agent will inform the Issuer thereof.

Any determination as to whether a Renouncement Notice is duly completed and in proper form will be made by the Clearing System in consultation with the Certificate Agent and will be conclusive and binding on the Issuer, the Certificate Agent and the relevant Securityholder. Subject as set out below, any Renouncement Notice so determined to be incomplete or not in

Additional Provisions for Italian Securities

proper form, or which is not copied to the Issuer and the Certificate Agent immediately after being delivered or sent to the Clearing System will be null and void. If such Renouncement Notice is subsequently corrected to the satisfaction of the Clearing System, in consultation with the Certificate Agent, it will be deemed to be a new Renouncement Notice submitted at the time such correction was delivered to the Clearing System, with a copy to the Issuer and the Certificate Agent.

For the purpose of Borsa Italiana S.p.A., the expiry date (data di scadenza) will be the date so specified in the relevant Final Terms".

General Certificate Condition 5 (Illegality)

General Certificate Condition 5 - item (b) and the sentence immediately after item (b) shall be deemed to be deleted in its entirety and replaced by the following:

"(b) having given not more than 30 nor less than 15 days' notice to Securityholders in accordance with General Certificate Condition 9, redeem the Securities at an amount determined by the Issuer as representing their fair market value on such day as the Issuer will select in good faith and in a commercially reasonably manner ignoring the effect of such Illegality. In the case of (b) no payments will be made pursuant to a Trigger Event (if applicable) or pursuant to automatic exercise at the Maturity Date after such notice has been given."

General Certificate Condition 9 (Notices)

General Certificate Condition 9 shall be deemed to be amended by deleting the wording in brackets in the first sentence and replacing it with:

"(in the case of the Italian Stock Exchange, if and so long as the rules of the exchange so require, by publication on xxx.xxxxxxxxxxxxx.xx)".

General Certificate Condition 14 (Modification)

General Certificate Condition 14 shall be deemed to be deleted in its entirety and replaced by the following:

General Certificate Condition 15 (Substitution of the Issuer)

Clause (a) of General Certificate Condition 15 shall be deemed to be deleted and replaced by the following:

"(a) the obligations of the Substitute in respect of the Securities will be unconditionally and irrevocably guaranteed by the Issuer;"

General Certificate Condition 17 (Miscellaneous Definitions)

The definition of "Early Payment Amount" in General Certificate Condition 17 shall be deemed to be deleted and replaced by the following:

""Early Payment Amount" means the fair market value of such Securities immediately prior to such redemption (which may be nil) taking into consideration all information which the Issuer deems relevant (including, without limitation, the circumstances that resulted in the events causing such redemption), all as determined by the Issuer in its discretion acting in good faith and in a commercially reasonable manner."

Additional Provisions for Italian Securities

At the back of the Conditions a Schedule shall be deemed to be inserted:

SCHEDULE

Renouncement Notice

NOTICE FROM THE BENEFICIAL OWNER TO ITS FINANCIAL INTERMEDIARY

(to be completed by the beneficial owner of the Securities for the valid renouncement of the automatic exercise of the Securities)

[Credit Suisse AG acting through its [London]/[Nassau]/[Singapore] Branch]/[Credit Suisse International]

[title of Securities]

linked to [] Series [] - [] (the "Securities")

To: [Financial Intermediary]

We the undersigned beneficial owners of the Securities hereby communicate that we are renouncing the automatic exercise on the Exercise Date of the rights granted by the Securities in accordance with the Terms and Conditions of the Securities.

The undersigned understands that if this Renouncement Notice is not duly completed and delivered as provided in the Terms and Conditions, or if this notice is determined to be incomplete or not in proper form (in the determination of the Financial Intermediary) it will be treated as null and void.

ISIN/[Series number] of the Securities: [] Number of Securities the subject of this notice: []

Name of beneficial owner of the Securities

Signature

Equity-linked Securities

ASSET TERMS EQUITY-LINKED SECURITIES

Application: the following terms shall apply to Securities if stated in the relevant Final Terms to be "Equity-linked".

1. Definitions

"Additional Disruption Event" means a Change in Law, a Foreign Ownership Event, an FX Disruption, an Insolvency Filing, a Hedging Disruption, an Increased Cost of Hedging, a Loss of Stock Borrow and/or an Increased Cost of Stock Borrow, as specified to be applicable in the relevant Final Terms.

"Announcement Date" means, in respect of (a) a Merger Event, the date of the first public announcement of a firm intention to engage in a transaction (whether or not subsequently amended) that leads to the Merger Event, (b) a Tender Offer, the date of the first public announcement of a firm intention to purchase or otherwise obtain the requisite number of voting shares (whether or not subsequently amended) that leads to the Tender Offer, (c) a Nationalisation, the date of the first public announcement to nationalise (whether or not subsequently amended) that leads to the Nationalisation, (d) an Insolvency, the date of the first public announcement of the institution of a proceeding or presentation of a petition or passing of a resolution (or other analogous procedure in any jurisdiction) that leads to the Insolvency, and (e) a Delisting, the date of the first public announcement by the Exchange that the Shares will cease to be listed, traded or publicly quoted in the manner described in the definition of Delisting. In respect of any Extraordinary Event, if the announcement of such Extraordinary Event is made after the actual closing time for the regular trading session on the relevant Exchange, without regard to any after hours or any other trading outside of such regular trading session hours, the Announcement Date shall be deemed to be the next following Scheduled Trading Day.

"Averaging Date" means:

(a) in respect of (i) a single Share, or (ii) a Share Basket where "Share Basket and Averaging Reference Dates – Common/Individual" or "Share Basket and Averaging Reference Dates – Common/Common" is specified to be applicable in the relevant Final Terms, subject as provided in Asset Term 2, each date so specified in the relevant Final Terms, or if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day; or

(b) in respect of a Share Basket where "Share Basket and Averaging Reference Dates – Individual/Individual" is specified to be applicable in the relevant Final Terms, subject as provided in Asset Term 2, each date so specified in the relevant Final Terms in respect of a Share in such Share Basket, or if such date is not a Scheduled Trading Day for such Share, the next following Scheduled Trading Day for such Share.

"Averaging Reference Date" means each Initial Averaging Date and Averaging Date, in each case, subject to adjustment in accordance with these Asset Terms.

"Change in Law" means that, on or after the Trade Date of the relevant Securities:

(a) if "Change in Law Option 1" is specified to be applicable in the relevant Final Terms, (i) due to the adoption of or any change in any applicable law (including, without limitation, any tax law), rule, regulation or order, any regulatory or tax authority ruling, regulation or order or any regulation, rule or procedure of any exchange (an "Applicable Regulation"), or (ii) due to the promulgation of or any change in the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation (including any action taken by a taxing authority), the Issuer determines that (A) it has or will become illegal or contrary to any Applicable

Equity-linked Securities

Regulation for it, any of its affiliates or any entities which are relevant to the Hedging Arrangements to hold, acquire or dispose of Hedge Positions relating to such Securities, or (B) it will incur a materially increased cost in performing its obligations with respect to such Securities (including, without limitation, due to any increase in tax liability, decrease in tax benefit or other adverse effect on its tax position) or any requirements in relation to reserves, special deposits, insurance assessments or other requirements;

(b) if "Change in Law Option 2" is specified to be applicable in the relevant Final Terms, (i) due to the adoption of or any change in any applicable law (including, without limitation, any tax law), rule, regulation or order, any regulatory or tax authority ruling, regulation or order or any regulation, rule or procedure of any exchange (an "Applicable Regulation"), or (ii) due to the promulgation of or any change in the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation (including any action taken by a taxing authority), (A) the Issuer determines in good faith that it has or it will, within the next 15 calendar days but on or before the Maturity Date or Settlement Date, as applicable, become illegal or contrary to any Applicable Regulation for it, any of its affiliates or any entities which are relevant to the Hedging Arrangements to hold, acquire or dispose of any of its Hedge Positions relating to such Securities, or (B) the Issuer determines that either the adoption or change described in (i) above or the promulgation or change described in (ii) above has resulted or will result, within the next 15 calendar days but on or before the Maturity Date or Settlement Date, as applicable, in an increased amount of tax, duty, expense or fee (other than brokerage commissions) for the Issuer, any of its affiliates or any entities which are relevant to the Hedging Arrangements to (I) acquire, establish, re-establish, maintain, unwind or dispose of any of its Hedge Positions, or (II) realize, recover or remit the proceeds of such Hedge Positions, which the Issuer in good faith determines to be material (relative to the position on the Trade Date for the relevant Securities); or

(c) if "Change in Law Option 3" is specified to be applicable in the relevant Final Terms, (i) due to the adoption of or any change in any applicable law (including, without limitation, any tax law), rule, regulation or order, any regulatory or tax authority ruling, regulation or order or any regulation, rule or procedure of any exchange (an "Applicable Regulation"), or (ii) due to the promulgation of or any change in the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation (including any action taken by a taxing authority), the Issuer determines that it has or will become illegal or contrary to any Applicable Regulation for it, any of its affiliates or any entities which are relevant to the Hedging Arrangements to hold, acquire or dispose of Hedge Positions relating to such Securities.

"Common Valid Date" means, in respect of a Share Basket, a Scheduled Trading Day that is not a Disrupted Day for any Share in such Share Basket and on which another Averaging Reference Date does not occur or is not deemed to occur.

"Delisting" means, in respect of any Share, that the relevant Exchange announces that pursuant to the rules of such Exchange, the Share ceases (or will cease) to be listed, traded or publicly quoted on the Exchange for any reason (other than a Merger Event or Tender Offer) and is not immediately re-listed, re-traded or re-quoted on an exchange or quotation system located in the same country as the Exchange (or, where the Exchange is within the European Union, in any member state of the European Union).

"Deposit Agreement" means, in relation to Shares which are depositary receipts, the agreements or other instruments constituting such depositary receipts, as from time to time amended or supplemented in accordance with their terms.

Equity-linked Securities

"Disrupted Day" means, in respect of a Share, any Scheduled Trading Day on which

(a) the Exchange fails to open for trading during its regular trading session, (b) any Related Exchange fails to open for trading during its regular trading session, or (c) a Market Disruption Event has occurred.

"Early Closure" means, in respect of a Share, the closure on any Exchange Business Day of any relevant Exchange or any Related Exchange prior to its Scheduled Closing Time unless such earlier closing time is announced by such Exchange or Related Exchange at least one hour prior to the earlier of (a) the actual closing time for the regular trading session on such Exchange or Related Exchange on such Exchange Business Day, and (b) the submission deadline for orders to be entered into the Exchange or Related Exchange system for execution at the Valuation Time on such Exchange Business Day.

"Exchange" means, in respect of a Share, the exchange or quotation system so specified in the relevant Final Terms or such other exchange or quotation system on which such Share is, in the determination of the Issuer, traded or quoted as the Issuer may (acting in good faith and in a commercially reasonable manner) select and notify to Securityholders in accordance with the General Conditions or (in any such case) any transferee or successor exchange and shall, in the case of depositary receipts, where appropriate in the determination of the Issuer, include the primary exchange or quotation system on which the underlying shares are traded, as determined by the Issuer.

"Exchange Business Day" means any Scheduled Trading Day on which each Exchange and each Related Exchange are open for trading during their respective regular trading sessions, notwithstanding any such Exchange or Related Exchange closing prior to its Scheduled Closing Time.

"Exchange Disruption" means, in respect of a Share, any event (other than an Early Closure) that disrupts or impairs (as determined by the Issuer) the ability of market participants in general (a) to effect transactions in, or obtain market values for, such Share on the Exchange, or (b) to effect transactions in, or obtain market values for, futures or options relating to such Share on any relevant Related Exchange.

"Extraordinary Dividend" means, in respect of a Share, any dividend or portion thereof which is determined by the Issuer to be an Extraordinary Dividend.

"Extraordinary Event" means, in respect of a Share, a Merger Event, a Tender Offer, a Nationalisation, a Delisting or an Insolvency.

"Final Share Price" means, in respect of a Share, the price of such Share quoted on the relevant Exchange at the Valuation Time on the Valuation Date, as determined by the Issuer.

"Foreign Ownership Event" means that the Issuer and/or its affiliates is unable, after using commercially reasonable efforts to acquire, establish, re-establish, substitute or maintain any transaction(s) or asset(s) it deems necessary to hedge the equity price risk of entering into and performing its obligations with respect to the Securities due to any restriction imposed by the Share Issuer, any court, tribunal or regulatory authority with competent jurisdiction on the ability of a person to acquire or own the relevant Shares, by virtue of being a foreign person. If both Change in Law and Foreign Ownership Event are specified to be applicable in the relevant Final Terms, where an event or circumstance that would otherwise (but for this provision) constitute a Foreign Ownership Event also constitutes a Change in Law, such event shall be deemed to be a Change in Law and shall not constitute a Foreign Ownership Event.

"FX Disruption" means the occurrence of any event after the Trade Date of the relevant Securities that makes the Issuer and/or its affiliates unable, after using commercially reasonable efforts, to:

Equity-linked Securities

(a) transfer through customary legal channels any amount denominated in a Relevant Currency required for the acquisition, establishment, re- establishment, substitution, maintenance, unwind or disposal of all or part of an FX Disruption Hedge from accounts (i) within the Local Jurisdiction to (A) accounts outside such Local Jurisdiction, (B) other accounts within such Local Jurisdiction, or (C) the accounts of a non-resident of such Local Jurisdiction, or

(ii) outside the Local Jurisdiction to accounts within such Local Jurisdiction;

(b) convert through customary legal channels any amount denominated in a Relevant Currency required for the acquisition, establishment, re- establishment, substitution, maintenance, unwind or disposal of all or part of an FX Disruption Hedge into any other Relevant Currency, where such conversion is at a rate at least as favourable as the rate for domestic institutions located in the Local Jurisdiction; or

(c) obtain a rate or a commercially reasonable rate (as determined by the Issuer), in each case, at which any amount denominated in a Relevant Currency required for the acquisition, establishment, re-establishment, substitution, maintenance, unwind or disposal of all or part of an FX Disruption Hedge can be exchanged for any other Relevant Currency.

If both Hedging Disruption and FX Disruption are specified to be applicable in the relevant Final Terms, where an event or circumstance that would otherwise (but for this provision) constitute a Hedging Disruption also constitutes an FX Disruption, such event shall be deemed to be an FX Disruption and shall not constitute a Hedging Disruption.

"FX Disruption Hedge" means, in respect of the Issuer and/or its affiliates, any transaction(s) or asset(s) that the Issuer and/or its affiliates deems necessary to hedge the equity price risk (or any other relevant price risk including, but not limited to, the currency risk) of entering into and performing its obligations with respect to the Securities.

"General Conditions" means the General Note Conditions, the General Certificate Conditions or the General Warrant Conditions, as applicable.

"Hedge Positions" means any purchase, sale, entry into or maintenance of one or more (a) positions or contracts in securities, options, futures, derivatives or foreign exchange, (b) stock loan transactions, or (c) other instruments or arrangements (howsoever described) by the Issuer and/or its affiliates in order to hedge, individually or on a portfolio basis, the risk of entering into and performing its obligations with respect to the Securities.

"Hedge Proceeds" means the cash amount in euro and/or U.S. dollars and/or the Settlement Currency constituting the proceeds received by the Issuer and/or its affiliates in respect of any Hedging Arrangements; for the avoidance of doubt, Hedge Proceeds shall not be less than zero.

"Hedging Arrangements" means any hedging arrangements entered into by the Issuer (and/or its affiliates) at any time with respect to the Securities, including without limitation the purchase and/or sale of any securities, any options or futures on such securities, any depositary receipts in respect of such securities and any associated foreign exchange transactions.

"Hedging Disruption" means that the Issuer and/or its affiliates is unable, after using commercially reasonable efforts, to (a) acquire, establish, re-establish, substitute, maintain, unwind or dispose of any transaction(s) or asset(s) it deems necessary to hedge the equity price risk of the Issuer entering into and performing its obligations with respect to the Securities, or (b) realise, recover or remit the proceeds of any such transaction(s) or asset(s).

Equity-linked Securities

"Hedging Shares" means the number of Shares that the Issuer (and/or its affiliates) deems it necessary to hedge the equity price risk of entering into and performing its obligations with respect to the Securities.

"Increased Cost of Hedging" means that the Issuer and/or its affiliates would incur a materially increased (as compared with circumstances existing on the Trade Date of the relevant Securities) amount of tax, duty, expense or fee (other than brokerage commissions) to (a) acquire, establish, re-establish, substitute, maintain, unwind or dispose of any transaction(s) or asset(s) it deems necessary to hedge the equity price risk of the Issuer entering into and performing its obligations with respect to the Securities, or (b) realise, recover or remit the proceeds of any such transaction(s) or asset(s), provided that any such materially increased amount that is incurred solely due to the deterioration of the creditworthiness of the Issuer and/or its affiliates shall not be deemed an Increased Cost of Hedging.

"Increased Cost of Stock Borrow" means that the Issuer and/or its affiliates would incur a rate to borrow Shares with respect to the Securities that is greater than the Initial Stock Loan Rate.

"Initial Averaging Date" means:

"Initial Setting Date" means:

(a) in respect of (i) a single Share, or (ii) a Share Basket where "Share Basket and Reference Dates – Common/Individual" or "Share Basket and Reference Dates

– Common/Common" is specified to be applicable in the relevant Final Terms, subject as provided in Asset Term 2, the date so specified in the relevant Final Terms, or if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day; or

(b) in respect of a Share Basket where "Share Basket and Reference Dates – Individual/Individual" is specified to be applicable in the relevant Final Terms, subject as provided in Asset Term 2, the date so specified in the relevant Final Terms in respect of a Share in such Share Basket, or if such date is not a Scheduled Trading Day for such Share, the next following Scheduled Trading Day for such Share.

"Initial Stock Loan Rate" means the stock loan rate so specified in the relevant Final Terms.

"Insolvency" means, by reason of the voluntary or involuntary liquidation, winding-up, dissolution, bankruptcy or insolvency or analogous proceedings affecting a Share Issuer (a) all the Shares of such Share Issuer are required to be transferred to any trustee, liquidator or other similar official, or (b) holders of the Shares of such Share Issuer become legally prohibited from transferring them.

"Insolvency Filing" means, in respect of a Share, that the Issuer determines that the relevant Share Issuer has instituted, or has had instituted against it by a regulator,

Equity-linked Securities

supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, or it consents to a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official or it consents to such a petition, provided that proceedings instituted or petitions presented by creditors and not consented to by the relevant Share Issuer shall not be an Insolvency Filing.

"Interim Valuation Date" means:

(a) in respect of (i) a single Share, or (ii) a Share Basket where "Share Basket and Reference Dates – Common/Individual" or "Share Basket and Reference Dates

"Jurisdictional Event" means, in respect of any Shares (a) any event which occurs, whether of general application or otherwise and which occurs as a result of present or future risks in or connected with the Jurisdictional Event Jurisdiction including, but not limited to, risks associated with fraud and/or corruption, political risk, legal uncertainty, imposition of foreign exchange controls, changes in laws or regulations and changes in the interpretation and/or enforcement of laws and regulations (including, without limitation, those relating to taxation) and other legal and/or sovereign risks, or (b) the Issuer (acting in good faith and in a commercially reasonable manner) determines that it and/or any affiliate is not able to buy and/or sell such Shares with or for a currency acceptable to the Issuer on the relevant Exchange or the relevant Exchange fails to calculate and publish the equivalent, in a currency acceptable to the Issuer, of the share price of such Shares on a day on which the Issuer determines that such calculation and publication was otherwise expected to be made and in the case of (a) and (b) which has or may have (as determined in the discretion of the Issuer, acting in good faith and in a commercially reasonable manner) the effect of reducing or eliminating the value of the Hedge Proceeds at any time.

"Jurisdictional Event Jurisdiction" means each country so specified in the relevant Final Terms.

"Local Jurisdiction" means, in respect of a Share, the jurisdiction in which the Exchange for such Share is located.

"Loss of Stock Borrow" means that the Issuer and/or any of its affiliates is unable, after using commercially reasonable efforts, to borrow (or maintain a borrowing of) Shares with respect to the Securities in an amount equal to the Hedging Shares at a rate equal to or less than the Maximum Stock Loan Rate.

"Market Disruption Event" means, in respect of a Share, the occurrence or existence on any Scheduled Trading Day of a Trading Disruption or an Exchange Disruption which in either case the Issuer determines is material, at any time during the one hour period that ends at the relevant Valuation Time or an Early Closure.

"Maximum Days of Disruption" means:

Equity-linked Securities

(a) in respect of (i) a single Share, or (ii) a Share Basket where "Share Basket and Averaging Reference Dates – Individual/Individual", "Share Basket and Averaging Reference Dates – Common/Individual", "Share Basket and Reference Dates – Individual/Individual" or "Share Basket and Reference Dates – Common/Individual" is specified to be applicable in the relevant Final Terms, eight Scheduled Trading Days in respect of the single Share or a Share in such Share Basket, or such other number of Scheduled Trading Days in respect of the single Share or a Share in such Share Basket as specified in the relevant Final Terms; or

(b) in respect of a Share Basket where "Share Basket and Averaging Reference Dates – Common/Common" or "Share Basket and Reference Dates – Common/Common" is specified to be applicable in the relevant Final Terms, eight Scheduled Trading Days or such other number of Scheduled Trading Days as specified in the relevant Final Terms.

"Maximum Stock Loan Rate" means the stock loan rate so specified in the relevant Final Terms.

"Merger Date" means the closing date of a Merger Event or, where a closing date cannot be determined under the local law applicable to such Merger Event, such other date as determined by the Issuer.

"Merger Event" means, in respect of any Shares, any (a) reclassification or change of the Shares that results in a transfer of or an irrevocable commitment to transfer all of such Shares outstanding, to another entity or person, (b) consolidation, amalgamation, merger or binding share exchange of the relevant Share Issuer with or into another entity or person (other than a consolidation, amalgamation, merger or binding share exchange in which the relevant Share Issuer is the continuing entity and which does not result in reclassification or change of all of such Shares outstanding), (c) takeover offer, tender offer, exchange offer, solicitation, proposal or other event by any entity or person to purchase or otherwise obtain 100 per cent. of the outstanding Shares of the relevant Share Issuer that results in a transfer of or an irrevocable commitment to transfer all such Shares (other than such Shares owned or controlled by such other entity or person), or (d) consolidation, amalgamation, merger or binding share exchange of the relevant Share Issuer or its subsidiaries with or into another entity in which such Share Issuer is the continuing entity and which does not result in a reclassification or change of all such Shares outstanding but results in the outstanding Shares (other than Shares owned or controlled by such other entity) immediately prior to such event collectively representing less than 50 per cent. of the outstanding Shares immediately following such event.

"Nationalisation" means that all the Shares of a Share Issuer or all the assets or substantially all the assets of such Share Issuer are nationalised, expropriated or are otherwise required to be transferred to any governmental agency, authority, entity or instrumentality.

"Observation Date" means each date so specified in the relevant Final Terms, provided that if "Observation Date subject to Averaging Date or Valuation Date adjustment" is specified to be applicable in respect of such date in the relevant Final Terms, then the provisions of Asset Term 2 shall apply to such date as if it were an Averaging Date or a Valuation Date, as the case may be.

"Observation Period" means the period so specified in the relevant Final Terms.

"Potential Adjustment Event" means with respect to any Share Issuer, any of the following:

(a) a subdivision, consolidation or reclassification of relevant Shares (unless resulting in a Merger Event), or a free distribution or dividend of any Shares to existing holders by way of bonus, capitalisation or similar issue;

Equity-linked Securities

(b) a distribution, issue or dividend to existing holders of the relevant Shares of (i) such Shares, or (ii) other share capital or securities granting the right to payment of dividends and/or the proceeds of liquidation of such Share Issuer equally or proportionately with such payments to holders of such Shares, or (iii) share capital or other securities of another issuer acquired or owned (directly or indirectly) by such Share Issuer as a result of a spin-off or other similar transaction, or (iv) any other type of securities, rights or warrants or other assets, in any case for payment (cash or other consideration) at less than the prevailing market price as determined by the Issuer;

(d) a call by it in respect of Shares that are not fully paid;

(e) a repurchase by it or any of its subsidiaries of its Shares whether out of profits or capital and whether the consideration for such repurchase is cash, securities or otherwise;

(f) an event that results in any shareholder rights being distributed or becoming separated from shares of common stock or other shares of the capital stock of the Share Issuer pursuant to a shareholder rights plan or arrangement directed against hostile takeovers that provides upon the occurrence of certain events for a distribution of preferred stock, warrants, debt instruments or stock rights at a price below their market value, as determined by the Issuer, provided that any adjustment effected as a result of such an event shall be readjusted upon any redemption of such rights;

(g) any other event that may have a diluting or concentrating effect on the theoretical value of the relevant Shares; or

(h) the making of any amendment or supplement to the terms of the Deposit Agreement.

"Reference Currency" means, in respect of a Share, the currency in which such Share is denominated.

"Reference Date" means each Initial Setting Date, Valuation Date or Interim Valuation Date, in each case, subject to adjustment in accordance with these Asset Terms.

"Related Exchange(s)" means, in respect of a Share, each exchange or quotation system so specified in the relevant Final Terms, any successor to such exchange or quotation system or any substitute exchange or quotation system to which trading in futures or options contracts relating to such Share has temporarily relocated (provided that the Issuer has determined that there is comparable liquidity relative to the futures or options contracts relating to such Share on such temporary substitute exchange or quotation system as on the original Related Exchange), provided, however, that where "All Exchanges" is specified as the Related Exchange in the relevant Final Terms, "Related Exchange" shall mean each exchange or quotation system where trading has a material effect (as determined by the Issuer) on the overall market for futures or options contracts relating to such Share.

"Relevant Currency" means any of the Settlement Currency, the Reference Currency, USD, EUR and GBP.

"Scheduled Averaging Date" means an original date that, but for such day being a Disrupted Day, would have been an Averaging Date.

"Scheduled Averaging Reference Date" means each Scheduled Averaging Date or Scheduled Initial Averaging Date.

Equity-linked Securities

"Scheduled Closing Time" means, in respect of an Exchange or Related Exchange and a Scheduled Trading Day, the scheduled weekday closing time of such Exchange or Related Exchange on such Scheduled Trading Day, without regard to after hours or any other trading outside the regular trading session hours.

"Scheduled Initial Averaging Date" means an original date that, but for such day being a Disrupted Day, would have been an Initial Averaging Date.

"Scheduled Initial Setting Date" means an original date that, but for such day being a Disrupted Day, would have been an Initial Setting Date.

"Scheduled Interim Valuation Date" means an original date that, but for such day being a Disrupted Day, would have been an Interim Valuation Date.

"Scheduled Reference Date" means each Scheduled Initial Setting Date, Scheduled Valuation Date or Scheduled Interim Valuation Date.

"Scheduled Trading Day" means any day on which each Exchange and each Related Exchange are scheduled to be open for trading for their respective regular trading sessions.

"Scheduled Valuation Date" means an original date that, but for such day being a Disrupted Day, would have been a Valuation Date.

"Share" means, subject to Asset Term 2, each share or depositary receipt specified in the relevant Final Terms and, in the case of depositary receipts, shall, where appropriate in the determination of the Issuer, include the shares underlying the depositary receipts which are the subject of the Deposit Agreement.

"Share Basket" means a basket composed of Shares in the relative proportions or numbers of Shares.

"Share Issuer" is, subject to Asset Term 2, as specified in the relevant Final Terms and, in the case of depositary receipts, shall, where appropriate in the determination of the Issuer, include the issuer of the shares underlying the depositary receipts which are the subject of the Deposit Agreement.

"Share Price" means on any relevant day, subject as provided in Asset Term 2, the price of the relevant Share quoted on the relevant Exchange as determined by the Issuer as at the Valuation Time on such day.

"Tender Offer" means, in respect of any Shares, a takeover offer, tender offer, exchange offer, solicitation, proposal or other event by any entity or person that results in such entity or person purchasing, or otherwise obtaining or having the right to obtain, by conversion or other means, more than 10 per cent. and less than 100 per cent. of the outstanding voting shares of the relevant Share Issuer, as determined by the Issuer, based upon the making of filings with governmental or self-regulatory agencies or such other information as the Issuer deems in its determination relevant.

"Tender Offer Date" means, in respect of a Tender Offer, the date on which voting shares in the amount of the applicable percentage threshold are actually purchased or otherwise obtained (as determined by the Issuer).

"Trade Date" means the date so specified in the relevant Final Terms.

"Trading Disruption" means, in respect of a Share, any suspension of or limitation imposed on trading (a) by the relevant Exchange or Related Exchange or otherwise and whether by reason of movements in price exceeding limits permitted by the relevant Exchange or Related Exchange or otherwise, or (b) in futures or options contracts relating to the Share.

Equity-linked Securities

"Valid Date" means a Scheduled Trading Day that is not a Disrupted Day and on which another Averaging Reference Date does not occur or is not deemed to occur.

"Valuation Date" means (other than in the case of Warrants):

(a) in respect of (i) a single Share, or (ii) a Share Basket where "Share Basket and Reference Dates – Common/Individual" or "Share Basket and Reference Dates

"Valuation Time" means, in respect of a Share, the time so specified in the relevant Final Terms or, if no such time is specified the Scheduled Closing Time on the relevant Exchange in relation to that Share. If the relevant Exchange closes prior to its Scheduled Closing Time and the specified Valuation Time is after the actual closing time for its regular trading session, then the Valuation Time shall be such actual closing time.

2. Disrupted Days and Other Adjustments

2.1 Consequences of Disrupted Days

(a) Single Share and Reference Dates

Where the Securities relate to a single Share, if the Issuer determines that any Scheduled Reference Date is a Disrupted Day, then the Reference Date shall be the first succeeding Scheduled Trading Day that the Issuer determines is not a Disrupted Day, unless the Issuer determines that each of the consecutive Scheduled Trading Days equal in number to the Maximum Days of Disruption immediately following the Scheduled Reference Date is a Disrupted Day. In that case:

(i) the last consecutive Scheduled Trading Day shall be deemed to be the Reference Date, notwithstanding the fact that such day is a Disrupted Day; and

(ii) the Issuer shall determine its good faith estimate of the value for the Share as of the Valuation Time on that last consecutive Scheduled Trading Day, and such determination by the Issuer pursuant to this paragraph (ii) shall be deemed to be the Share Price in respect of the Reference Date.

(b) Single Share and Averaging Reference Dates

Where the Securities relate to a single Share, if the Issuer determines that the Scheduled Averaging Reference Date relating to an Averaging Reference Date is a Disrupted Day and, in the relevant Final Terms, the consequence specified for such Averaging Reference Date is:

(i) "Omission", then such Scheduled Averaging Reference Date will be deemed not to be a relevant Averaging Reference Date, provided that, if through the operation of this provision there would be no Averaging Reference Dates then the sole Averaging Reference Date shall be the first succeeding Scheduled Trading Day following the final Scheduled

Equity-linked Securities

Averaging Reference Date that the Issuer determines is not a Disrupted Day, unless the Issuer determines that each of the consecutive Scheduled Trading Days equal in number to the Maximum Days of Disruption immediately following such final Scheduled Averaging Reference Date is a Disrupted Day. In that case:

(A) the last consecutive Scheduled Trading Day shall be deemed to be the sole Averaging Reference Date, notwithstanding the fact that such day is a Disrupted Day; and

(B) the Issuer shall determine its good faith estimate of the value for the Share as of the Valuation Time on that last consecutive Scheduled Trading Day, and such determination by the Issuer pursuant to this paragraph (B) shall be deemed to be the Share Price in respect of the sole Averaging Reference Date;

(ii) "Postponement", then the relevant Averaging Reference Date shall be the first succeeding Scheduled Trading Day following such Scheduled Averaging Reference Date that the Issuer determines is not a Disrupted Day (irrespective of whether that deferred Averaging Reference Date is already or is deemed to be another Averaging Reference Date), unless the Issuer determines that each of the consecutive Scheduled Trading Days equal in number to the Maximum Days of Disruption immediately following such Scheduled Averaging Reference Date is a Disrupted Day. In that case:

(A) the last consecutive Scheduled Trading Day shall be deemed to be the relevant Averaging Reference Date (irrespective of whether that last consecutive Scheduled Trading Day is already or is deemed to be another Averaging Reference Date or is a Disrupted Day); and

(iii) "Modified Postponement", then the relevant Averaging Reference Date shall be the first succeeding Valid Date. If the first succeeding Valid Date has not occurred as of the Valuation Time on the last consecutive Scheduled Trading Day equal in number to the Maximum Days of Disruption immediately following the final Scheduled Averaging Reference Date, then:

(A) the last consecutive Scheduled Trading Day shall be deemed to be the Averaging Reference Date (irrespective of whether that last consecutive Scheduled Trading Day is already or is deemed to be another Averaging Reference Date or is a Disrupted Day); and

If the Issuer determines that any Averaging Reference Date is a Disrupted Day and, if in the relevant Final Terms no consequence is specified in respect of such Averaging Reference Date, then it shall be deemed that the consequence specified in "Modified Postponement" will apply.

Equity-linked Securities

Where the Securities relate to a Share Basket, if the relevant Final Terms specify that "Share Basket and Reference Dates – Individual/Individual" or "Share Basket and Reference Dates – Common/Individual" applies to the Share Basket and any Reference Date, then if the Issuer determines that the Scheduled Reference Date relating to such Reference Date is a Disrupted Day for any Share in the Share Basket, then such Reference Date for such Share shall be the first succeeding Scheduled Trading Day for such Share that the Issuer determines is not a Disrupted Day relating to that Share, unless the Issuer determines that each of the consecutive Scheduled Trading Days for such Share equal in number to the Maximum Days of Disruption immediately following the Scheduled Reference Date is a Disrupted Day relating to that Share. In that case:

(i) the last consecutive Scheduled Trading Day for such Share shall be deemed to be the Reference Date for such Share, notwithstanding the fact that such day is a Disrupted Day for such Share; and

(ii) the Issuer shall determine its good faith estimate of the value for such Share as of the Valuation Time on that last consecutive Scheduled Trading Day for such Share, and such determination by the Issuer pursuant to this paragraph (ii) shall be deemed to be the Share Price in respect of the Reference Date for such Share.

(d) Share Basket and Reference Dates – Common/Common

Where the Securities relate to a Share Basket, if the relevant Final Terms specify that "Share Basket and Reference Dates – Common/Common" applies to the Share Basket and any Reference Date, then if the Issuer determines that the Scheduled Reference Date relating to such Reference Date is a Disrupted Day for any Share in the Share Basket, then such Reference Date for each Share in the Share Basket shall be the first succeeding Scheduled Trading Day following such Scheduled Reference Date which the Issuer determines is not a Disrupted Day for any Share in the Share Basket, unless the Issuer determines that each of the consecutive Scheduled Trading Days equal in number to the Maximum Days of Disruption immediately following such Scheduled Reference Date is a Disrupted Day relating to one or more Shares in the Share Basket. In that case:

(i) the last consecutive Scheduled Trading Day shall be deemed to be the Reference Date for each Share in the Share Basket, notwithstanding the fact that such day is a Disrupted Day for one or more Shares in the Share Basket (each such Share being an "Affected Basket Share" for such Reference Date);

(ii) for each Share in the Share Basket other than an Affected Basket Share, the relevant Share Price shall be determined by reference to the relevant screen pages by the Issuer at the applicable Valuation Time on such last consecutive Scheduled Trading Day; and

(iii) for each Affected Basket Share, the Issuer shall determine its good faith estimate of the value for such Affected Basket Share as of the Valuation Time on that last consecutive Scheduled Trading Day, and such determination by the Issuer pursuant to this paragraph (iii) shall be deemed to be the Share Price in respect of the Reference Date for such Affected Basket Share.

(e) Share Basket and Averaging Reference Dates – Individual/Individual and Common/Individual

Equity-linked Securities

Where the Securities relate to a Share Basket, if the relevant Final Terms specify that "Share Basket and Averaging Reference Dates – Individual/Individual" or "Share Basket and Averaging Reference Dates – Common/Individual" applies to the Share Basket and any Averaging Reference Date and if the Issuer determines that the Scheduled Averaging Reference Date relating to such Averaging Reference Date is a Disrupted Day in respect of any Share in the Share Basket and if, in the relevant Final Terms, the consequence specified is:

(A) for each Share in the Share Basket for which the Issuer determines that the final Scheduled Averaging Reference Date is not a Disrupted Day, the sole Averaging Reference Date for such Share shall be the final Scheduled Averaging Reference Date; and

(B) for each Share in the Share Basket for which the Issuer determines that the final Scheduled Averaging Reference Date is a Disrupted Day, then the sole Averaging Reference Date for such Share shall be the first succeeding Scheduled Trading Day for such Share following the final Scheduled Averaging Reference Date that the Issuer determines is not a Disrupted Day relating to such Share, unless the Issuer determines that each of the consecutive Scheduled Trading Days for such Share equal in number to the Maximum Days of Disruption immediately following the final Scheduled Averaging Reference Date is a Disrupted Day relating to that Share. In that case:

(I) that last consecutive Scheduled Trading Day for such Share shall be deemed to be the sole Averaging Reference Date for such Share, notwithstanding the fact that such day is a Disrupted Day for such Share; and

(II) the Issuer shall determine its good faith estimate of the value for such Share as of the Valuation Time on that last consecutive Scheduled Trading Day for such Share, and such determination by the Issuer pursuant to this paragraph

(II) shall be deemed to be the Share Price in respect of the sole Averaging Reference Date for such Share;

(ii) "Postponement", then for each Share in the Share Basket for which the Issuer determines that such Scheduled Averaging Reference Date is a Disrupted Day, the Averaging Reference Date for such Share shall be the first succeeding Scheduled Trading Day for such Share following such Scheduled Averaging Reference Date that the Issuer determines is not a Disrupted Day relating to that Share (irrespective of whether that deferred Averaging Reference Date is already or is deemed to be another Averaging Reference Date for such Share), unless the Issuer determines that each of the consecutive Scheduled Trading Days for such Share equal in number to the Maximum Days of Disruption immediately following such Scheduled Averaging Reference Date is a Disrupted Day relating to such Share. In that case:

(A) the last consecutive Scheduled Trading Day for such Share shall be deemed to be the Averaging Reference Date for such Share (irrespective of whether that last consecutive Scheduled Trading Day for such Share is already or is deemed to be another

Equity-linked Securities

Averaging Reference Date or is a Disrupted Day for such Share); and

(B) the Issuer shall determine its good faith estimate of the value for such Share as of the Valuation Time on that last consecutive Scheduled Trading Day for such Share, and such determination by the Issuer pursuant to this paragraph (B) shall be deemed to be the Share Price in respect of the relevant Averaging Reference Date for such Share; or

(iii) "Modified Postponement", then for each Share in the Share Basket for which the Issuer determines that such Scheduled Averaging Reference Date is a Disrupted Day, the Averaging Reference Date for such Share shall be the first succeeding Valid Date relating to that Share. If the first succeeding Valid Date has not occurred as of the relevant Valuation Time on the last consecutive Scheduled Trading Day for such Share equal in number to the Maximum Days of Disruption immediately following the final Scheduled Averaging Reference Date, then:

(A) that last consecutive Scheduled Trading Day for such Share shall be deemed to be the Averaging Reference Date for such Share (irrespective of whether that last consecutive Scheduled Trading Day for such Share is already or is deemed to be another Averaging Reference Date or is a Disrupted Day for such Share); and

If the Issuer determines that any Averaging Reference Date is a Disrupted Day for any Share in the Share Basket and, if in the relevant Final Terms no consequence is specified in respect of such Averaging Reference Date, then it shall be deemed that the consequence specified in "Modified Postponement" will apply.

(f) Share Basket and Averaging Reference Dates – Common/Common

Where the Securities relate to a Share Basket, if the relevant Final Terms specify that "Share Basket and Averaging Reference Dates – Common/Common" applies to the Share Basket and an Averaging Reference Date, then if the Issuer determines that the Scheduled Averaging Reference Date relating to such Averaging Reference Date is a Disrupted Day in respect of any Share in the Share Basket and if, in the relevant Final Terms, the consequence specified is:

(i) "Omission", then such Scheduled Averaging Reference Date will be deemed not to be a relevant Averaging Reference Date for each Share in the Share Basket, provided that, if through the operation of this provision there would be no Averaging Reference Dates, then the sole Averaging Reference Date for each Share in the Share Basket shall be the first succeeding Scheduled Trading Day following the final Scheduled Averaging Reference Date that the Issuer determines is not a Disrupted Day for any Share in the Share Basket, unless the Issuer determines that each of the consecutive Scheduled Trading Days in equal in number to the Maximum Days of Disruption immediately following the final Scheduled Averaging Reference Date is a Disrupted Day relating to one or more Shares in the Share Basket. In that case:

Equity-linked Securities

(A) that last consecutive Scheduled Trading Day shall be deemed to be the sole Averaging Reference Date for each Share in the Share Basket, notwithstanding the fact that such day is a Disrupted Day for one or more Shares in the Share Basket (each such Share being an "Affected Basket Share" for such sole Averaging Reference Date);

(B) for each Share in the Share Basket other than an Affected Basket Share, the relevant Share Price shall be determined by reference to the relevant screen pages by the Issuer at the applicable Valuation Time on such last consecutive Scheduled Trading Day; and

(C) for each Affected Basket Share, the Issuer shall determine its good faith estimate of the value for such Affected Basket Share as of the Valuation Time on that last consecutive Scheduled Trading Day, and such determination by the Issuer pursuant to this paragraph (C) shall be deemed to be the Share Price in respect of the sole Averaging Reference Date for such Affected Basket Share;

(ii) "Postponement", then the Averaging Reference Date for each Share in the Share Basket shall be the first succeeding Scheduled Trading Day following such Scheduled Averaging Reference Date which the Issuer determines is not a Disrupted Day for any Share in the Share Basket (irrespective of whether that deferred Averaging Reference Date is already or is deemed to be another Averaging Reference Date), unless the Issuer determines that each of the consecutive Scheduled Trading Days equal in number to the Maximum Days of Disruption immediately following such Scheduled Averaging Reference Date is a Disrupted Day relating to one or more Shares in the Share Basket. In that case:

(A) that last consecutive Scheduled Trading Day shall be deemed to be the Averaging Reference Date for each Share in the Share Basket, notwithstanding the fact that such day is a Disrupted Day for one or more Shares in the Share Basket (each such Share being an "Affected Basket Share" for such Averaging Reference Date);

(C) for each Affected Basket Share, the Issuer shall determine its good faith estimate of the value for such Affected Basket Share as of the Valuation Time on that last consecutive Scheduled Trading Day, and such determination by the Issuer pursuant to this paragraph (C) shall be deemed to be the Share Price in respect of the relevant Averaging Reference Date for such Affected Basket Share; or

(iii) "Modified Postponement", then the Averaging Reference Date for each Share in the Share Basket shall be the first succeeding Common Valid Date. If the first succeeding Common Valid Date has not occurred as of the relevant Valuation Time on the last consecutive Scheduled Trading Day equal in number to the Maximum Days of Disruption immediately following the final Scheduled Averaging Reference Date, then:

Equity-linked Securities

(C) for each Affected Basket Share, the Issuer shall determine its good faith estimate of the value for such Affected Basket Share as of the Valuation Time on that last consecutive Scheduled Trading Day, and such determination by the Issuer pursuant to this paragraph (C) shall be deemed to be the Share Price in respect of the relevant Averaging Reference Date for such Affected Basket Share.

2.2 Consequences of Potential Adjustment Events

(a) If the Issuer determines that a Potential Adjustment Event has occurred in respect of a Share, the Issuer will determine whether such Potential Adjustment Event has a diluting or concentrative effect on the theoretical value of the relevant Shares and, if so, the Issuer will (i) make the corresponding adjustment(s), if any, to one or more of any variable relevant to the exercise, settlement, payment or other terms of the Securities as the Issuer determines appropriate to account for that diluting or concentrative effect (provided that no adjustments will be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Share), and (ii) determine the effective date(s) of the adjustment(s). The Issuer may (but need not) determine the appropriate adjustment(s) by reference to the adjustment(s) in respect of such Potential Adjustment Event made by an options exchange to options on the relevant Shares traded on such options exchange.

(b) Upon making any such adjustment, the Issuer shall give notice as soon as practicable to the Securityholders stating the adjustment to any amount payable under the Securities and/or any of the other relevant terms and giving brief details of the Potential Adjustment Event, provided that any failure to give such notice shall not affect the validity of the Potential Adjustment Event or any action taken.

2.3 Consequences of Extraordinary Events

If the Issuer determines that an Extraordinary Event has occurred in respect of a Share then, on or after the relevant Merger Date, Tender Offer Date or Announcement Date, as the case may be, the Issuer may in its discretion (acting in good faith and in a commercially reasonable manner) either:

(a) (i) make such adjustment to the exercise, settlement, payment or any other terms of the Securities as the Issuer determines appropriate to account for the economic effect on the Securities of such Extraordinary Event (which may include, without limitation, adjustments to account for

Equity-linked Securities

changes in volatility, expected dividends, stock loan rate or liquidity relevant to the Shares or to the Securities), which may, but need not, be determined by reference to the adjustment(s) made in respect of such Extraordinary Event by an options exchange to options on the relevant Shares traded on such options exchange; and

(ii) determine the effective date of that adjustment; or

(b) if "Share Substitution" is specified as being applicable in the relevant Final Terms, then the Issuer may, acting in good faith and in a commercially reasonable manner, select a new underlying share (in respect of the relevant Extraordinary Event, the "Replacement Share"), which Replacement Share will be deemed to be a Share in place of the Share which has been replaced by the Issuer following such Extraordinary Event (and the Share Issuer of the Replacement Share will replace the Share Issuer of the replaced Share), and the Issuer may make such adjustment to the exercise, settlement, payment or any other terms of the Securities as the Issuer determines appropriate to account for the economic effect on the Securities of the Extraordinary Event and/or the replacement of the replaced Share by the Replacement Share (including adjustments to account for changes in volatility, expected dividends, stock loan rate or liquidity relevant to the Shares or to the Securities). Any Replacement Share will, to the extent practicable, be selected from the same economic sector, have shares denominated in the same currency and have a similar market capitalisation to the relevant replaced Share; or

(c) if the Issuer determines that no adjustments to the terms of the Securities would achieve a commercially reasonable result, on giving not more than 30 nor less than 15 days' notice to Securityholders in accordance with the General Conditions, the Issuer may redeem the Securities in whole but not in part, in which case the Issuer will cause to be paid to each Securityholder in respect of each Security held by it an amount equal to the Early Payment Amount on such day falling on or after the relevant Merger Date, Tender Offer Date or Announcement Date, as the case may be, as the Issuer shall select in its sole and absolute discretion.

2.4 Consequences of Additional Disruption Events

If the Issuer determines that an Additional Disruption Event (if specified as being applicable in the relevant Final Terms) has occurred, then the Issuer may (but need not) determine:

(a) the appropriate adjustment, if any, to be made to any one or more of the terms of the Securities, including without limitation, any variable or term relevant to the settlement or payment under such Securities, as the Issuer determines appropriate to account for the economic effect of such Additional Disruption Event on the Securities (including adjustments to account for changes in volatility, expected dividends, stock loan rate or liquidity relevant to the Shares or to the Securities), and determine the effective date of that adjustment; or

(b) that no adjustments to the terms of the Securities would achieve a commercially reasonable result, on giving not more than 30 nor less than 15 days' notice to Securityholders in accordance with the General Conditions, the Issuer may redeem the Securities in whole but not in part, in which case the Issuer will cause to be paid to each Securityholder in respect of each Security held by it an amount equal to the Early Payment Amount on such day as the Issuer shall select in its sole and absolute discretion.

3. Adjustment in respect of Jurisdictional Event

If the relevant Final Terms specify in relation to a Share that Jurisdictional Event shall apply and, in the determination of the Issuer, a Jurisdictional Event occurs, the Issuer

Equity-linked Securities

may make such downward adjustment to any amount otherwise payable under the Securities as it shall determine in its discretion, acting in good faith and in a commercially reasonable manner, to take account of the effect of such Jurisdictional Event on any Hedging Arrangements and any difference between the Hedge Proceeds and the amount which, but for these provisions would otherwise be the amount so payable. The Issuer will use commercially reasonable endeavours to preserve the value of the Hedge Proceeds, but it shall not be obliged to take any measures which it determines, in its sole and absolute discretion, to be commercially impracticable. The Issuer shall also take into account the effect on the Securities and whether fair treatment is achieved by any such adjustment in accordance with its applicable regulatory obligations.

4. Correction of prices

In the event that any relevant price of a Share published on the Exchange on any date which is utilised for any calculation or determination in connection with the Securities is subsequently corrected and the correction is published by the Exchange by the second Currency Business Day prior to the next date on which any relevant payment or delivery may have to be made by the Issuer or in respect of which any relevant determination in respect of the Securities may have to be made, then the Issuer may determine the amount that is payable or deliverable or make any determination, acting in good faith and in a commercially reasonable manner, in connection with the Securities, after taking into account such correction, and, to the extent necessary, may adjust any relevant terms of the Securities to account for such correction.

General Terms and Conditions of Certificates

GENERAL TERMS AND CONDITIONS OF CERTIFICATES

The following is the text of the general terms and conditions ("General Certificate Conditions") that, together with any applicable Additional Provisions, any applicable Product Conditions and any applicable Asset Terms (as specified in the relevant Final Terms) and subject to the provisions of the relevant Final Terms, shall be applicable to Securities for which the relevant General Terms and Conditions are specified in the relevant Final Terms as being those of "Certificates". References in the Conditions to "Securities" are to the Securities of one series only, not to all Securities that may be issued under the Programme. Definitions used in these General Certificate Conditions shall not apply in relation to any of the other General Terms and Conditions contained in this Base Prospectus.

In relation to the Securities (which expression shall include any Securities issued pursuant to General Certificate Condition 8), the Issuers have executed an agency agreement dated 10 July 2013 (as amended, restated or supplemented from time to time, the "Agency Agreement"), with The Bank of New York Mellon, acting through its London Branch (or such other entity as may be specified in the relevant Final Terms) as issuing agent and principal certificate agent (the "Principal Certificate Agent", which expression shall include, wherever the context so admits, any successor principal certificate agent). The certificate agent, the registrar, the calculation agent(s) and the paying agents for the time being (if any) are referred to below respectively as the "Certificate Agent" (which expression shall include the Principal Certificate Agent and any substitute or additional certificate agents), the "Registrar", the "Calculation Agent(s)" and the "Paying Agents" (which expression shall include the Certificate Agent, the Registrar and the Calculation Agent(s) and together with any other agents specified in the relevant Final Terms, the "Agents"). The Securityholders (as defined in General Certificate Condition 1(b)) are deemed to have notice of all the provisions of the Agency Agreement applicable to them. CS has executed a general deed of covenant by deed poll dated 10 July 2013 (the "CS Deed of Covenant") in favour of Securityholders from time to time in respect of Securities issued by CS from time to time under which it has agreed to comply with the terms of all such Securities. XXx has executed a general deed of covenant by deed poll dated 10 July 2013 (the "CSi Deed of Covenant") in favour of Securityholders from time to time in respect of Securities issued by CSi from time to time under which it has agreed to comply with the terms of all such Securities. Copies of the Agency Agreement (including the form of global certificate referred to below), the CS Deed of Covenant and the CSi Deed of Covenant are, and, so long as any Security remains outstanding, will be available for inspection during normal business hours at the specified offices of each of the Certificate Agents and the Registrar.

The Securities of any Series are subject to these General Certificate Conditions, as modified and/or supplemented by any applicable Additional Provisions, any applicable Product Conditions, any applicable Asset Terms and the relevant final terms (the "Final Terms") relating to the relevant Securities (together, the "Terms and Conditions" or the "Conditions"). The relevant Securities will (unless otherwise specified) be represented by a global certificate (the "Global Security").

Expressions used herein and not defined shall have the meaning given to them in any applicable Additional Provisions, any applicable Product Conditions, any applicable Asset Terms or the relevant Final Terms. In the event of any inconsistency between the General Certificate Conditions, the applicable Product Conditions, the applicable Asset Terms and the relevant Final Terms, the prevailing terms will be determined in accordance with the following order of priority (where (a) prevails over the other terms):

(a) the relevant Final Terms;

(b) the applicable Product Conditions;

(d) the applicable Additional Provisions (if any); and

(e) the General Certificate Conditions.

General Terms and Conditions of Certificates

Except in relation to General Certificate Conditions 10, 15 and 18 references herein to the "Issuer" shall be to CS acting through its London Branch, its Nassau Branch or its Singapore Branch (each a "Branch") or CSi, as the case may be, (as specified in the relevant Final Terms). In relation to General Certificate Conditions 10, 15 and 18, references to "Issuer" shall be to CS or CSi, as the case may be, (as specified in the relevant Final Terms).

1. Form, Title and Transfer

(a) Form

The Securities shall be issued in registered form and shall be represented at all times by the Global Security deposited outside the United Kingdom with, or with a common depositary for, the Clearing System(s) (the "Registered Global Security"). Securities in definitive form shall not be issued.

(b) Title

Subject as provided below, title to the Securities shall pass by registration in the register (the "Register") maintained in accordance with the provisions of the Agency Agreement.

Each person being referred to herein as a "Securityholder" or "holder" shall, for the purposes of these General Certificate Conditions, be:

(i) in the case of Securities clearing through the relevant Clearing System(s) (other than Securities clearing through Monte Titoli), each person for the time being appearing in the records of the relevant Clearing System(s) as the holder of a Security (other than one Clearing System to the extent that it appears on the books of another Clearing System) and such person shall be treated for all purposes by the Issuer, the Certificate Agents and the relevant Clearing System(s) as the Securityholder, other than with respect to the payment of any amount due under the terms of the Securities, for which purpose the Securityholder shall be the person in whose name the Registered Global Security is registered in accordance with and subject to its terms, notwithstanding any notice to the contrary; and

(ii) in the case of Securities clearing through Monte Titoli, each person whose name appears as being entitled to a Security in the books of a financial intermediary (an Italian bank, broker or agent authorised to maintain securities accounts on behalf of its clients) (an "Account Holder") and who is entitled to such Security according to the books of Monte Titoli, and such person shall be treated for all purposes as the Securityholder thereof.

References to "Clearing System(s)" are to Euroclear Bank S.A./N.V. ("Euroclear") and Clearstream Banking, société anonyme ("Clearstream, Luxembourg") or such other clearing system specified in the relevant Final Terms with or on behalf of which the Global Security is deposited. References to "Monte Titoli" are to Monte Titoli S.p.A.

Transfers of Securities may be effected only in integral multiples of the Transferable Number of Securities, subject to a minimum of any Minimum Trading Lot specified in the relevant Final Terms and (i) in the case of Securities held through Monte Titoli, through the relevant Account Holder, or (ii) in the case of Securities held through another Clearing System, through such Clearing System. Transfers may be effected only upon registration of the transfer in the books of (i) in the case of Securities held through Monte Titoli, the relevant Account Holder, or (ii) in the case of Securities held in another Clearing System, such Clearing System.

General Terms and Conditions of Certificates

2. Status

The Securities are unsubordinated and unsecured obligations of the Issuer and rank pari passu and rateably without any preference among themselves and equally with all other unsubordinated and unsecured obligations of the Issuer from time to time outstanding.

3. Redemption and Payment

(a) Maturity Date

Unless previously redeemed or purchased and cancelled or unless the Securities are to be redeemed by way of physical settlement pursuant to Product Condition 4, the Issuer will redeem the Securities on the Maturity Date at their Redemption Amount.

(b) Interim payments

In addition, if so specified in the relevant Final Terms, the Issuer will pay or cause to be paid on such dates as may be specified therein such amounts as may be specified or determined in accordance with the provisions of the relevant Final Terms ("Interim Payments").

If "Call Option" is specified in the relevant Final Terms, the Issuer may, on giving not less than 15 nor more than 30 days' irrevocable notice to the Securityholders (or such other notice period as may be specified in the relevant Final Terms) redeem all or, if so provided, some, of the Securities on any Optional Redemption Date specified in the relevant Final Terms at their Optional Redemption Amount specified in the relevant Final Terms. Any such redemption must relate to a number of Securities at least equal to the minimum number to be redeemed and no greater than the maximum number to be redeemed, as specified in the relevant Final Terms. All Securities in respect of which any such notice is given shall be redeemed on the date specified in such notice in accordance with this General Certificate Condition 3(c).

In the case of a partial redemption, the Securities to be redeemed shall be selected in such place and in such manner as may be fair and reasonable in the circumstances, taking account of prevailing market practices, subject to compliance with any applicable laws and stock exchange, Clearing System and other relevant requirements.

(d) Redemption at the Option of Securityholders

If "Put Option" is specified in the relevant Final Terms, the Issuer shall, at the option of the holder of any such Security, upon the holder of such Security giving not less than 15 nor more than 30 days' notice (substantially in the form set out in the Agency Agreement or in such other form as the Issuer and the Principal Certificate Agent may approve) to the Issuer (or such other notice period as may be specified in the relevant Final Terms) redeem such Security on the Optional Redemption Date(s) specified in the relevant Final Terms at its Optional Redemption Amount specified in the relevant Final Terms. No such option may be exercised if the Issuer has given notice of redemption of the Securities.

General Terms and Conditions of Certificates

(e) Payments

Payments in respect of Securities will be made to the relevant Clearing System(s) for credit to the account of the person shown on the Register at the close of business on the date (the "Record Date") which is the Clearing System Business Day immediately prior to the due date for payment thereof, where "Clearing System Business Day" means each day from Monday to Friday inclusive except 25 December and 1 January.

The holder of the Registered Global Security will be the only person entitled to receive payments in respect of Securities represented by such Registered Global Security and the Issuer will be discharged by payment to, or to the order of, the holder of such Registered Global Security in respect of each amount so paid. Each of the persons shown in the records of the relevant Clearing System as the holder of a particular number or nominal amount of Securities represented by such Registered Global Security must look solely to such Clearing System for its share of each payment so made by the Issuer. No person other than the holder of such Registered Global Security shall have any claim against the Issuer in respect of any payments due on that Registered Global Security.

Payment by the Issuer of any amount payable in respect of a Security will be subject in all cases to all applicable fiscal and other laws, regulations and directives and the rules and procedures of the relevant Clearing System(s). Neither the Issuer nor any Certificate Agent shall under any circumstances be liable for any acts or defaults of any Clearing System in the performance of its duties in relation to the Securities.

(f) Non-Currency Business Days

If any date for payment in respect of any Security is not a Currency Business Day, Securityholders shall not be entitled to payment until the next following Currency Business Day or to any interest or other sum in respect of such postponed payment.

4. Interest and Premium

(a) Interest on Fixed Rate Securities

Each Fixed Rate Security bears interest on its outstanding nominal amount from and including the Interest Commencement Date either (i) at the rate per annum (expressed as a percentage) equal to the Rate of Interest or (ii) in an Interest Amount, such interest being payable in arrear on each Interest Payment Date. If so specified in the relevant Final Terms, the Rate of Interest or Interest Amount may be different for different Interest Periods.

(b) Premium

If so specified in the relevant Final Terms, the Issuer shall pay a premium in respect of the derivative element of the Securities. Such premium shall be payable in respect of each Security on its outstanding nominal amount from the Premium Commencement Date either (i) at the rate per annum (expressed as a percentage) equal to the Rate of Premium or (ii) in an amount equal to a fixed Premium Amount, such premium being payable in arrear on each Premium Payment Date. If so specified in the relevant Final Terms, the Rate of Premium or Premium Amount may be different for different Premium Periods.

(i) Interest Payment Dates

Each Floating Rate Security bears interest on its outstanding nominal amount from and including the Interest Commencement Date at the rate per annum (expressed as a percentage) equal to the Rate of Interest, such interest being

General Terms and Conditions of Certificates

payable in arrear on each Interest Payment Date specified in the relevant Final Terms.

(ii) Business Day Convention

If any date that is specified in the relevant Final Terms to be subject to adjustment in accordance with a Business Day Convention would otherwise fall on a day that is not a Business Day, then, if the Business Day Convention specified is (A) the Floating Rate Business Day Convention, such date shall be postponed to the next day that is a Business Day unless it would thereby fall into the next calendar month, in which event (x) such date shall be brought forward to the immediately preceding Business Day and (y) each subsequent such date shall be the last Business Day of the month in which such date would have fallen had it not been subject to adjustment, (B) the Following Business Day Convention, such date shall be postponed to the next day that is a Business Day, (C) the Modified Following Business Day Convention, such date shall be postponed to the next day that is a Business Day unless it would thereby fall into the next calendar month, in which event such date shall be brought forward to the immediately preceding Business Day or (D) the Preceding Business Day Convention, such date shall be brought forward to the immediately preceding Business Day.

(iii) Rate of Interest for Floating Rate Securities

The Rate of Interest in respect of Floating Rate Securities for each Interest Period shall be determined by the Calculation Agent (as defined in the ISDA Definitions) as a rate equal to the relevant ISDA Rate plus or minus (as indicated in the relevant Final Terms) the Margin (if any). For the purposes of this sub-paragraph (iii), "ISDA Rate" for an Interest Period means a rate equal to the Floating Rate that would be determined by the Calculation Agent under a Swap Transaction under the terms of an agreement incorporating the ISDA Definitions and under which:

(A) the Floating Rate Option is as specified in the relevant Final Terms;

(B) the Designated Maturity is a period so specified in the relevant Final Terms; and

(C) the relevant Reset Date is (I) if the applicable Floating Rate Option is based on LIBOR or EURIBOR, the first day of that Interest Period or such days as so specified in the relevant Final Terms, or (II) if the applicable Floating Rate Option is neither based on LIBOR nor EURIBOR, such other day as so specified in the relevant Final Terms,

provided that if the Issuer determines that such ISDA Rate cannot be determined in accordance with the ISDA Definitions read with the above provisions, the value of the ISDA Rate for an Interest Period shall be such rate as is determined by the Calculation Agent in good faith and in a commercially reasonable manner having regard to comparable benchmarks then available.

For the purposes of this sub-paragraph (iii), "Floating Rate", "Floating Rate Option", "Reset Date" and "Swap Transaction" have the meanings given to those terms in the ISDA Definitions.

(d) Accrual of Interest and Premium

Interest and Premium shall cease to accrue on each Security on the due date for redemption unless payment is improperly withheld or refused, in which event interest and premium shall continue to accrue (both before and after judgment) in the manner provided in this General Certificate Condition 4 to (i) the date on which such payment first becomes due and payable or (ii) if the full amount of moneys payable has not been received by the Certificate Agent on or prior to such date, the date on which, the

General Terms and Conditions of Certificates

full amount of such moneys having been so received notice to that effect is given to the Securityholders in accordance with General Certificate Condition 9.

(e) Maximum/Minimum Rates of Interest, Rate Multipliers and Rounding

(i) If any Rate Multiplier is specified in the relevant Final Terms (either (A) generally, or (B) in relation to one or more Interest Periods), an adjustment shall be made to all Rates of Interest, in the case of (A), or the Rates of Interest for the specified Interest Periods, in the case of (B), calculated in accordance with (c) above by multiplying by such Rate Multiplier, subject always to the next paragraph.

(ii) If any Maximum or Minimum Rate of Interest is specified in the relevant Final Terms, then any Rate of Interest shall be subject to such maximum or minimum, as the case may be.

(iii) For the purposes of any calculations (unless otherwise specified), (A) all percentages resulting from such calculations shall be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point (with halves being rounded up), (B) all figures shall be rounded to seven significant figures (with halves being rounded up) and (C) all currency amounts that fall due and payable shall be rounded to the nearest unit of such currency (with halves being rounded up), save in the case of yen, which shall be rounded down to the nearest yen. For these purposes "unit" means the lowest transferable amount of such currency.

(f) Calculations

The amount of interest or premium payable in respect of any Security for any period shall be calculated by multiplying the product of the Rate of Interest or Rate of Premium and the outstanding nominal amount of such Security by the Day Count Fraction, unless an Interest Amount or Premium Amount (or a formula for its calculation) is specified in respect of such period, in which case the amount of interest or premium payable in respect of such Security for such period shall equal such Interest Amount or Premium Amount (or be calculated in accordance with such formula).

(g) Determination and Publication of Rates of Interest/Premium and Interest/Premium Amounts

On such date as the Issuer may be required under this General Certificate Condition 4 to calculate any rate or amount, obtain any quotation or make any determination or calculation, it shall determine such rate, calculate such amounts, obtain such quotation or make such determination or calculation, as the case may be, and cause the Rate of Interest and the Interest Amount and/or the Rate of Premium and Premium Amount for each Interest Period and Premium Period and the relevant Interest Payment Date and Premium Payment Date to be notified to the Fiscal Agent, the Issuer (if the Issuer is not the Calculation Agent), each of the Agents, the Securityholders and, if the Securities are listed on a stock exchange and the rules of such exchange or other relevant authority so require, such exchange or other relevant authority as soon as possible after their determination but in no event later than the fourth Business Day after such determination. Where any Interest Payment Date or Premium Payment Date is subject to adjustment pursuant to General Certificate Condition 4(c)(ii), the Interest Amounts and the Interest Payment Date or Premium Amount and Premium Payment Date so published may subsequently be amended (or appropriate alternative arrangements made by way of adjustment) without notice in the event of an extension or shortening of the Interest Period or Premium Period. If the Securities become due and payable under General Certificate Condition 10, the accrued interest and the Rate of Interest and/or Rate of Premium payable in respect of the Securities shall nevertheless continue to be calculated as previously in accordance with this General Certificate Condition 4 but no publication of the Rate of

General Terms and Conditions of Certificates

Interest and/or Rate of Premium or the Interest Amount or Premium Amount so calculated need be made.

(h) Definitions

Unless the context otherwise requires and subject to the relevant Final Terms, the following terms shall have the meanings set out below:

"Aggregate Nominal Amount" means the aggregate nominal amount of the Securities set out in the relevant Final Terms.

"Business Centre" means each of the places so specified in the relevant Final Terms.

"Business Day" means:

(i) in the case of a currency other than euro, a day (other than a Saturday or Sunday) on which commercial banks and foreign exchange markets settle payments in the principal financial centre for such currency; and/or

(ii) in the case of euro, a TARGET Business Day; and/or

(iii) in the case of a currency and/or one or more Business Centres, a day (other than a Saturday or a Sunday) on which commercial banks and foreign exchange markets settle payments in such currency in the Business Centre(s) or, if no currency is indicated, generally in each of the Business Centres.

"Day Count Fraction" means, in respect of the calculation of an amount of interest and/or premium on any Security for any period of time (from and including the first day of such period to but excluding the last) (whether or not constituting an Interest Period and/or a Premium Period, the "Calculation Period"):

(i) if "Actual/Actual" or "Actual/Actual – ISDA" is specified in the relevant Final Terms, the actual number of days in the Calculation Period divided by 365 (or, if any portion of that Calculation Period falls in a leap year, the sum of (A) the actual number of days in that portion of the Calculation Period falling in a leap year divided by 366 and (B) the actual number of days in that portion of the Calculation Period falling in a non-leap year divided by 365);

(ii) if "Actual/365 (Fixed)" is specified in the relevant Final Terms, the actual number of days in the Calculation Period divided by 365;

(iii) if "Actual/360" is specified in the relevant Final Terms, the actual number of days in the Calculation Period divided by 360;

(iv) if "30/360", "360/360" or "Bond Basis" is specified in the relevant Final Terms, the number of days in the Calculation Period divided by 360 calculated on a formula basis as follows:

Day Count Fraction = [360 x (Y2 -Y1)] + [30 x (M2 -M1)] + (D2 -D1)

360

where:

"Y1" is the year, expressed as a number, in which the first day of the Calculation Period falls;

"Y2" is the year, expressed as a number, in which the day immediately following the last day included in the Calculation Period falls;

"M1" is the calendar month, expressed as a number, in which the first day of the Calculation Period falls;

General Terms and Conditions of Certificates

"M2" is the calendar month, expressed as a number, in which the day immediately following the last day included in the Calculation Period falls;

"D1" is the first calendar day, expressed as a number, of the Calculation Period, unless such number would be 31, in which case D1 will be 30; and

"D2" is the calendar day, expressed as a number, immediately following the last day included in the Calculation Period, unless such number would be 31 and D1 is greater than 29, in which case D2 will be 30;

(v) if "30E/360" or "Eurobond Basis" is specified in the relevant Final Terms, the number of days in the Calculation Period divided by 360 calculated on a formula basis as follows:

Day Count Fraction = [360 x (Y2 -Y1)] + [30 x (M2 -M1)] + (D2 -D1)

360

where:

"Y1" is the year, expressed as a number, in which the first day of the Calculation Period falls;

"Y2" is the year, expressed as a number, in which the day immediately following the last day included in the Calculation Period falls;

"M1" is the calendar month, expressed as a number, in which the first day of the Calculation Period falls;

"M2" is the calendar month, expressed as a number, in which the day immediately following the last day included in the Calculation Period falls;

"D1" is the first calendar day, expressed as a number, of the Calculation Period, unless such number would be 31, in which case D1 will be 30; and

"D2" is the calendar day, expressed as a number, immediately following the last day included in the Calculation Period, unless such number would be 31, in which case D2 will be 30;

(vi) if "30E/360 (ISDA)" is specified in the relevant Final Terms, the number of days in the Calculation Period divided by 360, calculated on a formula basis as follows:

Day Count Fraction = [360 x (Y2 -Y1)] + [30 x (M2 -M1)] + (D2 -D1)

360

where:

"Y1" is the year, expressed as a number, in which the first day of the Calculation Period falls;

"Y2" is the year, expressed as a number, in which the day immediately following the last day included in the Calculation Period falls;

"M1" is the calendar month, expressed as a number, in which the first day of the Calculation Period falls;

General Terms and Conditions of Certificates

"M2" is the calendar month, expressed as a number, in which the day immediately following the last day included in the Calculation Period falls;

"D1" is the first calendar day, expressed as a number, of the Calculation Period, unless (i) that day is the last day of February or (ii) such number would be 31, in which case D1 will be 30; and

"D2" is the calendar day, expressed as a number, immediately following the last day included in the Calculation Period, unless (i) that day is the last day of February but not the Maturity Date or (ii) such number would be 31, in which case D2 will be 30;

(vii) if "Actual/Actual–ICMA" is specified in the relevant Final Terms:

(A) if the Calculation Period is equal to or shorter than the Determination Period during which it falls, the number of days in the Calculation Period divided by the product of (I) the number of days in such Determination Period and (II) the number of Determination Periods normally ending in any year; and

(B) if the Calculation Period is longer than one Determination Period, the sum of:

(I) the number of days in such Calculation Period falling in the Determination Period in which it begins divided by the product of (aa) the number of days in such Determination Period and (bb) the number of Determination Periods normally ending in any year; and

(II) the number of days in such Calculation Period falling in the next Determination Period divided by the product of (aa) the number of days in such Determination Period and (bb) the number of Determination Periods normally ending in any year;

where:

"Designated Maturity" means the period set out in the relevant Final Terms;

"Determination Date" means each date so specified in the relevant Final Terms or, if none is so specified, each Interest Payment Date and/or Premium Payment Date; and

"Determination Period" means the period from and including a Determination Date in any year to but excluding the next Determination Date.

"Interest Amount" means the amount of interest payable in respect of a Security on an Interest Payment Date as specified in the relevant Final Terms or calculated under this General Certificate Condition 4.

"Interest Commencement Date" means the Issue Date or such other date as may be specified in the relevant Final Terms.

"Interest Payment Date" means each date so specified in the relevant Final Terms, and if so specified in the relevant Final Terms, subject to adjustment in accordance with the Business Day Convention.

"Interest Period" means the period beginning on (and including) the Interest Commencement Date and ending on (but excluding) the first Interest Payment Date and each successive period beginning on (and including) an Interest Payment Date and ending on (but excluding) the next succeeding Interest Payment Date.

General Terms and Conditions of Certificates

"ISDA Definitions" means the 2006 ISDA Definitions, as published by the International Swaps and Derivatives Association, Inc.

"Premium Amount" means the amount of any premium payable in respect of a Security on a Premium Payment Date as specified in the relevant Final Terms or calculated under this General Certificate Condition 4.

"Premium Commencement Date" means the Issue Date or such other date as may be specified in the relevant Final Terms.

"Premium Payment Date" means each date so specified in the relevant Final Terms.

"Premium Period" means the period beginning on (and including) the Premium Commencement Date and ending on (but excluding) the first Premium Payment Date and each successive period beginning on (and including) a Premium Payment Date and ending on (but excluding) the next succeeding Premium Payment Date.

"Rate of Interest" means the rate of interest payable from time to time in respect of a Security as specified in the relevant Final Terms or calculated under this General Certificate Condition 4.

"Rate of Premium" means the rate of premium payable from time to time in respect of a Security as specified in the relevant Final Terms.

5. Illegality

If the Issuer shall have determined in good faith that the performance of any of its obligations under the Securities or that any arrangement made to hedge its obligations under the Securities shall have or will become, in whole or in part, unlawful, illegal or otherwise contrary to any present or future law, rule, regulation, judgment, order, directive, policy or request of any governmental, administrative, legislative or judicial authority or power (but, if not having the force of law, only if compliance with it is in accordance with the general practice of persons to whom it is intended to apply), or any change in the interpretation thereof (an "Illegality"), then the Issuer may, if and to the extent permitted by applicable law, either (a) make such adjustment to the Conditions as may be permitted by any applicable Asset Terms or

(b) having given not more than 30 nor less than 15 days' notice to Securityholders in accordance with General Certificate Condition 9, redeem the Securities at their Early Payment Amount. In the case of (b) no payment of the Redemption Amount (or physical delivery of the Share Amount or payment of the Fractional Cash Amount, as applicable) shall be made after such notice has been given.

6. Purchases

The Issuer and any subsidiary or affiliate of the Issuer may at any time purchase Securities (provided that such Securities are purchased with all rights to receive all future payments of interest and Instalment Amounts (if any)) in the open market or otherwise at any price and may hold, resell or cancel them.

7. Appointment of Agents

The Certificate Agents initially appointed by the Issuer and their respective specified offices are specified in the relevant Final Terms. The Agents act solely as agents of the Issuer and neither the Issuer nor any of the Agents assumes any obligation or relationship of agency or trust or of a fiduciary nature for or with any Securityholder. The Issuer may at any time vary or terminate the appointment of any Agent and appoint additional or other Agents, provided that the Issuer shall at all times maintain

(a) a Principal Certificate Agent, (b) a Registrar and (c) so long as the Securities are listed on any stock exchange and the rules of that stock exchange or the relevant competent authority so require, such Paying Agents or other agents as may be required by the rules of such stock exchange or competent authority.

General Terms and Conditions of Certificates

Notice of any such change or any change of any specified office shall promptly be given to the Securityholders.

8. Further Issues

The Issuer may from time to time without the consent of the Securityholders create and issue further Securities having the same terms and conditions as the Securities (save possibly for the amount and date of the first payment of interest and premium and for the issue price) (so that, for the avoidance of doubt, references in the Conditions to "Issue Date" shall be to the first issue date of the Securities) and so that the same shall be consolidated and form a single series with such Securities, and references in the Conditions to "Securities" shall be construed accordingly.

9. Notices

Notices to the holders of Securities which are listed on a stock exchange shall be given in such manner as the rules of such exchange or the relevant authority may require (in the case of the Luxembourg Stock Exchange by publication on xxx.xxxxxx.xx). In addition, so long as any Securities are held in or on behalf of a Clearing System, notices to the holders of such Securities may be given by delivery of the relevant notice to that Clearing System for communication by it to entitled accountholders or by delivery of the relevant notice to the holder of the relevant Global Security. Notices to the holders of Securities may also be given by publication in the newspaper specified in the relevant Final Terms or such other leading newspaper of general circulation as the Issuer may determine. Any such notice shall be deemed to have been given on the weekday following such delivery or, where notices are so published, on the date of such publication or, if published more than once or on different dates, on the date of the first such publication. Notices to the holders of Securities may alternatively be mailed to them at their respective addresses in the Register and deemed to have been given on the fourth weekday (being a day other than a Saturday or a Sunday) after the date of mailing.

Notices to be given by a Securityholder shall (in the case of a Security not held in or on behalf of a Clearing System) be in writing and given by being lodged with a Certificate Agent. Where Securities are held in or on behalf of a Clearing System, such notices may be given by the holder of a Security through the relevant Clearing System in such manner as the relevant Clearing System may approve for this purpose together with confirmation from the Clearing System of the Securityholder's holding of Securities.

Where Securities are held in or on behalf of a Clearing System but such Clearing System does not permit notices to be sent through it, such notices may be given by the relevant Securityholder in writing by being lodged with a Certificate Agent, subject to the Securityholder providing evidence from the Clearing System satisfactory to the Issuer of the Securityholder's holding of Securities.

10. Events of Default

If any one or more of the following events (each an "Event of Default") has occurred and is continuing:

(a) the Issuer fails to pay any amount due on the Securities within 30 days after the due date;

(b) where the Issuer is CS acting through its London Branch, its Nassau Branch or its Singapore Branch, CS is (or could be deemed by law or court to be) insolvent or bankrupt or unable to pay its debts, stops, suspends or threatens to stop or suspend payment of all or a material part of (or of a particular type of) its debts, initiates or becomes subject to proceedings relating to itself under any applicable bankruptcy, liquidation, insolvency, composition administration or insolvency law proposes or makes a stay of execution, a general assignment or an arrangement or composition with or for the benefit of the relevant

General Terms and Conditions of Certificates

creditors in respect of any of such debts or a moratorium is agreed or declared in respect of or affecting all or any part of (or of a particular type of) the debts of CS; or

(c) where the Issuer is CSi, a resolution is passed, or a final order of a court in the United Kingdom is made, and where not possible, not discharged or stayed within a period of 90 days, that CSi be wound up or dissolved,

then the holder of any Security may, by notice in writing given to the Certificate Agent at its specified office, declare such Security immediately due and payable, whereupon such Security shall become redeemable at an amount equal to its Early Payment Amount unless prior to the time when the Certificate Agent receives such notice all Events of Default have been cured.

11. Calculations and Determinations

Where any calculations or determinations are required in the Conditions to be made by the Issuer, the Issuer may delegate the performance of such determinations and/or calculations to a Calculation Agent on its behalf. In such event, the relevant references to the "Issuer" shall be construed as references to such Calculation Agent.

All calculations and determinations of the Issuer and the Calculation Agent in the Conditions shall be made in accordance with the terms of the relevant Conditions having regard in each case to the criteria stipulated therein (if any) and (where relevant) on the basis of information provided to or obtained by employees or officers of the Issuer or the Calculation Agent (as applicable) responsible for making the relevant calculation or determination.

All calculations and determinations made by the Issuer or the Calculation Agent shall be made in good faith and in a commercially reasonable manner. In the case of each determination under the Terms and Conditions, each of the Issuer and the Calculation Agent shall take into account the effect of such determination on the Securities and consider whether fair treatment is achieved by any such determination in accordance with its applicable regulatory obligations.

All calculations made by the Issuer or the Calculation Agent under the Conditions shall, in the absence of manifest error, be final, conclusive and binding on Securityholders.

Neither the Issuer nor the Calculation Agent shall have any responsibility for good faith errors or omissions in its calculations and determinations, whether caused by negligence or otherwise. Neither the Issuer nor the Calculation Agent assumes any obligation or relationship of agency or trust or of a fiduciary nature for or with any Securityholder. Nothing in the Conditions shall exclude or restrict any duty or liability arising under the regulatory framework applicable to any person authorised by the Financial Conduct Authority.

12. Taxation

The Issuer is not liable for or otherwise obliged to pay, and the relevant Securityholder shall pay, any tax, duty, charges, withholding or other payment which may arise as a result of, or in connection with, the ownership, transfer, redemption or enforcement of any Security, including, without limitation, the payment of any amount thereunder. The Issuer shall have the right to withhold or deduct from any amount payable to the Securityholder such amount as is necessary (a) for the payment of any such taxes, duties, charges, withholdings or other payments or (b) for effecting reimbursement to the Issuer for any payment by it of any tax, duty, charge, withholding or other payment referred to in this General Certificate Condition 12.

General Terms and Conditions of Certificates

13. Meetings of Securityholders

The Agency Agreement contains provisions for convening meetings of Securityholders to consider any matter affecting their interests, including the sanctioning by Extraordinary Resolution of a modification of any of the Conditions. Such a meeting may be convened by Securityholders holding not less than one tenth of the nominal amount of, or as the case may be, the number of Securities for the time being outstanding. The quorum for any meeting convened to consider an Extraordinary Resolution shall be two or more persons holding or representing a clear majority of the nominal amount of, or as the case may be, the number of Securities for the time being outstanding, or at any adjourned meeting two or more persons being or representing Securityholders whatever the nominal amount or number of the Securities held or represented, unless the business of such meeting includes consideration of proposals, inter alia, (a) to amend any date for payment on the Securities, (b) to reduce or cancel the nominal amount of, or any other amount payable or deliverable on redemption of, the Securities, (c) to vary any method of, or basis for, calculating any amount payable on the Securities or deliverable in respect of the Securities, (d) to vary the currency or currencies of payment or nominal amount of the Securities, (e) to take any steps that may only be taken following approval by an Extraordinary Resolution to which the special quorum provisions apply or (f) to modify the provisions concerning the quorum required at any meeting of Securityholders or the majority required to pass the Extraordinary Resolution in which case the necessary quorum shall be two or more persons holding or representing not less than 75 per cent., or at any adjourned meeting not less than 25 per cent., of the nominal amount of, or as the case may be, the number of Securities for the time being outstanding. Any Extraordinary Resolution duly passed shall be binding on Securityholders (whether or not they were present at the meeting at which such resolution was passed).

The Agency Agreement provides that a resolution in writing signed by or on behalf of the holders of not less than 90 per cent. of the nominal amount of, or as the case may be, the number of Securities outstanding shall for all purposes be as valid and effective as an Extraordinary Resolution passed at a meeting of Securityholders duly convened and held. Such a resolution in writing may be contained in one document or several documents in the same form, each signed by or on behalf of one or more Securityholders.

14. Modification

The Issuer may modify the Conditions (and (a) (i) in the case of CS, the CS Deed of Covenant, (ii) in the case of CSi, the CSi Deed of Covenant and (b) together with the other parties thereto, the Agency Agreement) without the consent of any Securityholder for the purposes of (a) curing any ambiguity or correcting or supplementing any provision contained in them in any manner which the Issuer may deem necessary or desirable provided that such modification is not, in the determination of the Issuer, prejudicial to the interests of the Securityholders or (b) correcting a manifest error. Notice of any such modification will be given to the Securityholders in accordance with General Certificate Condition 9.

15. Substitution of the Issuer

The Issuer, or any previously substituted company, may at any time, without the consent of the Securityholders, substitute for itself as principal obligor under the Securities any company (the "Substitute"), being any Affiliate of the Issuer or another company with which it consolidates, into which it merges or to which it sells, leases, transfers or conveys all or substantially all its property, subject to:

(a) where the Substitute is an Affiliate of the Issuer, the Substitute having a long- term unsecured debt rating equal to or higher than that of the Issuer given by Moody's Investors Service, Inc. (or an equivalent rating from another

General Terms and Conditions of Certificates

internationally recognised rating agency) or having the benefit of a guarantee from the Issuer or another Affiliate of the Issuer with such a debt rating;

(b) all actions, conditions and things required to be taken, fulfilled and done (including the obtaining of any necessary consents) to ensure that the Securities represent legal, valid and binding obligations of the Substitute having been taken, fulfilled and done and being in full force and effect; and

(c) the Issuer shall have given at least 30 days' prior notice of the date of such substitution to the Securityholders in accordance with General Certificate Condition 9.

In the event of any substitution of the Issuer, any reference in the Conditions to the "Issuer" shall thenceforth be construed as a reference to the Substitute.

"Affiliate" means any entity controlled, directly or indirectly, by the Issuer, any entity that controls, directly or indirectly, the Issuer and any entity under common control with the Issuer.

The Issuer shall also have the right upon notice to Securityholders in accordance with General Certificate Condition 9 to change the office through which it is acting for the purpose of the Securities, the date of such change to be specified in such notice provided that no change can take place prior to the giving of such notice.

16. Third Parties

No person shall have any right to enforce any of the Conditions of the Securities under the Contracts (Rights of Third Parties) Xxx 0000 except and to the extent (if any) that the Securities expressly provide that it shall apply to any of their terms.

17. Miscellaneous Definitions

References to "AUD" are to Australian dollars, references to "CAN" are to Canadian dollars, references to "DKr" are to Danish Krone, references to "EUR" and "€" are to euro, being the lawful single currency of the member states of the European Union that have adopted and continue to retain a common single currency through monetary union in accordance with European Union treaty law (as amended from time to time), references to "GBP" and "£" are to pounds sterling, references to "HK$" and "HKD" are to Hong Kong dollars, references to "JPY" and "¥" are to Japanese yen, references to "Nkr" and "NOK" are to Norwegian Krone, references to "SGD" are to Singapore dollars, references to "SEK" and "SKr" are to Swedish Krona, references to "CHF" and "Sfr" are to Swiss Francs and references to "USD" and "U.S.$" are to United States dollars.

"Additional Provisions" means any of (a) the Provisions relating to Certificates in Euroclear Finland, the Provisions relating to Certificates in Euroclear Sweden or the Provisions relating to Certificates in VPS, and/or (b) the applicable Additional Provisions for Italian Securities, in each case (i) where (in the case of (a)) the relevant Clearing System and/or (in the case of (b)) the Additional Provisions for Certificates listed on Borsa Italiana S.p.A., is specified as applicable in the relevant Final Terms relating to the relevant Securities and (ii) on the terms as set forth in the Base Prospectus as referred to in such Final Terms.

"Banking Day" means, in respect of any city, a day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in such city.

"Currency Business Day" means a day which is a Banking Day in the Financial Centre(s) if any (as specified in the relevant Final Terms) and on which (unless the Settlement Currency is euro) commercial banks and foreign exchange markets are generally open to settle payments in the city or cities determined by the Issuer to be

General Terms and Conditions of Certificates

the principal financial centre(s) for the Settlement Currency, and if the Settlement Currency is euro, which is also a TARGET Business Day.

"Early Payment Amount" means the fair market value of such Securities immediately prior to such redemption (which may be nil) taking into consideration all information which the Issuer deems relevant (including, without limitation, the circumstances that resulted in the events causing such redemption), (if "Deduction for Hedge Costs" is specified to be applicable in the relevant Final Terms) less the cost to the Issuer and/or its affiliates of unwinding any related hedging arrangements in relation to such Securities, all as determined by the Issuer in its discretion acting in good faith and in a commercially reasonable manner.

"Extraordinary Resolution" means a resolution passed at a meeting duly convened and held in accordance with the Agency Agreement by a majority of at least 75 per cent. of the votes cast.

"Financial Centre" means each of the places so specified in the relevant Final Terms.

"Fractional Cash Amount" has the meaning given to it in the Product Conditions. "Issue Date" means one of the following as specified in the relevant Final Terms:

(a) the date so specified in the relevant Final Terms; or

(b) the number of Currency Business Days following the Initial Setting Date, as specified in the relevant Final Terms.

"Issue Price" means the amount so specified in the relevant Final Terms.

"Maturity Date" means one of the following as specified in the relevant Final Terms:

(a) the date so specified in the relevant Final Terms; or

(b) the number of Currency Business Days following the Final Fixing Date, the last Averaging Date, the Knock-in Observation Date, the Coupon Observation Date, the last Coupon Observation Averaging Date or the Trigger Barrier Observation Date, as specified in the relevant Final Terms (or if there are two or more such dates, the latest of such dates to occur); or

(c) the later of (i) the date so specified in the relevant Final Terms, and (ii) the number of Currency Business Days following the Final Fixing Date, the last Averaging Date, the Knock-in Observation Date, the Coupon Observation Date, the last Coupon Observation Averaging Date or the Trigger Barrier Observation Date, as specified in the relevant Final Terms (or if there are two or more such dates, the latest of such dates to occur).

"Redemption Amount" has the meaning given to it in the Product Conditions. "Settlement Currency" means the currency in which a payment is to be made. "Share Amount" has the meaning given to it in the Product Conditions.

"TARGET Business Day" means a day on which the TARGET2 System or any successor thereto is operating, where "TARGET2 System" means the Trans- European Automated Real-Time Gross Settlement Express Transfer (TARGET2) System.

"Transferable Number of Securities" means the number so specified in the relevant Final Terms.

General Terms and Conditions of Certificates

18. Governing Law and Jurisdiction

The Securities and the Global Security, and any non-contractual obligations arising out of or in relation to the Securities and the Global Security, are governed by, and shall be construed in accordance with, English law.

The Issuer irrevocably agrees for the benefit of the Securityholders that the courts of England are to have jurisdiction to settle any disputes which may arise out of or in connection with the Securities and accordingly any suit, action or proceedings arising out of or in connection therewith (together referred to as "Proceedings") may be brought in such courts.

The Issuer irrevocably and unconditionally waives and agrees not to raise any objection which it may have now or subsequently to the laying of the venue of any Proceedings in the courts of England and any claim that any Proceedings have been brought in an inconvenient forum and irrevocably and unconditionally agrees that a judgment in any Proceedings brought in the courts of England shall be conclusive and binding upon the Issuer and, where the Issuer is CS, the relevant Branch and may be enforced in the courts of any other jurisdiction. Nothing in this General Certificate Condition 18 shall limit any right to take Proceedings against the Issuer, or, where the Issuer is CS, the relevant Branch in any other court of competent jurisdiction, nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction, whether concurrently or not.

CS appoints its London Branch as its agent for service of process in England in respect of any Proceedings against CS.

Product Conditions

PRODUCT CONDITIONS

The Securities will be subject to the General Note Conditions, the General Certificate Conditions or the General Warrant Conditions (as applicable), any applicable Additional Provisions and any applicable Asset Terms as specified in the relevant Final Terms and also to the following terms and conditions (the "Product Conditions").

1. General Definitions

"Averaging Date" means, subject to the applicable Asset Terms, each date so specified in the relevant Final Terms.

"Final Fixing Date" means the date so specified in the relevant Final Terms, provided that the provisions of the applicable Asset Terms shall apply to such date as if it were a Valuation Date.

"Final Price" means, in respect of an Underlying Asset, one of the following as specified in the relevant Final Terms:

(a) the Level (and, where such Underlying Asset is a Share, an ETF Share, an Index, an FX Index, an Interest Rate Index or a Cash Index, either with regard to the Valuation Time or without regard to the Valuation Time, as specified in the relevant Final Terms) of such Underlying Asset on the Final Fixing Date; or

(b) the lowest, highest or average (as specified in the relevant Final Terms) of the Levels (and, where such Underlying Asset is a Share, an ETF Share, an Index, an FX Index, an Interest Rate Index or a Cash Index, either with regard to the Valuation Time or without regard to the Valuation Time, as specified in the relevant Final Terms) of such Underlying Asset on each of the Averaging Dates,

provided that, where the Level is without regard to the Valuation Time, the reference to "as at the Valuation Time" in the definition of Share Price, Index Level, FX Index Level, Interest Rate Index Level and Cash Index Level (as applicable) shall be deemed to be replaced with "at any time".

"General Conditions" means the General Note Conditions, the General Certificate Conditions or the General Warrant Conditions, as applicable.

"Initial Averaging Date" means, subject to the applicable Asset Terms, each date so specified in the relevant Final Terms.

"Initial Setting Date" means, subject to the applicable Asset Terms, the date so specified in the relevant Final Terms.

"Issue Date" means one of the following as specified in the relevant Final Terms:

(a) the date so specified in the relevant Final Terms; or

(b) the number of Currency Business Days following the Initial Setting Date, as specified in the relevant Final Terms.

"Level" means the Share Price, Index Level, Commodity Reference Price, Commodity Index Level, value of the ETF Share, FX Rate, FX Index level, level of the Inflation Index, Interest Rate Index Level or Cash Index Level of the relevant Underlying Asset (and if not denominated in the Settlement Currency and "Composite" is specified in the relevant Final Terms for the relevant Underlying Asset, translated into the Settlement Currency at the prevailing exchange rate as determined by the Issuer, acting in good faith and in a commercially reasonable manner).

Product Conditions

"Nominal Amount" means the nominal amount of each Security specified in the relevant Final Terms.

"Settlement Currency" means the currency so specified in the relevant Final Terms.

"Strike Cap" means, in respect of an Underlying Asset, an amount equal to the Strike Cap Percentage of the Level (and, where such Underlying Asset is a Share, an ETF Share, an Index, an FX Index, an Interest Rate Index or a Cash Index, either with regard to the Valuation Time or without regard to the Valuation Time, as specified in the relevant Final Terms) of such Underlying Asset on the first Initial Averaging Date.

"Strike Cap Percentage" means, in respect of an Underlying Asset, a percentage so specified in the relevant Final Terms.

"Strike Floor" means, in respect of an Underlying Asset, an amount equal to the Strike Floor Percentage of the Level (and, where such Underlying Asset is a Share, an ETF Share, an Index, an FX Index, an Interest Rate Index or a Cash Index, either with regard to the Valuation Time or without regard to the Valuation Time, as specified in the relevant Final Terms) of such Underlying Asset on the first Initial Averaging Date.

"Strike Floor Percentage" means, in respect of an Underlying Asset, a percentage so specified in the relevant Final Terms.

"Strike Price" means, in respect of an Underlying Asset, one of the following as specified in the relevant Final Terms:

(a) the Level specified in the relevant Final Terms; or

(b) the Level (and, where such Underlying Asset is a Share, an ETF Share, an Index, an FX Index, an Interest Rate Index or a Cash Index, either with regard to the Valuation Time or without regard to the Valuation Time, as specified in the relevant Final Terms) of such Underlying Asset on the Initial Setting Date; or

(c) the lowest, highest or average (as specified in the relevant Final Terms) of the Levels (and, where such Underlying Asset is a Share, an ETF Share, an Index, an FX Index, an Interest Rate Index or a Cash Index, either with regard to the Valuation Time or without regard to the Valuation Time, as specified in the relevant Final Terms) of such Underlying Asset on each of the Initial Averaging Dates, and in each case subject to the Strike Floor and/or Strike Cap if specified as applicable in the relevant Final Terms.

"Underlying Asset" means the relevant asset so specified in the relevant Final Terms.

"Underlying Asset Return" means, in respect of each Underlying Asset, (a) for the purposes of the definition of "Accrual Condition" only, an amount equal to the Level of such Underlying Asset on the relevant Accrual Day (and, where such Underlying Asset is a Share, an ETF Share, an Index, an FX Index, an Interest Rate Index or a Cash Index, either with regard to the Valuation Time or without regard to the Valuation Time, as specified in the relevant Final Terms) divided by its Strike Price, or

(b) in all other cases, an amount equal to the Final Price divided by the Strike Price.

"Worst Performing Underlying Asset" means the Underlying Asset with the lowest Underlying Asset Return, provided that if two or more Underlying Assets have the same lowest Underlying Asset Return, then the Issuer shall determine, in its discretion, which Underlying Asset shall be the Worst Performing Underlying Asset and such Underlying Asset shall be deemed to be the Worst Performing Underlying Asset.

Product Conditions

2. Coupon Amounts

If so provided in the relevant Final Terms, the Securities shall entitle the Securityholders to a payment of an amount (the "Coupon Amount") per Security on a Coupon Payment Date calculated in accordance with paragraph (a) or (b) below.

(a) Coupon Amounts calculated by reference to Fixed Rate and Floating Rate Provisions

(i) If the Fixed Rate Provisions and/or the Floating Rate Provisions in General Note Condition 4 (in the case of Notes) or General Certificate Condition 4 (in the case of Certificates) are specified to be applicable in the relevant Final Terms, the Securities shall be "Yield Securities", "Trigger Yield Securities", "Callable Yield Securities" or "Callable Trigger Yield Securities", as specified in the relevant Final Terms, and shall entitle Securityholders to payment of a Coupon Amount per Security on a Coupon Payment Date which is either calculated by reference to the Rate of Interest (either in accordance with the Fixed Rate Provisions or the Floating Rate Provisions, as specified in the relevant Final Terms) or equal to the Interest Amount per Security (calculated in accordance with the Fixed Rate Provisions), as specified in the relevant Final Terms and subject to the provisions of Product Condition 3 below.

(ii) For the purposes of this Product Condition 2(a), a Coupon Payment Date shall be deemed to be an Interest Payment Date, as defined under General Note Condition 4(h) (in the case of Notes) or General Certificate Condition 4(h) (in the case of Certificates) and as specified in the relevant Final Terms.

(b) Other Coupon Provisions

(i) If "Other Coupon Provisions" is specified to be applicable in the relevant Final Terms, the Securities shall be "Return Securities", "Trigger Return Securities", "Callable Return Securities" or "Callable Trigger Return Securities", as specified in the relevant Final Terms, and shall entitle Securityholders to payment of a Coupon Amount per Security on a Coupon Payment Date, subject to the provisions of Product Condition 3 below. If "Knock-in Coupon Cut-Off" is specified to be applicable in the relevant Final Terms and a Knock-in Event occurs, no further Coupon Amounts will be payable.

(ii) The Coupon Amount per Security payable on a Coupon Payment Date, which shall be rounded down to the nearest transferable unit of the Settlement Currency, and subject to the Coupon Floor and/or Coupon Cap if specified as applicable in the relevant Final Terms, shall be determined in accordance with paragraphs (A) to (F) below:

(A) if "Coupon Payment Event" is specified to be applicable in the relevant Final Terms and:

(I) if a Coupon Payment Event has occurred, the Coupon Amount payable on the relevant Coupon Payment Date shall be one of the following as specified in the relevant Final Terms:

(aa) if "Fixed" is specified to be applicable in the relevant Final Terms, an amount per Specified Denomination or Security (as the case may be) or a percentage of the Nominal Amount, as specified in the relevant Final Terms (or, if such amount or percentage is stated to be indicative, indicatively the amount or percentage so specified in the relevant Final Terms

Product Conditions

or such other amount or percentage as the Issuer shall determine in its sole and absolute discretion on the Initial Setting Date by reference to prevailing market conditions, subject to a minimum amount or percentage, if any, specified in the relevant Final Terms);

(bb) if "Coupon Call" is specified to be applicable in the relevant Final Terms, an amount determined in accordance with the following formula:

Nominal Amount x Coupon Call Performance x Participation;

(cc) if "Coupon Put" is specified to be applicable in the relevant Final Terms, an amount determined in accordance with the following formula:

Nominal Amount x Coupon Put Performance x Participation; or

(dd) if "Memory Coupon" is specified to be applicable in the relevant Final Terms, an amount determined in accordance with the following formula:

[Nominal Amount x (Coupon Rate x t)] - Sum of Previously Paid Coupons; or

(II) if no Coupon Payment Event has occurred, the Coupon Amount (which may be zero) payable on the relevant Coupon Payment Date shall be an amount per Specified Denomination or Security (as the case may be) or a percentage of the Nominal Amount, as specified in the relevant Final Terms; or

(B) if "Double No-Touch" is specified to be applicable in the relevant Final Terms and:

(I) if a Double No-Touch Event has occurred, the Coupon Amount payable on the relevant Coupon Payment Date shall be one of the following as specified in the relevant Final Terms:

(bb) if "Floating Rate" is specified to be applicable in the relevant Final Terms, then the Floating Rate Provisions in General Note Condition 4 (in the case of Notes) or General Certificate Condition 4 (in the case of Certificates) shall be applicable, and the Coupon Amount shall be an amount calculated by reference to the Rate of Interest, as specified in the relevant Final Terms; or

(II) if no Double No-Touch Event has occurred, the Coupon Amount shall be zero; or

Product Conditions

(C) if "Double No-Touch Accrual" is specified to be applicable in the relevant Final Terms, the Coupon Amount (which may be zero) payable on the relevant Coupon Payment Date shall be an amount determined in accordance with the following formula:

Nominal Amount x Coupon Rate x N

(D) if "Double No-Touch Memory" is specified to be applicable in the relevant Final Terms and:

(I) if a Double No-Touch Event has occurred, the Coupon Amount payable on the relevant Coupon Payment Date shall be an amount determined in accordance with the following formula:

[Nominal Amount x (Coupon Rate x t)] – Sum of Previously Paid Coupons; or

(II) if no Double No-Touch Event has occurred, the Coupon Amount payable on the relevant Coupon Payment Date shall be zero; or

(E) if "Range Accrual" is specified to be applicable in the relevant Final Terms, the Coupon Amount payable on the relevant Coupon Payment Date shall be an amount determined in accordance with the following formula:

Nominal Amount x Rate x Accrual Fraction; or

(F) if "Step-Up" is specified to be applicable in the relevant Final Terms, and:

(I) if on the Coupon Observation Date corresponding to such Coupon Payment Date (and where such Underlying Asset is a Share, an ETF Share, an Index, an FX Index, an Interest Rate Index or a Cash Index, either with regard to the Valuation Time or without regard to the Valuation Time, as specified in the relevant Final Terms), (aa) the Level of the Underlying Asset, or (bb) the Level of each Underlying Asset, or (cc) the Basket Performance, as specified in the relevant Final Terms, is at or above Coupon Threshold 1 but the Level of the Underlying Asset, the Level of any Underlying Asset or the Basket Performance, respectively, is below Coupon Threshold 2, the Coupon Amount shall be an amount determined in accordance with the following formula:

Nominal Amount x Coupon Rate 1;

(II) if on the Coupon Observation Date corresponding to such Coupon Payment Date (and where such Underlying Asset is a Share, an ETF Share, an Index, an FX Index, an Interest Rate Index or a Cash Index, either with regard to the Valuation Time or without regard to the Valuation Time, as specified in the relevant Final Terms), (aa) the Level of the Underlying Asset, or (bb) the Level of each Underlying Asset, or (cc) the Basket Performance, as specified in the relevant Final Terms, is at or above Coupon Threshold 2, the Coupon Amount shall be an amount determined in accordance with the following formula:

Nominal Amount x Coupon Rate 2; or

Product Conditions

(III) if on the Coupon Observation Date corresponding to such Coupon Payment Date (and where such Underlying Asset is a Share, an ETF Share, an Index, an FX Index, an Interest Rate Index or a Cash Index, either with regard to the Valuation Time or without regard to the Valuation Time, as specified in the relevant Final Terms), (aa) the Level of the Underlying Asset, or (bb) the Level of any Underlying Asset, or (cc) the Basket Performance, as specified in the relevant Final Terms, is below Coupon Threshold 1, the Coupon Amount shall be zero.

"Accrual Condition" means (and the Accrual Condition will be satisfied if the Issuer determines that) on any Accrual Day:

(i) (A) the Level of the Underlying Asset, (B) the Level of each Underlying Asset, or (C) the Level of the Worst Performing Underlying Asset, as specified in the relevant Final Terms (and where such Underlying Asset is a Share, an ETF Share, an Index, an FX Index, an Interest Rate Index or a Cash Index, either with regard to the Valuation Time or without regard to the Valuation Time, as specified in the relevant Final Terms) for such day,

(ii) is (A) at or above the Coupon Threshold of such Underlying Asset, or (B) both (I) at or above its Lower Barrier, and (II) at or below its Upper Barrier, as specified in the relevant Final Terms.

"Accrual Day" means, in respect of each Coupon Payment Date and the Accrual Period corresponding to such Coupon Payment Date, each Scheduled Accrual Day in such Accrual Period, in each case subject to adjustment in accordance with the Asset Terms as if such day were a Valuation Date.

"Accrual Fraction" means, in respect of each Coupon Payment Date and the Accrual Period corresponding to such Coupon Payment Date, the quotient of (i) the number of Accrual Days during such Accrual Period on which the Accrual Condition is satisfied, divided by (ii) the total number of Scheduled Accrual Days in such Accrual Period.

"Accrual Period" means each period commencing on, but excluding, an Accrual Period Start Date and ending on, and including, the Accrual Period End Date scheduled to fall immediately following such Accrual Period Start Date.

"Accrual Period End Date" means each date so specified in the relevant Final Terms, in each case subject to adjustment in accordance with the Asset Terms as if such day were a Valuation Date.

"Accrual Period Start Date" means each date so specified in the relevant Final Terms, in each case subject to adjustment in accordance with the Asset Terms as if such day were a Valuation Date.

"Basket Performance" has the meaning given to it in Product Condition 3(a)(iii) below, provided that each reference therein to "Knock-in Fixing Pricei" shall be deemed to be replaced with "Coupon Fixing Pricei".

"Coupon Call Performance" means a percentage calculated in accordance with the following formula:

A  Coupon

 

Fixing Price i  Coupon

Strike Price

Strike

x Strike Price i   Weighting 

i 

i  1  i 

Product Conditions

Where:

"A" means an amount equal to the number of Underlying Assets specified in the relevant Final Terms;

"Coupon Fixing Pricei" means the Coupon Fixing Price in respect of the relevant Underlying Asset specified in the relevant Final Terms;

"Coupon Strike" means a percentage so specified in the relevant Final Terms;

"i" means a unique integer from one (1) to A, each representing an Underlying Asset;

"Strike Pricei" means the Strike Price in respect of the relevant Underlying Asset specified in the relevant Final Terms; and

"Weightingi" means:

(i) where there is only one Underlying Asset, one (1); or

(ii) where there is more than one Underlying Asset, the weighting in respect of the relevant Underlying Asset specified in the relevant Final Terms (and which, for the avoidance of doubt, may be a negative value).

"Coupon Cap" means a percentage of the Nominal Amount as specified in the relevant Final Terms.

"Coupon Fixing Price" means, in respect of an Underlying Asset, one of the following as specified in the relevant Final Terms:

(i) the Level (and, where such Underlying Asset is a Share, an ETF Share, an Index, an FX Index, an Interest Rate Index or a Cash Index, either with regard to the Valuation Time or without regard to the Valuation Time, as specified in the relevant Final Terms) of such Underlying Asset on the relevant Coupon Observation Date; or

(ii) the lowest, highest or average (as specified in the relevant Final Terms) of the Levels (and, where such Underlying Asset is a Share, an ETF Share, an Index, an FX Index, an Interest Rate Index or a Cash Index, either with regard to the Valuation Time or without regard to the Valuation Time, as specified in the relevant Final Terms) of such Underlying Asset on each of the Coupon Observation Averaging Dates,

"Coupon Floor" means a percentage of the Nominal Amount as specified in the relevant Final Terms.

"Coupon Observation Averaging Date" means each date so specified in the relevant Final Terms, provided that the provisions of the applicable Asset Terms shall apply to each such date as if it were an Averaging Date.

"Coupon Observation Date" means one of the following as specified in the relevant Final Terms:

(i) each date so specified in the relevant Final Terms, provided that if "Coupon Observation Date subject to Valuation Date adjustment" is

Product Conditions

specified to be applicable in respect of such date in the relevant Final Terms, then the provisions of the applicable Asset Terms shall apply to such date as if it were a Valuation Date; or

(ii) each Scheduled Trading Day in the relevant Coupon Observation Period, provided that if "Coupon Observation Date subject to Valuation Date adjustment" is specified to be applicable in respect of such date in the relevant Final Terms, then the provisions of the applicable Asset Terms shall apply to such date as if it were a Valuation Date; or

(iii) each Scheduled Trading Day which is not a Disrupted Day in the relevant Coupon Observation Period; or

(iv) each day falling in the relevant Coupon Observation Period on which the Underlying Asset is traded on the relevant Exchange, regardless of whether such day is a Scheduled Trading Day or a Disrupted Day for such Underlying Asset; or

(v) each day falling in the relevant Coupon Observation Period on which one or more official levels of the Underlying Asset is published, as determined by the Sponsor, regardless of whether such day is a Scheduled Trading Day or a Disrupted Day for such Underlying Asset.

"Coupon Observation Period" means each period, if any, so specified in the relevant Final Terms.

"Coupon Payment Date" means one of the following as specified in the relevant Final Terms:

(i) each date so specified in the relevant Final Terms; or

(ii) the number of Currency Business Days following the relevant Coupon Observation Date, the last Coupon Observation Averaging Date or the last day of the relevant Coupon Observation Period, as specified in the relevant Final Terms.

"Coupon Payment Event" means (and a Coupon Payment Event shall be deemed to have occurred if), subject to the applicable Asset Terms, one of the following, as specified in the relevant Final Terms:

(i) if:

(A) on (I) the relevant Coupon Observation Date or (II) each Coupon Observation Date during the relevant Coupon Observation Period, as specified in the relevant Final Terms,

(B) (and, where such Underlying Asset is a Share, an ETF Share, an Index, an FX Index, an Interest Rate Index or a Cash Index, either with regard to the Valuation Time or without regard to the Valuation Time, as specified in the relevant Final Terms) (I) the Level of the Underlying Asset or (II) the Level of any Underlying Asset or (III) the Level of each Underlying Asset, as specified in the relevant Final Terms, is,

(C) (I) below, (II) above, (III) at or below, or (IV) at or above, as specified in the relevant Final Terms, the Coupon Threshold of such Underlying Asset corresponding to such Coupon Observation Date,

provided that, where the Coupon Payment Event is without regard to the Valuation Time, for the purposes of the definition of Level used herein, the reference to "as at the Valuation Time" in the definition of Share

Product Conditions

Price, Index Level, FX Index Level, Interest Rate Index Level and Cash Index Level (as applicable) shall be deemed to be replaced with "at any time"; or

(ii) if, in respect of (A) the Underlying Asset or (B) any Underlying Asset or

(C) each Underlying Asset, as specified in the relevant Final Terms, the average of the Levels (and, where such Underlying Asset is a Share, an ETF Share, an Index, an FX Index, an Interest Rate Index or a Cash Index, with regard to the Valuation Time) of such Underlying Asset on each of the Coupon Observation Dates corresponding to the relevant Coupon Payment Date is (I) below, (II) above, (III) at or below, or (IV) at or above, as specified in the relevant Final Terms, the Coupon Threshold corresponding to such Coupon Observation Dates; or

(iii) if, on (A) the relevant Coupon Observation Date or (B) each Coupon Observation Date during the relevant Coupon Observation Period, as specified in the relevant Final Terms, the Basket Performance is (I) below, (II) above, (III) at or below, or (IV) at or above, as specified in the relevant Final Terms, the Coupon Threshold corresponding to such Coupon Observation Date.

"Coupon Put Performance" means a percentage calculated in accordance with the following formula:

A  Coupon Strike x Strike Pricei   Coupon Fixing Pricei  Weighting 

  Strike Pricei i

i  1  

Where:

"A" means an amount equal to the number of Underlying Assets specified in the relevant Final Terms;

"Coupon Fixing Pricei" means the Coupon Fixing Price in respect of the relevant Underlying Asset specified in the relevant Final Terms;

"Coupon Strike" means a percentage so specified in the relevant Final Terms;

"i" means a unique integer from one (1) to A, each representing an Underlying Asset;

"Strike Pricei" means the Strike Price in respect of the relevant Underlying Asset specified in the relevant Final Terms; and

"Weightingi" means:

(i) where there is only one Underlying Asset, one (1); or

"Coupon Rate" means a percentage so specified in the relevant Final Terms, or if such percentage is stated to be indicative, indicatively the percentage so specified in the relevant Final Terms or such other percentage as the Issuer shall determine in its sole and absolute discretion on the Initial Setting Date by reference to the then prevailing market conditions, subject to a minimum percentage, if any, specified in the relevant Final Terms.

Product Conditions

"Coupon Rate 1" means a percentage so specified in the relevant Final Terms, or, if such percentage is stated to be indicative, indicatively the percentage so specified in the relevant Final Terms or such other percentage as the Issuer shall determine in its sole and absolute discretion on the Initial Setting Date by reference to the then prevailing market conditions, subject to a minimum percentage, if any, specified in the relevant Final Terms.

"Coupon Rate 2" means a percentage so specified in the relevant Final Terms, or, if such percentage is stated to be indicative, indicatively the percentage so specified in the relevant Final Terms or such other percentage as the Issuer shall determine in its sole and absolute discretion on the Initial Setting Date by reference to the then prevailing market conditions, subject to a minimum percentage, if any, specified in the relevant Final Terms.

"Coupon Threshold" means, in respect of a Coupon Observation Date or an Accrual Day, (i) and an Underlying Asset, a percentage of the Strike Price of such Underlying Asset, or (ii) a percentage, as specified in the relevant Final Terms.

"Coupon Threshold 1" means, in respect of a Coupon Observation Date (i) and an Underlying Asset, a percentage of the Strike Price of such Underlying Asset, or (ii) a percentage, as specified in the relevant Final Terms.

"Coupon Threshold 2" means, in respect of a Coupon Observation Date (i) and an Underlying Asset, a percentage of the Strike Price of such Underlying Asset, or (ii) a percentage, as specified in the relevant Final Terms.

"Double No-Touch Event" means (and a Double No-Touch Event shall be deemed to have occurred if), subject to the applicable Asset Terms, one of the following, as specified in the relevant Final Terms:

(i) if:

(A) on each Coupon Observation Date during the relevant Coupon Observation Period,

(B) (and, where such Underlying Asset is a Share, an ETF Share, an Index, an FX Index, an Interest Rate Index or a Cash Index, either with regard to the Valuation Time or without regard to the Valuation Time, as specified in the relevant Final Terms), (I) the Level of the Underlying Asset, or (II) the Level of each Underlying Asset, as specified in the relevant Final Terms,

(C) is both (I) (aa) above, or (bb) at or above, as specified in the relevant Final Terms, the Lower Barrier of such Underlying Asset, and (II) (aa) below, or (bb) at or below, as specified in the relevant Final Terms, the Upper Barrier of such Underlying Asset,

provided that, where the Double No-Touch Event is without regard to the Valuation Time, for the purposes of the definition of Level used herein, the reference to "as at the Valuation Time" in the definition of Share Price, Index Level, FX Index Level, Interest Rate Index Level and Cash Index Level (as applicable) shall be deemed to be replaced with "at any time"; or

(ii) if on each Coupon Observation Date during the relevant Coupon Observation Period, the Basket Performance is both (A) (I) above, or (II) at or above, as specified in the relevant Final Terms, the Lower Barrier, and (B) (I) below, or (II) at or below, as specified in the relevant Final Terms, the Upper Barrier.

Product Conditions

"Lower Barrier" means one of the following as specified in the relevant Final Terms: (i) in respect of an Underlying Asset, a percentage of the Strike Price of such Underlying Asset, or (ii) in respect of an Underlying Asset, the amount so specified in the relevant Final Terms, or (iii) the percentage so specified in the relevant Final Terms.

"Minimum Participation" means the percentage so specified in the relevant Final Terms.

"N" means the number of Coupon Observation Periods in respect of which a Double No-Touch Event has occurred.

"Participation" means the percentage so specified in the relevant Final Terms (which may be positive or negative) or, if such percentage is stated to be indicative, indicatively the percentage so specified in the relevant Final Terms or such other percentage as the Issuer shall determine in its sole and absolute discretion on the Initial Setting Date by reference to the then prevailing market conditions, subject to a minimum percentage equal to the Minimum Participation, if any, specified in the relevant Final Terms.

"Rate" means the percentage so specified in the relevant Final Terms.

"Scheduled Accrual Day" means a day which is a Scheduled Trading Day for the Underlying Asset or each Underlying Asset, as specified in the relevant Final Terms.

"Sum of Previously Paid Coupons" means, in respect of each Security and a Coupon Payment Date on which a Coupon Amount is payable, the sum of the Coupon Amounts (if any) paid in respect of such Security on each Coupon Payment Date preceding such Coupon Payment Date.

"t" means, in respect of the Coupon Payment Date on which such Coupon Amount is payable, one of the following as specified in the relevant Final Terms:

(i) the number of Coupon Observation Dates falling in the period commencing on, but excluding, the Issue Date and ending on, and including, such Coupon Payment Date; or

(ii) the number of Coupon Observation Periods falling in the period commencing on, but excluding, the Issue Date and ending on, and including, such Coupon Payment Date.

"Upper Barrier" means one of the following as specified in the relevant Final Terms: (i) in respect of an Underlying Asset, a percentage of the Strike Price of such Underlying Asset, or (ii) in respect of an Underlying Asset, the amount so specified in the relevant Final Terms, or (iii) the percentage so specified in the relevant Final Terms.

(d) Other Securities

If the Securities are specified to be "Trigger Securities" or "Callable Securities", then no payments of Coupon Amounts will be made.

3. Redemption

(a) All Types of Securities

(i) Unless they have previously been redeemed or purchased and cancelled, and subject to paragraphs (b) and/or (c) below, the Issuer shall redeem the Securities on the Maturity Date at their Redemption

Product Conditions

Amount or, in the case of Warrants, on the Settlement Date at their Settlement Amount.

(ii) The Redemption Amount (in the case of Notes or Certificates) or Settlement Amount (in the case of Warrants) in respect of each Security, which shall be rounded down to the nearest transferable unit of the Settlement Currency, shall be an amount determined by the Issuer in accordance with paragraphs (A), (B), (C) or (D) below (subject to, where the Underlying Asset(s) is/are Shares and Physical Settlement is specified as applicable in the relevant Final Terms, as provided in Product Condition 4 below):

(A) if "Single Factor Trigger Redeemable" or "Single Factor Phoenix" is specified as applicable in the relevant Final Terms, and:

(I) if a Knock-in Event has occurred, an amount calculated by the Issuer in accordance with the following formula:

Nominal Amount  Final Price

Strike Price

subject to the Redemption Amount Cap and/or the Redemption Amount Floor, if applicable; or

(II) if no Knock-in Event has occurred, an amount calculated by the Issuer in accordance with the following formula:

Nominal Amount x Redemption Option Percentage; or

(B) if "Worst of Trigger Redeemable", "Worst of Phoenix", "Basket Trigger Redeemable" or "Basket Phoenix" is specified as applicable in the relevant Final Terms, and:

(I) if a Knock-in Event has occurred, an amount calculated by the Issuer in accordance with paragraph (aa) or (bb) below:

(aa) if "Worst of Trigger Redeemable" or "Worst of Phoenix" is specified to be applicable in the relevant Final Terms:

Nominal Amount 

Worst Final Price Worst Strike Price ; or

(bb) if "Basket Trigger Redeemable" or "Basket Phoenix" is specified to be applicable in the relevant Final Terms:

Nominal Amount  Final Basket Performance

in each case, subject to the Redemption Amount Cap and/or the Redemption Amount Floor, if applicable; or

(II) if no Knock-in Event has occurred, an amount calculated by the Issuer in accordance with the following formula:

Nominal Amount x Redemption Option Percentage; or

(C) if "Fixed Redemption" is specified as applicable in the relevant Final Terms, an amount calculated by the Issuer in accordance with the following formula:

Nominal Amount x Redemption Option Percentage; or

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Table of Contents

AVVISO n.20918 16 Dicembre 2013 SeDeX - INV. CERTIFICATES

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