Credit Suisse International - Carnegie
Credit Suisse International - Carnegie
Credit Suisse International - Carnegie
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<strong>Credit</strong> <strong>Suisse</strong> <strong>International</strong><br />
Registered as unlimited in England and Wales under No. 2500199<br />
Series NCSI 2007-192<br />
SKr 500,000,000 Zero Coupon Index-linked Notes due 2010<br />
Issue Price: 110 per cent.<br />
ÖVERSÄTTNING AV PROSPEKTSAMMANFATTNING<br />
Bifogad översättning utgör en översättning av avsnittet Summary i värdepappersnoten av den 13<br />
februari 2007 avseende Obligationer av Series NCSI 2007-192. Översättningen har upprättats mot<br />
bakgrund av bestämmelserna i 2 kap. 23 och 36 §§ lagen (1991:980) om handel med finansiella<br />
instrument i samband med begäran till United Kingdom Listing Authority i England om att utfärda<br />
intyg om godkännande av prospektet till Finansinspektionen enligt bestämmelserna i artikel 18 i<br />
prospektdirektivet (2003/71/EG).<br />
Enligt 2 kap. 15 § lagen (1991:980) om handel om finansiella instrument är ansvaret för innehållet i<br />
sammanfattningen och denna översättning av sammanfattningen begränsat enligt vad som<br />
närmare beskrivs i det inledande stycket i översättningen. Om översättningen inte stämmer<br />
överens med informationen i den engelska originalversionen har den engelska originalversionen<br />
tolkningsföreträde. Investerare bör därför även ta del av grundprospektet i dess helhet på dess<br />
originalspråk innan något beslut tas om investering.<br />
A07402813/1.0/08 Feb 2007<br />
1
SAMMANFATTNING<br />
<strong>Credit</strong> <strong>Suisse</strong> <strong>International</strong><br />
Serie NCSI 2007-192 Indexrelaterade Nollkupongsobligationer med förfallodag 2010<br />
(“Obligationerna”)<br />
Denna sammanfattning skall läsas som en introduktion till detta Prospekt och varje beslut att<br />
investera i Obligationerna skall ske med beaktande av Prospektet i dess helhet, inklusive de<br />
dokument som infogas genom hänvisning. Inget civilrättsligt ansvar kan uppkomma för Emittenten<br />
i någon Medlemsstat i det Europeiska Ekonomiska Samarbetsområdet där de relevanta<br />
bestämmelserna i Prospektdirektivet (Direktiv 2004/71/EC) har implementerats avseende denna<br />
sammanfattning, inklusive varje översättning härav, såvida inte den är missvisande, felaktig eller<br />
oförenlig när den läses tillsammans med övriga delar av Prospektet. Om krav med bäring på<br />
informationen i Prospektet framställs i domstol i en Medlemsstat i det Europeiska Ekonomiska<br />
Samarbetsområdet kan käranden, enligt nationell rätt i Medlemsstaten där kravet framställs, vara<br />
skyldig att stå för kostnaden för att översätta Prospektet innan den juridiska processen inleds.<br />
Beskrivning av Emittenten<br />
<strong>Credit</strong> <strong>Suisse</strong> <strong>International</strong> (”Emittenten”) är registrerat i England och Wales i enlighet med<br />
engelsk lagstiftning (the Companies Act 1985) med reg. nr. 2500199 som ett bolag med<br />
obegränsat ägaransvar. Styrelsens säte och det huvudsakliga verksamhetsstället är One Cabot<br />
Square, London E14 4QJ. Emittenten är en engelsk bank och är auktoriserad och står under tillsyn<br />
som ett EU-kreditinstitut av Financial Services Authority (”FSA”) enligt engelsk lagstiftning (the<br />
Financial Services and Markets Act 2000). FSA har utfärdat ett tillstånd vilket berättigar Emittenten<br />
att bedriva specificerad tillståndspliktig investeringsverksamhet.<br />
Emittenten är ett bolag med obegränsat ägaransvar och därmed har dess aktieägare har ett<br />
solidariskt och individuellt obegränsat skyldighet att avhjälpa varje brist avseende Emittentens<br />
tillgångar vid händelse av Emittentens likvidation. Aktieägarnas solidariska och individuella<br />
obegränsade ansvar för täckande av brist i Emittentens tillgångar uppkommer endast vid<br />
Emittentens likvidation. Följaktligen kan Obligationsinnehavarna före Emittentens likvidation<br />
endast förlita sig till Emittentens tillgångar och inte på aktieägarnas tillgångar. Dess aktieägare är<br />
<strong>Credit</strong> <strong>Suisse</strong> Group, <strong>Credit</strong> <strong>Suisse</strong> och <strong>Credit</strong> <strong>Suisse</strong> (<strong>International</strong>) Holding AG.<br />
Emittenten startade sin verksamhet 16 juli 1990. Huvudsaklig verksamhet är bankrörelse, inklusive<br />
handel med derivatprodukter relaterade till räntor, aktier, valutor, råvaror och krediter. Det främsta<br />
verksamhetsändamålet för Emittenten är att tillhandahålla omfattande finans- och<br />
riskhanteringstjänster avseende derivatprodukter över hela världen. Emittenten har etablerat en<br />
betydande närvaro på den globala derivatmarknaden genom att erbjuda en komplett skala av<br />
derivatprodukter och fortsätter att utveckla nya produkter efter kundernas behov och efter<br />
utvecklingen på de underliggande marknaderna. <strong>Credit</strong> <strong>Suisse</strong> är en ledande global<br />
investmentbank som tillhandahåller tjänster till institutionella klienter, företag, stater och<br />
privatpersoner som klienter.<br />
A07402813/1.0/08 Feb 2007<br />
2
Beskrivning av Obligationerna<br />
Obligationerna är nollkupongsobligationer, denominerade i svenska kronor,<br />
kapitalbeloppsbestämda, aktieindexrelaterade och emitterade av Emittenten den 13 februari 2007<br />
samt förfaller till betalning i maj 2010. Nominellt belopp per Obligation är SEK 10 000 och det<br />
sammanlagda nominella beloppet är SEK 500 000 000. Emissionskursen är 110% av det<br />
nominella beloppet. Avkastningen, utöver nominellt belopp, som betalas till investeraren på<br />
förfallodagen är kopplad till utvecklingen av en korg bestående av två Index; CECE Composite<br />
EUR Index (”Index 1”) och Russian Depositary Receipts Index (”Index 2”) (var och en benämnt<br />
”Index” och tillsammans benämnda ”Indexen”.<br />
Obligationerna kan endast bli inlösta i förtid efter avtalsbrott av Emittenten, efter införande av<br />
brittisk källskatt på betalningar avseende Obligationerna eller Emittentens betalningsförpliktelser<br />
eller dess hedgingarrangemang skulle vara eller bli olagliga.<br />
Ansökan om att inregistrera Obligationerna på Stockholmsbörsen kommer att göras.<br />
Avkastning på förfallodagen<br />
När Obligationerna förfaller till betalning maj 2010 kommer investerarna erhålla (i) 100% av det<br />
nominella beloppet samt (ii) en avkastning beräknad som nominellt belopp multiplicerat med det<br />
större av noll och ”Korgavkastningen” enligt vad som anges nedan, multiplicerad med 100<br />
procent (sådan procentsats är indikativ och bestäms utifrån marknadsförhållandena på den Initiala<br />
Fastställelsedagen, med förbehåll att den lägst kommer vara 100 procent).<br />
Om Korgavkastningen är noll eller negativ kommer investerare endast erhålla 100 procent av<br />
nominellt belopp på förfallodagen.<br />
Korgavkastningen beräknas enligt följande:<br />
(i) ”Indexavkastningen” för varje Index beräknas som den procentuella förändringen<br />
avseende indexnivån för Index på den Initiala Fastställelsedagen och den Slutliga<br />
Indexnivån. Den ”Slutliga Indexnivån” beräknas som genomsnittet av Index<br />
indexnivåer vid var och en av Genomsnittsdagarna.<br />
(ii) Indexavkastningen för varje Index multipliceras sedan med Indexviktning för<br />
relevant Index. De slutliga siffrorna adderas sedan och utgör tillsammans<br />
Korgavkastningen.<br />
”Genomsnittsdag” betyder den 2:a kalenderdagen i varje månad med början den 2 maj 2009 till<br />
och med 2 maj 2010 (totalt 13 Genomsnittsdagar).<br />
”Indexviktning” betyder, avseende CECE Composite EUR Index, 75 procent, avseende Russian<br />
Depositary Receipts Index, 25 procent.<br />
”Inital Fastsällelsedag” betyder 2 maj 2007.<br />
Observera att de fullständiga villkoren som återfinns i Värdepappersnoten innehåller<br />
bestämmelser angående vilka dagar som inte räknas som bankdagar, avbrott och justeringar, vilka<br />
kan påverka varje Indexet och nivåer på Indexet samt avseende tidpunkter för beräkningar och<br />
betalning i enlighet med Obligationerna..<br />
A07402813/1.0/08 Feb 2007<br />
3
De fullständiga villkoren för Obligationerna framgår av Värdepappersnoten avseende<br />
Obligationerna, vilken finns tillgänglig i betalningsombudens (Paying Agents) lokaler.<br />
Erbjudande<br />
HQ Bankaktiebolag (”HQ”) har samtyckt till att köpa från Emittenten och Emittenten har samtyckt<br />
till att sälja, alla eller vissa av Obligationerna, till HQ. HQ har informerat Emittenten att de och<br />
vissa Underdistributörer (Länsförsäkringar Bank, Sparbanken Gripen AB (publ) och Sparbanken<br />
Finn) har för avsikt att i eget namn erbjuda Obligationerna till allmänheten i Sverige. Varken<br />
Emittenten eller Dealern har något ansvar för ett sådana erbjudanden.<br />
Erbjudandeperioden är mellan 19 februari 2007till 13 april 2007. Erbjudandeperioden kan komma<br />
att bli avbruten när som helst. Det högsta nominella beloppet på erbjudandet är SEK 500 000 000.<br />
Erbjudandepriset kommer att vara 110% av det nominella beloppet.<br />
Köp kan göras genom att ge in en köporder vilken kan erhållas från HQ eller relevant<br />
Underdistributör, eller enligt instruktioner från HQ eller relevant Underdistributör. Betalning för<br />
Obligationerna skall vara HQ eller relevant Underdistributör tillhanda på eller omkring 23 april 2007<br />
för att leverans av Obligationerna till köparnas konto skall ske på eller omkring den 4 maj 2007.<br />
HQ eller relevant underdistributör kommer att ta ut courtage av köparna vilket inte kommer<br />
överstiga 3 % av priset på Obligationerna.<br />
HQ förbehåller sig rätten att återkalla erbjudandet om det förvärvade nominella beloppet är mindre<br />
än 50 000 000, eller om HQ, utifrån sitt bästa omdöme, bedömer att några faktorer medför att det<br />
blir olagligt, omöjligt eller icke praktiskt att fullfölja erbjudandet, antingen i sin helhet eller till viss<br />
del, eller om marknadsförhållandena har påverkats på ett väsentligt negativt sätt. Vid ett eventuellt<br />
återkallande kommer HQ eller relevant Underdistributör återbetala, av köparen erlagt, förvärvspris<br />
samt courtage utan ränta.<br />
Riskfaktorer<br />
Villkoren för Obligationerna anger att det belopp som skall betalas till investeraren vid<br />
förfallodagen kommer att vara beroende av utvecklingen av Indexen och frånvaron av<br />
Jurisdictional Events. Beloppet som betalas vid förfallodagen (men inte vid förtida inlösen) kommer<br />
att uppgå till minst 100 % av nominellt belopp, vilket är mindre än emissionskursen.<br />
En investering i Obligationerna är inte detsamma som en investering i enskild eller samtliga aktier<br />
eller depositions kvitto som omfattas av Indexen eller en investering som är direkt knuten till dessa<br />
Index. Framförallt kommer investerarna inte få ta del av utdelningar.<br />
Nivåerna på Indexen kan gå ner likväl som upp under Obligationernas löptid. Dessutom behöver<br />
inte nivån på Indexen en specifik dag spegla Indexens tidigare eller framtida utveckling. Det finns<br />
inga garantier avseende Indexets framtida utveckling. Därför bör eventuella investerare noggrant<br />
överväga huruvida en investering som baseras på utvecklingen av Indexen är lämplig för dem.<br />
Obligationerna innefattar komplexa risker vilka bland annat inkluderar aktiekursrisker, kreditrisker,<br />
valutakursrisker, ränterisker och/eller politiska risker.<br />
Det är inte möjligt att förutse kursen till vilken Obligationerna kommer att handlas på marknaden<br />
eller om en sådan marknad kommer att vara likvid eller illikvid. Emittenten kan, men är inte skyldig<br />
A07402813/1.0/08 Feb 2007<br />
4
att, köpa Obligationer vid vilken tidpunkt som helst till vilket pris som helst på den öppna<br />
marknaden eller genom erbjudande eller privat överenskommelse. Varje Obligation som köpts på<br />
det viset får behållas eller vidaresäljas eller överlämnas för annullering. Marknaden för<br />
Obligationer kan vara begränsad. Det enda sättet på vilket en innehavare kan realisera värdet från<br />
en Obligation innan Förfallodagen är att sälja den till då rådande marknadspris, vilket kan vara<br />
lägre än det belopp som inledningsvis investerades.<br />
Kursfluktuationer på aktierna eller depåbevisen som omfattas av Indexen och på Indexnivåerna<br />
kan komma att påverka värdet på Obligationerna.<br />
Beloppet som skall betalas och som är hänförligt till att Russian Depository Receipt Index finns<br />
med i korgen kan minska om värdet på intäkterna för Emittentens hedgingarrangemang i<br />
förhållande till detta Index är reducerat på grund av olika orsaker (beskrivet som Jurisdictional<br />
Events) relaterade till risker med den ryska federationen eller handel eller publicering av priser<br />
avseende underliggande aktier och andra värdepapper som ingår i det ryska Indexet.<br />
Följaktligen är en investering i Obligationerna endast lämplig för investerare som (antingen<br />
ensamma eller tillsammans med en lämplig finansiell rådgivare) klarar av att utvärdera värdet och<br />
riskerna med en sådan investering och vilka har tillräckliga resurser för att kunna bära varje förlust<br />
som kan bli följden därav.<br />
Nivån och grunden för beskattning av Obligationerna samt lättnader i beskattningen kan förändras<br />
när som helst. Värdet av lättnader i beskattningen beror på en investerares individuella<br />
förhållanden. Beskattningen och den näringsrättsliga behandlingen av Obligationerna kan ändras<br />
under Obligationernas löptid. Detta kan medföra negativa konsekvenser för investerare.<br />
Innan eventuella investerare gör ett investeringsbeslut med avseende på obligationerna bör<br />
dessa konsultera sina egna finansiella, skatte- eller andra rådgivare i den omfattning de<br />
finner det nödvändigt och noggrant gå igenom och överväga ett sådant investeringsbeslut<br />
mot bakgrund av det ovanstående och deras personliga förhållanden.<br />
A07402813/1.0/08 Feb 2007<br />
5
20 March 2007<br />
<strong>Credit</strong> <strong>Suisse</strong> <strong>International</strong><br />
(formerly known as <strong>Credit</strong> <strong>Suisse</strong> First Boston <strong>International</strong>)<br />
Registration Document<br />
This Registration Document supersedes the <strong>Credit</strong> <strong>Suisse</strong> <strong>International</strong> Registration<br />
Document dated 5 March 2007 and will expire on 19 March 2008.
Introduction<br />
CREDIT SUISSE INTERNATIONAL<br />
This Registration Document is a registration document pursuant to Directive 2003/71/EC for the purpose<br />
of giving information with regard to <strong>Credit</strong> <strong>Suisse</strong> <strong>International</strong> (formerly known as <strong>Credit</strong> <strong>Suisse</strong> First<br />
Boston <strong>International</strong>) (the “Issuer”) which, according to the particular nature of the Issuer and the<br />
securities which it may offer to the public or apply to have admitted to trading on a regulated market, is<br />
necessary to enable investors to make an informed assessment of the assets and liabilities, financial<br />
position, profit and losses and prospects of the Issuer. To the best of the Issuer’s knowledge, having taken<br />
all reasonable care to ensure that such is the case, the information contained in this Registration<br />
Document is in accordance with the facts and contains no omission likely to affect its import. The Issuer<br />
accepts responsibility accordingly. The information contained in this Registration Document relating to the<br />
shareholders of the Issuer was provided to the Issuer by its shareholders. It is confirmed that such<br />
information has been accurately reproduced, and as far as the Issuer is aware and is able to ascertain from<br />
information published by the shareholders, no facts have been omitted which would render the reproduced<br />
information inaccurate or misleading. The delivery of this Registration Document at any time does not imply<br />
that any information contained herein is correct at any time subsequent to the date hereof.<br />
This Registration Document has been filed with the Financial Services Authority in its capacity as<br />
competent authority under the UK Financial Services and Markets Act 2000.<br />
The Issuer was incorporated in England and Wales under the Companies Act 1985, on 9th May, 1990,<br />
with registered no. 2500199 and was re-registered as an unlimited liability company under the name<br />
“<strong>Credit</strong> <strong>Suisse</strong> Financial Products” on 6th July, 1990, and was renamed <strong>Credit</strong> <strong>Suisse</strong> First Boston<br />
<strong>International</strong> on 27th March, 2000 and <strong>Credit</strong> <strong>Suisse</strong> <strong>International</strong> on 16 January 2006. Its registered<br />
office and principal place of business is at One Cabot Square, London E14 4QJ, telephone number +44<br />
(0)20 7888 8888. The Issuer is an English bank and is regulated as an EU credit institution by The<br />
Financial Services Authority (“FSA”) under the Financial Services and Markets Act 2000. The FSA has<br />
issued a scope of permission notice authorising the Issuer to carry out specified regulated investment<br />
activities.<br />
The Issuer is an unlimited liability company and, as such, its shareholders have a joint, several and<br />
unlimited obligation to meet any insufficiency in the assets of the Issuer in the event of its liquidation. The<br />
joint, several and unlimited liability of the shareholders of the Issuer to meet any insufficiency in the assets<br />
of the Issuer will only apply upon liquidation of the Issuer. Therefore, prior to any liquidation of the Issuer,<br />
the Securityholders may only have recourse to the assets of the Issuer and not to those of its<br />
shareholders.<br />
The Issuer commenced business on 16th July, 1990. Its principal business is banking, including the<br />
trading of derivative products linked to interest rates, foreign exchange, equities, commodities and credit.<br />
The primary objective of the Issuer is to provide comprehensive treasury and risk management derivative<br />
product services. The Issuer has established a significant presence in global derivative markets through<br />
offering a full range of derivative products and continues to develop new products in response to the needs<br />
of its customers and changes in underlying markets. The Issuer is structured into three business units: FID,<br />
Equities and Other. The three business units are complemented by Shared Services, which provide support<br />
in the areas of finance, legal and compliance, risk management, operations and information technology.<br />
.<br />
2
Shareholders<br />
<strong>Credit</strong> <strong>Suisse</strong> owns 56 per cent., <strong>Credit</strong> <strong>Suisse</strong> (<strong>International</strong>) Holding AG (formerly known as <strong>Credit</strong><br />
<strong>Suisse</strong> First Boston (<strong>International</strong>) Holding AG), a wholly owned subsidiary of <strong>Credit</strong> <strong>Suisse</strong>, owns 24 per<br />
cent. and <strong>Credit</strong> <strong>Suisse</strong> Group owns 20 per cent. of the Issuer's ordinary voting shares. <strong>Credit</strong> <strong>Suisse</strong> and<br />
<strong>Credit</strong> <strong>Suisse</strong> (<strong>International</strong>) Holding AG have entered into a voting agreement relating to the election of<br />
directors. With respect to the Issuer's participating non-voting shares (other than an issue of “Class A”<br />
participating non-voting shares) <strong>Credit</strong> <strong>Suisse</strong> owns 4.9 per cent., <strong>Credit</strong> <strong>Suisse</strong> Investments (UK),<br />
(formerly known as <strong>Credit</strong> <strong>Suisse</strong> First Boston (UK) Investments ) a wholly owned subsidiary of <strong>Credit</strong><br />
<strong>Suisse</strong>, owns 75.1 per cent. and <strong>Credit</strong> <strong>Suisse</strong> Group owns 20 per cent. In addition, <strong>Credit</strong> <strong>Suisse</strong> and<br />
<strong>Credit</strong> <strong>Suisse</strong> Investments (UK) each own half of the Issuer’s “Class A” participating non-voting shares and<br />
<strong>Credit</strong> <strong>Suisse</strong> Investments (UK) owns 80 per cent. and <strong>Credit</strong> <strong>Suisse</strong> Group owns 20 per cent. of the<br />
Issuer’s perpetual non-cumulative “Class A” preference shares. <strong>Credit</strong> <strong>Suisse</strong> (<strong>International</strong>) Holding AG<br />
owns 100 per cent. of the Issuer’s non-cumulative “Class B” preference shares. <strong>Credit</strong> <strong>Suisse</strong><br />
(<strong>International</strong>) Holding AG owns 42.2857 per cent. and <strong>Credit</strong> <strong>Suisse</strong> Investments (UK) owns 57.7143<br />
per cent. of the Issuer's non-cumulative "Class C" preference shares. <strong>Credit</strong> <strong>Suisse</strong> (<strong>International</strong>) Holding<br />
AG owns 100 per cent. of the Issuer’s non-cumulative “Class D” preference shares. <strong>Credit</strong> <strong>Suisse</strong><br />
(<strong>International</strong>) Holding AG owns 100 per cent. of the Issuer’s non-cumulative “Class E” preference shares.<br />
<strong>Credit</strong> <strong>Suisse</strong> (<strong>International</strong>) Holding AG owns 100 per cent. of the Issuer’s non-cumulative “Class F”<br />
preference shares. On 19 March, 2007 the total authorised share capital of the Issuer increased from<br />
USD 4,750,000,000 to USD 5,550,000,000 by the creation of a new class of shares being<br />
800,000,000 “Class G” preference shares of USD 1 each, of which USD 800,000,000 was issued to<br />
<strong>Credit</strong> <strong>Suisse</strong> (<strong>International</strong>) Holding AG. <strong>Credit</strong> <strong>Suisse</strong> (<strong>International</strong>) Holding AG owns 100 per cent. of<br />
the Issuer’s non-cumulative “Class G” preference shares. Information on the Shareholders is provided in<br />
“Shareholders of <strong>Credit</strong> <strong>Suisse</strong> <strong>International</strong> – Overview” below. A summary organisational chart, showing<br />
the ownership of the voting interests in the Issuer, is set out below.<br />
<strong>Credit</strong> <strong>Suisse</strong><br />
Group<br />
100%<br />
<strong>Credit</strong> <strong>Suisse</strong><br />
56% 100%<br />
20%<br />
<strong>Credit</strong> <strong>Suisse</strong><br />
(<strong>International</strong>)<br />
Holding AG<br />
24%<br />
<strong>Credit</strong> <strong>Suisse</strong><br />
<strong>International</strong><br />
3
<strong>Credit</strong> Ratings<br />
The Issuer has been assigned a senior unsecured debt rating of “AA- (outlook stable)” by Standard &<br />
Poor’s Rating Services, a division of The McGraw-Hill Companies, a senior debt rating of “Aa3 (stable<br />
outlook)” by Moody’s Investors Service and a long-term rating of “AA- (stable outlook)” by Fitch Ratings<br />
Limited.<br />
Directors and Management<br />
The members of the Board of Directors of the Issuer and their principal outside occupations are set out<br />
below. There are no potential conflicts of interests between any duties to the Issuer of the below members<br />
of the Board of Directors and their private interests and / or other duties. The business address of each<br />
member of the Board of Directors is One Cabot Square, London E14 4QJ.<br />
Name Principal Outside Occupation<br />
Leonhard Fischer<br />
CEO<br />
Osama Abassi<br />
Alternate to Gael de Boissard<br />
Stephen Dainton<br />
Alternate to Simon Yates<br />
Gael de Boissard<br />
Fawzi Kyriakos-Saad<br />
Renato Fassbind<br />
Non Executive<br />
Tobias Guldimann<br />
Non Executive<br />
Chief Executive Officer of <strong>Credit</strong> <strong>Suisse</strong> for EMEA. He is a<br />
member of the Executive Board of <strong>Credit</strong> <strong>Suisse</strong> and Chairman<br />
of the EMEA CEO Management Committee and the EMEA<br />
Country Management Committee. He is also a member of the<br />
Supervisory Board of Axel Springer AG, Chairman of the<br />
Supervisory Board of DBV-Winterthur Holding AG and<br />
Chairman of Aspen Institute Berlin (e.V.)<br />
Managing Director of <strong>Credit</strong> <strong>Suisse</strong>, Co-Head of European<br />
Fixed Income Coverage Group. Additionally he is a member of<br />
the Global Fixed Income Operating Committee and the<br />
Investment Banking division's Management Council.<br />
Managing Director of <strong>Credit</strong> <strong>Suisse</strong>, Co-Head of European<br />
Equities, Global Head of European Research Sales, Head of<br />
Research Sales into Europe and a member of the EMEA IB<br />
Management Committee.<br />
Managing Director of <strong>Credit</strong> <strong>Suisse</strong>, Head of the European<br />
Fixed Income department and has responsibility for European<br />
and Asian Interest Rate Products and the Global Exotic Interest<br />
Rate Derivative business. Additionally, he is Head of Global<br />
Foreign Exchange Sales and Trading and member of the Fixed<br />
Income Operating Committee and the EMEA IB Management<br />
Committee.<br />
Managing Director and Chief Executive Officer of Emerging<br />
Markets for EMEA.<br />
Chief Financial Officer of <strong>Credit</strong> <strong>Suisse</strong> Group and a member of<br />
the Executive Board of <strong>Credit</strong> <strong>Suisse</strong> Group.<br />
Chief Risk Officer of <strong>Credit</strong> <strong>Suisse</strong> Group and a member of the<br />
Executive Board of <strong>Credit</strong> <strong>Suisse</strong> Group.<br />
4
Hamish Leslie-Melville<br />
Alternate to Marco<br />
Mazzucchelli<br />
Managing Director of <strong>Credit</strong> <strong>Suisse</strong> and Chairman of the<br />
European Investment Banking Committee.<br />
Marco Mazzucchelli Managing Director of <strong>Credit</strong> <strong>Suisse</strong>, European Head of the<br />
Investment Banking Department and a member of the EMEA IB<br />
Management Committee.<br />
Costas Michaelides Managing Director and Chief Operating Officer of <strong>Credit</strong> <strong>Suisse</strong><br />
EMEA. He is a member of the EMEA CEO Management<br />
Committee and a member of the EMEA IB Management<br />
Committee.<br />
Simon Yates<br />
Auditors and Accounts<br />
Managing Director of <strong>Credit</strong> <strong>Suisse</strong>, Co-Head of European<br />
Equities and Head of Global Equity Derivatives. He is a member<br />
of the EMEA IB Management Committee.<br />
The financial year of the Issuer is the calendar year. The Issuer’s auditors are KPMG Audit Plc, whose<br />
address is One Canada Square, London E14 5AG. KPMG Audit Plc is registered to carry out audit work<br />
by the Institute of Chartered Accountants in England and Wales.<br />
Risk Factors<br />
The general risk management policy of the Issuer is consistent with the equivalent functions of other <strong>Credit</strong><br />
<strong>Suisse</strong> Group entities. The process is designed to ensure that there are sufficient independent controls to<br />
assess, monitor and control risks in accordance with the Issuer’s control strategy and in consideration of<br />
industry best practices.<br />
The Issuer believes that it has effective procedures for assessing and managing the risks associated with<br />
its business activities. The Issuer cannot completely predict all market and other developments and the<br />
Issuer’s risk management cannot fully protect against all types of risks. Unforeseen market and other<br />
developments or unexpected movements or disruption in one or more markets can result in losses, for<br />
example, due to such events as adverse changes in inventory values, a decrease in liquidity of trading<br />
positions, greater earnings volatility or increased credit risk exposure. Such losses could have a material<br />
adverse effect on the Issuer’s results, operations or financial condition.<br />
A description of how the Issuer manages risk together with quantitative information on market risk for the<br />
Issuer’s trading portfolio is set out on pages 69 to 79 of the Issuer’s Annual Report for the year ended<br />
31st December, 2006.<br />
5
Shareholders of <strong>Credit</strong> <strong>Suisse</strong> <strong>International</strong> - Overview<br />
1. <strong>Credit</strong> <strong>Suisse</strong> Group<br />
<strong>Credit</strong> <strong>Suisse</strong> Group, whose head office is at Paradeplatz 8, CH-8070 Zürich, Switzerland, is the ultimate<br />
parent of the consolidated <strong>Credit</strong> <strong>Suisse</strong> group which includes <strong>Credit</strong> <strong>Suisse</strong>, a global financial services<br />
company domiciled in Switzerland and active in all major financial centres, providing a comprehensive range<br />
of banking products as described under section 2 below. Consistent with its strategy to focus on its<br />
banking businesses, <strong>Credit</strong> <strong>Suisse</strong> Group sold Winterthur Swiss Insurance Company to AXA on 22<br />
December 2006.<br />
2. <strong>Credit</strong> <strong>Suisse</strong><br />
<strong>Credit</strong> <strong>Suisse</strong> is a Swiss bank and a leading global bank with its registered head office at Paradeplatz 8,<br />
CH-8001 Zürich, Switzerland. <strong>Credit</strong> <strong>Suisse</strong> provides financial advisory and capital raising services, sales<br />
and trading for users and suppliers of capital as well as asset management products and services to global<br />
institutional, corporate, government, high-net-worth clients and comprehensive financial advice and<br />
banking products to private clients and small to medium-sized companies.<br />
<strong>Credit</strong> <strong>Suisse</strong> is structured along three lines of business. In its investment banking business, <strong>Credit</strong> <strong>Suisse</strong><br />
offers securities products and financial advisory services to corporations, governments, institutional<br />
investors and individual clients. Operating in over 50 locations across more than 20 countries, <strong>Credit</strong><br />
<strong>Suisse</strong> specializes in innovative solutions using expertise in a full spectrum of products: debt and equity<br />
underwriting, sales and trading, alternative capital, mergers and acquisitions, investment research,<br />
correspondent and prime brokerage services.<br />
In its private banking business, <strong>Credit</strong> <strong>Suisse</strong> provides comprehensive advice and a broad range of<br />
investment products and services tailored to the complex needs of high-net-worth individuals globally.<br />
<strong>Credit</strong> <strong>Suisse</strong>’s structured advisory process encompasses both asset and liability management.<br />
Furthermore, <strong>Credit</strong> <strong>Suisse</strong> is a leading provider of innovative alternative investments. Wealth management<br />
solutions include tax planning, pension planning, life insurance solutions; wealth and inheritance advice,<br />
trusts and foundations. <strong>Credit</strong> <strong>Suisse</strong> offers multiple booking platforms and global execution capabilities. In<br />
Switzerland, <strong>Credit</strong> <strong>Suisse</strong> supplies banking products and services to private banking clients as well as<br />
business and retail clients.<br />
In its asset management business, <strong>Credit</strong> <strong>Suisse</strong> offers products across the full spectrum of investment<br />
classes, ranging from equities, fixed income and multiple-asset class products, to alternative investments<br />
such as real estate, hedge funds and private equity. Asset Management comprises the bank’s<br />
discretionary asset management businesses and manages portfolios, mutual funds, and other investment<br />
vehicles for a broad spectrum of clients from governments, institutions and corporations to private<br />
individuals.<br />
3. <strong>Credit</strong> <strong>Suisse</strong> (<strong>International</strong>) Holding AG<br />
<strong>Credit</strong> <strong>Suisse</strong> (<strong>International</strong>) Holding AG (formerly known as <strong>Credit</strong> <strong>Suisse</strong> First Boston (<strong>International</strong>)<br />
Holding AG), whose registered office is at Bahnhofsstrasse 17 Postfach 234, CH-6301 Zug, Switzerland,<br />
was incorporated in Zug on 15th July, 1970. Its principal activity is to act as a holding company for certain<br />
subsidiaries of <strong>Credit</strong> <strong>Suisse</strong> in Europe and in the Pacific regions.<br />
6
Financial Information<br />
1. Financial information relating to the Issuer is contained in its Annual Reports for the years ended, 31st<br />
December, 2004, 31st December, 2005 and 31 st December 2006 which are incorporated by reference in<br />
this Registration Document.<br />
2. Financial information relating to <strong>Credit</strong> <strong>Suisse</strong>, a majority shareholder of the Issuer, is contained in its<br />
most recent Information Statement dated 31st March, 2006, which is incorporated by reference in this<br />
Registration Document, along with the Annexes and Supplements to the Information Statement set out in<br />
the table below which are also incorporated by reference in this Registration Document:<br />
Name of Annex/Supplement Date of Annex/Supplement<br />
Annex: <strong>Credit</strong> <strong>Suisse</strong> Annual Report 2005 31st March 2006<br />
Supplement A 2nd May 2006<br />
Supplement B 7 August 2006<br />
Supplement C 2 November 2006<br />
Supplement D 15 February 2007<br />
3. <strong>Credit</strong> <strong>Suisse</strong> Group, the ultimate parent company of the Issuer, files annual and current reports,<br />
including interim financial information, with the U.S. Securities and Exchange Commission (the “SEC”) on<br />
Forms 20-F and 6-K. The SEC filings of <strong>Credit</strong> <strong>Suisse</strong> Group are available to the public over the Internet<br />
on the SEC’s website at www.sec.gov and on <strong>Credit</strong> <strong>Suisse</strong> Group’s website at www.credit-suisse.com.<br />
The following SEC filings of <strong>Credit</strong> <strong>Suisse</strong> Group are incorporated by reference in this Registration<br />
Document:<br />
(a) Form 20-F Annual Report for the year ended 31 December 2005 available on the website of<br />
the SEC (www.sec.gov) and <strong>Credit</strong> <strong>Suisse</strong> Group’s website at www.credit-suisse.com; and<br />
(b) Form 6-K Quarterly Report for the quarter ended 31 March 2006 available on the website of<br />
the SEC (www.sec.gov); and<br />
(c) Form 6-K Quarterly Report for the quarter ended 30 June 2006 available on the website of<br />
the SEC (www.sec.gov).<br />
(d) Form 6-K Quarterly Report for the quarter ended 30 September 2006 available on the<br />
website of the SEC (www.sec.gov).<br />
(e) Form 6-K Quarterly Report for the quarter ended 31 December 2006 available on the website<br />
of the SEC (www.sec.gov)<br />
4. The audited annual accounts for the year ended 31st December, 2004 and for the year ended 31st<br />
December, 2005 of <strong>Credit</strong> <strong>Suisse</strong> (<strong>International</strong>) Holding AG, a shareholder of the Issuer and a wholly<br />
owned subsidiary of <strong>Credit</strong> <strong>Suisse</strong>, are also incorporated by reference in this Registration Document and<br />
are available to the public over the Internet on <strong>Credit</strong> <strong>Suisse</strong> Group’s website at www.credit-suisse.com.<br />
5. All historical Financial Information contained in this “Financial Information” section has been audited.<br />
with the exception of the <strong>Credit</strong> <strong>Suisse</strong> Group interim financial information for which no audit is required.<br />
7
General Information<br />
1. There has been no material adverse change in the prospects of the Issuer since 31st December,<br />
2006.<br />
2. The Issuer is the subject of legal proceedings commenced in August 2004 before the Court of Parma<br />
in Italy by Dr Enrico Bondi, the Extraordinary Administrator, on behalf of Parmalat SpA (in Extraordinary<br />
Administration), relating to an agreement entered into between the Issuer and Parmalat SpA in December<br />
2001. By these proceedings the Extraordinary Administrator seeks to have the said agreement set aside<br />
and demands repayment by the Issuer of approximately EUR 248 million. The proceedings are being<br />
vigorously contested by the Issuer.<br />
The Extraordinary Administrator has also commenced two further actions before the Court of Parma (i)<br />
against the Issuer seeking damages on the basis of allegations that by the 2001 transaction the Issuer<br />
delayed the insolvency of Parmalat Participacoes of Brazil and consequently of Parmalat SpA with the<br />
result that Parmalat's overall deficit increased by about EUR 7.1 billion between January 2002 and the<br />
declaration of its insolvency in December 2003 and (ii) against the Issuer and five other banks seeking<br />
damages on the basis of allegations that by various derivatives transactions in 2003 the Issuer and those<br />
other banks delayed the insolvency of Parmalat SpA with the result that its overall deficit increased by<br />
about EUR 2 billion between July and December 2003. In addition, unquantified claims for damages have<br />
been filed in Italy on behalf of a number of individuals claiming to have suffered loss as a result of the<br />
actions of employees of the Issuer. All these allegations are without foundation and the proceedings will be<br />
vigorously contested by the Issuer.<br />
Proceedings have also been brought in New York by Parmalat investors against various defendants<br />
including the Issuer seeking unquantified damages. The allegations against the Issuer make reference to<br />
the December 2001 transaction. A memorandum of understanding has been entered into between the<br />
Plaintiffs, <strong>Credit</strong> <strong>Suisse</strong> entities (including the issuer) and another defendant (Banca Nazionale del Lavoro),<br />
the result of which is that, subject to final documentation, the <strong>Credit</strong> <strong>Suisse</strong> entities will pay US$25 million<br />
to settle these proceedings without admission of liability. In related cases also brought in New York, claims<br />
have been filed against the Issuer by the trustees of two bankrupt US subsidiaries of Parmalat SpA. These<br />
claims will be vigorously contested.<br />
The Issuer has claimed in the insolvency of Parmalat Participacoes of Brazil in respect of EUR 500 million<br />
of bonds issued by that entity and held by the Issuer. Parmalat Participacoes has made a claim in response<br />
alleging that the debt represented by the bonds has already been paid and asserting that it is therefore<br />
entitled under Brazilian law to twice the amount of the debt claimed by the Issuer. This allegation is without<br />
any foundation and the proceedings will be vigorously contested.<br />
Save as disclosed, the Issuer has not been involved in any governmental, legal or arbitration proceedings<br />
(including any such proceedings which are pending or threatened of which the Issuer is aware), during the<br />
last 12 months which may have, or have had in the recent past, significant effects on the financial position<br />
or profitability of the Issuer or the Issuer and its consolidated subsidiaries (the "Group").<br />
3. No significant change has occurred in the financial position of the Group since 31 st December 2006.<br />
4. For the life of this Registration Document copies of the following documents may be inspected at<br />
www.credit-suisse.com:<br />
(a) the memorandum and articles of association of the Issuer;<br />
(b) the auditor’s reports of the Issuer and the Group for each of the three financial years preceding<br />
the publication of this Registration Document; and<br />
8
(c) the historical financial information of the Issuer and the Group for each of the three financial<br />
years preceding the publication of this Registration Document.<br />
9
20 March 2007<br />
<strong>Credit</strong> <strong>Suisse</strong> <strong>International</strong><br />
Supplement to Prospectuses<br />
Series NCSI 2007-192 SKr 500,000,000 Zero Coupon Index-linked Notes due 2010<br />
(Securities Note dated 13 February 2007) (ISIN: SE0001934183)<br />
Series NCSI 2007-193 SKr 500,000,000 Zero Coupon Index-linked Notes due 2012<br />
(Securities Note dated 13 February 2007) (ISIN: SE0001934191)<br />
Series NCSI 2007-170 SKr 500,000,000 Zero Coupon Index-linked Notes due 2012<br />
(Securities Note dated 13 February 2007) (ISIN: SE0001933128)<br />
Series NCSI 2007-169 SKr 500,000,000 Zero Coupon Index-linked Notes due 2009<br />
(Securities Note dated 13 February 2007) (ISIN: SE0001933110)<br />
Series NCSI 2007-171 SKr 500,000,000 Zero Coupon Index-linked and Interest Rate-linked<br />
Notes due 2012 (Securities Note dated 13 February 2007) (ISIN: SE0001933094)<br />
Series NCSI 2007-173 SKr 500,000,000 Zero Coupon Index-linked Notes due 2011<br />
(Securities Note dated 13 February 2007) (ISIN: SE0001933086)<br />
Series NCSI 2007-174 SKr 500,000,000 Zero Coupon Index-linked and Interest Rate-linked<br />
Notes due 2012 (Securities Note dated 13 February 2007) (ISIN: SE0001933078)<br />
Series NCSI 2007-172 SKr 500,000,000 Zero Coupon Index-linked Notes due 2009<br />
(Securities Note dated 13 February 2007) (ISIN: SE0001933060)<br />
Series NCSI 2007-168 SKr 500,000,000 Zero Coupon Index-linked Notes due 2011<br />
(Securities Note dated 13 February 2007) (ISIN: SE0001933052)<br />
Series NCSI 2007-307 SKr 500,000,000 Zero Coupon Index-linked and Commodity-linked<br />
Notes due 2010 (Securities Note dated 6 March 2007) (ISIN: SE0001958505)
This Supplement to the Prospectus relating to each of the above issues (each a “Prospectus”), comprising, in<br />
the cases of Series NCSI 2007-192, NCSI 2007-193, NCSI 2007-170, NCSI 2007-169, NCSI 2007-171,<br />
Series NCSI 2007-173, NCSI 2007-174, NCSI 2007-172, NCSI 2007-168 the Registration Document dated<br />
29 December, 2006, the Supplement to Prospectus dated 5 March 2007 and the relevant Securities Note<br />
specified above, and, in the case of Series NCSI 2007-307, the Registration Document dated 5 March 2007<br />
and the relevant Securities Note specified above, constitutes a supplementary prospectus for the purposes of<br />
Section 87G of the Financial Services and Markets Act 2000 and has been approved by the Financial Services<br />
Authority in its capacity as competent authority under the UK Financial Services and Markets Act 2000.<br />
Following an update to the Registration Document on 20 March 2007, the changes to the Registration<br />
Document are set out below:<br />
Introduction<br />
The Issuer commenced business on 16th July, 1990. Its principal business is banking, including the<br />
trading of derivative products linked to interest rates, foreign exchange, equities, commodities and credit.<br />
The primary objective of the Issuer is to provide comprehensive treasury and risk management derivative<br />
product services. The Issuer has established a significant presence in global derivative markets through<br />
offering a full range of derivative products and continues to develop new products in response to the needs<br />
of its customers and changes in underlying markets. The Issuer is structured into three business units: FID,<br />
Equities and Other. The three business units are complemented by Shared Services, which provide support<br />
in the areas of finance, legal and compliance, risk management, operations and information technology.<br />
Shareholders<br />
On 19 March, 2007 the total authorised share capital of the Issuer increased from USD 4,750,000,000 to<br />
USD 5,550,000,000 by the creation of a new class of shares being 800,000,000 “Class G” preference<br />
shares of USD 1 each, of which USD 800,000,000 was issued to <strong>Credit</strong> <strong>Suisse</strong> (<strong>International</strong>) Holding<br />
AG. <strong>Credit</strong> <strong>Suisse</strong> (<strong>International</strong>) Holding AG owns 100 per cent. of the Issuer’s non-cumulative “Class G”<br />
preference shares.<br />
Directors and Management<br />
The members of the Board of Directors of the Issuer and their principal outside occupations are set out<br />
below. There are no potential conflicts of interests between any duties to the Issuer of the below members<br />
of the Board of Directors and their private interests and/or other duties. The business address of each<br />
member of the Board of Directors is One Cabot Square, London E14 4QJ.<br />
Name Principal Outside Occupation<br />
Leonhard Fischer<br />
CEO<br />
Osama Abassi<br />
Alternate to Gael de Boissard<br />
Stephen Dainton<br />
Alternate to Simon Yates<br />
Chief Executive Officer of <strong>Credit</strong> <strong>Suisse</strong> for EMEA. He is a<br />
member of the Executive Board of <strong>Credit</strong> <strong>Suisse</strong> and Chairman<br />
of the EMEA CEO Management Committee and the EMEA<br />
Country Management Committee. He is also a member of the<br />
Supervisory Board of Axel Springer AG, Chairman of the<br />
Supervisory Board of DBV-Winterthur Holding AG and<br />
Chairman of Aspen Institute Berlin (e.V.)<br />
Managing Director of <strong>Credit</strong> <strong>Suisse</strong>, Co-Head of European<br />
Fixed Income Coverage Group. Additionally he is a member of<br />
the Global Fixed Income Operating Committee and the<br />
Investment Banking division's Management Council.<br />
Managing Director of <strong>Credit</strong> <strong>Suisse</strong>, Co-Head of European<br />
Equities, Global Head of European Research Sales, Head of<br />
Research Sales into Europe and a member of the EMEA IB
Gael de Boissard<br />
Fawzi Kyriakos-Saad<br />
Renato Fassbind<br />
Non Executive<br />
Tobias Guldimann<br />
Non Executive<br />
Hamish Leslie-Melville<br />
Alternate to Marco<br />
Mazzucchelli<br />
Management Committee.<br />
Managing Director of <strong>Credit</strong> <strong>Suisse</strong>, Head of the European<br />
Fixed Income department and has responsibility for European<br />
and Asian Interest Rate Products and the Global Exotic Interest<br />
Rate Derivative business. Additionally, he is Head of Global<br />
Foreign Exchange Sales and Trading and member of the Fixed<br />
Income Operating Committee and the EMEA IB Management<br />
Committee.<br />
Managing Director and Chief Executive Officer of Emerging<br />
Markets for EMEA.<br />
Chief Financial Officer of <strong>Credit</strong> <strong>Suisse</strong> Group and a member of<br />
the Executive Board of <strong>Credit</strong> <strong>Suisse</strong> Group.<br />
Chief Risk Officer of <strong>Credit</strong> <strong>Suisse</strong> Group and a member of the<br />
Executive Board of <strong>Credit</strong> <strong>Suisse</strong> Group.<br />
Managing Director of <strong>Credit</strong> <strong>Suisse</strong> and Chairman of the<br />
European Investment Banking Committee.<br />
Marco Mazzucchelli Managing Director of <strong>Credit</strong> <strong>Suisse</strong>, European Head of the<br />
Investment Banking Department and a member of the EMEA IB<br />
Management Committee.<br />
Costas Michaelides Managing Director and Chief Operating Officer of <strong>Credit</strong> <strong>Suisse</strong><br />
EMEA. He is a member of the EMEA CEO Management<br />
Committee and a member of the EMEA IB Management<br />
Committee.<br />
Simon Yates<br />
Managing Director of <strong>Credit</strong> <strong>Suisse</strong>, Co-Head of European<br />
Equities and Head of Global Equity Derivatives. He is a member<br />
of the EMEA IB Management Committee.<br />
Risk Factors<br />
A description of how the Issuer manages risk together with quantitative information on market risk for the<br />
Issuer’s trading portfolio is set out on pages 69 to 79 of the Issuer’s Annual Report for the year ended<br />
31st December, 2006.<br />
Shareholders of <strong>Credit</strong> <strong>Suisse</strong> <strong>International</strong> – Overview<br />
1. <strong>Credit</strong> <strong>Suisse</strong> Group<br />
<strong>Credit</strong> <strong>Suisse</strong> Group, whose head office is at Paradeplatz 8, CH-8070 Zürich, Switzerland, is the ultimate<br />
parent of the consolidated <strong>Credit</strong> <strong>Suisse</strong> group which includes <strong>Credit</strong> <strong>Suisse</strong>, a global financial services<br />
company domiciled in Switzerland and active in all major financial centres, providing a comprehensive range<br />
of banking products as described under section 2 below. Consistent with its strategy to focus on its<br />
banking businesses, <strong>Credit</strong> <strong>Suisse</strong> Group sold Winterthur Swiss Insurance Company to AXA on 22<br />
December 2006.<br />
2. <strong>Credit</strong> <strong>Suisse</strong>
<strong>Credit</strong> <strong>Suisse</strong> is a Swiss bank and a leading global bank with its registered head office at Paradeplatz 8,<br />
CH-8001 Zürich, Switzerland. <strong>Credit</strong> <strong>Suisse</strong> provides financial advisory and capital raising services, sales<br />
and trading for users and suppliers of capital as well as asset management products and services to global<br />
institutional, corporate, government, high-net-worth clients and comprehensive financial advice and<br />
banking products to private clients and small to medium-sized companies.<br />
<strong>Credit</strong> <strong>Suisse</strong> is structured along three lines of business. In its investment banking business, <strong>Credit</strong> <strong>Suisse</strong><br />
offers securities products and financial advisory services to corporations, governments, institutional<br />
investors and individual clients. Operating in over 50 locations across more than 20 countries, <strong>Credit</strong><br />
<strong>Suisse</strong> specializes in innovative solutions using expertise in a full spectrum of products: debt and equity<br />
underwriting, sales and trading, alternative capital, mergers and acquisitions, investment research,<br />
correspondent and prime brokerage services.<br />
Financial Information<br />
Financial information relating to the Issuer is contained in its Annual Reports for the years ended, 31st<br />
December, 2004, 31st December, 2005 and 31st December 2006 which are incorporated by reference<br />
in each of the Prospectuses.<br />
The audited annual accounts for the year ended 31st December, 2004 and for the year ended 31st<br />
December, 2005 of <strong>Credit</strong> <strong>Suisse</strong> (<strong>International</strong>) Holding AG, a shareholder of the Issuer and a wholly<br />
owned subsidiary of <strong>Credit</strong> <strong>Suisse</strong>, which are hereby incorporated by reference in each of the<br />
Prospectuses and are available to the public over the Internet on <strong>Credit</strong> <strong>Suisse</strong> Group’s website at<br />
www.credit-suisse.com.<br />
All historical Financial Information contained in this “Financial Information” section has been audited with<br />
the exception of the <strong>Credit</strong> <strong>Suisse</strong> Group interim financial information for which no audit is required.<br />
There has been no material adverse change in the prospects of the Issuer since 31st December, 2006.<br />
General Information<br />
No significant change has occurred in the financial position of the Group as defined in the Registration<br />
Document since 31 st December 2006.<br />
For the life of the Registration Document copies of the following documents may be inspected at<br />
www.credit-suisse.com:<br />
(a) the memorandum and articles of association of the Issuer;<br />
(b) the auditor’s reports of the Issuer and the Group for each of the three financial years preceding<br />
the publication of the Registration Document; and<br />
(c) the historical financial information of the Issuer and the Group for each of the three financial<br />
years preceding the publication of the Registration Document.<br />
To the best of the Issuer's knowledge, having taken all reasonable care to ensure that such is the case, the<br />
information contained in each of the Prospectuses, as supplemented by this Supplement, is in accordance with<br />
the facts and contains no omission likely to affect its import. The Issuer accepts responsibility accordingly. The<br />
information contained in each of the Prospectuses, as supplemented by this Supplement, relating to the<br />
shareholders of the Issuer was provided to the Issuer by its shareholders. It is confirmed that such information<br />
has been accurately reproduced, and as far as the Issuer is aware and is able to ascertain from information<br />
published by the shareholders, no facts have been omitted which would render the reproduced information<br />
inaccurate or misleading. The delivery of each of the Prospectuses, as supplemented by this Supplement, at<br />
any time does not imply that any information contained therein is correct at any time subsequent to the date<br />
hereof.