Obbligazione Swiss Credit 0% ( US22550K2693 ) in USD

Swiss Credit

100 USD ▲

Svizzera

US22550K2693 ( in USD )

30/09/2024 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Credit Suisse US22550K2693 in USD 0%, scaduta

1 000 USD

6 279 000 USD

22550K269

N/A

Credit Suisse è stata una grande banca svizzera, fallita nel marzo 2023 e acquisita da UBS.

Il presente articolo analizza un'obbligazione ISIN US22550K2693 (CUSIP 22550K269) emessa da Credit Suisse, prestigiosa istituzione finanziaria con sede in Svizzera e un tempo leader globale nei servizi bancari e di gestione patrimoniale, che, dopo la sua recente acquisizione, rappresenta un capitolo significativo nella storia finanziaria elvetica. Questo specifico strumento di debito, denominato in USD e con una dimensione totale di emissione pari a 6.279.000 USD, accessibile con un taglio minimo di acquisto di 1.000 USD, ha raggiunto la sua data di scadenza il 30 settembre 2024 ed è stato integralmente rimborsato al 100% del suo valore nominale. Una delle caratteristiche distintive di questa obbligazione era il suo tasso d'interesse pari a zero, qualificandola come un'obbligazione "zero-coupon", il che rendeva irrilevante l'indicazione di una frequenza di pagamento pari a 2, non essendoci cedole periodiche da distribuire. La sua valutazione da parte dell'agenzia Moody's era classificata come "NR" (Non Rated).

424B2 1 dp113501_424b2-t1672.htm FORM 424B2

PRICING SUPPLEMENT No. T1672
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-218604-02
Dated September 26, 2019
Credit Suisse AG $6,278,540 Trigger GEARS
Linked to the Performance of an Unequally Weighted Basket of Indices due September 30, 2024
Principal at Risk Securities
I nve st m e nt De sc ript ion
These Trigger GEARS (the "Securities") are senior, unsecured obligations of Credit Suisse AG, acting through its London branch ("Credit Suisse" or the "Issuer") linked to the performance of an
unequally weighted basket (the "Basket"), consisting of the EURO STOXX 50® Index, the FTSE® 100 Index, the Nikkei 225 Index, the Swiss Market Index, the S&P/ASX 200 Index and the Hang
Seng Index (each, a "Basket Component," and together, the "Basket Components"). The Securities will rank pari passu with all of our other senior unsecured obligations. If the Basket Return is
greater than zero, Credit Suisse will pay a cash payment equal to the Principal Amount at maturity plus a return equal to the product of (i) the Principal Amount multiplied by (ii) the Basket Return
multiplied by (iii) the Upside Gearing of 2.95. If the Basket Return is less than or equal to zero and the Final Basket Level is at or above the Downside Threshold, Credit Suisse will pay the full
Principal Amount at maturity. However, if the Final Basket Level is below the Downside Threshold, Credit Suisse will pay you a cash payment that is less than the Principal Amount, if anything,
resulting in a percentage loss on your investment equal to the Basket Return. In this case, you will have full downside exposure to the Basket from the Initial Basket Level to the Final Basket
Level, and could lose all of your initial investment. I nve st ing in t he Se c urit ie s involve s signific a nt risk s. Y ou w ill not re c e ive int e re st or divide nd pa ym e nt s during t he
t e rm of t he Se c urit ie s. Y ou m a y lose som e or a ll of your Princ ipa l Am ount . T he c ont inge nt re pa ym e nt of princ ipa l a pplie s only if you hold t he Se c urit ie s t o
m a t urit y. Any pa ym e nt on t he Se c urit ie s, inc luding a ny re pa ym e nt of princ ipa l, is subje c t t o t he a bilit y of Cre dit Suisse t o pa y it s obliga t ions a s t he y be c om e
due . I f Cre dit Suisse w e re t o de fa ult on it s obliga t ions, you m a y not re c e ive a ny a m ount s ow e d t o you unde r t he Se c urit ie s.
Fe a t ure s

K e y Da t e s
Enhanced Grow th Potential: At maturity, the Upside Gearing will provide leveraged
Trade Date
September 26, 2019
exposure to any positive performance of the Basket. If the Basket Return is greater than
Settlement Date
September 30, 2019
zero, Credit Suisse will pay the Principal Amount at maturity plus a return equal to the
Final Valuation Date*
September 25, 2024
Basket Return multiplied by the Upside Gearing. If the Basket Return is less than zero,
Maturity Date*
September 30, 2024
investors may be exposed to the negative Basket Return at maturity.
* Subject to postponement as set forth in any accompanying product supplement under "Description of
Contingent Repayment of Principal at Maturity: If the Basket Return is less
the Securities--Postponement of calculation dates." If the Maturity Date is not a business day, the
than or equal to zero and the Final Basket Level is not below the Downside Threshold,
Payment at Maturity will be payable on the first following business day, unless that business day falls in
Credit Suisse will pay you the Principal Amount at maturity. However, if the Final Basket
the next calendar month, in which case payment will be made on the first preceding business day.
Level is less than the Downside Threshold, Credit Suisse will pay you an amount less
than your full Principal Amount, if anything, resulting in a loss of your principal that is
proportionate to the full depreciation of the Basket from the Initial Basket Level to the
Final Basket Level. The contingent repayment of principal applies only if you hold the
Securities to maturity. Any payment on the Securities, including any repayment of
principal, is subject to the ability of Credit Suisse to pay its obligations as they become
due.
N OT I CE T O I N V EST ORS: T H E SECU RI T I ES ARE SI GN I FI CAN T LY RI SK I ER T H AN CON V EN T I ON AL DEBT I N ST RU M EN T S. T H E I SSU ER I S N OT N ECESSARI LY
OBLI GAT ED T O PAY T H E FU LL PRI N CI PAL AM OU N T OF T H E SECU RI T I ES AT M AT U RI T Y , AN D T H E SECU RI T I ES CAN EX POSE Y OU R I N V EST M EN T T O T H E FU LL
DEPRECI AT I ON OF T H E BASK ET FROM T H E I N I T I AL BASK ET LEV EL T O T H E FI N AL BASK ET LEV EL. T H I S M ARK ET RI SK I S I N ADDI T I ON T O T H E CREDI T RI SK
I N H EREN T I N PU RCH ASI N G A DEBT OBLI GAT I ON OF CREDI T SU I SSE. Y OU SH OU LD N OT PU RCH ASE T H E SECU RI T I ES I F Y OU DO N OT U N DERST AN D OR ARE
N OT COM FORT ABLE WI T H T H E SI GN I FI CAN T RI SK S I N V OLV ED I N I N V EST I N G I N T H E SECU RI T I ES. Y OU SH OU LD CAREFU LLY CON SI DER T H E RI SK S
DESCRI BED U N DER "K EY RI SK S" BEGI N N I N G ON PAGE 7 AN D U N DER "RI SK FACT ORS" BEGI N N I N G ON PAGE PS-3 OF AN Y ACCOM PAN Y I N G PRODU CT
SU PPLEM EN T BEFORE PU RCH ASI N G AN Y SECU RI T I ES. EV EN T S RELAT I N G T O AN Y OF T H OSE RI SK S, OR OT H ER RI SK S AN D U N CERT AI N T I ES, COU LD
ADV ERSELY AFFECT T H E M ARK ET V ALU E OF, AN D T H E RET U RN ON , Y OU R SECU RI T I ES. Y OU M AY LOSE SOM E OR ALL OF Y OU R I N I T I AL I N V EST M EN T I N T H E
SECU RI T I ES. T H E SECU RI T I ES WI LL N OT BE LI ST ED ON AN Y EX CH AN GE.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the Securities or passed upon the accuracy or the adequacy of this pricing
supplement or the accompanying underlying supplement, the product supplement, the prospectus supplement and the prospectus. Any representation to the contrary is a criminal offense.
Se c urit y Offe ring
This pricing supplement relates to Securities linked to the performance of an unequally weighted basket of six indices. The Initial Basket Level, Upside Gearing and Downside Threshold for the
Securities are listed below. The Securities are not subject to a predetermined maximum gain and, accordingly, any return at maturity will be determined by the performance of the Basket. The
Securities are offered at a minimum investment of 100 Securities at $10 per Security (representing a $1,000 investment), and integral multiples of $10 in excess thereof.
We ight ing of Ea c h Ba sk e t
I nit ia l Ba sk e t
Ba sk e t
Com pone nt
U pside Ge a ring
Le ve l
Dow nside T hre shold
CU SI P
I SI N
An Unequally Weighted
75 (75% of the Initial Basket
Set forth in "Key Terms" herein
2.95
100
22550K269
US22550K2693
Basket of Equity Indices
Level)
Cre dit Suisse c urre nt ly e st im a t e s t he va lue of e a c h $ 1 0 princ ipa l a m ount of t he Se c urit ie s on t he T ra de Da t e is $ 9 .6 2 6 (a s de t e rm ine d by re fe re nc e t o our
pric ing m ode ls a nd t he ra t e w e a re c urre nt ly pa ying t o borrow funds t hrough issua nc e of t he Se c urit ie s (our "int e rna l funding ra t e ")). Se e "K e y Risk s" in t his
pric ing supple m e nt .
Se e "Addit iona l I nform a t ion a bout Cre dit Suisse a nd t he Se c urit ie s" on pa ge 2 . T he Se c urit ie s w ill ha ve t he t e rm s se t fort h in a ny a c c om pa nying produc t
supple m e nt , prospe c t us supple m e nt a nd prospe c t us a nd t his pric ing supple m e nt .
The Securities are not deposit liabilities and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency of the United States, Switzerland or
any other jurisdiction.
Offe ring of Se c urit ie s
Proc e e ds t o Cre dit Suisse
Pric e t o Public
U nde rw rit ing Disc ount a nd Com m issions(1)
AG

T ot a l
Pe r Se c urit y
T ot a l
Pe r Se c urit y
T ot a l
Pe r Se c urit y
Securities Linked to the Performance of an Unequally
$6,278,540
$10
$219,748.90
$0.35
$6,058,791.10
$9.65
Weighted Basket of Indices due September 30, 2024
(1) UBS Financial Services Inc. will act as distributor for the Securities. The distributor will receive a fee from Credit Suisse or one of our affiliates of $0.35 per $10 principal amount of Securities.
For more detailed information, please see "Supplemental Plan of Distribution" in this pricing supplement.
U BS Fina nc ia l Se rvic e s I nc .

Addit iona l I nform a t ion a bout Cre dit Suisse a nd t he Se c urit ie s
https://www.sec.gov/Archives/edgar/data/1053092/000095010319013018/dp113501_424b2-t1672.htm[9/30/2019 5:03:21 PM]

You should read this pricing supplement together with the underlying supplement dated April 19, 2018, the product supplement dated June 30, 2017, the prospectus supplement dated June 30,
2017 and the prospectus dated June 30, 2017, relating to our Medium-Term Notes of which these Securities are a part. You may access these documents on the SEC website at www.sec.gov
as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

¨
Underlying Supplement dated April 19, 2018
https://www.sec.gov/Archives/edgar/data/1053092/000095010318004962/dp89590_424b2-underlying.htm

¨
Product Supplement No. I-B dated June 30, 2017:
http://www.sec.gov/Archives/edgar/data/1053092/000095010317006316/dp77781_424b2-ib.htm

¨
Prospectus Supplement and Prospectus dated June 30, 2017:
http://www.sec.gov/Archives/edgar/data/1053092/000104746917004364/a2232566z424b2.htm

Our Central Index Key, or CIK, on the SEC website is 1053092. As used in this pricing supplement, "we," "us," or "our" refers to Credit Suisse.

The Securities are senior, unsecured obligations of Credit Suisse and will rank pari passu with all of our other senior unsecured obligations.

In the event the terms of the Securities described in this pricing supplement differ from, or are inconsistent with, the terms described in the underlying supplement, product supplement,
prospectus supplement or prospectus, the terms described in this pricing supplement will control.

This pricing supplement, together with the documents listed above, contains the terms of the Securities and supersedes all other prior or contemporaneous oral statements as well as any other
written materials including preliminary or indicative pricing terms, fact sheets, correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational
materials of ours. We may, without the consent of the registered holder of the Securities and the owner of any beneficial interest in the Securities, amend the Securities to conform to its terms as
set forth in this pricing supplement and the documents listed above, and the trustee is authorized to enter into any such amendment without any such consent. You should carefully consider,
among other things, the matters set forth in "Key Risks" in this pricing supplement and "Risk Factors" in any accompanying product supplement and, "Foreign Currency Risks" in the
accompanying prospectus, and any risk factors we describe in the combined Annual Report on Form 20-F of Credit Suisse Group AG and us incorporated by reference therein, and any
additional risk factors we describe in future filings we make with the SEC under the Securities Exchange Act of 1934, as amended, as the Securities involve risks not associated with
conventional debt Securities. You should consult your investment, legal, tax, accounting and other advisors before deciding to invest in the Securities.

Prohibit ion of Sa le s t o EEA Re t a il I nve st ors

The Securities may not be offered, sold or otherwise made available to any retail investor in the European Economic Area. For the purposes of this provision:

(a) the expression "retail investor" means a person who is one (or more) of the following:

(i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or
(ii) a customer within the meaning of Directive 2002/92/EC, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or
(iii) not a qualified investor as defined in Directive 2003/71/EC; and

(b) the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the Securities offered so as to enable an investor to
decide to purchase or subscribe the Securities.

2
I nve st or Suit a bilit y
T he Se c urit ie s m a y be suit a ble for you if:

T he Se c urit ie s m a y not be suit a ble for you if:

¨ You fully understand the risks inherent in an investment in the Securities, including the risk
¨ You do not fully understand the risks inherent in an investment in the Securities, including
of loss of your entire initial investment.
the risk of loss of your entire initial investment.

¨ You can tolerate a loss of all or a substantial portion of your investment and you are willing
¨ You seek an investment designed to provide a full return of principal at maturity.
to make an investment that may be exposed to the full depreciation of the Basket from the

Initial Basket Level to the Final Basket Level.
¨ You cannot tolerate a loss of all or a substantial portion of your investment, and you are

not willing to make an investment that may be exposed to the full depreciation of the
¨ You are willing to forgo any dividends paid on the equity securities included in the Basket
Basket from the Initial Basket Level to the Final Basket Level.
Components.

¨ You prefer to receive the dividends paid on the equity securities included in the Basket
¨ You are willing to hold the Securities to maturity as stated on the cover hereof, and you
Components.
accept that there may be little or no secondary market for the Securities.

¨ You are unable or unwilling to hold the Securities to maturity as stated on the cover
¨ You believe that the level of the Basket will increase over the term of the Securities and
hereof, or you seek an investment for which there will be an active secondary market for
you are willing to invest in the Securities based on the Upside Gearing specified on the
the Securities.
cover hereof.

¨ You believe that the level of the Basket will decline during the term of the Securities and
¨ You can tolerate fluctuations in the value of the Securities prior to maturity that may be
the Final Basket Level is likely to be less than the Downside Threshold on the Final
similar to or exceed the downside fluctuations in the level of the Basket.
Valuation Date.

¨ You do not seek current income from your investment.
¨ You are unwilling to invest in the Securities based on the Upside Gearing specified on the

cover hereof.
¨ You understand and accept the risks associated with the Basket Components.

¨ You cannot tolerate fluctuations in the value of the Securities prior to maturity that may be
¨ You are willing to assume the credit risk of Credit Suisse for all payments under the
similar to or exceed the downside fluctuations in the level of the Basket.
Securities, and you understand that the payment of any amount due on the Securities is

subject to the credit risk of Credit Suisse.
¨ You prefer the lower risk, and, therefore, accept the potentially lower returns of
conventional debt securities with comparable maturities issued by Credit Suisse or another
issuer with a similar credit rating.

¨ You seek current income from your investment.

¨ You do not understand or accept the risks associated with the Basket Components.

https://www.sec.gov/Archives/edgar/data/1053092/000095010319013018/dp113501_424b2-t1672.htm[9/30/2019 5:03:21 PM]

¨ You are unwilling to assume the credit risk of Credit Suisse for all payments under the
Securities.

T he suit a bilit y c onside ra t ions ide nt ifie d a bove a re not e x ha ust ive . Whe t he r or not t he Se c urit ie s a re a suit a ble inve st m e nt for you w ill de pe nd on your
individua l c irc um st a nc e s a nd you should re a c h a n inve st m e nt de c ision only a ft e r you a nd your inve st m e nt , le ga l, t a x , a c c ount ing a nd ot he r a dvisors ha ve
c a re fully c onside re d t he suit a bilit y of a n inve st m e nt in t he Se c urit ie s in light of your pa rt ic ula r c irc um st a nc e s. Y ou should a lso re vie w "K e y Risk s" be ginning on
pa ge 7 of t his pric ing supple m e nt for risk s re la t e d t o a n inve st m e nt in t he Se c urit ie s. For m ore inform a t ion on t he Ba sk e t a nd Ba sk e t Com pone nt s, se e
"H ist oric a l I nform a t ion" in t his pric ing supple m e nt .

3
K e y T e rm s

I nve st m e nt T im e line
Issuer
Credit Suisse AG ("Credit Suisse"), acting through its London branch.

The Initial Level for each Basket Component is observed, the Initial
Principal Amount
$10 per Security
T ra de Da t e
Basket Level is set to 100, the Downside Threshold is determined and
4
the Upside Gearing is set.
Term
Five years. In the event that we make any change to the expected
reference to (i) Bloomberg Financial Services ("Bloomberg") or any
Settlement Date, the calculation agent may adjust the Final Valuation

successor reporting service, or (ii) if Bloomberg or such successor
Date and Maturity Date to ensure that the stated term of the
reporting service does not publish the closing level on such trading
Securities remains the same.
day, the index sponsor.

Basket
Ticker
Basket
Initial Level
The Final Basket Level and Basket Return are determined on the
Final Valuation Date
September 25, 2024, subject to the market disruption event provisions
Component
Weighting
Final Valuation Date.
set forth in any accompanying product supplement under "Description
EURO STOXX

SX5E <Index>
40%
3532.18

of
the Securities--Market disruption events."
50® Index

Maturity Date
The Final
September
Basket
30,
Level
2024,
and
subject
Basket
to the
Return
market
are determined
disruption event
on the
provisions
set forth in any accompanying product supplement under "Description

FTSE® 100
Final Valuation Date.
UKX <Index>
20%
7351.08
Index
of
the Securities--Market disruption events." If the Maturity Date is
not a business day, the Payment at Maturity will be payable on the
Nikkei 225
I f t he Ba sk e t Re t urn is gre a t e r t ha n ze ro , Credit Suisse will

NKY <Index>
20%
22048.24
first following business day, unless that business day falls in the next
Index
pay you a cash payment per Security equal to:

calendar month, in which case payment will be made on the first
Swiss Market

preceding business day.
SMI <Index>
7.5%
10010.71
$10 + [$10 × (Basket Return × Upside Gearing)]
Index
CUSIP / ISIN

22550K269 / US22550K2693
S&P/ASX 200

I f t he Ba sk e t Re t urn is e qua l t o or le ss t ha n ze ro a nd t he

AS51 <Index>
7.5%
6677.581
M a t urit y Da t e
Index
Fina l Ba sk e t Le ve l is e qua l t o or gre a t e r t ha n t he
Hang Seng
HSI
Dow nside T hre shold, Credit Suisse will pay you a cash payment

5%
26041.93
Index
<Index>
per Security equal to $10.

Downside Threshold
75% of the Initial Basket Level, as specified on the cover of this
I f t he Fina l Ba sk e t Le ve l is le ss t ha n t he Dow nside
pricing supplement.
T hre shold, Credit Suisse will pay you a cash payment per Security
Upside Gearing
2.95
equal to:
Payment at Maturity
I f t he Ba sk e t Re t urn is gre a t e r t ha n ze ro , Credit Suisse will

(per Security)
pay you a cash payment calculated as follows:
$10 + ($10 × Basket Return)
$10 + [$10 × (Basket Return × Upside Gearing)]

I f t he Ba sk e t Re t urn is e qua l t o or le ss t ha n ze ro a nd

U nde r t he se c irc um st a nc e s, you w ill lose a signific a nt
t he Fina l Ba sk e t Le ve l is e qua l t o or gre a t e r t ha n t he
port ion, a nd c ould lose a ll, of your Princ ipa l Am ount .
Dow nside T hre shold, Credit Suisse will pay you a cash payment
of:
I N V EST I N G I N T H E SECU RI T I ES I N V OLV ES SI GN I FI CAN T RI SK S. Y OU M AY LOSE
$10
Y OU R EN T I RE PRI N CI PAL AM OU N T . AN Y PAY M EN T ON T H E SECU RI T I ES,
I N CLU DI N G AN Y REPAY M EN T OF PRI N CI PAL, I S SU BJ ECT T O T H E ABI LI T Y OF
I f t he Fina l Ba sk e t Le ve l is le ss t ha n t he Dow nside
CREDI T SU I SSE T O PAY I T S OBLI GAT I ON S AS T H EY BECOM E DU E. I F CREDI T
T hre shold, Credit Suisse will pay you a cash payment calculated
SU I SSE WERE T O DEFAU LT ON I T S OBLI GAT I ON S, Y OU M AY N OT RECEI V E AN Y
as follows:
AM OU N T S OWED T O Y OU U N DER T H E SECU RI T I ES.
$10 + ($10 × Basket Return)

I n t his c a se , you c ould lose up t o a ll of your Princ ipa l
5
Am ount in a n a m ount proport iona t e t o t he ne ga t ive
Ba sk e t Re t urn.
Supple m e nt a l T e rm s of t he Se c urit ie s

Basket Return
Final Basket Level Initial Basket Level
For purposes of the Securities offered by this pricing supplement, all references to each of the

Initial Basket Level
following defined terms used in any accompanying product supplement will be deemed to refer to
Initial Basket Level
100
the corresponding defined term used in this pricing supplement, as set forth in the table below:
Final Basket Level
The level of the Basket on the Final Valuation Date, calculated as

follows:
Produc t Supple m e nt De fine d T e rm
Pric ing Supple m e nt De fine d T e rm
100 × [1 + the sum of (each Basket Component Return multiplied by
Knock-In Level
Downside Threshold
its weighting)]
Upside Participation Rate
Upside Gearing
Basket Component
With respect to each Basket Component, the Basket Component
Valuation Date
Final Valuation Date
Return
Return will be calculated as follows:

Final Level Initial Level
6
Initial Level
Initial Level
The Closing Level of the applicable Basket Component on the Trade
K e y Risk s
Date, as specified on the cover of this pricing supplement.
An investment in the offering of the Securities involves significant risks. Investing in the Securities
Final Level
The Closing Level of the applicable Basket Component on the Final
is not equivalent to investing in the Basket Components. Some of the risks that apply to the
Valuation Date, as determined by the calculation agent.
Securities are summarized below, but we urge you to read the more detailed explanation of risks
Closing Level
The Closing Level of any Basket Component on any trading day will
relating to the Securities in the "Risk Factors" section of any accompanying product supplement.
be the closing level of such Basket Component on such trading day,
We also urge you to consult your investment, legal, tax, accounting and other advisors before you
as determined by the calculation agent by
invest in the Securities.

¨
Y ou m a y re c e ive le ss t ha n t he princ ipa l a m ount a t m a t urit y -- You may receive less at maturity than you originally invested in the Securities. If the Final Basket Level is less
than the Downside Threshold, you will be fully exposed to any depreciation in the Basket from the Initial Basket Level to the Final Basket Level and will incur a loss proportionate to the
Basket Return. In this case, at maturity, the amount Credit Suisse will pay you will be less than the principal amount of the Securities and you could lose your entire investment. It is not
possible to predict whether the Final Basket Level will be less than the Downside Threshold, and in that case, by how much the Final Basket Level will decrease in comparison to the Initial
Basket Level. Any payment on the Securities is subject to our ability to pay our obligations as they become due.
https://www.sec.gov/Archives/edgar/data/1053092/000095010319013018/dp113501_424b2-t1672.htm[9/30/2019 5:03:21 PM]

¨
Re ga rdle ss of t he a m ount of a ny pa ym e nt you re c e ive on t he Se c urit ie s, your a c t ua l yie ld m a y be diffe re nt in re a l va lue t e rm s -- Inflation may cause the real
value of any payment you receive on the Securities to be less at maturity than it is at the time you invest. An investment in the Securities also represents a forgone opportunity to invest in
an alternative asset that generates a higher real return. You should carefully consider whether an investment that may result in a return that is lower than the return on alternative
investments is appropriate for you.

¨
T he proba bilit y t ha t t he Fina l Ba sk e t Le ve l w ill be le ss t ha n t he Dow nside T hre shold w ill de pe nd on t he vola t ilit y of t he Ba sk e t Com pone nt s -- "Volatility"
refers to the frequency and magnitude of changes in the level of the Basket Components. The greater the expected volatility with respect to the Basket Components on the Trade Date, the
higher the expectation as of the Trade Date that the Final Basket Level could be less than the Downside Threshold, indicating a higher expected risk of loss on the Securities. The terms of
the Securities are set, in part, based on expectations about the volatility of the Basket Components as of the Trade Date. The volatility of the Basket Components can change significantly
over the term of the Securities. The level of the Basket could fall sharply, which could result in a significant loss of principal. You should be willing to accept the downside market risk of the
Basket Components and the potential to lose a significant amount of your principal at maturity.

¨
Cha nge s in t he va lue s of t he Ba sk e t Com pone nt s m a y offse t e a c h ot he r -- Movements in the level of the Basket Components may not correlate with each other. At a time
when the value of one of the Basket Components increases, the level of the other Basket Components may not increase as much or may even decline. Therefore, in calculating the Basket
Return, increases in the level of one of the Basket Components may be moderated, or more than offset, by lesser increases or declines in the level of the other Basket Components.

¨
T he Ba sk e t Com pone nt s a re not e qua lly w e ight e d. The Securities are linked to a basket of six Basket Components, and the Basket Components have significantly different
weights in determining the value of the Basket. The same percentage change in each of the six Basket Components could therefore have different effects on the Final Basket Level because
of the unequal weighting. For example, if the weighting of one Basket Component is greater than the weighting of other Basket Components, a 5% decrease from the Initial Level to the Final
Level of the Basket Component with a greater weighting will have a greater impact on the Final Basket Level than a 5% increase from the Initial Level to the Final Level of the Basket
Component with a lesser weighting.

¨
T he Se c urit ie s a re subje c t t o t he c re dit risk of Cre dit Suisse -- Investors are dependent on our ability to pay all amounts due on the Securities and, therefore, if we were to
default on our obligations, you may not receive any amounts owed to you under the Securities. In addition, any decline in our credit ratings, any adverse changes in the market's view of our
creditworthiness or any increase in our credit spreads is likely to adversely affect the value of the Securities prior to maturity.

¨
T he Se c urit ie s do not pa y int e re st -- We will not pay interest on the Securities. You may receive less at maturity than you could have earned on ordinary interest-bearing debt
securities with similar maturities, including other of our debt securities, since the Payment at Maturity is based on the performance of the Basket. Because the Payment at Maturity may be
less than the amount originally invested in the Securities, the return on the Securities (the effective yield to maturity) may be negative. Even if it is positive, the return payable on each
Security may not be enough to compensate you for any loss in value due to inflation and other factors relating to the value of money over time.

¨
T he st a t e d pa yout from t he I ssue r a pplie s only if you hold t he Se c urit ie s t o m a t urit y -- The value of the Securities prior to maturity may be less than the initial investment
amount and substantially different than the amount expected at maturity. If you are able to sell your Securities prior to maturity in the secondary market, your return may be less than the
Basket Return and you may receive less than your initial investment amount even if the level of the Basket is greater than the Downside Threshold at that time. The stated payout on the
Securities, including the application of the Downside Threshold and Upside Gearing, applies only if you hold the Securities to maturity.

7
¨
T he Closing Le ve l of t he Ba sk e t Com pone nt s w ill not be a djust e d for c ha nge s in e x c ha nge ra t e s re la t ive t o t he U .S. dolla r e ve n t hough t he inde x
c onst it ue nt st oc k s a re t ra de d in a fore ign c urre nc y a nd t he Se c urit ie s a re de nom ina t e d in U .S. dolla rs -- Investors will not be directly exposed to currency exchange
rate risk with respect to the equity securities included in the Basket Components because both the Basket Components and their respective component securities are valued in their
respective currencies and are not converted into U.S. dollars. Therefore, if the applicable currencies appreciate or depreciate relative to the U.S. dollar over the term of the Securities, you will
not receive any additional payment or incur any reduction in your return, if any, at maturity.

¨
Fore ign se c urit ie s m a rk e t s risk -- Some or all of the assets included in the Basket Components are issued by foreign companies and trade in foreign securities markets. Investments
in the Securities therefore involve risks associated with the securities markets in those countries, including risks of volatility in those markets, government intervention in those markets and
cross shareholdings in companies in certain countries. Also, foreign companies are generally subject to accounting, auditing and financial reporting standards and requirements and securities
trading rules different from those applicable to U.S. reporting companies. The equity securities included in the Basket Components may be more volatile than domestic equity securities and
may be subject to different political, market, economic, exchange rate, regulatory and other risks, including changes in foreign governments, economic and fiscal policies, currency exchange
laws or other laws or restrictions. Moreover, the economies of foreign countries may differ favorably or unfavorably from the economy of the United States in such respects as growth of gross
national product, rate of inflation, capital reinvestment, resources and self-sufficiency. These factors may adversely affect the values of the equity securities included in the Basket
Components, and therefore the performance of the Basket and the value of the Securities.

¨
H e dging a nd t ra ding a c t ivit y -- We, any dealer or any of our or their respective affiliates may carry out hedging activities related to the Securities, including in instruments related to the
Basket Components. We, any dealer or any of our or their respective or our affiliates may also trade instruments related to the Basket Components from time to time. Any of these hedging or
trading activities on or prior to the Trade Date and during the term of the Securities could adversely affect our payment to you at maturity.

¨
T he e st im a t e d va lue of t he Se c urit ie s on t he T ra de Da t e is le ss t ha n t he Pric e t o Public -- The initial estimated value of your Securities on the Trade Date (as determined
by reference to our pricing models and our internal funding rate) is less than the original Price to Public. The Price to Public of the Securities includes any discounts or commissions as well
as transaction costs such as expenses incurred to create, document and market the Securities and the cost of hedging our risks as issuer of the Securities through one or more of our
affiliates (which includes a projected profit). These costs will be effectively borne by you as an investor in the Securities. These amounts will be retained by Credit Suisse or our affiliates in
connection with our structuring and offering of the Securities (except to the extent discounts or commissions are reallowed to other broker-dealers or any costs are paid to third parties).
On the Trade Date, we value the components of the Securities in accordance with our pricing models. These include a fixed income component valued using our internal funding rate, and
individual option components valued using mid-market pricing. As such, the payout on the Securities can be replicated using a combination of these components and the value of these
components, as determined by us using our pricing models, will impact the terms of the Securities at issuance. Our option valuation models are proprietary. Our pricing models take into
account factors such as interest rates, volatility and time to maturity of the Securities, and they rely in part on certain assumptions about future events, which may prove to be incorrect.

Because Credit Suisse's pricing models may differ from other issuers' valuation models, and because funding rates taken into account by other issuers may vary materially from the rates
used by Credit Suisse (even among issuers with similar creditworthiness), our estimated value at any time may not be comparable to estimated values of similar securities of other issuers.

¨
Effe c t of int e re st ra t e use d in st ruc t uring t he Se c urit ie s -- The internal funding rate we use in structuring notes such as these Securities is typically lower than the interest rate
that is reflected in the yield on our conventional debt securities of similar maturity in the secondary market (our "secondary market credit spreads"). If on the Trade Date our internal funding
rate is lower than our secondary market credit spreads, we expect that the economic terms of the Securities will generally be less favorable to you than they would have been if our
secondary market credit spread had been used in structuring the Securities. We will also use our internal funding rate to determine the price of the Securities if we post a bid to repurchase
your Securities in secondary market transactions. See "--Secondary Market Prices" below.

¨
Se c onda ry m a rk e t pric e s -- If Credit Suisse (or an affiliate) bids for your Securities in secondary market transactions, which we are not obligated to do, the secondary market price
(and the value used for account statements or otherwise) may be higher or lower than the Price to Public and the estimated value of the Securities on the Trade Date. The estimated value
of the Securities on the cover of this pricing supplement does not represent a minimum price at which we would be willing to buy the Securities in the secondary market (if any exists) at any
time. The secondary market price of your Securities at any time cannot be predicted and will reflect the then-current estimated value determined by reference to our pricing models and other
factors. These other factors include our internal funding rate, customary bid and ask spreads and other transaction costs, changes in market conditions and any deterioration or improvement
in our creditworthiness. In circumstances where our internal funding rate is lower than our secondary market credit spreads, our secondary market bid for your Securities could be more
https://www.sec.gov/Archives/edgar/data/1053092/000095010319013018/dp113501_424b2-t1672.htm[9/30/2019 5:03:21 PM]

favorable than what other dealers might bid because, assuming all else equal, we use the

8
lower internal funding rate to price the Securities and other dealers might use the higher secondary market credit spread to price them. Furthermore, assuming no change in market
conditions from the Trade Date, the secondary market price of your Securities will be lower than the Price to Public because it will not include any discounts or commissions and hedging
and other transaction costs. If you sell your Securities to a dealer in a secondary market transaction, the dealer may impose an additional discount or commission, and as a result the price
you receive on your Securities may be lower than the price at which we may repurchase the Securities from such dealer.
We (or an affiliate) may initially post a bid to repurchase the Securities from you at a price that will exceed the then-current estimated value of the Securities. That higher price reflects our
projected profit and costs that were included in the Price to Public, and that higher price may also be initially used for account statements or otherwise. We (or our affiliate) may offer to pay
this higher price, for your benefit, but the amount of any excess over the then-current estimated value will be temporary and is expected to decline over a period of approximately seven
months.
The Securities are not designed to be short-term trading instruments and any sale prior to maturity could result in a substantial loss to you. You should be willing and able to hold your
Securities to maturity.

¨
Cre dit Suisse is subje c t t o Sw iss re gula t ion -- As a Swiss bank, Credit Suisse is subject to regulation by governmental agencies, supervisory authorities and self-regulatory
organizations in Switzerland. Such regulation is increasingly more extensive and complex and subjects Credit Suisse to risks. For example, pursuant to Swiss banking laws, the Swiss
Financial Market Supervisory Authority (FINMA) may open resolution proceedings if there are justified concerns that Credit Suisse is over-indebted, has serious liquidity problems or no
longer fulfills capital adequacy requirements. FINMA has broad powers and discretion in the case of resolution proceedings, which include the power to convert debt instruments and other
liabilities of Credit Suisse into equity and/or cancel such liabilities in whole or in part. If one or more of these measures were imposed, such measures may adversely affect the terms and
market value of the Securities and/or the ability of Credit Suisse to make payments thereunder and you may not receive any amounts owed to you under the Securities.

¨
La c k of liquidit y -- The Securities will not be listed on any securities exchange. Credit Suisse (or its affiliates) intends to offer to purchase the Securities in the secondary market but is
not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the Securities when you wish to do so. Because other dealers are
not likely to make a secondary market for the Securities, the price at which you may be able to trade your Securities is likely to depend on the price, if any, at which Credit Suisse (or its
affiliates) is willing to buy the Securities. If you have to sell your Securities prior to maturity, you may not be able to do so or you may have to sell them at a substantial loss.

¨
Pot e nt ia l c onflic t s -- We and our affiliates play a variety of roles in connection with the issuance of the Securities, including acting as calculation agent, hedging our obligations under
the Securities and determining their estimated value. In performing these duties, the economic interests of us and our affiliates are potentially adverse to your interests as an investor in the
Securities. Further, hedging activities may adversely affect any payment on or the value of the Securities. Any profit in connection with such hedging activities will be in addition to any other
compensation that we and our affiliates receive for the sale of the Securities, which creates an additional incentive to sell the Securities to you.

¨
U npre dic t a ble e c onom ic a nd m a rk e t fa c t ors w ill a ffe c t t he va lue of t he Se c urit ie s -- The payout on the Securities can be replicated using a combination of the
components described in "The estimated value of the Securities on the Trade Date is less than the Price to Public." Therefore, in addition to the levels of the Basket Components, the terms
of the Securities at issuance and the value of the Securities prior to maturity may be influenced by factors that impact the value of fixed income securities and options in general, such as:

o
the expected and actual volatility of the Basket Components;

o
the time to maturity of the Securities;

o
the dividend rate on the equity securities included in the Basket Components;

o
interest and yield rates in the market generally;

o
investors' expectations with respect to the rate of inflation;

o
geopolitical conditions and economic, financial, political, regulatory or judicial events that affect the components included in the Basket Components or markets generally and
which may affect the levels of the Basket Components; and

o
our creditworthiness, including actual or anticipated downgrades in our credit ratings.

Some or all of these factors may influence the price that you will receive if you choose to sell your Securities prior to maturity, and such price could be less than your initial investment and
significantly different than the amount expected at maturity. The impact of any of the factors set forth above may enhance or offset some or all of any change resulting from another factor or
factors.

¨
N o ow ne rship right s re la t ing t o t he Ba sk e t Com pone nt s -- Your return on the Securities will not reflect the return you would realize if you actually owned the equity securities
that comprise the Basket Components. The return on your investment is not the same as the total return you would receive based on the purchase of the equity securities that

9
comprise the Basket Components.

¨
N o divide nd pa ym e nt s or vot ing right s -- As a holder of the Securities, you will not have voting rights or rights to receive cash dividends or other distributions or other rights with
respect to the equity securities that comprise the Basket Components. Further, the performance of the Basket Components will not include these dividends or distributions and does not
contain a "total return" feature.

¨
T he U .S. fe de ra l t a x c onse que nc e s of a n inve st m e nt in t he Se c urit ie s a re unc le a r -- There is no direct legal authority regarding the proper U.S. federal tax treatment of the
Securities, and we do not plan to request a ruling from the Internal Revenue Service (the "IRS"). Consequently, significant aspects of the tax treatment of the Securities are uncertain, and
the IRS or a court might not agree with the treatment of the Securities as prepaid financial contracts that are treated as "open transactions." If the IRS were successful in asserting an
alternative treatment of the Securities, the tax consequences of the ownership and disposition of the Securities, including the timing and character of income recognized by U.S. investors and
the withholding tax consequences to non-U.S. investors, might be materially and adversely affected. Moreover, future legislation, Treasury regulations or IRS guidance could adversely affect
the U.S. federal tax treatment of the Securities, possibly retroactively.

10
H ypot he t ic a l Ex a m ple s of H ow t he Se c urit ie s M ight Pe rform
H ypot he t ic a l t e rm s only. Ac t ua l t e rm s m a y va ry. Se e t he c ove r pa ge for a c t ua l offe ring t e rm s.

The examples and table below illustrate Payments at Maturity for a hypothetical offering of the Securities under various scenarios, with the assumptions set forth below. Numbers in the examples
and table below have been rounded for ease of analysis. You should not take these examples or the table below as an indication or assurance of the expected performance of the Basket. The
actual terms are set forth on the cover of this pricing supplement and under "Key Terms" above.You should consider carefully whether the Securities are suitable to your investment goals. Any
https://www.sec.gov/Archives/edgar/data/1053092/000095010319013018/dp113501_424b2-t1672.htm[9/30/2019 5:03:21 PM]

payment on the Securities is subject to our ability to pay our obligations as they become due.

Principal Amount:
$10
Term:
Five years
Downside Threshold:
75% of the hypothetical Initial Basket Level
Upside Gearing:
2.95

Ex a m ple 1 -- T he le ve l of t he Ba sk e t increases by 1 0 % from t he I nit ia l Ba sk e t Le ve l t o t he Fina l Ba sk e t Le ve l. The Basket Return is greater than zero, and the Payment at
Maturity is calculated as follows:
Basket Return = 10%
Payment at Maturity = $10 + [$10 × (10% × 2.95)] = $12.95

Because the Basket Return is equal to 10%, the Payment at Maturity is equal to $12.95 per $10 Principal Amount of Securities, resulting in a total return on the Securities of 29.50%.

Ex a m ple 2 -- T he le ve l of t he Ba sk e t decreases by 1 0 % from t he I nit ia l Ba sk e t Le ve l t o t he Fina l Ba sk e t Le ve l. The Basket Return is negative, and the Payment at Maturity
is calculated as follows:
Basket Return = -10%
Payment at Maturity = $10

Because the Basket Return is less than zero, but the Final Basket Level is equal to or greater than the Downside Threshold, Credit Suisse will pay you a Payment at Maturity equal to $10 per
$10 Principal Amount of Securities, resulting in a zero percent return on the Securities.

Ex a m ple 3 -- T he le ve l of t he Ba sk e t decreases by 6 0 % from t he I nit ia l Ba sk e t Le ve l t o t he Fina l Ba sk e t Le ve l. The Ba sk e t Return is negative, and the Payment at
Maturity is calculated as follows:
Basket Return = -60%
Payment at Maturity = $10 + ($10 × -60%) = $4

Because the Basket Return is less than zero and the Final Basket Level is less than the Downside Threshold, the Securities will be fully exposed to any decline in the level of the Basket as of
the Final Valuation Date. Therefore, the Payment at Maturity is equal to $4 per $10 Principal Amount of Securities, resulting in a total loss on the Securities of 60%.

If the Final Basket Level is less than the Downside Threshold, the Securities will be fully exposed to any decline in the Basket, and you will lose a significant portion or all of your
Principal Amount at maturity.

11
Hypothetical Payment at Maturity for each $10 Principal Amount of the Securities.

The table below illustrates, for a $10 investment in the Securities, hypothetical Payments at Maturity for a hypothetical range of Basket Returns. The hypothetical Payments at Maturity set forth
below are for illustrative purposes only. The actual Payment at Maturity applicable to a purchaser of the Securities will depend on the Final Basket Level. You should consider carefully whether
the Securities are suitable to your investment goals. Any payment on the Securities is subject to our ability to pay our obligations as they become due. The numbers appearing in the table below
have been rounded for ease of analysis.

Ba sk e t Re t urn
Re t urn on t he Se c urit ie s
Pa ym e nt a t M a t urit y (pe r Se c urit y)
100%
295%
$39.50
90%
265.50%
$36.55
80%
236%
$33.60
70%
206.50%
$30.65
60%
177%
$27.70
50%
147.50%
$24.75
40%
118%
$21.80
30%
88.50%
$18.85
20%
59%
$15.90
10%
29.50%
$12.95
0 %
0 %
$ 1 0
-10%
0%
$10
-20%
0%
$10
-25%
0%
$10
-2 6 %
-2 6 %
$ 7 .4 0
-30%
-30%
$7
-40%
-40%
$6
-50%
-50%
$5
-60%
-60%
$4
-70%
-70%
$3
-80%
-80%
$2
-90%
-90%
$1
-100%
-100%
$0

12
U nit e d St a t e s Fe de ra l T a x Conside ra t ions
This discussion supplements and, to the extent inconsistent therewith, supersedes the discussion in the accompanying product supplement under "Material United States Federal Income Tax
Considerations."

There are no statutory, judicial or administrative authorities that address the U.S. federal income tax treatment of the Securities or instruments that are similar to the Securities. In the opinion of
our counsel, Davis Polk & Wardwell LLP, which is based on current market conditions, a Security should be treated as a prepaid financial contract that is an "open transaction" for U.S. federal
https://www.sec.gov/Archives/edgar/data/1053092/000095010319013018/dp113501_424b2-t1672.htm[9/30/2019 5:03:21 PM]

income tax purposes. However, there is uncertainty regarding this treatment.

Assuming this treatment of the Securities is respected and subject to the discussion in "Material United States Federal Income Tax Considerations" in the accompanying product supplement, the
following U.S. federal income tax consequences should result:

·
You should not recognize taxable income over the term of the Securities prior to maturity, other than pursuant to a sale or other disposition.

·
Upon a sale or other disposition (including retirement) of a Security, you should recognize capital gain or loss equal to the difference between the amount realized and your tax basis in
the Security. Such gain or loss should be long-term capital gain or loss if you held the Security for more than one year.

We do not plan to request a ruling from the IRS regarding the treatment of the Securities, and the IRS or a court might not agree with the treatment described herein. In particular, the IRS could
treat the Securities as contingent payment debt instruments, in which case the tax consequences of ownership and disposition of the Securities, including the timing and character of income
recognized, could be materially and adversely affected. Moreover, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax
treatment of "prepaid forward contracts" and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. In addition,
members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of
these issues could materially and adversely affect the tax consequences of an investment in the Securities, possibly with retroactive effect. You should consult your tax advisor regarding possible
alternative tax treatments of the Securities and potential changes in applicable law.

N on -U .S. H olde rs. Subject to the discussions in the next paragraph and in "Material United States Federal Income Tax Considerations" in the accompanying product supplement, if you are a
Non-U.S. Holder (as defined in the accompanying product supplement) of the Securities, you generally should not be subject to U.S. federal withholding or income tax in respect of any amount
paid to you with respect to the Securities, provided that (i) income in respect of the Securities is not effectively connected with your conduct of a trade or business in the United States, and (ii)
you comply with the applicable certification requirements.

As discussed under "Material United States Federal Income Tax Considerations--Non-U.S. Holders Generally--Substitute Dividend and Dividend Equivalent Payments" in the accompanying
product supplement, Section 871(m) of the Internal Revenue Code generally imposes a 30% withholding tax on "dividend equivalents" paid or deemed paid to Non-U.S. Holders with respect to
certain financial instruments linked to U.S. equities or indices that include U.S. equities. Treasury regulations under Section 871(m), as modified by an IRS notice, exclude from their scope
financial instruments issued prior to January 1, 2021 that do not have a "delta" of one with respect to any U.S. equity. Based on the terms of the Securities and representations provided by us,
our counsel is of the opinion that the Securities should not be treated as transactions that have a "delta" of one within the meaning of the regulations with respect to any U.S. equity and,
therefore, should not be subject to withholding tax under Section 871(m).

A determination that the Securities are not subject to Section 871(m) is not binding on the IRS, and the IRS may disagree with this determination. Moreover, Section 871(m) is complex and its
application may depend on your particular circumstances, including whether you enter into other transactions with respect to a U.S. equity to which the Securities relate. You should consult your
tax advisor regarding the potential application of Section 871(m) to the Securities.

If withholding tax applies to the Securities, we will not be required to pay any additional amounts with respect to amounts withheld.

FAT CA. You should review the section entitled "Material United States Federal Income Tax Considerations--Securities Held Through Foreign Entities" in the accompanying product supplement
regarding withholding rules under the "FATCA" regime. The

13
discussion in that section is hereby modified to reflect regulations proposed by the U.S. Treasury Department indicating an intent to eliminate the requirement under FATCA of withholding on
gross proceeds of the disposition of affected financial instruments. The U.S. Treasury Department has indicated that taxpayers may rely on these proposed regulations pending their finalization.

Y ou should re a d t he se c t ion e nt it le d "M a t e ria l U nit e d St a t e s Fe de ra l I nc om e T a x Conside ra t ions" in t he a c c om pa nying produc t supple m e nt . T he pre c e ding
disc ussion, w he n re a d in c om bina t ion w it h t ha t se c t ion, c onst it ut e s t he full opinion of Da vis Polk & Wa rdw e ll LLP re ga rding t he m a t e ria l U .S. fe de ra l t a x
c onse que nc e s of ow ning a nd disposing of t he Se c urit ie s.

Y ou should a lso c onsult your t a x a dvisor re ga rding a ll a spe c t s of t he U .S. fe de ra l inc om e a nd e st a t e t a x c onse que nc e s of a n inve st m e nt in t he Se c urit ie s a nd
a ny t a x c onse que nc e s a rising unde r t he la w s of a ny st a t e , loc a l or non -U .S. t a x ing jurisdic t ion.

14
H ist oric a l I nform a t ion
The following graph sets forth the historical performance of the Basket Components, as well as the Basket as a whole, based on the Closing Levels of the Basket Components from January 2,
2008 through September 26, 2019.

We obtained the historical information below from Bloomberg, without independent verification.

You should not take the historical levels of the Basket as an indication of future performance of the Basket or the Securities. Any historical trend in the level of the Basket during any period set
forth below is not an indication that the level of the Basket is more or less likely to increase or decrease at any time over the term of the Securities.

For additional information on the Basket Components, see "The Reference Indices--The STOXX Indices-- The EURO STOXX 50 ® Index," "The Reference Indices--The FTSE Russell Indices--
The FTSE® 100 Index," "The Reference Indices--The Nikkei 225 Index," "The Reference Indices--The Swiss Market Index," "The Reference Indices--The S&P Dow Jones Indices--The
S&P/ASX 200 Index" and "The Reference Indices--The Hang Seng® Indices--The Hang Seng ® Index" in the accompanying underlying supplement.

H ist oric a l I nform a t ion

The Closing Level of the EURO STOXX 50® Index on September 26, 2019 was 3532.18.

https://www.sec.gov/Archives/edgar/data/1053092/000095010319013018/dp113501_424b2-t1672.htm[9/30/2019 5:03:21 PM]

15
The Closing Level of the FTSE® 100 Index on September 26, 2019 was 7351.08.

The Closing Level of the Nikkei 225 Index on September 26, 2019 was 22048.24.

16
The Closing Level of the Swiss Market Index on September 26, 2019 was 10010.71.

https://www.sec.gov/Archives/edgar/data/1053092/000095010319013018/dp113501_424b2-t1672.htm[9/30/2019 5:03:21 PM]

The Closing Level of the S&P/ASX 200 Index on September 26, 2019 was 6677.581.

17
The Closing Level of the Hang Seng® Index on September 26, 2019 was 26041.93.

18
The following Basket graph sets forth the historical performance of the Basket from January 2, 2008 through September 26, 2019. The graph of the historical Basket performance assumes the
Basket Level on September 26, 2019 was 100 and the weightings for each Basket Component were as specified on the cover of this pricing supplement. The red line on the graph represents
the Downside Threshold.

https://www.sec.gov/Archives/edgar/data/1053092/000095010319013018/dp113501_424b2-t1672.htm[9/30/2019 5:03:21 PM]

19
Supple m e nt a l U se of Proc e e ds a nd H e dging
We intend to use the proceeds of this offering for our general corporate purposes, which may include the refinancing of existing debt outside Switzerland. Some or all of the proceeds we receive
from the sale of the Securities may be used in connection with hedging our obligations under the Securities through one or more of our affiliates. Such hedging or trading activities on or prior to
the Trade Date and during the term of the Securities could adversely affect the value of the Basket and, as a result, could decrease the amount you may receive on the Securities at maturity.
For additional information, see "Supplemental Use of Proceeds and Hedging" in any accompanying product supplement.

Supple m e nt a l Pla n of Dist ribut ion (Conflic t s of I nt e re st )
Under the terms of a distributor accession confirmation with UBS Financial Services Inc., dated as of March 12, 2014, UBS Financial Services Inc. will act as distributor for the Securities. The
distributor may receive a fee from Credit Suisse or one of our affiliates of $0.35 per $10 principal amount of Securities. For additional information, see "Underwriting (Conflicts of Interest)" in any
accompanying product supplement.

We expect to deliver the Securities against payment for the Securities on the Settlement Date indicated herein, which may be a date that is greater or less than two business days following the
Trade Date. Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless the parties to a
trade expressly agree otherwise. Accordingly, if the Settlement Date is more than two business days after the Trade Date, purchasers who wish to transact in the Securities more than two
business days prior to the Settlement Date will be required to specify alternative settlement arrangements to prevent a failed settlement.

20
V a lidit y of t he Se c urit ie s
In the opinion of Davis Polk & Wardwell LLP, as United States counsel to Credit Suisse, when the Securities offered by this pricing supplement have been executed and issued by Credit Suisse
and authenticated by the trustee pursuant to the indenture, and delivered against payment therefor, such Securities will be valid and binding obligations of Credit Suisse, enforceable against
Credit Suisse in accordance with their terms, subject to (i) applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, (ii) possible judicial or regulatory actions giving
effect to governmental actions or foreign laws affecting creditors' rights and (iii) concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts
of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable
law on the conclusions expressed above. This opinion is given as of the date of this pricing supplement and is limited to the laws of the State of New York, except that such counsel expresses
no opinion as to the application of state securities or Blue Sky laws to the Securities. Insofar as this opinion involves matters governed by Swiss law, Davis Polk & Wardwell LLP has relied,
without independent inquiry or investigation, on the opinion of Homburger AG, dated August 23, 2019 and filed by Credit Suisse as an exhibit to a Current Report on Form 6-K on August 23,
2019. The opinion of Davis Polk & Wardwell LLP is subject to the same assumptions, qualifications and limitations with respect to such matters as are contained in the opinion of Homburger AG.
In addition, the opinion of Davis Polk & Wardwell LLP is subject to customary assumptions about the establishment of the terms of the Securities, the trustee's authorization, execution and
delivery of the indenture and its authentication of the Securities, and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the opinion of Davis
Polk & Wardwell LLP dated August 23, 2019, which was filed by Credit Suisse as an exhibit to a Current Report on Form 6-K on August 23, 2019. Davis Polk & Wardwell LLP expresses no
opinion as to waivers of objections to venue, the subject matter or personal jurisdiction of a United States federal court or the effectiveness of service of process other than in accordance with
applicable law. In addition, such counsel notes that the enforceability in the United States of Section 10.08(c) of the indenture is subject to the limitations set forth in the United States Foreign
Sovereign Immunities Act of 1976.

21
https://www.sec.gov/Archives/edgar/data/1053092/000095010319013018/dp113501_424b2-t1672.htm[9/30/2019 5:03:21 PM]

Document Outline

#1">
- #1">