Bond Swiss Credit 0% ( US22550N3052 ) in USD

Issuer Swiss Credit
Market price 100 %  ▲ 
Country  Switzerland
ISIN code  US22550N3052 ( in USD )
Interest rate 0%
Maturity 18/08/2022 - Bond has expired



Prospectus brochure of the bond Credit Suisse US22550N3052 in USD 0%, expired


Minimal amount 1 000 USD
Total amount 17 401 000 USD
Cusip 22550N305
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Detailed description Credit Suisse was a global investment bank and financial services company headquartered in Zurich, Switzerland, that was acquired by UBS in March 2023 following a significant financial crisis.

The Bond issued by Swiss Credit ( Switzerland ) , in USD, with the ISIN code US22550N3052, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Bond maturity is 18/08/2022







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424B2 1 dp121575_424b2-u4613.htm FORM 424B2
February 2020
Pricing Supplement No. U4613
Registration Statement No. 333-218604-02
Dated February 14, 2020
Filed pursuant to Rule 424(b)(2)

Auto-Callable Contingent Income Securities due August 18, 2022
Al Payments on the Securities Subject to the Coupon Barrier and Downside Threshold Features
Based on the Performance of the Worst Performing of the American Depositary Shares of Itaú Unibanco Holding S.A. and
the American Depositary Shares of Vale S.A.
Principal at Risk Securities
Unlike ordinary debt securities, the Auto-Cal able Contingent Income Securities due August 18, 2022 based on the
Performance of the Worst Performing of the American Depositary Shares of Itaú Unibanco Holding S.A. and the American
Depositary Shares of Vale S.A. (each, an "Underlying"), which we refer to as the securities, do not provide for the regular
payment of interest or guarantee the return of any principal at maturity. Instead, the securities offer the opportunity for
investors to earn a Contingent Coupon (plus any previously unpaid Contingent Coupons from prior Observation Dates) but
only if the closing level of each Underlying on the applicable Observation Date is greater than or equal to approximately
60% of its respective Initial Level, which we refer to as its Coupon Barrier Level. If the closing level of any Underlying is
less than its respective Coupon Barrier Level on any Observation Date, you wil not receive any Contingent Coupon for
that period. However, if the closing level of each Underlying is at or above its respective Coupon Barrier Level on any
subsequent Observation Date, investors wil receive, in addition to the Contingent Coupon for the related period, any
previously unpaid Contingent Coupons from prior Observation Dates. As a result, investors must be wil ing to accept the
risk of not receiving any Contingent Coupons during the entire term of the securities. In addition, if the closing level of each
Underlying is greater than or equal to its Initial Level on any Observation Date scheduled to occur on or after May 14,
2020 (other than the Valuation Date), the securities wil be automatical y redeemed for an amount per security equal to the
Principal Amount plus the Contingent Coupon payable on the immediately fol owing Contingent Coupon Payment Date
plus any previously unpaid Contingent Coupons from prior Observation Dates. At maturity, if the securities have not
previously been automatical y redeemed and the Final Level of the Worst Performing Underlying is greater than or equal to
approximately 60% of its Initial Level, which we refer to as its Downside Threshold Level, investors wil receive the
Principal Amount, and, because the Final Level of each Underlying is greater than or equal to its respective Coupon
Barrier Level, the Contingent Coupon payable with respect to the Valuation Date plus any previously unpaid Contingent
Coupons from prior Observation Dates. However, if the Final Level of the Worst Performing Underlying is less than its
Downside Threshold Level, investors wil be ful y exposed to the decline in the level of the Worst Performing Underlying
over the term of the securities, and the Redemption Amount wil be less than 60% of the Principal Amount of the securities
and could be zero. Accordingly, investors may lose up to their entire initial investment in the securities. Because
payments on the securities are based on the performance of each Underlying, a decline beyond the respective Coupon
Barrier Level and/or respective Downside Threshold Level, as applicable, of any Underlying wil result in few or no
Contingent Coupons and/or a significant loss of your investment, as applicable, even if any other Underlying has
appreciated or has not declined as much. Investors wil not participate in any appreciation of any Underlying. These
securities are for investors who seek an opportunity to earn interest at a potential y above-market rate in exchange for the
risk of losing a significant portion or al of their principal, the risk of receiving no Contingent Coupons over the entire term of
the securities and the risk of an Automatic Redemption of the securities.
All payments on the securities, including the repayment of principal, are subject to the credit risk of Credit Suisse.
KEY TERMS

Issuer:
Credit Suisse AG ("Credit Suisse"), acting through its London branch
Reference Share
For the American depositary shares of Itaú Unibanco Holding S.A., the issuer of the preferred
Issuers:
shares of Itaú Unibanco Holding S.A., and for the American depositary shares of Vale S.A., the
issuer of the common shares of Vale S.A.
Underlyings:
The Underlyings are set forth in the table below. For more information on the Underlyings, see "Itaú
Unibanco Holding S.A. ADSs Summary" and "Vale S.A. ADSs Summary" herein. Each Underlying is
identified in the table below, together with its Bloomberg ticker symbol, Initial Level, Downside
Threshold Level, Coupon Barrier Level and Early Redemption Level:

Initial
Downside
Coupon
Early
Underlying
Ticker
Level
Threshold
Barrier Level Redemption
Level
Level

American depositary shares ITUB UN
of Itaú Unibanco Holding
<Equity>
S.A. representing one
$4.71 (60% of $4.71 (60% of $7.85 (100% of
preferred share of Itaú
$7.85
Initial Level)
Initial Level)
Initial Level)
Unibanco Holding S.A. (the
"Itaú Unibanco Holding S.A.
ADSs")
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American depositary shares VALE UN
$11.87
$7.12
$7.12
$11.87 (100%
of Vale S.A. representing
<Equity>
(approximately (approximately of Initial Level)
one common share of Vale
60% of Initial
60% of Initial
S.A. (the "Vale S.A. ADSs")
Level)
Level)
Aggregate Principal $17,401,000
Amount:
Principal Amount:
$10 per security. 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.
Price to Public:
$10 per security (see "Commissions and Price to Public" below)
Trade Date:
February 14, 2020
Settlement Date:
February 20, 2020 (3 business days after the Trade Date). Delivery of the securities in book-entry
form only wil be made through The Depository Trust Company.
Distributor:
Morgan Stanley Smith Barney LLC ("MSSB"). See "Supplemental Plan of Distribution."
Calculation Agent: Credit Suisse International
Listing:
The securities wil not be listed on any securities exchange.

Key Terms continued on the following page
Investing in the securities involves a number of risks. See "Selected Risk Considerations" beginning on page 11
of this pricing supplement and "Risk Factors" beginning on page PS-3 of any accompanying product supplement.
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 any accompanying product
supplement, the prospectus supplement and the prospectus. Any representation to the contrary is a criminal offense.

Commissions and Price
Price to Public
Underwriting Discounts and Commissions
Proceeds to
to Public
Issuer
Per security
$10
$0.20(1)



$0.05(2)
$9.75
Total
$17,401,000
$435,025
$16,965,975
(1) We or one of our affiliates wil pay to MSSB discounts and commissions of $0.25 per $10 principal amount of securities,
of which $0.05 per $10 principal amount of securities wil be paid as a structuring fee. For more detailed information,
please see "Supplemental Plan of Distribution (Conflicts of Interest)" in this pricing supplement.
(2) Reflects a structuring fee payable to MSSB by Credit Suisse Securities (USA) LLC ("CSSU") or one of its affiliates of
$0.05 for each security.
The agent for this offering, CSSU, is our affiliate. For more information, see "Supplemental Plan of Distribution (Conflicts of
Interest)" in this pricing supplement.
Credit Suisse currently estimates the value of each $10 principal amount of the securities on the Trade Date is
$9.682 (as determined by reference to our pricing models and the rate we are currently paying to borrow funds
through issuance of the securities (our "internal funding rate")). See "Selected Risk Considerations" in this
pricing supplement.
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.
Credit Suisse


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Auto-Cal able Contingent Income Securities due August 18, 2022
All Payments on the Securities Subject to the Coupon Barrier and Downside Threshold Features
Based on the Performance of the Worst Performing of the American Depositary Shares of Itaú Unibanco Holding
S.A. and the American Depositary Shares of Vale S.A.
Principal at Risk Securities

Key Terms continued from previous page:
Valuation Date:
August 15, 2022, subject to postponement as set forth in any accompanying product
supplement under "Description of the Securities--Postponement of calculation dates."
August 18, 2022, subject to postponement as set forth in any accompanying product
supplement under "Description of the Securities--Postponement of calculation dates." If the
Maturity Date:
Maturity Date is not a business day, the Redemption Amount wil be payable on the first
fol owing business day, unless that business day fal s in the next calendar month, in which
case payment wil be made on the first preceding business day.
Redemption Amount:
If the securities have not previously been automatical y redeemed, on the Maturity Date
investors wil receive a Redemption Amount determined as fol ows:

· If the Final Level of the Worst Performing Underlying is greater than or equal to its
Downside Threshold Level:

the Principal Amount and, because the Final Level of each Underlying is greater than or equal
to its respective Coupon Barrier Level, the Contingent Coupon with respect to the Valuation
Date plus any previously unpaid Contingent Coupons from prior Observation Dates.


· If the Final Level of the Worst Performing Underlying is less than its Downside Threshold
Level:

(i) the Principal Amount multiplied by (i ) the Underlying Return of the Worst Performing
Underlying.

In this case, the Redemption Amount will be less than $6 per $10 principal amount of
securities. You could lose your entire investment.
Contingent Coupons:
· Subject to Automatic Redemption, if, on any Observation Date the closing level of each
Underlying is greater than or equal to its respective Coupon Barrier Level, we wil pay a
Contingent Coupon at an annual rate of 11.30% (corresponding to $0.2825 per security
per quarter) on the immediately fol owing Contingent Coupon Payment Date. If a
Contingent Coupon is not paid on any coupon payment date (because the closing level of
an Underlying is less than its respective Coupon Barrier Level) such unpaid Contingent
Coupon wil be paid on a later Contingent Coupon Payment Date but only if the closing
level of each Underlying on such later Observation Date is greater than or equal to its
respective Coupon Barrier Level; provided, however, in the case of any such payment of a
previously unpaid Contingent Coupon, that no additional interest shal accrue or be
payable in respect of such unpaid Contingent Coupon from and after the end of the
original interest period for such unpaid Contingent Coupon. You wil not receive such
unpaid Contingent Coupons if the level of any Underlying is less than its respective
Coupon Barrier Level on each subsequent Observation Date. If the closing level of any
Underlying is less than its Coupon Barrier Level on each Observation Date, you wil not
receive any Contingent Coupons for the entire term of the securities.
· If on any Observation Date the closing level of any Underlying is less than its respective
Coupon Barrier Level, no Contingent Coupon wil be paid with respect to that Observation
Date. It is possible that the at least one of the Underlyings will be below its
respective Coupon Barrier Level for extended periods of time or even throughout
the entire three year term of the securities so that you will receive few or no
Contingent Coupons.
Automatic Redemption:
If an Early Redemption Event occurs, the securities wil be automatical y redeemed and you
wil receive a cash payment equal to the Principal Amount (the "Automatic Redemption
Amount") and the Contingent Coupon payable on the immediately fol owing Contingent
Coupon Payment Date (the "Automatic Redemption Date") plus any previously unpaid
Contingent Coupons from prior Observation Dates. No further payments wil be made in
respect of the securities fol owing an Automatic Redemption. Payment wil be made with
respect to such Automatic Redemption on the Contingent Coupon Payment Date immediately
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fol owing the relevant Observation Date. Any payment on the securities is subject to our ability
to pay our obligations as they become due.
Early Redemption Event: An Early Redemption Event wil occur on any Observation Date scheduled to occur on or after
May 14, 2020 (other than the Valuation Date) if the closing level of each Underlying on such
Observation Date is equal to or greater than its respective Early Redemption Level.
Early Redemption Level: For each Underlying, 100% of the Initial Level of such Underlying.
Coupon Barrier Level:
For each Underlying, approximately 60% of the Initial Level of such Underlying.
Downside Threshold
For each Underlying, approximately 60% of the Initial Level of such Underlying.
Level:
Initial Level:
For each Underlying, the closing level of such Underlying on the Trade Date, as set forth in the
table above.
Final Level:
For each Underlying, the closing level of such Underlying on the Valuation Date.
Observation Dates:
May 14, 2020, August 14, 2020, November 16, 2020, February 16, 2021, May 14, 2021,
August 16, 2021, November 15, 2021, February 14, 2022, May 16, 2022 and the Valuation
Date, subject to postponement as set forth in any accompanying product supplement under
"Description of the Securities--Postponement of calculation dates." We also refer to the
Observation Date immediately prior to the Maturity Date as the Valuation Date.
Contingent Coupon
May 19, 2020, August 19, 2020, November 19, 2020, February 19, 2021, May 19, 2021,
Payment Dates:
August 19, 2021, November 18, 2021, February 17, 2022, May 19, 2022 and the Maturity
Date, subject to postponement as set forth in any accompanying product supplement under
"Description of the Securities--Postponement of calculation dates." If any Contingent Coupon
Payment Date is not a business day, the Contingent Coupon, if any, wil be payable on the
first fol owing business day, unless that business day fal s in the next calendar month, in which
case payment wil be made on the first preceding business day. The amount of any Contingent
Coupon wil not be adjusted in respect of any postponement of a Contingent Coupon Payment
Date and no interest or other payment wil be payable on the securities because of any such
postponement of a Contingent Coupon Payment Date. No Contingent Coupons wil be
payable fol owing an Automatic Redemption. Contingent coupons, if any, wil be payable on
the applicable Contingent Coupon Payment Date to the holder of record at the close of
business on the business day immediately preceding the applicable Contingent Coupon
Payment Date, provided that the Contingent Coupon payable, if any, on the Automatic
Redemption Date or Maturity Date, as applicable, wil be payable to the person to whom the
Automatic Redemption Amount or Redemption Amount, as applicable, is payable.
Underlying Return:
With respect to each Underlying, the Final Level of such Underlying divided by its Initial Level
Worst Performing
The Underlying with the lowest Underlying Return
Underlying:
CU
C S
U I
S P
I / ISIN:
22550N305 / US22550N3052


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Auto-Cal able Contingent Income Securities due August 18, 2022
All Payments on the Securities Subject to the Coupon Barrier and Downside Threshold Features
Based on the Performance of the Worst Performing of the American Depositary Shares of Itaú Unibanco Holding
S.A. and the American Depositary Shares of Vale S.A.
Principal at Risk Securities

Additional Terms Specific to the Securities

You should read this pricing supplement together with 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 fol ows (or if such
address has changed, by reviewing our filings for the relevant date on the SEC website):

·
Product Supplement No. I-A dated June 30, 2017:
http://www.sec.gov/Archives/edgar/data/1053092/000095010317006315/dp77780_424b2-ia.htm

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

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

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.

This pricing supplement, together with the documents listed above, contains the terms of the securities and supersedes al
other prior or contemporaneous oral statements as wel 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 careful y consider, among other things, the matters set forth in "Selected Risk Considerations" in this
pricing supplement and "Risk Factors" in any accompanying product supplement, "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.

Prohibition of Sales to EEA Retail Investors

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 fol owing:

(i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or

(i ) 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

(i i) 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.

February 2020
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Auto-Cal able Contingent Income Securities due August 18, 2022
All Payments on the Securities Subject to the Coupon Barrier and Downside Threshold Features
Based on the Performance of the Worst Performing of the American Depositary Shares of Itaú Unibanco Holding
S.A. and the American Depositary Shares of Vale S.A.
Principal at Risk Securities

Supplemental Terms of the Securities

For purposes of the securities offered by this pricing supplement, al references to the fol owing defined term used in any
accompanying product supplement wil be deemed to refer to the corresponding defined term used in this pricing
supplement, as set forth in the table below:

Product Supplement Defined Term
Pricing Supplement Defined Term
Knock-In Level
Downside Threshold Level
Lowest Performing Underlying
Worst Performing Underlying

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Auto-Cal able Contingent Income Securities due August 18, 2022
All Payments on the Securities Subject to the Coupon Barrier and Downside Threshold Features
Based on the Performance of the Worst Performing of the American Depositary Shares of Itaú Unibanco Holding
S.A. and the American Depositary Shares of Vale S.A.
Principal at Risk Securities

Investment Summary

Auto-Callable Contingent Income Securities

Principal at Risk Securities

The Auto-Cal able Contingent Income Securities due August 18, 2022 based on the performance of the American
depositary Shares of Itaú Unibanco Holding S.A. and the American depositary shares of Vale S.A., which we refer to as
the securities, provide an opportunity for investors to earn a Contingent Coupon at an annual rate of 11.30%
(corresponding to $0.2825 per security per quarter) but only if the closing level of each Underlying on the applicable
Observation Date is greater than or equal to approximately 60% of its respective Initial Level, which we refer to as its
Coupon Barrier Level. If the closing level of any Underlying is less than its respective Coupon Barrier Level on any
Observation Date, you wil not receive any Contingent Coupon for that period. However, if the closing level of each
Underlying is at or above its respective Coupon Barrier Level on any subsequent Observation Date, you wil receive, in
addition to the Contingent Coupon for the related period, any previously unpaid Contingent Coupons from prior
Observation Dates. It is possible that the closing levels of one or more Underlyings could be below their respective Coupon
Barrier Levels on most or al of the Observation Dates throughout the entire term of the securities so that you may receive
few or no Contingent Coupons during the entire term of the securities. In addition, if the closing level of each Underlying is
greater than or equal to its Initial Level on any Observation Date scheduled to occur on or after May 14, 2020 (other than
the Valuation Date), the securities wil be automatical y redeemed for an amount per security equal to the Principal Amount
plus the Contingent Coupon payable on the immediately fol owing Contingent Coupon Payment Date plus any previously
unpaid Contingent Coupons from prior Observation Dates.

If the securities have not been previously automatical y redeemed and the Final Level of the Worst Performing Underlying
is greater than or equal to approximately 60% of its Initial Level, which we refer to as its Downside Threshold Level, the
Redemption Amount wil be the Principal Amount and, because the Final Level of each Underlying is also greater than or
equal to its respective Coupon Barrier Level, the Contingent Coupon with respect to the Valuation Date plus any
previously unpaid Contingent Coupons from prior Observation Dates. However, if the Final Level of the Worst Performing
Underlying is less than its Downside Threshold Level, investors wil be ful y exposed to the decline in the Worst
Performing Underlying over the term of the securities and wil receive a Redemption Amount that is significantly less than
the Principal Amount, in proportion to the decline in the Worst Performing Underlying from its Initial Level to its Final Level.
In this scenario, the value of any such payment wil be less than 60% of the Principal Amount of the securities and could
be zero. Investors in the securities must be willing to accept the risk of losing their entire principal and also the
risk of not receiving any Contingent Coupons. In addition, investors wil not participate in any appreciation of any
Underlying.

Maturity:
Approximately two years and six months, unless automatical y redeemed earlier


Redemption Amount: If the securities have not previously been automatical y redeemed, investors wil
receive on the Maturity Date a Redemption Amount determined as fol ows:

If the Final Level of the Worst Performing Underlying is greater than or equal to its
Downside Threshold Level, investors wil receive the Principal Amount, and, because
the Final Level of each Underlying is also greater than or equal to its respective
Coupon Barrier Level, the Contingent Coupon with respect to the Valuation Date plus
any previously unpaid Contingent Coupons from prior Observation Dates.

If the Final Level of the Worst Performing Underlying is less than its Downside
Threshold Level, investors wil receive a Redemption Amount that is less than 60%
of the Principal Amount of the securities and could be zero. Accordingly, investors
in the securities must be willing to accept the risk of losing their entire initial
investment.

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Contingent Coupons: A Contingent Coupon at an annual rate of 11.30% (corresponding to $0.2825 per
security per quarter) wil be paid on the securities on each Contingent Coupon
Payment Date but only if the closing level of each Underlying is at or above its
respective Coupon Barrier Level on the immediately preceding Observation Date.

If a Contingent Coupon is not paid on any Coupon Payment Date (because the
closing level of an Underlying is less than its respective Coupon Barrier
Level), such unpaid Contingent Coupon will be paid on a later Coupon
Payment Date but only if the Closing Level of each Underlying on such later
Observation Date is greater than or equal to its respective Coupon Barrier
Level; provided, however, in the case of any such payment of a previously
unpaid Contingent

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Auto-Cal able Contingent Income Securities due August 18, 2022
All Payments on the Securities Subject to the Coupon Barrier and Downside Threshold Features
Based on the Performance of the Worst Performing of the American Depositary Shares of Itaú Unibanco Holding
S.A. and the American Depositary Shares of Vale S.A.
Principal at Risk Securities


Coupon, that no additional interest shall accrue or be payable in respect of
such unpaid Contingent Coupon from and after the end of the original interest
period for such unpaid Contingent Coupon. You will not receive such unpaid
Contingent Coupon if the Closing Level of any Underlying on each subsequent
Observation Date is less than its respective Coupon Barrier Level. If the
Closing Level of any Underlying on each Observation Date is less than its
respective Coupon Barrier Level, you will not receive any Contingent Coupon
for the entire term of the securities.


Automatic
If an Early Redemption Event occurs, the securities wil be automatical y redeemed
Redemption:
and you wil receive a cash payment equal to the Principal Amount and the
Contingent Coupon payable on the immediately fol owing Contingent Coupon
Payment Date plus any previously unpaid Contingent Coupons from prior
Observation Dates. No further payments wil be made in respect of the securities
fol owing an Automatic Redemption. Payment wil be made in respect of such
Automatic Redemption on the Contingent Coupon Payment Date immediately
fol owing the relevant Observation Date.

An Early Redemption Event wil occur on any Observation Date scheduled to occur
on or after May 14, 2020 (other than the Valuation Date) if the closing level of each
Underlying on such Observation Date is equal to or greater than its respective Early
Redemption Level.

February 2020
Page 6
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2/20/2020
https://www.sec.gov/Archives/edgar/data/1053092/000095010320002970/dp121575_424b2-u4613.htm
Auto-Cal able Contingent Income Securities due August 18, 2022
All Payments on the Securities Subject to the Coupon Barrier and Downside Threshold Features
Based on the Performance of the Worst Performing of the American Depositary Shares of Itaú Unibanco Holding
S.A. and the American Depositary Shares of Vale S.A.
Principal at Risk Securities

Key Investment Rationale

The securities do not guarantee any repayment of principal at maturity and offer investors an opportunity to earn a
Contingent Coupon of 11.30% per annum (corresponding to 0.2825 per period per security) (plus any previously unpaid
Contingent Coupons from prior Observation Dates) but only if the closing level of each Underlying on the applicable
Observation Date is greater than or equal to approximately 60% of its Initial Level, which we refer to as its Coupon Barrier
Level. The securities have been designed for investors who seek an opportunity to earn interest at a potential y above-
market rate in exchange for the risk of (i) losing a significant portion or al of their principal, (i ) receiving no Contingent
Coupon on a Contingent Coupon Payment Date if the closing level of any Underlying is below its respective Coupon
Barrier Level on the immediately preceding Observation Date and (i i) an Automatic Redemption of the securities. The
fol owing scenarios are for il ustrative purposes only to demonstrate how the Contingent Coupon and the Redemption
Amount (if the securities have not previously been automatical y redeemed) are calculated, and do not attempt to
demonstrate every situation that may occur. Accordingly, the securities may or may not be automatical y redeemed, the
Contingent Coupon may be payable in none of, or some but not al of, the periods during the term of the securities and the
Redemption Amount may be less than 60% of the Principal Amount of the securities and may be zero.

Scenario 1: The securities are This scenario assumes that, prior to automatic redemption, each Underlying closes at or
automatical y redeemed prior to above its respective Coupon Barrier Level on some but not al Observation Dates.
maturity.
Investors receive the Contingent Coupon (plus any previously unpaid Contingent
Coupons from prior Observation Dates) for the Observation Dates on which the closing
level of each Underlying is at or above its respective Coupon Barrier Level, but not for
the Observation Dates on which the closing level of any Underlying is below its
respective Coupon Barrier Level.
When each Underlying closes at or above its Early Redemption Level on an Observation
Date, the securities wil be automatical y redeemed for the Principal Amount plus the
Contingent Coupon with respect to the related Observation Date and any previously
unpaid Contingent Coupons with respect to any prior Observation Dates.
Scenario 2: The securities are This scenario assumes that each Underlying closes at or above its respective Coupon
not automatical y redeemed
Barrier Level on some but not al of the Observation Dates at least one of the
prior to maturity, and investors
Underlyings closes below its respective Early Redemption Level on every Observation
receive principal back at
Date. Consequently, the securities are not automatical y redeemed, and investors receive
maturity.
the Contingent Coupon (plus any previously unpaid Contingent Coupons from prior
Observation Dates) for the Observation Dates on which each Underlying closes at or
above its respective Coupon Barrier Level, but not for the Observation Dates on which
any Underlying closes below its respective Coupon Barrier Level. On the Valuation Date,
each Underlying closes at or above its respective Coupon Barrier Level. Therefore, at
maturity, investors wil receive the Principal Amount and the Contingent Coupon with
respect to the Valuation Date and any previously unpaid Contingent Coupons with
respect to the prior Observation Dates.
Scenario 3: The securities are This scenario assumes that each Underlying closes at or above its respective Coupon
not automatical y redeemed
Barrier Level on some Observation Dates but at least one Underlying closes below its
prior to maturity, and investors
respective Coupon Barrier Level on the others, and at least one Underlying closes below
suffer a substantial loss of
its respective Early Redemption Level on every Observation Date. Consequently, the
principal at maturity.
securities are not automatical y redeemed, and investors receive the Contingent Coupon
(plus any previously unpaid Contingent Coupons from prior Observation Dates) for
Observation Dates on which each Underlying closes at or above its respective Coupon
Barrier Level, but not with respect to each Observation Date on which any Underlying
closes below its respective Coupon Barrier Level. On the Valuation Date, each
Underlying closes below its respective Coupon Barrier Level and Downside Threshold
Level. Therefore, investors wil receive an amount equal to the Principal Amount
multiplied by the Underlying Return of the Worst Performing Underlying at maturity.
Under these circumstances, the Redemption Amount wil be less than 60% of the
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