Obbligazione Swiss Credit 10.25% ( US22549Y8599 ) in USD

Emittente Swiss Credit
Prezzo di mercato 100 USD  ▲ 
Paese  Svizzera
Codice isin  US22549Y8599 ( in USD )
Tasso d'interesse 10.25% per anno ( pagato 2 volte l'anno)
Scadenza 25/03/2022 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Credit Suisse US22549Y8599 in USD 10.25%, scaduta


Importo minimo 1 000 USD
Importo totale 10 375 000 USD
Cusip 22549Y859
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Descrizione dettagliata Credit Suisse è stata una grande banca svizzera, fallita nel marzo 2023 e acquisita da UBS.

The Obbligazione issued by Swiss Credit ( Switzerland ) , in USD, with the ISIN code US22549Y8599, pays a coupon of 10.25% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 25/03/2022







424B2 1 dp104088_424b2-u3693.htm FORM 424B2
M a rc h 2 0 1 9
Pricing Supplement No. U3693
Registration Statement No. 333-218604-02

Dated March 22, 2019
Filed pursuant to Rule 424(b)(2)
Auto-Callable Contingent Income Securities due March 25, 2022
All Payments on the Securities Subject to the Coupon Barrier and Downside Threshold Features
Linked to the Performance of the Common Stock of Palo Alto Networks, Inc.
Princ ipa l a t Risk Se c urit ie s
Unlike ordinary debt securities, the Auto-Callable Contingent Income Securities due March 25, 2022 linked to the common stock of
Palo Alto Networks, Inc. (the "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 but only if the closing level of the Underlying on the applicable Observation Date is gre a t e r t ha n or e qua l t o
approximately 70% of the Initial Level, which we refer to as the Coupon Barrier Level. If the closing level of the Underlying is le ss
t ha n the Coupon Barrier Level on any Observation Date, you will not receive any Contingent Coupon for that period. As a result,
investors must be willing to accept the risk of not receiving any Contingent Coupon during the entire term of the securities. In
addition, if the closing level of the Underlying is gre a t e r t ha n or e qua l t o the Initial Level on any Observation Date scheduled
to occur on or after June 24, 2019 (other than the Valuation Date), the securities will be automatically redeemed for an amount per
security equal to the Principal Amount plus the Contingent Coupon payable on the immediately following Contingent Coupon
Payment Date. At maturity, if the securities have not previously been automatically redeemed and the Final Level is greater than or
equal to approximately 70% of the Initial Level, which we refer to as the Downside Threshold Level, investors will receive the
Principal Amount, and, because the Final Level is also greater than or equal to the Coupon Barrier Level, the Contingent Coupon
with respect to the Valuation Date. However, if the Final Level is le ss t ha n the Downside Threshold Level, investors will be fully
exposed to the decline in the level of the Underlying over the term of the securities, and the Redemption Amount will be less than
70% of the Principal Amount of the securities and could be zero. Ac c ordingly, inve st ors m a y lose up t o t he ir e nt ire
init ia l inve st m e nt in t he se c urit ie s. Investors will not participate in any appreciation of the Underlying. These securities are
for investors who seek an opportunity to earn interest at a potentially above-market rate in exchange for the risk of losing a
significant portion or all of their principal, the risk of receiving no Contingent Coupon on a Contingent Coupon Payment Date if the
closing level of the Underlying is below the Coupon Barrier Level on the immediately preceding Observation Date, and the risk of
an Automatic Redemption of the securities.
All pa ym e nt s on t he se c urit ie s, inc luding t he re pa ym e nt of princ ipa l, a re subje c t t o t he c re dit risk of Cre dit
Suisse .
K EY T ERM S
I ssue r:
Credit Suisse AG ("Credit Suisse")
U nde rlying:
The Underlying set forth in the table below (the issuer of the Underlying, the "Reference Share
Issuer"). For more information on the Underlying, see "Palo Alto Networks, Inc. Summary" herein.
The 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:

Dow nside
Coupon
Ea rly
U nde rlying
T ic k e r
I nit ia l Le ve l
T hre shold
Ba rrie r
Re de m pt ion
Le ve l
Le ve l
Le ve l

Common stock of
PANW UW
Palo Alto Networks,
$242.36
$169.65
$169.65
$242.36
<Equity>
Inc.
Aggre ga t e Princ ipa l
$10,374,980
Am ount :
Princ ipa l Am ount :
$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.
Pric e t o Public :
$10 per security (see "Commissions and Price to Public" below)
T ra de Da t e :
March 22, 2019
Se t t le m e nt Da t e :
March 27, 2019 (3 business days after the Trade Date). Delivery of the securities in book-entry
form only will be made through The Depository Trust Company.
V a lua t ion Da t e :
March 22, 2022, subject to postponement as set forth in any accompanying product supplement
under "Description of the Securities--Postponement of calculation dates."
March 25, 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 is
M a t urit y Da t e :
not a business day, the Redemption Amount will be payable on the first following business day,
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unless that business day falls in the next calendar month, in which case payment will be made on
the first preceding business day.
Cont inge nt Coupons:
·Subject to Automatic Redemption, if on any Observation Date the closing level of the Underlying
on such date is gre a t e r t ha n or equal t o the Coupon Barrier Level, we will pay a Contingent
Coupon at an annual rate of 10.25% (corresponding to $0.25625 per period per security) on the
immediately following Contingent Coupon Payment Date.
·If on any Observation Date the closing level of the Underlying on such date is less than the
Coupon Barrier Level, no Contingent Coupon will be paid with respect to that Observation Date.

Re de m pt ion Am ount :
If the securities have not previously been automatically redeemed, on the Maturity Date investors
will receive a Redemption Amount determined as follows:

·If the Final Level is greater than or
the Principal Amount, and, because the Final Level
e qua l t o the Downside Threshold Level:
is also greater than or equal to the Coupon Barrier
Level, the Contingent Coupon with respect to the
Valuation Date.

·If the Final Level is less than the
(i) the Principal Amount multiplied by (ii) the
Downside Threshold Level:
Underlying Return.
I n t his c a se , t he Re de m pt ion Am ount w ill
be le ss t ha n $ 7 pe r $ 1 0 princ ipa l a m ount of
se c urit ie s. Y ou c ould lose your e nt ire
inve st m e nt .
Dist ribut or:
Morgan Stanley Smith Barney LLC ("MSSB"). See "Supplemental Plan of Distribution."
Ca lc ula t ion Age nt :
Credit Suisse International

Key Terms continued on the following page
I nve st ing in t he se c urit ie s involve s a num be r of risk s. Se e "Se le c t e d Risk Conside ra t ions" be ginning on
pa ge 1 0 of t his pric ing supple m e nt a nd "Risk Fa c t ors" be ginning on pa ge PS-3 of a ny a c c om pa nying produc t
supple m e nt .
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.
Com m issions a nd Pric e
Pric e t o Public
U nde rw rit ing Disc ount s a nd
Proc e e ds t o I ssue r
t o Public
Com m issions
Pe r se c urit y
$ 1 0
$ 0 .2 0 (1)



$ 0 .0 5 (2)
$ 9 .7 5
T ot a l
$ 1 0 ,3 7 4 ,9 8 0
$ 2 5 9 ,3 7 4 .5 0
$ 1 0 ,1 1 5 ,6 0 5 .5 0
(1) We or one of our affiliates will 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 will 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.
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 .7 3 1 (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 "Se le c t e d Risk
Conside ra t ions" in 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.

Cre dit Suisse


Auto-Callable Contingent Income Securities due March 25, 2022
All Pa ym e nt s on t he Se c urit ie s Subje c t t o t he Coupon Ba rrie r a nd Dow nside T hre shold Fe a t ure s
Link e d t o t he Pe rform a nc e of t he Com m on St oc k of Pa lo Alt o N e t w ork s, I nc .
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Princ ipa l a t Risk Se c urit ie s
Key Terms continued from previous page:
Aut om a t ic
If an Early Redemption Event occurs, the securities will be automatically redeemed and you will be entitled
Re de m pt ion:
to receive a cash payment equal to the Principal Amount of the securities you hold (the "Automatic
Redemption Amount") and the Contingent Coupon payable on the immediately following Contingent
Coupon Payment Date (the "Automatic Redemption Date"). No further payments will be made in respect
of the securities following an Automatic Redemption. Any payment on the securities is subject to our ability
to pay our obligations as they become due.
Ea rly Re de m pt ion
An Early Redemption Event will occur on any Observation Date scheduled to occur on or after June 24,
Eve nt :
2019 (other than the Valuation Date) if the closing level of the Underlying on such Observation Date is
equal to or greater than the Early Redemption Level.
Ea rly Re de m pt ion
100% of the Initial Level, as set forth in the table above.
Le ve l:
Coupon Ba rrie r
Approximately 70% of the Initial Level, as set forth in the table above.
Le ve l:
Dow nside
Approximately 70% of the Initial Level, as set forth in the table above.
T hre shold Le ve l:
I nit ia l Le ve l:
The closing level of the Underlying on the Trade Date, as set forth in the table above.
Fina l Le ve l:
The closing level of the Underlying on the Valuation Date
Obse rva t ion Da t e s: June 24, 2019, September 23, 2019, December 23, 2019, March 23, 2020, June 22, 2020, September 22,
2020, December 22, 2020, March 22, 2021, June 22, 2021, September 22, 2021, December 22, 2021 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.
Cont inge nt Coupon June 27, 2019, September 26, 2019, December 27, 2019, March 26, 2020, June 25, 2020, September 25,
Pa ym e nt Da t e s:
2020, December 28, 2020, March 25, 2021, June 25, 2021, September 27, 2021, December 28, 2021 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 will be payable on the first following business day,
unless that business day falls in the next calendar month, in which case payment will be made on the first
preceding business day. The amount of any Contingent Coupon will not be adjusted in respect of any
postponement of a Contingent Coupon Payment Date and no interest or other payment will be payable on
the securities because of any such postponement of a Contingent Coupon Payment Date. No Contingent
Coupons will be payable following an Automatic Redemption. Contingent coupons, if any, will 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 on the Automatic Redemption Date or Maturity Date, as applicable, will
be payable to the person to whom the Automatic Redemption Amount is payable.
U nde rlying Re t urn: The Final Level divided by the Initial Level
CU SI P / I SI N :
22549Y859 / US22549Y8599
List ing:
The securities will not be listed on any securities exchange.
March 2019
Page 2

Auto-Callable Contingent Income Securities due March 25, 2022
All Pa ym e nt s on t he Se c urit ie s Subje c t t o t he Coupon Ba rrie r a nd Dow nside T hre shold Fe a t ure s
Link e d t o t he Pe rform a nc e of t he Com m on St oc k of Pa lo Alt o N e t w ork s, I nc .
Princ ipa l a t Risk Se c urit ie s
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 follows (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:
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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 any product supplement, the prospectus supplement or prospectus, the terms described in this pricing supplement will
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 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 "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.

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.

March 2019
Page 3

Auto-Callable Contingent Income Securities due March 25, 2022
All Pa ym e nt s on t he Se c urit ie s Subje c t t o t he Coupon Ba rrie r a nd Dow nside T hre shold Fe a t ure s
Link e d t o t he Pe rform a nc e of t he Com m on St oc k of Pa lo Alt o N e t w ork s, I nc .
Princ ipa l a t Risk Se c urit ie s
Supple m e nt a l T e rm s of t he Se c urit ie s

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

Produc t Supple m e nt De fine d T e rm
Pric ing Supple m e nt De fine d T e rm


Knock-In Level
Downside Threshold Level
March 2019
Page 4
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Auto-Callable Contingent Income Securities due March 25, 2022
All Pa ym e nt s on t he Se c urit ie s Subje c t t o t he Coupon Ba rrie r a nd Dow nside T hre shold Fe a t ure s
Link e d t o t he Pe rform a nc e of t he Com m on St oc k of Pa lo Alt o N e t w ork s, I nc .
Princ ipa l a t Risk Se c urit ie s
Investment Summary

Aut o -Ca lla ble Cont inge nt I nc om e Se c urit ie s

Princ ipa l a t Risk Se c urit ie s

The Auto-Callable Contingent Income Securities due March 25, 2022 linked to the common stock of Palo Alto Networks, Inc., which
we refer to as the securities, provide an opportunity for investors to earn a Contingent Coupon at an annual rate of 10.25%
(corresponding to $0.25625 per period per security) but only if the closing level of the Underlying on the applicable Observation
Date is gre a t e r t ha n or e qua l t o approximately 70% of the Initial Level, which we refer to as the Coupon Barrier Level. It is
possible that the closing level of the Underlying could remain below the Coupon Barrier Level for extended periods of time or even
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 the Underlying is greater than or equal to the Initial Level on any Observation Date
scheduled to occur on or after June 24, 2019 (other than the Valuation Date), the securities will be automatically redeemed for an
amount per security equal to the Principal Amount plus the Contingent Coupon payable on the immediately following Contingent
Coupon Payment Date.

If the securities have not been previously automatically redeemed and the Final Level is greater than or equal to approximately
70% of the Initial Level, which we refer to as the Downside Threshold Level, the Redemption Amount will be the Principal Amount,
and, because the Final Level is also gre a t e r t ha n or e qua l t o the Coupon Barrier Level, the Contingent Coupon with respect
to the Valuation Date. However, if the Final Level is le ss t ha n the Downside Threshold Level, investors will be fully exposed to
the decline in the Underlying over the term of the securities and will receive an amount of cash that is significantly less than the
Principal Amount, in proportion to the decline in the Underlying from the Initial Level to the Final Level. In this scenario, the value
of any such payment will be less than 70% of the Principal Amount of the securities and could be zero. I nve st ors in t he
se c urit ie s m ust be w illing t o a c c e pt t he risk of losing t he ir e nt ire princ ipa l a nd a lso t he risk of not re c e iving
a ny Cont inge nt Coupons. In addition, investors will not participate in any appreciation of the Underlying.

M a t urit y:
Approximately three years, unless automatically redeemed earlier
Re de m pt ion
If the securities have not previously been automatically redeemed, investors will receive on the
Am ount :
Maturity Date a Redemption Amount determined as follows:

If the Final Level is gre a t e r t ha n or e qua l t o the Downside Threshold Level, investors will receive
the Principal Amount, and, because the Final Level is also greater than or equal to the Coupon
Barrier Level, the Contingent Coupon with respect to the Valuation Date.

If the Final Level is le ss t ha n the Downside Threshold Level, investors will receive a Redemption
Amount that is less than 70% of the Principal Amount of the securities and could be zero.
Ac c ordingly, inve st ors in t he se c urit ie s m ust be w illing t o a c c e pt t he risk of losing
t he ir e nt ire init ia l inve st m e nt .
Cont inge nt
A Contingent Coupon at an annual rate of 10.25% (corresponding to $0.25625 per security per period)
Coupons:
will be paid on the securities on each Contingent Coupon Payment Date but only if the closing level
of the Underlying is at or above the Coupon Barrier Level on the immediately preceding Observation
Date.

I f, on a ny Obse rva t ion Da t e , t he c losing le ve l of t he U nde rlying is le ss t ha n t he
Coupon Ba rrie r Le ve l, w e w ill pa y no c oupon for t he a pplic a ble pe riod.
Aut om a t ic
If an Early Redemption Event occurs, the securities will be automatically redeemed and you will be
Re de m pt ion:
entitled to receive a cash payment equal to the Principal Amount of the securities you hold and the
Contingent Coupon payable on the immediately following Contingent Coupon Payment Date. No
further payments will be made in respect of the securities following an Automatic Redemption.
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Payment will be made in respect of such Automatic Redemption on the Contingent Coupon Payment
Date following the immediately preceding Observation Date.

An Early Redemption Event will occur on any Observation Date scheduled to occur on or after June
24, 2019 (other than the Valuation Date) if the closing level of the Underlying on such Observation
Date is equal to or greater than the Early Redemption Level.
March 2019
Page 5

Auto-Callable Contingent Income Securities due March 25, 2022
All Pa ym e nt s on t he Se c urit ie s Subje c t t o t he Coupon Ba rrie r a nd Dow nside T hre shold Fe a t ure s
Link e d t o t he Pe rform a nc e of t he Com m on St oc k of Pa lo Alt o N e t w ork s, I nc .
Princ ipa l a t Risk Se c urit ie s
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 10.25% per annum but only if the closing level of the Underlying on the applicable Observation Date is greater than
or equal to approximately 70% of the Initial Level, which we refer to as the Coupon Barrier Level. The securities have been
designed for investors who seek an opportunity to earn interest at a potentially above-market rate in exchange for the risk of (i)
losing a significant portion or all of their principal, (ii) receiving no Contingent Coupon on a Contingent Coupon Payment Date if the
level of the Underlying is below the Coupon Barrier Level on the immediately preceding Observation Date and (iii) an Automatic
Redemption of the securities. The following scenarios are for illustrative purposes only to demonstrate how the Contingent Coupon
and the Redemption Amount (if the securities have not previously been automatically redeemed) are calculated, and do not attempt
to demonstrate every situation that may occur. Accordingly, the securities may or may not be automatically redeemed, the
Contingent Coupon may be payable in none of, or some but not all of, the periods during the term of the securities and the
Redemption Amount may be less than 70% of the Principal Amount of the securities and may be zero.

Sc e na rio 1 : The securities are
This scenario assumes that the securities are automatically redeemed prior to the Maturity
automatically redeemed prior to
Date on one of the Contingent Coupon Payment Dates for the Automatic Redemption Amount
maturity.
equal to the Principal Amount plus any Contingent Coupon otherwise due with respect to the
immediately preceding Observation Date. Prior to the Automatic Redemption, the Underlying
may close at or above the Coupon Barrier Level on some or all of the Observation Dates. In
this scenario, investors receive the Contingent Coupon with respect to each Observation Date
for which the Underlying closes at or above the Coupon Barrier Level, but not for the periods
for which the Underlying closes below the Coupon Barrier Level on the related Observation
Date. No further payments will be made on the securities once they have been automatically
redeemed.

Sc e na rio 2 : The securities are
This scenario assumes that the securities are not automatically redeemed on any of the
not automatically redeemed prior
Contingent Coupon Payment Dates, and, as a result, investors hold the securities to
to maturity, and investors receive
maturity. During the term of the securities, the Underlying may close at or above the Coupon
principal back at maturity.
Barrier Level on some Observation Dates and below the Coupon Barrier Level on the
others. Consequently, investors receive the Contingent Coupon for the periods for which the
closing level of the Underlying is at or above the Coupon Barrier Level on the related
Observation Date, but not for the periods for which the closing level of the Underlying is below
the Coupon Barrier Level on the related Observation Date. On the Valuation Date, the
Underlying closes at or above the Downside Threshold Level. Therefore, at maturity, investors
will receive the Principal Amount, and, because the Final Level is greater than or equal to the
Coupon Barrier Level, the Contingent Coupon with respect to the Valuation Date.

Sc e na rio 3 : The securities are
This scenario assumes that the securities are not automatically redeemed on any of the
not automatically redeemed prior
Contingent Coupon Payment Dates, and, as a result, investors hold the securities to maturity.
to maturity, and investors suffer a During the term of the securities, the Underlying closes below the Coupon Barrier Level on all
substantial loss of principal at
or nearly all of the Observation Dates. In this scenario, investors do not receive any
maturity.
Contingent Coupons, or receive Contingent Coupons for only a limited number of Contingent
Coupon Payment Dates. On the Valuation Date, the Underlying closes below the Downside
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Threshold Level. Therefore, investors receive an amount equal to the Principal Amount
multiplied by the Underlying Return at maturity. Under these circumstances, the Redemption
Amount will be less than 70% of the Principal Amount and could be zero. No coupon will be
paid at maturity in this scenario.
March 2019
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Auto-Callable Contingent Income Securities due March 25, 2022
All Pa ym e nt s on t he Se c urit ie s Subje c t t o t he Coupon Ba rrie r a nd Dow nside T hre shold Fe a t ure s
Link e d t o t he Pe rform a nc e of t he Com m on St oc k of Pa lo Alt o N e t w ork s, I nc .
Princ ipa l a t Risk Se c urit ie s
Palo Alto Networks, Inc. Summary

Companies with securities registered under the Securities Exchange Act of 1934 (the "Exchange Act") are required to periodically
file certain financial and other information specified by the SEC. Information provided to or filed with the SEC by the Reference
Share Issuer pursuant to the Exchange Act can be located by reference to the SEC file number provided below. According to its
publicly available filings with the SEC, Palo Alto Networks, Inc. provides cyber security systems. The company's platform uses a
traffic classification engine that identifies network traffic by application, user, and content. The common stock of Palo Alto Networks,
Inc. is listed on the New York Stock Exchange. Palo Alto Networks, Inc.'s SEC file number is 001-35594 and can be accessed
through www.sec.gov.

This pricing supplement relates only to the securities offered hereby and does not relate to the Underlying or other securities of the
Reference Share Issuer. We have derived all disclosures contained in this pricing supplement regarding the Underlying and the
Reference Share Issuer from the publicly available documents described in the preceding paragraph. In connection with the offering
of the securities, neither we nor our affiliates have participated in the preparation of such documents or made any due diligence
inquiry with respect to the Reference Share Issuer.

Information as of market close on March 22, 2019:

Bloom be rg T ic k e r Sym bol:
PANW UW <Equity>
Curre nt Closing Le ve l:
$242.36
5 2 We e k s Ago (on
$181.76
3 /2 3 /2 0 1 8 ):
5 2 We e k H igh (on
$254.88
2 /2 7 /2 0 1 9 ):
5 2 We e k Low (on
$163.44
1 1 /1 9 /2 0 1 8 ):

For additional historical information, see "Common stock of Palo Alto Networks, Inc. Historical Performance" below.

March 2019
Page 7

Auto-Callable Contingent Income Securities due March 25, 2022
All Pa ym e nt s on t he Se c urit ie s Subje c t t o t he Coupon Ba rrie r a nd Dow nside T hre shold Fe a t ure s
Link e d t o t he Pe rform a nc e of t he Com m on St oc k of Pa lo Alt o N e t w ork s, I nc .
Princ ipa l a t Risk Se c urit ie s
Hypothetical Examples

The following hypothetical examples are for illustrative purposes only. Whether you receive a Contingent Coupon and whether an
Early Redemption Event occurs will be determined on each Observation Date. If the securities are not automatically redeemed, the
Redemption Amount will be determined by reference to the closing level of the Underlying on the Valuation Date. The actual Initial
Level, Coupon Barrier Level, Downside Threshold Level and Early Redemption Level are set forth in "Key Terms" herein. All
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payments on the securities are subject to the credit risk of Credit Suisse. The numbers in the hypothetical examples may be
rounded for ease of analysis. The below examples are based on the following terms:

Hypothetical Initial Level:
$240
Hypothetical Coupon Barrier
$168, which is 70% of the hypothetical Initial Level
Level:
Hypothetical Downside
$168, which is 70% of the hypothetical Initial Level
Threshold Level:
Hypothetical Early Redemption
$240, which is 100% of the hypothetical Initial Level
Level:
Contingent Coupons:
10.25% per annum (corresponding to $0.25625 per period per security)
A Contingent Coupon is paid on each Contingent Coupon Payment Date but only if t he
c losing le ve l of t he U nde rlying is a t or a bove t he Coupon Ba rrie r Le ve l on t he
re la t e d Obse rva t ion Da t e .
Automatic Redemption:
If on any Observation Date scheduled to occur on or after June 24, 2019 (other than the
Valuation Date) the closing level of the Underlying is greater than or equal to the Initial Level, the
securities will be automatically redeemed for an Automatic Redemption Amount equal to the
Principal Amount plus the Contingent Coupon payable on the immediately following Contingent
Coupon Payment Date.
Redemption Amount (if the
If the Final Level is gre a t e r t ha n or e qua l t o the Downside Threshold Level: the Principal
securities have not been
Amount, and, because the Final Level is also greater than or equal to the Coupon Barrier Level,
automatically redeemed):
the Contingent Coupon with respect to the Valuation Date.

If the Final Level is le ss t ha n the Downside Threshold Level: (i) the Principal Amount multiplied
by (ii) the Underlying Return.
Principal Amount:
$10

In Example 1, the securities are automatically redeemed on one of the Contingent Coupon Payment Dates, and no further
payments are made on the securities after they have been automatically redeemed. In Examples 2, 3, and 4, the securities are not
automatically redeemed prior to, and remain outstanding until, maturity.

Ex a m ple 1 -- The closing level of the Underlying is at or above the Early Redemption Level on the third Observation Date, but
below the Early Redemption Level on each prior Observation Date, so the securities are automatically redeemed on the Contingent
Coupon Payment Date immediately following the third Observation Date. The closing level of the Underlying is also at or above the
Coupon Barrier Level on each Observation Date prior to (and excluding) the Observation Date immediately preceding the
Automatic Redemption. Therefore, you would receive the Contingent Coupons with respect to those prior Observation Dates,
totaling $0.25625 × 2 = $0.5125. The closing level of the Underlying is greater than or equal to the Coupon Barrier Level on the
Observation Date immediately preceding the third Contingent Coupon Payment Date. Upon Automatic Redemption, investors
receive the Automatic Redemption Amount calculated as $10 + $0.25625 = $10.25625.

The total payment over the term of the securities is $0.5125 + $10.25625 = $10.76875.

Ex a m ple 2 -- The closing level of the Underlying is below the Early Redemption Level on each Observation Date prior to the
Valuation Date, so the securities are not automatically redeemed prior to maturity. The closing level of the Underlying is at or above
the Coupon Barrier Level on every Observation Date including the Valuation Date, and the Final Level is above the Initial Level.
Therefore, you would receive (i) the Contingent Coupons with respect to each Observation Date prior to (and excluding) the
Valuation Date, totaling $0.25625 × 11 = $2.81875 and (ii) the Redemption Amount calculated as $10 + $0.25625 = $10.25625.

The total payment over the term of the securities is $2.81875 + $10.25625 = $13.075.

This example illustrates the scenario where you receive a Contingent Coupon on every Contingent Coupon Payment Date
throughout the term of the securities and receive your principal back at maturity, resulting in a 10.25% per annum interest rate.

March 2019
Page 8
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Auto-Callable Contingent Income Securities due March 25, 2022
All Pa ym e nt s on t he Se c urit ie s Subje c t t o t he Coupon Ba rrie r a nd Dow nside T hre shold Fe a t ure s
Link e d t o t he Pe rform a nc e of t he Com m on St oc k of Pa lo Alt o N e t w ork s, I nc .
Princ ipa l a t Risk Se c urit ie s
Despite the fact that the Final Level is greater than the Initial Level, you will not participate in any appreciation of the Underlying.
This is therefore the maximum amount payable over the term of the securities (including all potential Contingent Coupons). To the
extent that coupons are not paid on every Contingent Coupon Payment Date, the effective interest rate on the securities will be
less than 10.25% per annum and could be zero. If the securities are automatically redeemed prior to maturity, you will receive no
more Contingent Coupon payments, may be forced to invest in a lower interest rate environment and may not be able to reinvest at
comparable terms or returns.

Ex a m ple 3 -- The closing level of the Underlying is below the Early Redemption Level on each Observation Date prior to the
Valuation Date, so the securities are not automatically redeemed prior to maturity. The closing level of the Underlying is at or above
the Coupon Barrier Level on two of the Observation Dates prior to (and excluding) the Valuation Date. The Final Level is above
the Downside Threshold Level and Coupon Barrier Level. In this scenario, you receive a Redemption Amount equal to the Principal
Amount and the Contingent Coupon with respect to the Valuation Date. Therefore, you would receive (i) the Contingent Coupons
with respect to those two Observation Dates prior to (and excluding) the Valuation Date, totaling $0.25625 × 2 = $0.5125, but not
for the other Observation Date prior to (and excluding) the Valuation Date, and (ii) the Redemption Amount calculated as $10 +
$0.25625 = $10.25625.

The total payment over the term of the securities is $0.5125 + $10.25625 = $10.76875.

Ex a m ple 4 -- The closing level of the Underlying is below the Early Redemption Level on each Observation Date prior to the
Valuation Date, so the securities are not automatically redeemed prior to maturity. The closing level of the Underlying is below the
Coupon Barrier Level on all of the Observation Dates, and the Final Level is $96, which is below the Downside Threshold Level.
Therefore, you would receive no Contingent Coupons, and the Redemption Amount would be calculated as $10 × $96 / $240 = $4.

The total payment over the term of the securities is $0 + $4 = $4.

I f t he se c urit ie s a re not a ut om a t ic a lly re de e m e d prior t o m a t urit y a nd t he Fina l Le ve l is le ss t ha n t he
Dow nside T hre shold Le ve l, you w ill lose a signific a nt port ion or a ll of your inve st m e nt in t he se c urit ie s.

March 2019
Page 9

Auto-Callable Contingent Income Securities due March 25, 2022
All Pa ym e nt s on t he Se c urit ie s Subje c t t o t he Coupon Ba rrie r a nd Dow nside T hre shold Fe a t ure s
Link e d t o t he Pe rform a nc e of t he Com m on St oc k of Pa lo Alt o N e t w ork s, I nc .
Princ ipa l a t Risk Se c urit ie s
Selected Risk Considerations

This section describes the most significant risks relating to the securities. For a complete list of risk factors, please see any
accompanying product supplement, prospectus and prospectus supplement. Investors should consult their financial and legal
advisers as to the risks entailed by an investment in the securities and the suitability of the securities in light of their particular
circumstances.

The securities do not guarantee the return of any principal. The terms of the securities differ from those of
ordinary debt securities in that the securities do not guarantee the payment of regular interest or the return of any of the
principal amount at maturity. Instead, if the securities have not automatically been redeemed prior to maturity and the Final
Level is less than the Downside Threshold Level, you will be fully exposed to the decline in the Underlying over the term of the
securities, and you will receive for each security that you hold at maturity an amount of cash that is significantly less than the
Principal Amount, in proportion to the decline in the level of the Underlying from the Initial Level to the Final Level. Under this
scenario, the value of any such payment will be less than 70% of the Principal Amount and could be zero. You may lose up to
https://www.sec.gov/Archives/edgar/data/1053092/000095010319003715/dp104088_424b2-u3693.htm[3/26/2019 3:43:34 PM]


your entire initial investment in the securities. Any payment on the securities is subject to our ability to pay our obligations as
they become due.

Regardless of the amount of any payment you receive on the securities, your actual yield may 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.

The securities do not provide regular fixed interest payments. Unlike conventional debt securities, the securities
do not provide for regular fixed interest payments. You will receive a Contingent Coupon with respect to a period only if the
closing level of the Underlying on the related Observation Date is greater than or equal to the Coupon Barrier Level. If the
closing level of the Underlying remains below the Coupon Barrier Level on each Observation Date over the term of the
securities, you will not receive any Contingent Coupons. Thus, the securities are not a suitable investment for investors who
require regular fixed income payments, since the number of Contingent Coupons is variable and may be zero.

In addition, if rates generally increase over the term of the securities, it is more likely that the Contingent Coupon, if any, could
be less than the yield one might receive based on market rates at that time. This would have the further effect of decreasing
the value of your securities both nominally in terms of below-market coupon payments and in real value terms. Furthermore, it
is possible that you will not receive some or all of the Contingent Coupon payments over the term of the securities, and still
lose your principal amount. Even if you do receive some or all of your principal amount at maturity, you will not be
compensated for the time value of money. These securities are not short-term investments, so you should carefully consider
these risks before investing.

More favorable terms to you are generally associated w ith an Underlying w ith greater expected
vola t ilit y a nd t he re fore gre a t e r risk t ha t you m ight lose som e or a ll of your inve st m e nt a t m a t urit y.
"Volatility" refers to the frequency and magnitude of changes in the level of the Underlying. The greater the expected volatility
with respect to the Underlying on the Trade Date, the higher the expectation as of the Trade Date that the Underlying could
close below the Downside Threshold Level on the Valuation Date, indicating a higher expected risk of loss on the securities.
The securities offer Contingent Coupon payments with the potential to result in a higher yield than the yield on our conventional
debt securities of the same maturity. You should understand that, in exchange for this potentially higher yield, you will be
exposed to significantly greater risks than investors in our conventional debt securities. These risks include (i) the risk that the
number of Contingent Coupon payments you receive over the term of the securities, if any, will result in a below-market yield
that is lower, and perhaps significantly lower, than the yield on our conventional debt securities of the same maturity and (ii) the
risk that you might lose some or all of your principal amount at maturity if the Final Level is less than the Downside Threshold
Level. The volatility of the Underlying is an important factor affecting these risks. Further, a relatively lower Downside
Threshold Level may not necessarily indicate that the securities have a greater likelihood of a return of principal at maturity.
Greater expected volatility of the Underlying as of the Trade Date may contribute to the higher yield potential, but would also
represent a greater expected likelihood that you will receive only a few or no Contingent Coupon payments

March 2019
Page 10

Auto-Callable Contingent Income Securities due March 25, 2022
All Pa ym e nt s on t he Se c urit ie s Subje c t t o t he Coupon Ba rrie r a nd Dow nside T hre shold Fe a t ure s
Link e d t o t he Pe rform a nc e of t he Com m on St oc k of Pa lo Alt o N e t w ork s, I nc .
Princ ipa l a t Risk Se c urit ie s
over the term of the securities and lose some or all of your principal at maturity. You should be willing to accept the downside
market risk of the Underlying and the potential to lose a significant portion or all of your principal at maturity.

The securities are subject to a potential Automatic Redemption, w hich w ould limit your opportunity to
be pa id Cont inge nt Coupons ove r t he full t e rm of t he se c urit ie s. The securities are subject to a potential
Automatic Redemption. If an Early Redemption Event occurs, the securities will be automatically redeemed and you will be
entitled to receive a cash payment equal to the Principal Amount of the securities you hold and the Contingent Coupon payable
on that Contingent Coupon Payment Date, and no further payments will be made in respect of the securities. In this case, you
will lose the opportunity to continue to be paid Contingent Coupons from the Automatic Redemption Date to the scheduled
Maturity Date. If the securities are automatically redeemed prior to the Maturity Date, you may be unable to invest in other
https://www.sec.gov/Archives/edgar/data/1053092/000095010319003715/dp104088_424b2-u3693.htm[3/26/2019 3:43:34 PM]


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