Obligation Swiss Credit 9% ( US22550K7981 ) en USD

Société émettrice Swiss Credit
Prix sur le marché 100 %  ▲ 
Pays  Suisse
Code ISIN  US22550K7981 ( en USD )
Coupon 9% par an ( paiement semestriel )
Echéance 23/12/2022 - Obligation échue



Prospectus brochure de l'obligation Credit Suisse US22550K7981 en USD 9%, échue


Montant Minimal 1 000 USD
Montant de l'émission 11 731 000 USD
Cusip 22550K798
Notation Standard & Poor's ( S&P ) N/A
Notation Moody's N/A
Description détaillée Credit Suisse était une grande banque suisse, active dans la gestion de fortune, l'investissement bancaire et les services financiers, avant sa prise de contrôle par UBS en mars 2023 suite à une crise de confiance.

L'Obligation émise par Swiss Credit ( Suisse ) , en USD, avec le code ISIN US22550K7981, paye un coupon de 9% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 23/12/2022







424B2 1 dp117975_424b2-u4420.htm FORM 424B2

De c e m be r 2 0 1 9
Pricing Supplement No. U4420
Registration Statement No. 333-218604-02

Dated December 20, 2019
Filed pursuant to Rule 424(b)(2)
Auto-Callable Contingent Income Securities due December 23, 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 Common Stock of Apple Inc., the Class A Common Stock of Alphabet
Inc. and the Common Stock of Microsoft Corporation
Princ ipa l a t Risk Se c urit ie s
Unlike ordinary debt securities, the Auto-Callable Contingent Income Securities due December 23, 2022 based on the Performance
of the Worst Performing of the Common Stock of Apple Inc., Class A Common Stock of Alphabet Inc. and the Common Stock of
Microsoft Corporation (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 but only if the closing level of each Underlying on the applicable Observation Date is gre a t e r t ha n or e qua l t o
approximately 60% of its respective Initial Level, which we refer to as its Coupon Barrier Level. If the closing level of a ny
Underlying is le ss t ha n its respective 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 Coupons during the entire
term of the securities. In addition, if the closing level of each Underlying is gre a t e r t ha n or e qua l t o its Initial Level on any
Observation Date scheduled to occur on or after March 20, 2020 (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 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 will 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. However, if the Final Level of the Worst Performing Underlying is le ss t ha n its Downside Threshold Level,
investors will be fully exposed to the decline in the level of the Worst Performing Underlying over the term of the securities, and
the Redemption Amount will be less than 60% 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. 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 a ny Underlying will 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 will not participate
in any appreciation of any 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 any Underlying is below its respective 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"), acting through its London branch
U nde rlyings:
The Underlyings are set forth in the table below (the issuer of each Underlying, a "Reference Share
Issuer" and collectively, the "Reference Share Issuers"). For more information on the Underlyings, see
"Apple Inc. Summary", "Alphabet Inc. Summary" and "Microsoft Corporation 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
AAPL UW
$167.66
$167.66
$279.44
Common stock of Apple
<Equity>
(approximately (approximately
$279.44
(100% of Initial
Inc.
60% of Initial
60% of Initial
Level)
Level)
Level)

GOOGL UW
$810.73
$810.73
$1,351.22
Class A common stock of
<Equity>
(approximately (approximately
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$1,351.22
(100% of Initial
Alphabet Inc.
60% of Initial
60% of Initial
Level)
Level)
Level)

MSFT UW
$94.45
$94.45
$157.41
Common stock of
<Equity>
(approximately (approximately
$157.41
(100% of Initial
Microsoft Corporation
60% of Initial
60% of Initial
Level)
Level)
Level)
Aggre ga t e Princ ipa l
$11,730,500
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 :
December 20, 2019
Se t t le m e nt Da t e :
December 26, 2019 (4 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 :
December 20, 2022, subject to postponement as set forth in any accompanying product supplement
under "Description of the Securities--Postponement of calculation dates."
M a t urit y Da t e :
December 23, 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 not a
business day, the Redemption Amount 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.
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 of the Worst Performing
the Principal Amount, and, because the Final Level
Underlying is gre a t e r t ha n or e qua l t o its
of each Underlying is greater than or equal to its
Downside Threshold Level:
respective Coupon Barrier Level, the Contingent
Coupon with respect to the Valuation Date.

·If the Final Level of the Worst Performing
(i) the Principal Amount multiplied by (ii) the
Underlying is le ss t ha n its Downside Threshold
Underlying Return of the Worst Performing
Level:
Underlying.
I n t his c a se , t he Re de m pt ion Am ount w ill
be le ss t ha n $ 6 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
List ing:
The securities will not be listed on any securities exchange.

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 1 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 t o Public
U nde rw rit ing Disc ount s a nd
Proc e e ds t o I ssue r
Pric e 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 1 ,7 3 0 ,5 0 0
$ 2 9 3 ,2 6 2 .5 0
$ 1 1 ,4 3 7 ,2 3 7 .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
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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 4 (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 December 23, 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
Ba se d on t he Pe rform a nc e of t he Worst Pe rform ing of t he Com m on St oc k of Apple I nc ., t he Cla ss A
Com m on St oc k of Alpha be t I nc . a nd t he Com m on St oc k of M ic rosoft Corpora t ion
Princ ipa l a t Risk Se c urit ie s
Key Terms continued from previous page:
Cont inge nt Coupons: · Subject to Automatic Redemption, if, on any Observation Date the closing level of each Underlying is
gre a t e r t ha n or e qua l t o its respective Coupon Barrier Level, we will pay a Contingent Coupon
at an annual rate of 9.00% (corresponding to $0.225 per period per security) on the immediately
following Contingent Coupon Payment Date.
· If on any Observation Date the closing level of any Underlying is less than its respective Coupon
Barrier Level, no Contingent Coupon will be paid with respect to that Observation Date.
Aut om a t ic
If an Early Redemption Event occurs, the securities will be automatically redeemed and you will receive
Re de m pt ion:
a cash payment equal to the Principal Amount (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. Payment will be made with respect to such Automatic Redemption on the Contingent
Coupon Payment Date immediately following the relevant Observation Date. 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 March
Eve nt :
20, 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.
Ea rly Re de m pt ion
For each Underlying, 100% of the Initial Level of such Underlying, as set forth in the table above.
Le ve l:
Coupon Ba rrie r
For each Underlying, approximately 60% of the Initial Level of such Underlying, as set forth in the table
Le ve l:
above.
Dow nside T hre shold For each Underlying, approximately 60% of the Initial Level of such Underlying, as set forth in the table
Le ve l:
above.
I nit ia l Le ve l:
For each Underlying, the closing level of such Underlying on the Trade Date, as set forth in the table
above.
Fina l Le ve l:
For each Underlying, the closing level of such Underlying on the Valuation Date.
Obse rva t ion Da t e s:
March 20, 2020, June 22, 2020, September 21, 2020, December 21, 2020, March 22, 2021, June 21,
2021, September 20, 2021, December 20, 2021, March 21, 2022, June 20, 2022, September 20, 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.
Cont inge nt Coupon
March 25, 2020, June 25, 2020, September 24, 2020, December 24, 2020, March 25, 2021, June 24,
Pa ym e nt Da t e s:
2021, September 23, 2021, December 23, 2021, March 24, 2022, June 23, 2022, September 23, 2022
and the Maturity Date, subject to postponement as set forth in any accompanying product supplement
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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, if any, on the Automatic Redemption Date
or Maturity Date, as applicable, will be payable to the person to whom the Automatic Redemption
Amount or Redemption Amount, as applicable, is payable.
U nde rlying Re t urn:
With respect to each Underlying, the Final Level of such Underlying divided by its Initial Level
Worst Pe rform ing
U nde rlying:
The Underlying with the lowest Underlying Return
CU SI P / I SI N :
22550K798 / US22550K7981



Auto-Callable Contingent Income Securities due December 23, 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
Ba se d on t he Pe rform a nc e of t he Worst Pe rform ing of t he Com m on St oc k of Apple I nc ., t he Cla ss A
Com m on St oc k of Alpha be t I nc . a nd t he Com m on St oc k of M ic rosoft Corpora t ion
Princ ipa l a t Risk Se c urit ie s
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 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:
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 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
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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.

December 2019
Page 3

Auto-Callable Contingent Income Securities due December 23, 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
Ba se d on t he Pe rform a nc e of t he Worst Pe rform ing of t he Com m on St oc k of Apple I nc ., t he Cla ss A
Com m on St oc k of Alpha be t I nc . a nd t he Com m on St oc k of M ic rosoft Corpora t ion
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
Lowest Performing Underlying
Worst Performing Underlying

December 2019
Page 4

Auto-Callable Contingent Income Securities due December 23, 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
Ba se d on t he Pe rform a nc e of t he Worst Pe rform ing of t he Com m on St oc k of Apple I nc ., t he Cla ss A
Com m on St oc k of Alpha be t I nc . a nd t he Com m on St oc k of M ic rosoft Corpora t ion
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 December 23, 2022 based on the common stock of Apple Inc., the Class A
common stock of Alphabet Inc. and the common stock of Microsoft Corporation, which we refer to as the securities, provide an
opportunity for investors to earn a Contingent Coupon at an annual rate of 9.00% (corresponding to $0.225 per period per security)
but only if the closing level of each Underlying on the applicable Observation Date is gre a t e r t ha n or e qua l t o approximately
https://www.sec.gov/Archives/edgar/data/1053092/000095010319017581/dp117975_424b2-u4420.htm[12/24/2019 9:54:20 AM]


60% of its respective Initial Level, which we refer to as its Coupon Barrier Level. It is possible that the closing levels of one or more
Underlyings could be below their respective Coupon Barrier Levels on most or all 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 March 20, 2020 (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 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 will be the Principal Amount and, because the Final Level of each Underlying is gre a t e r t ha n or e qua l t o its Coupon
Barrier Level, the Contingent Coupon with respect to the Valuation Date. However, if the Final Level of the Worst Performing
Underlying is le ss t ha n its Downside Threshold Level, investors will be fully exposed to the decline in the Worst Performing
Underlying over the term of the securities and will 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 will be less than 60% 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 any 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
Am ount :
the Maturity Date a Redemption Amount determined as follows:
If the Final Level of the Worst Performing Underlying is gre a t e r t ha n or e qua l t o its
Downside Threshold Level, investors will receive the Principal Amount and, because the
Final Level of each Underlying is also greater than or equal to its Coupon Barrier Level, the
Contingent Coupon with respect to the Valuation Date.
If the Final Level of the Worst Performing Underlying is le ss t ha n its Downside Threshold
Level, investors will receive a Redemption Amount that is less than 60% 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 Coupons: A Contingent Coupon at an annual rate of 9.00% (corresponding to $0.225 per period per
security) will 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.
I f, on a ny Obse rva t ion Da t e , t he c losing le ve l of a ny U nde rlying is le ss t ha n
it s re spe c t ive 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
Re de m pt ion:
will receive a cash payment equal to the Principal Amount 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.
Payment will be made in respect of such Automatic Redemption on the Contingent Coupon
Payment Date immediately following the relevant Observation Date.
An Early Redemption Event will occur on any Observation Date scheduled to occur on or
after March 20, 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.

December 2019
Page 5

Auto-Callable Contingent Income Securities due December 23, 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
Ba se d on t he Pe rform a nc e of t he Worst Pe rform ing of t he Com m on St oc k of Apple I nc ., t he Cla ss A
Com m on St oc k of Alpha be t I nc . a nd t he Com m on St oc k of M ic rosoft Corpora t ion
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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 9.00% per annum (corresponding to $0.225 per period per security) 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 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 any Underlying is below its respective 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 60% 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 the Contingent Coupon payable on such Contingent
Coupon Payment Date. Prior to the Automatic Redemption, each Underlying may close at or
above its respective 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 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.
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, each Underlying may close at or above its
principal back at maturity.
respective Coupon Barrier Level on some but not all of the Observation Dates. Consequently,
investors receive the Contingent Coupon with respect to each Observation Date 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, the Worst Performing Underlying closes at or above its Downside
Threshold Level. Therefore, at maturity, investors will 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 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, one or more Underlyings close below their respective
substantial loss of principal at
Coupon Barrier Levels on all or nearly all of the Observation Dates. In this scenario, investors
maturity.
do not receive any Contingent Coupons, or receive Contingent Coupons for only a limited
number of Contingent Coupon Payment Dates. On the Valuation Date, the Worst Performing
Underlying closes below its Downside Threshold Level. Therefore, investors 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 will
be less than 60% of the Principal Amount and could be zero. No coupon will be paid at
maturity in this scenario.

December 2019
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Auto-Callable Contingent Income Securities due December 23, 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
Ba se d on t he Pe rform a nc e of t he Worst Pe rform ing of t he Com m on St oc k of Apple I nc ., t he Cla ss A
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Com m on St oc k of Alpha be t I nc . a nd t he Com m on St oc k of M ic rosoft Corpora t ion
Princ ipa l a t Risk Se c urit ie s
Apple 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, Apple Inc. designs, manufactures and markets mobile communication and media devices
and personal computers, and sells a variety of related software, services, accessories, networking solutions and third-party digital
content and applications. The common stock of Apple Inc. is listed on the Nasdaq Stock Market. Apple Inc.'s SEC file number is
001-36743 and can be accessed through www.sec.gov.

This pricing supplement relates only to the securities offered hereby and does not relate to the Underlyings or other securities of
the Reference Share Issuers. We have derived all disclosures contained in this pricing supplement regarding the Underlyings and
the Reference Share Issuers 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 Issuers.

Information as of market close on December 20, 2019:

Bloom be rg T ic k e r Sym bol:
AAPL UW <Equity>
Curre nt Closing Le ve l:
$279.44
5 2 We e k s Ago (on 1 2 /2 1 /2 0 1 8 ):
$150.73
5 2 We e k H igh (on 1 2 /1 7 /2 0 1 9 ):
$280.41
5 2 We e k Low (on 1 /3 /2 0 1 9 ):
$142.19

For additional historical information, see "Common Stock of Apple Inc. Historical Performance" below.

December 2019
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Auto-Callable Contingent Income Securities due December 23, 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
Ba se d on t he Pe rform a nc e of t he Worst Pe rform ing of t he Com m on St oc k of Apple I nc ., t he Cla ss A
Com m on St oc k of Alpha be t I nc . a nd t he Com m on St oc k of M ic rosoft Corpora t ion
Princ ipa l a t Risk Se c urit ie s
Alphabet 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, Alphabet Inc. is a public holding company including a collection of businesses such as
Google and internet products such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X.The Class A common stock of
Alphabet Inc. is listed on the Nasdaq Global Select Market. Alphabet Inc.'s SEC file number is 001-37580 and can be accessed
through www.sec.gov.

This pricing supplement relates only to the securities offered hereby and does not relate to the Underlyings or other securities of
the Reference Share Issuers. We have derived all disclosures contained in this pricing supplement regarding the Underlyings and
the Reference Share Issuers 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 Issuers.

Information as of market close on December 20, 2019:
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Bloom be rg T ic k e r Sym bol:
GOOGL UW <Equity>
Curre nt Closing Le ve l:
$1,351.22
5 2 We e k s Ago (on 1 2 /2 1 /2 0 1 8 ):
$991.25
5 2 We e k H igh (on 1 2 /1 6 /2 0 1 9 ):
$1,360.70
5 2 We e k Low (on 1 2 /2 4 /2 0 1 8 ):
$984.67

For additional historical information, see "Class A Common Stock of Alphabet Inc. Historical Performance" below.

December 2019
Page 8

Auto-Callable Contingent Income Securities due December 23, 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
Ba se d on t he Pe rform a nc e of t he Worst Pe rform ing of t he Com m on St oc k of Apple I nc ., t he Cla ss A
Com m on St oc k of Alpha be t I nc . a nd t he Com m on St oc k of M ic rosoft Corpora t ion
Princ ipa l a t Risk Se c urit ie s
Microsoft Corporation 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, Microsoft Corporation is a technology company that develops, licenses and supports
software products, services and devices. The common stock of Microsoft Corporation is listed on the Nasdaq Stock Market.
Microsoft Corporation's SEC file number is 001-37845 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 December 20, 2019:

Bloom be rg T ic k e r Sym bol:
MSFT UW <Equity>
Curre nt Closing Le ve l:
$157.41
5 2 We e k s Ago (on 1 2 /2 1 /2 0 1 8 ):
$98.23
5 2 We e k H igh (on 1 2 /2 0 /2 0 1 9 ):
$157.41
5 2 We e k Low (on 1 2 /2 4 /2 0 1 8 ):
$94.13

For additional historical information, see "Common Stock of Microsoft Corporation Historical Performance" below.

December 2019
Page 9

Auto-Callable Contingent Income Securities due December 23, 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
Ba se d on t he Pe rform a nc e of t he Worst Pe rform ing of t he Com m on St oc k of Apple I nc ., t he Cla ss A
Com m on St oc k of Alpha be t I nc . a nd t he Com m on St oc k of M ic rosoft Corpora t ion
Princ ipa l a t Risk Se c urit ie s
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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 Final Level of the Worst Performing Underlying. The actual Initial Level,
Coupon Barrier Level, Downside Threshold Level and Early Redemption Level for each Underlying will be are set forth in "Key
Terms" herein. All 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 of the
Underlying A: $280
Underlyings:
Underlying B: $1,360
Underlying C: $155
Hypothetical Coupon Barrier
Underlying A: $168, which is 60% of the hypothetical Initial Level
Level of the Underlyings:
Underlying B: $816, which is 60% of the hypothetical Initial Level
Underlying C: $93, which is 60% of the hypothetical Initial Level
Hypothetical Downside Threshold Underlying A: $168, which is 60% of the hypothetical Initial Level
Level of the Underlyings:
Underlying B: $816, which is 60% of the hypothetical Initial Level
Underlying C: $93, which is 60% of the hypothetical Initial Level
Hypothetical Early Redemption
Underlying A: $280, which is 100% of the hypothetical Initial Level
Level of the Underlyings:
Underlying B: $1,360, which is 100% of the hypothetical Initial Level
Underlying C: $155, which is 100% of the hypothetical Initial Level
Contingent Coupons:
9.00% per annum (corresponding to $0.225 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 e a c h U nde rlying is a t or a bove it s re spe c t ive 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 March 20, 2020 (other than the
Valuation Date) the closing level of each Underlying is greater than or equal to its 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 of the Worst Performing Underlying is gre a t e r t ha n or e qua l t o its
securities have not been
Downside Threshold Level: the Principal Amount, and, because the Final Level of each
automatically redeemed):
Underlying is greater than or equal to its respective Coupon Barrier Level, the Contingent
Coupon with respect to the Valuation Date.
If the Final Level of the Worst Performing Underlying is le ss t ha n its Downside Threshold
Level: (i) the Principal Amount multiplied by (ii) the Underlying Return of the Worst Performing
Underlying.
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 each Underlying is at or above its respective Early Redemption Level on the third Observation
Date, but below its respective 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 each
Underlying is also at or above its respective 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 Observation Dates, totaling $0.225 × 2 = $0.45. The closing level of each Underlying is greater than or equal to its
respective Coupon Barrier Level on the Observation Date immediately preceding the Automatic Redemption. Upon Automatic
Redemption, investors receive the Automatic Redemption Amount calculated as $10 + $0.225 = $10.225.

The total payment over the term of the securities is $0.45 + $10.225 = $10.675.
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