Obligation Swiss Credit 0% ( US22550K8229 ) en USD

Société émettrice Swiss Credit
Prix sur le marché 100 %  ▲ 
Pays  Suisse
Code ISIN  US22550K8229 ( en USD )
Coupon 0%
Echéance 29/12/2022 - Obligation échue



Prospectus brochure de l'obligation Credit Suisse US22550K8229 en USD 0%, échue


Montant Minimal 1 000 USD
Montant de l'émission 4 816 000 USD
Cusip 22550K822
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 Credit Suisse (ISIN: US22550K8229, CUSIP: 22550K822), émise en Suisse en USD, d'un montant total de 4 816 000 USD avec une taille minimale d'achat de 1 000 USD, à un taux d'intérêt de 0%, échéant le 29/12/2022 et assortie d'une fréquence de paiement semestrielle, a atteint sa maturité et a été intégralement remboursée à 100%.







12/27/2019
https://www.sec.gov/Archives/edgar/data/1053092/000095010319017759/dp118185_424b2-u4423.htm
424B2 1 dp118185_424b2-u4423.htm FORM 424B2
December 2019
Pricing Supplement No. U4423
Registration Statement No. 333-218604-02
Dated December 23, 2019
Filed pursuant to Rule 424(b)(2)
Auto-Callable Contingent Income Securities due December 29, 2022
All Payments on the Securities Subject to the Coupon Barrier and Downside Threshold Features
Based on the Performance of the Common Stock of Paypal Holdings, Inc.
Principal at Risk Securities
Unlike ordinary debt securities, the Auto-Cal able Contingent Income Securities due December 29, 2022 based on the
performance of the common stock of Paypal Holdings, 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 greater than or equal to approximately 80% of the Initial Level, which we refer to as the Coupon
Barrier Level. If the closing level of the Underlying is less than the Coupon Barrier Level on any Observation Date, you wil
not receive any Contingent Coupon for that period. 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 the Underlying is greater
than or equal to the Initial Level on any Observation Date scheduled to occur on or after March 23, 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. At maturity, if the
securities have not previously been automatical y redeemed and the Final Level is greater than or equal to approximately
80% of the Initial Level, which we refer to as the Downside Threshold Level, investors wil 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. However, if the Final Level is less than the Downside Threshold Level, investors wil be ful y exposed
to the decline in the level of the Underlying over the term of the securities, and the Redemption Amount wil be less than
80% of the Principal Amount of the securities and could be zero. Accordingly, investors may lose up to their entire
initial investment in the securities. Investors wil not participate in any appreciation of the 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 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 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
Underlying:
The Underlying is set forth in the table below (the issuer of the Underlying, the "Reference
Share Issuer"). For more information on the Underlying, see "Paypal Holdings, 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:

Initial
Downside
Coupon
Early
Underlying
Ticker
Level
Threshold
Barrier Level
Redemption
Level
Level
Common stock of
$86.89
$86.89
$108.61
Paypal Holdings,
PYPL UW $108.61 (Approximately (Approximately (100% of Initial
Inc.
<Equity>
80% of Initial
80% of Initial
Level)
Level)
Level)
Aggregate Principal
$4,816,000
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:
December 23, 2019
Settlement Date:
December 27, 2019 (3 business days after the Trade Date). Delivery of the securities in
book-entry form only wil be made through The Depository Trust Company.
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.
https://www.sec.gov/Archives/edgar/data/1053092/000095010319017759/dp118185_424b2-u4423.htm
1/27


12/27/2019
https://www.sec.gov/Archives/edgar/data/1053092/000095010319017759/dp118185_424b2-u4423.htm
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 to Price to Public
Underwriting Discounts and
Proceeds to Issuer
Public
Commissions
Per security
$10
$0.20(1)



$0.05(2)
$9.75
Total
$4,816,000
$120,400
$4,695,600
(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
$9.713 (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


https://www.sec.gov/Archives/edgar/data/1053092/000095010319017759/dp118185_424b2-u4423.htm
2/27


12/27/2019
https://www.sec.gov/Archives/edgar/data/1053092/000095010319017759/dp118185_424b2-u4423.htm

Auto-Cal able Contingent Income Securities due December 29, 2022
All Payments on the Securities Subject to the Coupon Barrier and Downside Threshold Features
Based on the Performance of the Common Stock of PayPal Holdings, Inc. Principal at Risk Securities
Key Terms continued from previous page:
Valuation Date:
December 23, 2022, subject to postponement as set forth in any accompanying product
supplement under "Description of the Securities--Postponement of calculation dates."
December 29, 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.
Distributor:
Morgan Stanley Smith Barney LLC ("MSSB"). See "Supplemental Plan of Distribution."
Calculation Agent:
Credit Suisse International
Contingent Coupons:
Subject to Automatic Redemption, if, on any Observation Date, the closing level of the
Underlying on such date is greater than or equal to the Coupon Barrier Level, we wil pay a
Contingent Coupon at an annual rate of 8.65% (corresponding to $0.21625 per period per
security) on the immediately fol owing 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 wil be paid with respect to that Observation
Date.
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 is greater than or equal the Principal Amount and, because the Final
to the Downside Threshold Level:
Level is 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 (i ) the
Downside Threshold Level:
Underlying Return.
In this case, the Redemption Amount wil be
less than $8 per $10 principal amount of
securities. You could lose your entire
investment.
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"). 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 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 March 23, 2020 (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.
Early Redemption Level:
100% of the Initial Level, as set forth in the table above.
Coupon Barrier Level:
Approximately 80% of the Initial Level, as set forth in the table above.
Downside Threshold
Approximately 80% of the Initial Level, as set forth in the table above.
Level:
Initial Level:
The closing level of the Underlying on the Trade Date, as set forth in the table above.
Final Level:
The closing level of the Underlying on the Valuation Date
Observation Dates:
March 23, 2020, June 23, 2020, September 23, 2020, December 23, 2020, March 23, 2021,
June 23, 2021, September 23, 2021, December 23, 2021, March 23, 2022, June 23 2022,
September 23, 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.


https://www.sec.gov/Archives/edgar/data/1053092/000095010319017759/dp118185_424b2-u4423.htm
3/27


12/27/2019
https://www.sec.gov/Archives/edgar/data/1053092/000095010319017759/dp118185_424b2-u4423.htm

Auto-Cal able Contingent Income Securities due December 29, 2022
All Payments on the Securities Subject to the Coupon Barrier and Downside Threshold Features
Based on the Performance of the Common Stock of PayPal Holdings, Inc. Principal at Risk Securities
Contingent Coupon
March 26, 2020, June 26, 2020, September 28, 2020, December 29, 2020, March 26, 2021,
Payment Dates:
June 28, 2021, September 28, 2021, December 29, 2021, March 28, 2022, June 28, 2022,
September 28, 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 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:
The Final Level divided by the Initial Level
CUSIP / ISIN:
22550K822 / US22550K8229

December 2019
Page 3
https://www.sec.gov/Archives/edgar/data/1053092/000095010319017759/dp118185_424b2-u4423.htm
4/27


12/27/2019
https://www.sec.gov/Archives/edgar/data/1053092/000095010319017759/dp118185_424b2-u4423.htm

Auto-Cal able Contingent Income Securities due December 29, 2022
All Payments on the Securities Subject to the Coupon Barrier and Downside Threshold Features
Based on the Performance of the Common Stock of PayPal Holdings, Inc. 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 any product supplement, the 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.

December 2019
Page 4
https://www.sec.gov/Archives/edgar/data/1053092/000095010319017759/dp118185_424b2-u4423.htm
5/27


12/27/2019
https://www.sec.gov/Archives/edgar/data/1053092/000095010319017759/dp118185_424b2-u4423.htm

Auto-Cal able Contingent Income Securities due December 29, 2022
All Payments on the Securities Subject to the Coupon Barrier and Downside Threshold Features
Based on the Performance of the Common Stock of PayPal Holdings, Inc. 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

December 2019
Page 5
https://www.sec.gov/Archives/edgar/data/1053092/000095010319017759/dp118185_424b2-u4423.htm
6/27


12/27/2019
https://www.sec.gov/Archives/edgar/data/1053092/000095010319017759/dp118185_424b2-u4423.htm

Auto-Cal able Contingent Income Securities due December 29, 2022
All Payments on the Securities Subject to the Coupon Barrier and Downside Threshold Features
Based on the Performance of the Common Stock of PayPal Holdings, Inc. Principal at Risk Securities
Investment Summary
Auto-Callable Contingent Income Securities
Principal at Risk Securities

The Auto-Cal able Contingent Income Securities due December 29, 2022 based on the performance of the common stock
of Paypal Holdings, Inc., which we refer to as the securities, provide an opportunity for investors to earn a Contingent
Coupon at an annual rate of 8.65% (corresponding to $0.21625 per period per security) but only if the closing level of the
Underlying on the applicable Observation Date is greater than or equal to approximately 80% of the Initial Level, which
we refer to as the Coupon Barrier Level. It is possible that the closing level of the Underlying could be below the Coupon
Barrier Level 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 the Underlying is
greater than or equal to the Initial Level on any Observation Date scheduled to occur on or after March 23, 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.

If the securities have not been previously automatical y redeemed and the Final Level is greater than or equal to
approximately 80% of the Initial Level, which we refer to as the Downside Threshold Level, the Redemption Amount wil be
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. However, if the Final Level is less than the Downside Threshold Level,
investors wil be ful y exposed to the decline in the 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 Underlying from the Initial
Level to the Final Level. In this scenario, the value of any such payment wil be less than 80% 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 the Underlying.

Maturity:
Approximately three years, 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 is greater than or equal to the Downside Threshold Level,
investors wil 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.

If the Final Level is less than the Downside Threshold Level, investors wil receive a
Redemption Amount that is less than 80% 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.
Contingent Coupons:
A Contingent Coupon at an annual rate of 8.65% (corresponding to $0.21625 per
period per security) wil 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.

If, on any Observation Date, the closing level of the Underlying is less than the
Coupon Barrier Level, we will pay no coupon for the applicable period.
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 and the
Contingent Coupon payable on the immediately fol owing Contingent Coupon
Payment Date. 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 March 23, 2020 (other than the Valuation Date) if the closing level of the
https://www.sec.gov/Archives/edgar/data/1053092/000095010319017759/dp118185_424b2-u4423.htm
7/27


12/27/2019
https://www.sec.gov/Archives/edgar/data/1053092/000095010319017759/dp118185_424b2-u4423.htm
Underlying on such Observation Date is equal to or greater than the Early
Redemption Level.


December 2019
Page 6
https://www.sec.gov/Archives/edgar/data/1053092/000095010319017759/dp118185_424b2-u4423.htm
8/27


12/27/2019
https://www.sec.gov/Archives/edgar/data/1053092/000095010319017759/dp118185_424b2-u4423.htm

Auto-Cal able Contingent Income Securities due December 29, 2022
All Payments on the Securities Subject to the Coupon Barrier and Downside Threshold Features
Based on the Performance of the Common Stock of PayPal Holdings, Inc. 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 8.65% per annum (corresponding to $0.21625 per period per security) but only if the closing level
of the Underlying on the applicable Observation Date is greater than or equal to approximately 80% 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 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 level of the Underlying is below
the 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 80% of the Principal Amount of the securities and may be zero.

Scenario 1: The securities are This scenario assumes that the securities are automatical y redeemed prior to the
automatical y redeemed prior to Maturity Date on one of the Contingent Coupon Payment Dates for the Automatic
maturity.
Redemption Amount equal to the Principal Amount plus the Contingent Coupon payable
on such Contingent Coupon Payment Date. Prior to the Automatic Redemption, the
Underlying may close at or above the Coupon Barrier Level on some or al 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 Observation Dates on which the Underlying closes
below the Coupon Barrier Level. No further payments wil be made on the securities
once they have been automatical y redeemed.
Scenario 2: The securities are This scenario assumes that the securities are not automatical y redeemed on any of the
not automatical y redeemed
Contingent Coupon Payment Dates, and, as a result, investors hold the securities to
prior to maturity, and investors
maturity. During the term of the securities, the Underlying may close at or above the
receive principal back at
Coupon Barrier Level on some but not al of the Observation Dates. Consequently,
maturity.
investors receive the Contingent Coupon with respect to each Observation Date on
which the Underlying closes at or above the Coupon Barrier Level, but not for the
Observation Dates on which the Underlying closes below the Coupon Barrier Level. On
the Valuation Date, the Underlying closes at or above the Downside Threshold Level.
Therefore, at maturity, investors wil 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.
Scenario 3: The securities are This scenario assumes that the securities are not automatical y redeemed on any of the
not automatical y redeemed
Contingent Coupon Payment Dates, and, as a result, investors hold the securities to
prior to maturity, and investors
maturity. During the term of the securities, the Underlying closes below the Coupon
suffer a substantial loss of
Barrier Level on al or nearly al of the Observation Dates. In this scenario, investors do
principal at maturity.
not receive any 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 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 wil be less than 80% of the Principal
Amount and could be zero. No coupon wil be paid at maturity in this scenario.


December 2019
Page 7
https://www.sec.gov/Archives/edgar/data/1053092/000095010319017759/dp118185_424b2-u4423.htm
9/27


12/27/2019
https://www.sec.gov/Archives/edgar/data/1053092/000095010319017759/dp118185_424b2-u4423.htm

Auto-Cal able Contingent Income Securities due December 29, 2022
All Payments on the Securities Subject to the Coupon Barrier and Downside Threshold Features
Based on the Performance of the Common Stock of PayPal Holdings, Inc. Principal at Risk Securities
Paypal Holdings, Inc. Summary

Companies with securities registered under the Securities Exchange Act of 1934 (the "Exchange Act") are required to
periodical y 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, PayPal Holdings, Inc. is a technology platform and digital
payments company that enables digital and mobile payments on behalf of consumers and merchants. The common stock
of PayPal Holdings, Inc. is listed on the Nasdaq Stock Market. PayPal Holdings, Inc.'s SEC file number is 001-36859 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 al 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 23, 2019:

Bloomberg Ticker Symbol:
PYPL UW <Equity>
Current Closing Level:
$108.61
52 Weeks Ago (on 12/24/2018):
$77.06
52 Week High (on 7/24/2019):
$121.30
52 Week Low (on 12/24/2018):
$77.06

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

December 2019
Page 8
https://www.sec.gov/Archives/edgar/data/1053092/000095010319017759/dp118185_424b2-u4423.htm
10/27