Obligation Swiss Credit 0% ( US22550N2898 ) en USD

Swiss Credit

100 % ▲

Suisse

US22550N2898 ( en USD )

10/05/2022 - Obligation échue

Prospectus brochure de l'obligation Credit Suisse US22550N2898 en USD 0%, échue

1 000 USD

7 745 000 USD

22550N289

N/A

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 US22550N2898, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 10/05/2022

424B2 1 dp121111_424b2-u4209.htm FORM 424B2
Fe brua ry 2 0 2 0
Pricing Supplement No. U4609
Registration Statement No. 333-218604-02
Dated February 5, 2020

Filed pursuant to Rule 424(b)(2)
Auto-Callable Contingent Income Securities due May 10, 2022
All Payments on the Securities Subject to the Coupon Barrier and Downside Threshold Features
Based on the Performance of the Worst Performing of Three Underlyings
Princ ipa l a t Risk Se c urit ie s
Unlike ordinary debt securities, the Auto-Callable Contingent Income Securities due May 10, 2022 Based on the Performance of
the Worst Performing of the Financial Select Sector SPDR® Fund, the Utilities Select Sector SPDR® Fund and the Health Care
Select Sector SPDR® Fund (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 on every trading day during the applicable Observation Period the closing level of e a c h
Underlying is gre a t e r t ha n or e qua l t o approximately 75% of its respective Initial Level, which we refer to as its Coupon Barrier
Level. If on any trading day during an Observation Period the closing level of a ny Underlying is le ss t ha n its respective Coupon
Barrier Level, 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 e a c h 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 August 5, 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, if any, 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 75% of its Initial Level, which we refer to as its Downside Threshold Level, investors will receive the Principal
Amount and, if on every trading day during the Observation Period ending on the Valuation Date the closing level of each
Underlying is greater than or equal to its respective Coupon Barrier Level, the Contingent Coupon with respect to that Observation
Period. 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 75% 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 on any trading day during the related Observation Period the closing level of any
Underlying is below its respective Coupon Barrier Level, 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. For more information on the Underlyings, see "The Underlyings"
herein. Each Underlying is identified in the table below, together with its Bloomberg ticker symbol, Initial Level,
Downside Threshold Level, Coupon Barrier Level and Early Redemption Level:

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

Financial Select
$23.30
Sector
XLF UP
$23.30 (Approximately 75%
$31.07 (100% of
$31.07
(Approximately 75%
<Equity>
of Initial Level)
Initial Level)
SPDR® Fund
of Initial Level)

Utilities Select
$51.59
XLU UP
$51.59 (Approximately 75%
$68.79 (100% of
Sector SPDR®
$68.79
(Approximately 75%
<Equity>
of Initial Level)
Initial Level)
Fund
of Initial Level)

Health Care
$77.82
Select Sector
XLV UP
$77.82 (Approximately 75%
$103.76 (100%
$103.76
(Approximately 75%
<Equity>
of Initial Level)
of Initial Level)
SPDR® Fund
of Initial Level)
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Aggre ga t e
Princ ipa l
$7,745,000
Am ount :
Princ ipa l
$10 per security. The securities are offered at a minimum investment of 100 securities at $10 per security
Am ount :
(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 :
February 5, 2020
Se t t le m e nt
February 10, 2020 (3 business days after the Trade Date). Delivery of the securities in book-entry form only will
Da t e :
be made through The Depository Trust Company.
V a lua t ion
May 5, 2022, subject to postponement as set forth in any accompanying product supplement under "Description
Da t e :
of the Securities--Postponement of calculation dates."
May 10, 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
M a t urit y Da t e : 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
If the securities have not previously been automatically redeemed, on the Maturity Date investors will receive a
Am ount :
Redemption Amount determined as follows:

· If the Final Level of the Worst Performing
the Principal Amount, and, if the closing level of each
Underlying is gre a t e r t ha n or e qua l t o its
Underlying on every trading day during the Observation
Downside Threshold Level:
Period ending on the Valuation Date is greater than or
equal to its respective Coupon Barrier Level, the
Contingent Coupon with respect to that Observation
Period.

· If the Final Level of the Worst Performing
(i) the Principal Amount multiplied by (ii) the Underlying
Underlying is le ss t ha n its Downside Threshold
Return of the Worst Performing Underlying.
Level:
I n t his c a se , t he Re de m pt ion Am ount w ill be
less than $7.50 per $10 principal amount 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
Credit Suisse International
Age nt :
List ing:
The securities will not be listed on any securities exchange.
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 2 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 .1 5 (1)

$ 0 .0 5 (2)
$ 9 .8 0
T ot a l
$ 7 ,7 4 5 ,0 0 0
$ 1 5 4 ,9 0 0
$ 7 ,5 9 0 ,1 0 0
(1) We or one of our affiliates will pay to MSSB discounts and commissions of $0.20 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 7 (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
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Auto-Callable Contingent Income Securities due May 10, 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 hre e U nde rlyings
Principal at Risk Securities

Key Terms continued from previous page:
Cont inge nt
· Subject to Automatic Redemption, if, on every trading day during an Observation Period the closing
Coupons:
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 9.80% (corresponding to $0.245 per period per security) on the
immediately following Contingent Coupon Payment Date.
· If on any trading day during an Observation Period, 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 Period.
Aut om a t ic
If an Early Redemption Event occurs, the securities will be automatically redeemed and you will receive a cash
Re de m pt ion:
payment equal to the Principal Amount (the "Automatic Redemption Amount") and the Contingent Coupon
payable, if any, 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
An Early Redemption Event will occur on any Observation Date scheduled to occur on or after August 5, 2020
Re de m pt ion
(other than the Valuation Date) if the closing level of each Underlying on such Observation Date is equal to or
Eve nt :
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 75% of the Initial Level of such Underlying, as set forth in the table above.
Le ve l:
Dow nside
T hre shold
For each Underlying, approximately 75% of the Initial Level of such Underlying, as set forth in the table above.
Le ve l:
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
Each Observation Period will be from but excluding an Observation Date to and including the next following
Pe riods:
Observation Date, provided that the first Observation Period will be from but excluding the Trade Date to and
including the first Observation Date.
Obse rva t ion
May 5, 2020, August 5, 2020, November 5, 2020, February 5, 2021, May 5, 2021, August 5, 2021, November 5,
Da t e s:
2021, February 7, 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
May 8, 2020, August 10, 2020, November 10, 2020, February 10, 2021, May 10, 2021, August 10, 2021,
Coupon
November 10, 2021, February 10, 2022 and the Maturity Date, subject to postponement as set forth in any
Pa ym e nt
accompanying product supplement under "Description of the Securities--Postponement of calculation dates." If
Da t e s:
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
With respect to each Underlying, the Final Level of such Underlying divided by its Initial Level
Re t urn:
Worst
The Underlying with the lowest Underlying Return
Pe rform ing
U nde rlying:
CU SI P / I SI N :
22550N289 / US22550N2898
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February 2020
Page 2
Auto-Callable Contingent Income Securities due May 10, 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 hre e U nde rlyings
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 follows (or if such address has changed, by
reviewing our filings for the relevant date on the SEC website):

·
Product Supplement No. I-C dated June 30, 2017:
http://www.sec.gov/Archives/edgar/data/1053092/000095010317006317/dp77785_424b2-ic.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 accompanying 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.

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February 2020
Page 3
Auto-Callable Contingent Income Securities due May 10, 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 hre e U nde rlyings
Principal at Risk Securities

Supplemental Terms of the Securities

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

February 2020
Page 4
Auto-Callable Contingent Income Securities due May 10, 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 hre e U nde rlyings
Principal at Risk Securities

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 May 10, 2022 based on the Financial Select Sector SPDR® Fund, the Utilities
Select Sector SPDR® Fund and the Health Care Select Sector SPDR® Fund, which we refer to as the securities, provide an
opportunity for investors to earn a Contingent Coupon at an annual rate of 9.80% (corresponding to $0.245 per period per security)
but only if the closing level of each Underlying on e ve ry t ra ding da y during the applicable Observation Period is gre a t e r
t ha n or e qua l t o approximately 75% 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 a ny t ra ding da y
during most or all of the Observation Periods 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 August 5, 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, if any, 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 75% of its Initial Level, which we refer to as its Downside Threshold Level, the Redemption
Amount will be the Principal Amount and, if the closing level of each Underlying on e ve ry t ra ding da y during the Observation
Period ending on the Valuation Date is also gre a t e r t ha n or e qua l t o its Coupon Barrier Level, the Contingent Coupon with
respect to that Observation Period. 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 75%
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 two years and three months, unless automatically redeemed earlier.
Re de m pt ion Am ount :
If the securities have not previously been automatically redeemed, investors will receive on the
Maturity Date a Redemption Amount determined as follows:

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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, if the closing level of each
Underlying on e ve ry t ra ding da y during the Observation Period ending on the Valuation Date is
also greater than or equal to its Coupon Barrier Level, the Contingent Coupon with respect to that
Observation Period.

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 75% 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 9.80% (corresponding to $0.245 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 on e ve ry t ra ding da y during the applicable Observation Period is at or above
its respective Coupon Barrier Level.

I f, on a ny t ra ding da y during a n Obse rva t ion Pe riod, 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 will
Re de m pt ion:
receive a cash payment equal to the Principal Amount and the Contingent Coupon payable, if any, 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.

February 2020
Page 5
Auto-Callable Contingent Income Securities due May 10, 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 hre e U nde rlyings
Principal at Risk Securities

An Early Redemption Event will occur on any Observation Date scheduled to occur on or after August
5, 2020 (other than the Valuation Date) if the closing level of each Underlying on such Observation
Date is equal to or greater than its respective Early Redemption Level.

February 2020
Page 6
Auto-Callable Contingent Income Securities due May 10, 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 hre e U nde rlyings
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 9.80% per annum (corresponding to $0.245 per period per security) but only if on e ve ry t ra ding da y during the
applicable Observation Period the closing level of each Underlying is greater than or equal to approximately 75% 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 closes below its respective
Coupon Barrier Level on a ny t ra ding da y during the related Observation Period 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
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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 75% 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 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 e ve ry t ra ding da y during some or all of the
Observation Periods. In this scenario, investors receive the Contingent Coupon with respect
to each Observation Period during which each Underlying closes at or above its respective
Coupon Barrier Level on e ve ry t ra ding da y , but not for the Observation Periods during
which any Underlying closes below its respective Coupon Barrier Level on a ny t ra ding
da y . 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 e ve ry t ra ding da y during some but not all of the
Observation Periods. Consequently, investors receive the Contingent Coupon with respect to
each Observation Period during which each Underlying closes at or above its respective
Coupon Barrier Level on every trading day, but not for Observation Periods during which any
Underlying closes below its respective Coupon Barrier Level on a ny t ra ding da y . 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, if on e ve ry
t ra ding da y during the Observation Period ending on the Valuation Date the closing level
of each Underlying is greater than or equal to its respective Coupon Barrier Level, the
Contingent Coupon with respect to that Observation Period.
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 at least one trading day during all or nearly all of the Observation
maturity.
Periods. In this scenario, investors 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 75% of the Principal Amount and
could be zero. No coupon will be paid at maturity in this scenario.
February 2020
Page 7
Auto-Callable Contingent Income Securities due May 10, 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 hre e U nde rlyings
Principal at Risk Securities

The Underlyings

Financial Select Sector SPDR® Fund Summary

We have derived all information contained herein regarding the Financial Select Sector SPDR® Fund from publicly available
information. Such information reflects the policies of, and is subject to change by, SSGA Funds Management, Inc., which maintains
and manages the Financial Select Sector SPDR® Fund and acts as investment advisor to the Financial Select Sector SPDR®
Fund. We have not conducted any independent review or due diligence of any publicly available information with respect to the
Financial Select Sector SPDR® Fund.

https://www.sec.gov/Archives/edgar/data/1053092/000095010320002498/dp121111_424b2-u4209.htm[2/7/2020 4:28:30 PM]

The Financial Select Sector SPDR® Fund is an exchange-traded fund that seeks to provide investment results that, before
expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Financial
Select Sector Index.

The Select Sector SPDR Trust is a registered investment company that consists of eleven separate investment portfolios, including
the Financial Select Sector SPDR® Fund. Information filed by the Select Sector SPDR Trust with the SEC under the Securities
Exchange Act and the Investment Company Act can be found by reference to its SEC file numbers: 333-57791 and 811-08837.
Shares of the Financial Select Sector SPDR® Fund are listed on the NYSE Arca under ticker symbol "XLF." Information from
outside sources is not incorporated by reference in, and should not be considered part of, this pricing supplement, any
accompanying product supplement, the prospectus supplement and the prospectus.

Information as of market close on February 5, 2020:

Bloom be rg T ic k e r Sym bol:
XLF UP
Curre nt Closing Le ve l:
$31.07
5 2 We e k s Ago (on 2 /6 /2 0 1 9 ):
$26.06
5 2 We e k H igh (on 1 /2 /2 0 2 0 ):
$31.08
5 2 We e k Low (on 3 /2 5 /2 0 1 9 ):
$25.23

For additional historical information, see "Financial Select Sector SPDR® Fund Historical Performance" below.

Utilities Select Sector SPDR® Fund Summary

We have derived all information contained herein regarding the Utilities Select Sector SPDR® Fund from publicly available
information. Such information reflects the policies of, and is subject to change by, SSGA Funds Management, Inc., which maintains
and manages the Utilities Select Sector SPDR® Fund and acts as investment advisor to the Utilities Select Sector SPDR® Fund.
We have not conducted any independent review or due diligence of any publicly available information with respect to the Utilities
Select Sector SPDR® Fund.

The Utilities Select Sector SPDR® Fund is an exchange-traded fund that seeks to provide investment results that, before expenses,
correspond generally to the price and yield performance of publicly traded equity securities of companies in the Utilities Select
Sector Index.

The Select Sector SPDR Trust is a registered investment company that consists of eleven separate investment portfolios, including
the Utilities Select Sector SPDR® Fund. Information filed by the Select Sector SPDR Trust with the SEC under the Securities
Exchange Act and the Investment Company Act can be found by reference to its SEC file numbers: 333-57791 and 811-08837.
Shares of the Utilities Select Sector SPDR® Fund are listed on the NYSE Arca under ticker symbol "XLU." Information from outside
sources is not incorporated by reference in, and should not be considered part of, this pricing supplement, any accompanying
product supplement, the prospectus supplement and the prospectus.

Information as of market close on February 5, 2020:

Bloom be rg T ic k e r Sym bol:
XLU UP
Curre nt Closing Le ve l:
$68.79
5 2 We e k s Ago (on 2 /6 /2 0 1 9 ):
$54.72
5 2 We e k H igh (on 1 /3 0 /2 0 2 0 ):
$69.29
5 2 We e k Low (on 2 /6 /2 0 1 9 ):
$54.72

For additional historical information, see "Utilities Select Sector SPDR® Fund Historical Performance" below.

February 2020
Page 8
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Auto-Callable Contingent Income Securities due May 10, 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 hre e U nde rlyings
Principal at Risk Securities

Health Care Select Sector SPDR® Fund Summary

We have derived all information contained herein regarding the Health Care Select Sector SPDR® Fund from publicly available
information. Such information reflects the policies of, and is subject to change by, SSGA Funds Management, Inc., which maintains
and manages the Health Care Select Sector SPDR® Fund and acts as investment advisor to the Health Care Select Sector
SPDR® Fund. We have not conducted any independent review or due diligence of any publicly available information with respect to
the Health Care Select Sector SPDR® Fund.

The Health Care Select Sector SPDR® Fund is an exchange-traded fund that seeks to provide investment results that, before
expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Health
Care Select Sector Index.

The Select Sector SPDR Trust is a registered investment company that consists of eleven separate investment portfolios, including
the Health Care Select Sector SPDR® Fund. Information filed by the Select Sector SPDR Trust with the SEC under the Securities
Exchange Act and the Investment Company Act can be found by reference to its SEC file numbers: 333-57791 and 811-08837.
Shares of the Health Care Select Sector SPDR® Fund are listed on the NYSE Arca under ticker symbol "XLV." Information from
outside sources is not incorporated by reference in, and should not be considered part of, this pricing supplement, any
accompanying product supplement, the prospectus supplement and the prospectus.

Information as of market close on February 5, 2020:

Bloom be rg T ic k e r Sym bol:
XLV UP
Curre nt Closing Le ve l:
$103.76
5 2 We e k s Ago (on 2 /6 /2 0 1 9 ):
$90.77
5 2 We e k H igh (on 1 /2 2 /2 0 2 0 ):
$104.73
5 2 We e k Low (on 4 /1 7 /2 0 1 9 ):
$85.78

For additional historical information, see "Health Care Select Sector SPDR® Fund Historical Performance" below.

February 2020
Page 9
Auto-Callable Contingent Income Securities due May 10, 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 hre e U nde rlyings
Principal at Risk Securities

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 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: $30
Underlyings:

Underlying B: $70
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Underlying C: $100
Hypothetical Coupon Barrier
Underlying A: $22.50, which is 75% of the hypothetical Initial Level
Level of the Underlyings:

Underlying B: $52.50, which is 75% of the hypothetical Initial Level

Underlying C: $75, which is 75% of the hypothetical Initial Level
Hypothetical Downside
Underlying A: $22.50, which is 75% of the hypothetical Initial Level
Threshold Level of the

Underlyings:
Underlying B: $52.50, which is 75% of the hypothetical Initial Level

Underlying C: $75, which is 75% of the hypothetical Initial Level
Hypothetical Early Redemption
Underlying A: $30, which is 100% of the hypothetical Initial Level
Level of the Underlyings:

Underlying B: $70, which is 100% of the hypothetical Initial Level

Underlying C: $100, which is 100% of the hypothetical Initial Level
Contingent Coupons:
9.80% per annum (corresponding to $0.245 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 e ve ry t ra ding da y during t he re la t e d Obse rva t ion Pe riod.
Automatic Redemption:
If on any Observation Date scheduled to occur on or after August 5, 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, if any, 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, if on every trading day during the
automatically redeemed):
Observation Period ending on the Valuation Date the closing level of each Underlying is
greater than or equal to its respective Coupon Barrier Level, the Contingent Coupon with
respect to that Observation Period.

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 the Early Redemption Level on each prior quarterly Observation Date, so the securities are
automatically redeemed on the Contingent Coupon Payment Date immediately following the third quarterly Observation Date. The
closing level of each Underlying is also at or above its respective Coupon Barrier Level on e ve ry t ra ding da y during each
Observation Period prior to (and excluding) the Observation Period immediately preceding the Automatic Redemption. Therefore,
you would receive the Contingent Coupons with respect to those prior Observation Periods, totaling $0.245 × 2 = $0.49. Upon
Automatic Redemption, investors receive the Automatic Redemption Amount calculated as $10 + $0.245 = $10.245.

The total payment over the 9-month term of the securities is $0.49 + $10.245 = $10.735.

Ex a m ple 2 -- The closing level of each Underlying is below its respective 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 each Underlying
is at or above its respective Coupon Barrier Level on e ve ry t ra ding da y throughout the Observation Periods
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