Linked to the Performance of the SPDR^®S&P^® Oil & Gas Exploration & Production ETF

Product Terms

If the Final Level is equal to or greater than the Initial Level, you will participate in the leveraged appreciation, if any, of the Underlying, subject to the Underlying Return Cap.

If the Final Level is less than the Initial Level and a Knock-In Event has not occurred, you will receive the principal amount of the securities you hold at maturity.

If the Final Level is less than the Initial Level and a Knock-In Event has occurred, you will be fully exposed to any depreciation in the Lowest Performing Underlying. You could lose your entire investment.

Any payment on the securities is subject to our ability to pay our obligations as they become due.

Issuer*:	Credit Suisse AG (“Credit Suisse”), acting through its London branch
Trade Date:	Expected to be May 18, 2018
Settlement Date:	Expected to be May 25, 2018
Underlyings:	The SPDR^® S&P^® Oil & Gas Exploration & Production ETF
Upside Participation Rate**:	Expected to be 200%
Underlying Return Cap**:	Expected to be between 27.5% and 29.25%
Redemption Amount:	Principal amount of the securities you hold x (1 + Underlying Return).
Underlying Return:	If (a) the Final Level is equal to or greater than the Initial Level, then the lesser of (i) the Underlying Return Cap and (ii) Upside Participation Rate x [(Final Level – Initial Level)/Initial Level]; or (b) the Final Level is less than the Initial Level and (i) a Knock-In Event has occurred, then: [(Final Level – Initial Level)/Initial Level]; or (ii) a Knock-In Event has not occurred, then: zero.
Knock-In Level**:	Approximately 80% of the Initial Level
Knock-In Event:	Occurs if the Final Level is less than the Knock-In Level
Initial Level:	The closing level of the Underlying on the Trade Date
Final Level:	The closing level of the Underlying on the Valuation Date
Valuation Date:	November 18, 2019
Maturity Date:	November 25, 2019
CUSIP:	22550WSR9
Fees:	Certain fiduciary accounts may pay a purchase price of at least $997.50 per $1,000 principal amount of securities, and Credit Suisse Securities (USA) LLC and any agent (the “Agents”) will forgo any fees with respect to such sales. The Agents may pay varying discounts and commissions of up to $2.50 per $1,000 principal amount of securities. The Agent(s) through whom we distribute securities may enter into arrangements with other institutions with respect to the distribution of the securities, and those institutions may share in the commissions, discounts or other compensation received by the Agent(s), may be compensated separately and may also receive commissions from purchasers for whom they may act as agents. CSSU will also pay certain institutions or service providers a fee of $2.50 per security in consideration for providing education, structuring or other services with respect to the distribution of the securities. In addition, an affiliate of ours may pay referral fees of $4.50 per $1,000 principal amount of securities. The Agent(s) may re-allow some or all of the discount on the principal amount per security on sales of such securities by other brokers or dealers.

* As used in this document, references to "we" or "our" are to Credit Suisse AG, as Issuer.

** To be determined on the Trade Date.

Certain Product Characteristics

Leveraged participation in the appreciation, if any, of the Underlying, subject to the Underlying Return Cap.

Underlying Return Cap expected to be between 27.25% and 29.25%**

Upside Participation Rate expected to be 200%**

Return of principal amount of the securities you hold, if the Final Level is less than or equal to the Initial Level but greater than or equal to the Knock-In Level.

If a Knock-In Event has occurred, full downside participation in the depreciation of the Underlying.

Knock-In Level of approximately 80%** of the Initial Level.

Hypothetical Returns at Maturity

Percentage Change from the Initial Level to the Final Level	Underlying Return⁽¹⁾	Redemption Amount per $1,000 principal amount^(1)(2)(3)
60%	27.25%	$1,272.50
50%	27.25%	$1,272.50
40%	27.25%	$1,272.50
30%	27.25%	$1,272.50
20%	27.25%	$1,272.50
13.63%	27.25%	$1,272.50
10%	20%	$1,200
0%	0%	$1,000
–10%	–10%	$1,000
–20%	–20%	$1,000
–21%	–21%	$790
–30%	–30%	$700
–40%	–40%	$600
–50%	–50%	$500
–60%	–60%	$400

(1)

Assumes an Upside Participation Rate of 200%** and an Underlying Return Cap of 27.25%** (the bottom of the expected range).

(2)

The hypothetical Redemption Amounts set forth above are for illustrative purposes only and may not be the actual returns applicable to you. The numbers appearing in the table have been rounded for ease of analysis.

(3)

Assumes a Knock-In Level of 80%**

Certain Product Risks

Your investment may result in a loss of up to 100% of the principal amount of the securities you hold. If a Knock-In Event has occurred, the Underlying Return will be negative and you will be fully exposed to any depreciation in the Underlying.

The value of the securities and the payment of any amount due on the securities are subject to the credit risk of Credit Suisse.

The securities do not pay interest.

The return on the securities is affected by the Final Level and the occurrence of a Knock-In Event.

(See “Additional Risk Considerations” on the next page)

Linked to the Performance of the SPDR^® S&P^® Oil & Gas Exploration & Production ETF

The risks set forth in the section entitled “Certain Product Risks” on the preceding page and this section “Additional Risk Considerations” are only intended as summaries of some of the risks relating to an investment in the securities. Prior to investing in the securities, you should, in particular, review the “Certain Product Risks” and “Additional Risk Considerations” sections herein, the “Selected Risk Considerations” section in the preliminary pricing supplement, and the “Risk Factors” section of the product supplement, which set forth risks related to an investment in the securities.

You may revoke your offer to purchase the securities at any time prior to the time at which we accept such offer on the date the securities are priced. We reserve the right to change the terms of, or reject any offer to purchase the securities prior to their issuance. In the event of any changes to the terms of the securities, we will notify you and you will be asked to accept such changes in connection with your purchase. You may also choose to reject such changes in which case we may reject your offer to purchase.

This document is a summary of the terms of the securities and factors that you should consider before deciding to invest in the securities. Credit Suisse has filed a registration statement (including preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus) with the Securities and Exchange Commission, or SEC, for the offering to which this offering summary relates. Before you invest, you should read this summary together with the Preliminary Pricing Supplement dated April 30, 2018, , Product Supplement No. I–C dated June 30, 2017, Prospectus Supplement dated June 30, 2017 and Prospectus dated June 30, 2017, to understand fully the terms of the securities and other considerations that are important in making a decision about investing in the securities. If the terms described in the applicable preliminary pricing supplement are inconsistent with those described herein, the terms described in the applicable preliminary pricing supplement will control. You may get these documents without cost by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, Credit Suisse, any agent or any dealer participating in this offering will arrange to send you the preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus if you so request by calling toll-free 1 (800) 221-1037.

This fact sheet is a general description of the terms of the offering. Please see the full description in the applicable preliminary pricing supplement:

You may access the underlying supplement, product supplement, prospectus supplement and prospectus on the SEC website at www.sec.gov or by clicking on the hyperlinks to each of the respective documents incorporated by reference in the preliminary pricing supplement.