Product Terms

· If the Final Level is equal to or greater than the Initial Level, then you will benefit from the leveraged appreciation, if any, of the Underlying, subject to the Maximum Return.

· If the Final Level is less than the Initial Level but greater than or equal to the Buffer Level, then you will receive the principal amount of the securities you hold at maturity.

· If the Final Level is less than the Buffer Level, then you will be exposed to any depreciation in the Underlying beyond the Buffer Level.

· 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 February 25, 2020
Settlement Date:	Expected to be February 28, 2020
Underlying:	Dow Jones Industrial Average^TM
Redemption Amount:	At maturity, for each $1,000 principal amount of securities, $1,000 x (1 + Security Performance Factor)
Security Performance Factor:	If (a) the Final Level is equal to or greater than the Initial Level, then the Security Performance Factor will equal the lesser of (i) Maximum Return and (ii) Upside Participation Rate x Underlying Return; (b) the Final Level is less than the Initial Level but greater than or equal to the Buffer Level, then the Security Performance Factor will equal zero; or (c) if the Final Level is less than the Buffer Level, then the Security Performance Factor will equal the Underlying Return + Buffer Amount.
Underlying Return:	(Final Level – Initial Level) / Initial Level
Upside Participation Rate**:	Expected to be 125%
Buffer Level**:	Expected to be 80% of the Initial Level
Buffer Amount**:	Expected to be 20%
Maximum Return**:	Expected to be at least 21%
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:	August 25, 2023
Maturity Date:	August 30, 2023
CUSIP:	22551NN69
Fees:	Certain fiduciary accounts may pay a purchase price of at least $975 per $1,000 principal amount of securities. Credit Suisse Securities (USA) LLC and any agent (the “Agents”) may receive varying discounts and commissions of up to $30 per $1,000 principal amount of securities. The Agents 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. CSSU or another broker dealer will forgo some or all discounts and commissions with respect to the sales of securities into certain fiduciary accounts.

Credit Suisse currently estimates the value of each $1,000 principal amount of the securities on the Trade Date will be between $950 and $980 (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”)). This range of estimated values reflects terms that are not yet fixed. A single estimated value reflecting final terms will be determined on the Trade Date.

* 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

· If the Final Level is equal to or greater than the Initial Level, then the Security Performance Factor will be calculated as follows: the lesser of (i) Maximum Return and (ii) Upside Participation Rate x Underlying Return

· If the Final Level is less than the Initial Level but greater than or equal to the Buffer Level, then the Security Performance Factor will be: zero

· If the Final Level is less than the Buffer Level, then the Security Performance Factor will be calculated as follows: Underlying Return + Buffer Amount

· Buffer Level of 80%**

· Buffer Amount of 20%**

Hypothetical Returns at Maturity

Underlying Return	Security Performance Factor ⁽¹⁾	Redemption Amount per $1,000 Principal Amount⁽¹⁾⁽²⁾
50%	21%	$1,210
40%	21%	$1,210
30%	21%	$1,210
20%	21%	$1,210
16.80%	21%	$1,210
10%	12.50%	$1,125
5%	6.25%	$1,062.50
0%	0%	$1,000
-5%	0%	$1,000
-10%	0%	$1,000
-20%	-0%	$1,000
-21%	-1%	$990
-30%	-10%	$900
-40%	-20%	$800
-50%	-30%	$700

(1)

Assumes a Buffer Level of 80%,** Buffer Amount of 20%,** an Upside Participation Rate of 125%** and a Maximum Return of 21%**.

(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.

Certain Product Risks

• Your investment may result in a loss of 80% of the principal amount of securities you hold. The Redemption Amount will be less than the principal amount of the securities you hold if the Final Level is less than the Buffer Level. In such case, you will be exposed to any depreciation in the Underlying from the Initial Level to the Final Level beyond the Buffer Level. Regardless of the amount of any payment you receive on the securities, your actual yield may be different in real value terms.

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

• The probability that the Final Level will be less than the Buffer Level will depend on the volatility of the Underlying.

• The securities do not pay interest.

• The maximum Redemption Amount of the securities at maturity for each $1,000 principal amount of securities is $1,000 multiplied by the sum of one plus the Maximum Return.

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

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 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, underlying supplement, product 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 January 31, 2020, Underlying Supplement dated April 19, 2018, Product Supplement No. I–B 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, underlying supplement, product 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.