Linked to the Performance of the Credit Suisse RavenPack AIS Balanced 5% ER Index

Product Terms

If the Final Level is greater than the Initial Level, you will participate in the appreciation, if any, of the Underlying.

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

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

The Underlying is designed to provide exposure to a hypothetical “balanced” portfolio while targeting a realized daily volatility of 5%. By “balanced” we mean the Underlying’s hypothetical portfolio may, under certain circumstances include both equity exposure, in the form of large-cap U.S. equities included in the Credit Suisse RavenPack AIS Index described in the accompanying underlying performance supplement and the accompanying underlying supplement; and fixed income exposure, in the form of U.S. Treasury note futures contracts tracked by the Fixed Income Indices described in the accompanying underlying performance supplement and the accompanying underlying supplement. “Balanced” does not imply any risk adjusted diversified asset class allocation or actual balance among asset classes. The Index Calculation Agent and Index Sponsor for the Underlying is an affiliate of ours. For more information on the Underlying, please see the underlying performance supplement and underlying supplement.

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:	The Credit Suisse RavenPack AIS Balanced 5% ER Index
Upside Participation Rate**:	Expected to be at least 100%.
Redemption Amount:	$1,000 x (1 + Security Performance Factor).
Security Performance Factor:	If (a) the Final Level is greater than the Initial Level, then the Security Performance Factor will equal the product of (i) the Upside Participation Rate and (ii) the Underlying Return; or (b) the Final Level is equal to or less than the Initial Level, then the Security Performance Factor will equal zero.
Underlying Return:	(Final Level – Initial Level)/Initial Level
Initial Level:	For the Underlying, the closing level of the Underlying on the Trade Date.
Final Level:	For the Underlying, the closing level of the Underlying on the Valuation Date.
Valuation Date:	August 25, 2025
Maturity Date:	August 28, 2025
CUSIP:	22551NND4
Fees:	Certain fiduciary accounts may pay a purchase price of at least $968.75 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 $36.25 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 or 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 $940 and $970 (as determined by reference to its pricing models and the rate it is currently paying to borrow funds through issuance of the securities (its “internal funding rate”)). 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

Uncapped participation in the appreciation, if any, of the Underlying.

Upside Participation Rate expected to be at least 100%**

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

Hypothetical Returns at Maturity

Underlying Return	Security Performance Factor⁽¹⁾	Redemption Amount per $1,000 principal amount⁽¹⁾⁽²⁾
50%	50%	$1,500
40%	40%	$1,400
30%	30%	$1,300
20%	20%	$1,200
10%	10%	$1,100
0%	0%	$1,000
−10%	0%	$1,000
−20%	0%	$1,000
−30%	0%	$1,000
−40%	0%	$1,000
−50%	0%	$1,000

(1)

Assumes an Upside Participation Rate of 100%**.

(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

The securities do not pay interest.

Regardless of the amount of any payment you receive on the securities, your actual yield may be different in real value terms.

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 return on the securities is affected by the Final Level of the Underlying.

The probability that the Security Performance Factor will be zero will depend on the volatility of the Underlying.

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

Linked to the Performance of the Credit Suisse RavenPack AIS Balanced 5% ER Index

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, the “Selected Risk Considerations” section of the underlying performance supplement, the “Selected Risk Considerations” section of the underlying supplement and the “Risk Factors” section of the product supplement, which set forth risks related to the Underlying and 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 performance 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 January 31, 2020, Underlying Performance Supplement dated January 16, 2020, Underlying Supplement dated October 2, 2018, Product Supplement No. I–G dated October 4, 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:

For a full description of the Underlying, please see the underlying performance supplement and underlying supplement:

You may access the 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.