Product Terms

If a Trigger Event occurs on any Trigger Observation Date, the securities will be automatically redeemed and investors will receive a cash payment equal to the principal amount of securities you hold plus the Automatic Redemption Premium applicable to that Trigger Observation Date.

If the securities are not automatically redeemed and a Knock-In Event has not occurred, investors will receive the principal amount at maturity plus the Contingent Return.

If the securities are not automatically redeemed and a Knock-In Event has occurred, you will be fully exposed to the depreciation of 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 February 28, 2020
Settlement Date:	Expected to be March 4, 2020
Underlyings:	The S&P 500® Index, the VanEck Vectors ® Gold Miners ETF and the SPDR® S&P® Oil & Gas Exploration & Production ETF
Automatic Redemption:	If a Trigger Event occurs on any Trigger Observation Date, the securities will be automatically redeemed and investors will receive a cash payment equal to the principal amount of securities you hold plus the Automatic Redemption Premium applicable to that Trigger Observation Date. Payment will be made in respect of such redemption on the corresponding Automatic Redemption Date, and no further payments on the securities will be made.
Trigger Event:	Occurs if, on any Trigger Observation Date, the closing level of each Underlying on such Trigger Observation Date is equal to or greater than its respective Trigger Level.
Trigger Level**:	For each Underlying, approximately 100% of the Initial Level for such Underlying.

Trigger Observation Dates**	Automatic Redemption Dates**	Trigger Observation Dates**	Automatic Redemption Dates**
March 1, 2021	March 4, 2021	March 1, 2023	March 6, 2023
June 1, 2021	June 4, 2021	May 31, 2023	June 5, 2023
September 1, 2021	September 7, 2021	August 30, 2023	September 5, 2023
December 1, 2021	December 6, 2021	November 29, 2023	December 4, 2023
March 1, 2022	March 4, 2022	February 28, 2024	March 4, 2024
June 1, 2022	June 6, 2022	May 30, 2024	June 4, 2024
August 31, 2022	September 6, 2022	August 29, 2024	September 4, 2024
November 30, 2022	December 5, 2022	November 29, 2024	December 4, 2024

Contingent Return**	Expected to be 76.25%
Automatic Redemption Premium**:	For each $1,000 principal amount of securities you hold: · Expected to be at least $152.50, $190.625, $228.75, $266.875, $305, $343.125, $381.25, $419.375, $457.50, $495.625, $533.75, $571.875, $610, $648.125, $686.25 and $724.375 for the first, second, third, fourth, fifth, sixth, seventh, eighth, ninth, tenth, eleventh, twelfth, thirteenth, fourteenth, fifteenth and sixteenth Trigger Observation Dates respectively
Knock-In Level**:	For each Underlying, approximately 60% of the Initial Level of such Underlying.
Knock-In Event:	Occurs if the Final Level of any Underlying is less than its Knock-In Level.
Initial Level:	For each Underlying, the closing level of such Underlying on the Trade Date.
Final Level:	For each Underlying, the closing level of such Underlying on the Valuation Date.
Redemption Amount:	Subject to Automatic Redemption, for each $1,000 principal amount of securities, $1,000 x (1 + Security Performance Factor).
Lowest Performing Underlying:	The Underlying with the lowest Underlying Return.
Security Performance Factor:	The Security Performance Factor is expressed as a percentage and is calculated as follows:
	If (i) a Knock-In Event has not occurred, the Security Performance Factor will equal the Contingent Return; or (ii) a Knock-In Event has occurred, the Security Performance Factor will equal the Underlying Return of the Lowest Performing Underlying.
Underlying Return:	For each Underlying, [Final Level-Initial Level/Initial Level]
Valuation Date:	February 27, 2025
Maturity Date:	March 4, 2025
CUSIP:	22551NLW4
Fees:	Certain fiduciary accounts may pay a purchase price of at least $996 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 $11.25 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 $970 and $1,000 (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

For each Underlying, the Knock-In Level will be approximately 60% of its Initial Level**

Hypothetical Returns at Maturity

Underlying Return of the Lowest Performing Underlying	Security Performance Factor	Redemption Amount per $1,000 Principal Amount⁽¹⁾⁽²⁾
60%	76.25%	$1,762.50
50%	76.25%	$1,762.50
40%	76.25%	$1,762.50
30%	76.25%	$1,762.50
20%	76.25%	$1,762.50
10%	76.25%	$1,762.50
0%	76.25%	$1,762.50
−10%	76.25%	$1,762.50
−20%	76.25%	$1,762.50
−30%	76.25%	$1,762.50
−40%	76.25%	$1,762.50
−41%	−41%	$590
−50%	−50%	$500
−60%	−60%	$400

(1)

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.

(2)

Assumes a Knock-In Level of 60%**, a Contingent Return of 76.25%** and that the securities have not been automatically redeemed.

Hypothetical Amounts due upon Automatic Redemption

Trigger Observation Date on Which Securities Are Called	Applicable Automatic Redemption Premium	Redemption Amount per $1,000 Principal Amount(1)
1st	$152.50	$1,152.50
2nd	$190.625	$1,190.625
3rd	$228.75	$1,228.75
4th	$266.875	$1,266.875

(1)

This table illustrates the amount that would be due if a Trigger Event occurs on the first, second, third or fourth Trigger Observation Date, assuming Automatic Redemption Premiums set forth under “Product Terms.” For expected Redemption Amounts with respect to each of the sixteen possible Trigger Observation Dates, please see “Automatic Redemption Premium” in “Product Terms” herein. If a Trigger Event occurs on any Trigger Observation Date, the securities will be automatically redeemed and investors will receive a cash payment equal to the principal amount of securities they hold plus the Automatic Redemption Premium applicable to that Trigger Observation Date. No further payments on the securities will be made.

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, you will be fully exposed to any depreciation in the Lowest Performing Underlying. Regardless of the amount of any payment you receive on the securities, your actual yield may be different in real value terms.

(See "Additional Risk Considerations" on the next page)

Autocallable Securities due March 4, 2025 Linked to the Performance of the Lowest Performing

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 in 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 January 31, 2020, Underlying Supplement dated April 19, 2018, Product Supplement No. I–B dated June 30, 2017, 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.

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.