Product Terms

If a Trigger Event occurs on the 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.

If the securities are not automatically redeemed and the Final Level is equal to or greater than the Initial Level, for each $1,000 principal amount of securities investors hold, investors will receive a Redemption Amount of $1,000 plus a return based on the leveraged upside performance of the Underlying.

If the securities are not automatically redeemed, the Final Level is less than the Initial Level and a Knock-In Event has not occurred, investors will receive the principal amount at maturity.

If the securities are not automatically redeemed and a Knock-In Event has occurred, investors will be fully exposed to any depreciation in the 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 July 31, 2020
Settlement Date:	Expected to be August 5, 2020
Underlying:	The VanEck Vectors^® Gold Miners ETF
Automatic Redemption:	If a Trigger Event occurs on the 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. Payment will be made in respect of such redemption on the Automatic Redemption Date, and no further payments on the securities will be made.
Trigger Event:	Occurs if, the closing level of the Underlying on the Trigger Observation Date is equal to or greater than the Trigger Level.
Trigger Level**:	100% of the Initial Level.

	Trigger Observation Date**	Automatic Redemption Date**
	August 2, 2021	August 5, 2021

Upside Participation Rate**: Expected to be 150%

Automatic Redemption Premium**: For each $1,000 principal amount of securities you hold, expected to be at least $165.

Knock-In Level**: Approximately 75% 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.

Redemption Amount: Subject to Automatic Redemption, for each $1,000 principal amount of securities, $1,000 x (1 + Security Performance Factor).

Security Performance Factor:
The Security Performance Factor is expressed as a percentage and is calculated as follows:

If the Final Level is equal to or greater than the Initial Level, the Security Performance Factor will equal the Upside Participation Rate x Underlying Return. If the Final Level is less than the Initial Level and (i) a Knock-In Event has not occurred, the Security Performance Factor will equal zero; or (ii) a Knock-In Event has occurred, the Security Performance Factor will equal the Underlying Return.

Underlying Return: An amount calculated as follows:

(Final Level – Initial Level) / Initial Level

Valuation Date: August 2, 2022

Maturity Date: August 5, 2022

CUSIP: 22552WBZ7

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 $10.50 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 $910 and $960 (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

· The Knock-In Level will be approximately 75% of the Initial Level**

Hypothetical Returns at Maturity

Underlying Return	Security Performance Factor	Redemption Amount per $1,000 Principal Amount⁽¹⁾⁽²⁾
60%	90%	$1,900
50%	75%	$1,750
40%	60%	$1,600
30%	45%	$1,450
20%	30%	$1,300
10%	15%	$1,150
0%	0%	$1,000
−10%	0%	$1,000
−20%	0%	$1,000
−25%	0%	$1,000
−26%	−26%	$740
−30%	−30%	$700
−40%	−40%	$600
−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 75%**, an Upside Participation Rate of 150%** and that the securities have not been automatically redeemed

Hypothetical Amounts due upon Automatic Redemption

Automatic Redemption Premium	Redemption Amount per $1,000 Principal Amount⁽¹⁾
$165	$1,165

(1)

This table illustrates the amount that would be due if a Trigger Event occurs on the Trigger Observation Date, assuming the Automatic Redemption Premium set forth under “Product Terms.” If a Trigger Event occurs on the 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. 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 securities you hold. If a Knock-In Event has occurred, you will be fully exposed to any depreciation in the 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)

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 July 15, 2020, Product Supplement No. I–C dated June 18, 2020, Prospectus Supplement dated June 18, 2020 and Prospectus dated June 18, 2020, 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.

Upside Participation Rate**:	Expected to be 150%
Automatic Redemption Premium**:	For each $1,000 principal amount of securities you hold, expected to be at least $165.
Knock-In Level**:	Approximately 75% 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.
Redemption Amount:	Subject to Automatic Redemption, for each $1,000 principal amount of securities, $1,000 x (1 + Security Performance Factor).
Security Performance Factor:	The Security Performance Factor is expressed as a percentage and is calculated as follows: If the Final Level is equal to or greater than the Initial Level, the Security Performance Factor will equal the Upside Participation Rate x Underlying Return. If the Final Level is less than the Initial Level and (i) a Knock-In Event has not occurred, the Security Performance Factor will equal zero; or (ii) a Knock-In Event has occurred, the Security Performance Factor will equal the Underlying Return.
Underlying Return:	An amount calculated as follows:
	(Final Level – Initial Level) / Initial Level
Valuation Date:	August 2, 2022
Maturity Date:	August 5, 2022
CUSIP:	22552WBZ7
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 $10.50 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.