Filed Pursuant to Rule 433
Registration Statement No. 333-238458-02
| ACCELERATED RETURN NOTES® (ARNs®) |
Accelerated Return Notes® Linked to a Basket of Three Pharmaceutical Sector Stocks
| Issuer | Credit Suisse AG (“Credit Suisse”) |
| Principal Amount | $10.00 per unit |
| Term | Approximately 14 months |
| Market Measure | An approximately equally weighted basket of three pharmaceutical sector stocks comprised of the common stocks of Bristol-Myers Squibb Company (NYSE symbol: "BMY"), Eli Lilly and Company (NYSE symbol: "LLY") and Johnson & Johnson (NYSE symbol: "JNJ") (each, a “Basket Stock”). |
| Payout Profile at Maturity |
· 3-to-1 upside exposure to increases in the Market Measure, subject to the Capped Value
· 1-to-1 downside exposure to decreases in the Market Measure, with 100% of your principal at risk
|
| Capped Value | [$11.20 to $11.60] per unit, a [12% to 16%] return over the principal amount, to be determined on the pricing date. |
| Interest Payments | None |
| Preliminary Offering Documents | https://www.sec.gov/Archives/edgar/data/1053092/0 00095010321017397/dp161308_424b2-arn111.htm |
| Exchange Listing | No |
You should read the relevant Preliminary Offering Documents before you invest. Click on the Preliminary Offering Documents hyperlink above or call your Financial Advisor for a hard copy.
Risk factors
Please see the Preliminary Offering Documents for a description of certain risks related to this investment, including, but not limited to, the following:
| · | Depending on the performance of the Market Measure as measured shortly before the maturity date, your investment may result in a loss; there is no guaranteed return of principal. |
| · | Payments on the notes, including repayment of principal, are subject to the credit risk of Credit Suisse. If Credit Suisse becomes insolvent or is unable to pay its obligations, you may lose your entire investment. |
| · | Your investment return is limited to the return represented by the Capped Value and may be less than a comparable investment directly in the Basket Stocks. |
| · | Changes in the price of one of the Basket Stocks may be offset by changes in the value of the other Basket Stocks. |
| · | The initial estimated value of the notes on the pricing date will be less than their public offering price. |
| · | If you attempt to sell the notes prior to maturity, their market value may be lower than both the public offering price and the initial estimated value of the notes on the pricing date. |
| · | You will have no rights of a holder of the Basket Stocks, and you will not be entitled to receive shares of the Basket Stocks or dividends or other distributions by the issuers of the Basket Stocks. |
| · | We do not control any company included in the Market Measure and have not verified any disclosure made by any other company. The companies included in the Market Measure will have no obligations relating to the notes. |
| · | The Redemption Amount will not be adjusted for all corporate events that could affect the Basket Stocks. |
| · | The stocks included in the Market Measure are concentrated in one sector. |
Final terms will be set on the pricing date within the given range for the specified Market-Linked Investment. Please see the Preliminary Offering Documents for complete product disclosure, including related risks and tax disclosure.
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 term sheet, 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 November 4, 2021, Product Supplement STOCK ARN-1 dated August 5, 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. 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 term sheet, product supplement, prospectus supplement and prospectus if you so request by calling toll-free 1-(800)-221-1037.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 term sheet.
| The graph above and the table below reflects the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)). The graph and table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes. |
| Hypothetical Percentage Change from the Starting Value to the Ending Value | Hypothetical Redemption Amount per Unit | Hypothetical Total Rate of Return on the Notes |
| -100.00% | $0.00 | -100.00% |
| -50.00% | $5.00 | -50.00% |
| -20.00% | $8.00 | -20.00% |
| -10.00% | $9.00 | -10.00% |
| -6.00% | $9.40 | -6.00% |
| -3.00% | $9.70 | -3.00% |
| 0.00% | $10.00 | 0.00% |
| 3.00% | $10.90 | 9.00% |
| 4.67% | $11.40(1) | 14.00% |
| 5.00% | $11.40 | 14.00% |
| 10.00% | $11.40 | 14.00% |
| 20.00% | $11.40 | 14.00% |
| 30.00% | $11.40 | 14.00% |
| 40.00% | $11.40 | 14.00% |
| 50.00% | $11.40 | 14.00% |
| 60.00% | $11.40 | 14.00% |
| (1) The Redemption Amount per unit cannot exceed the hypothetical Capped Value. | ||