Product Terms

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

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If the Final Level is less than the Initial Level and a Knock-In Event has not occurred, you will receive the principal amount of the securities you hold at maturity.

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If the Final Level is less than the Initial Level and a Knock-In Event has occurred, you will be fully exposed to any depreciation in the Underlying. You could lose your entire investment.

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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 24, 2020
Settlement Date:	Expected to be July 31, 2020
Underlying:	The S&P 500^® Index
Upside Participation Rate**:	Expected to be at least 125%
Redemption Amount:	At maturity, for each $1,000 principal amount of securities 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 Upside Participation Rate x the Underlying Return; or (b) the Final Level is less than the Initial Level and (i) a Knock-In Event has occurred, then the Security Performance Factor will equal the Underlying Return; or (ii) a Knock-In Event has not occurred, then the Security Performance Factor will equal zero.
Underlying Return:	Final Level – Initial Level Initial Level
Knock-In Level**:	Expect to be 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
Valuation Date:	July 24, 2025
Maturity Date:	July 31, 2025
CUSIP:	22552WBF1
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 pay varying discounts and commissions of up to $4 per $1,000 principal amount of securities, of which $4 may be paid to certain institutions or service providers on securities not sold to certain fiduciary accounts in consideration for providing education, structuring or other services with respect to the distribution of the securities. 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. The Agent(s) through whom we distribute securities may enter into arrangements with other institutions with respect to the distribution of the securities, and those institutions may share in the commissions, discounts or other compensation received by the Agent(s), may be compensated separately and may also receive commissions from purchasers for whom they may act as agents. In addition, an affiliate of ours will pay referral fees of $5 per $1,000 principal amount of securities. The Agent(s) 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.
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 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.

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 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

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

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Upside Participation Rate expected to be at least 125%**

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

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If a Knock-In Event has occurred, full downside participation in the depreciation of the Underlying.

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Knock-In Level of approximately 75%** of the Initial Level.

Hypothetical Returns at Maturity

Underlying Return	Security Performance Factor⁽¹⁾	Redemption Amount per $1,000 principal amount^(1)(2)(3)
60%	75%		$1,750
50%	62.50%		$1,625
40%	50%		$1,500
30%	37.50%		$1,375
20%	25%		$1,250
10%	12.50%		$1,125
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

(1)

Assumes an Upside Participation Rate of 125%**.

(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.

(3)

Assumes a Knock-In Level of 75%**

Certain Product Risks

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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.

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

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The securities do not pay interest.

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The return on the securities is affected by the Final Level and the occurrence of a Knock-In Event.

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The probability that the Final Level will be less than the Knock-In Level will depend on the volatility of the Underlying.

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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 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, 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 2, 2020, Underlying Supplement dated June 18, 2020, Product Supplement No. I–B 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, 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.