<SEC-DOCUMENT>0000950103-22-013442.txt : 20220801
<SEC-HEADER>0000950103-22-013442.hdr.sgml : 20220801
<ACCEPTANCE-DATETIME>20220801172758
ACCESSION NUMBER:		0000950103-22-013442
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20220801
DATE AS OF CHANGE:		20220801

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CREDIT SUISSE AG
		CENTRAL INDEX KEY:			0001053092
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-238458-02
		FILM NUMBER:		221125968

	BUSINESS ADDRESS:	
		STREET 1:		PARADEPLATZ 8
		CITY:			ZURICH
		STATE:			V8
		ZIP:			8001
		BUSINESS PHONE:		01141 44 333 1111

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 1
		CITY:			ZURICH
		STATE:			V8
		ZIP:			8070

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CREDIT SUISSE / /FI
		DATE OF NAME CHANGE:	20050607

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CREDIT SUISSE FIRST BOSTON /                            /FI
		DATE OF NAME CHANGE:	19980115
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>dp178074_424b2-g360.htm
<DESCRIPTION>FORM 424B2
<TEXT>
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    <TD STYLE="width: 100%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #FF4040">The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell these Notes, and it is not soliciting an offer to buy these Notes in any jurisdiction where the offer or sale is not permitted.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: red"><B><BR>
Subject to completion dated August 1, 2022.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PRELIMINARY PRICING SUPPLEMENT No. G360<BR>
Filed Pursuant to Rule 424(b)(2)<BR>
Registration Statement No. 333-238458-02<BR>
Dated August 1, 2022</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font-weight: normal">Credit Suisse
AG $&bull; Market-Linked Notes</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt">Linked to the Performance of the S&amp;P 500<SUP>&reg;</SUP>
Index due August 17, 2027</P>

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    <TD STYLE="width: 100%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Investment Description</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.15pt">These Market-Linked Notes (the &ldquo;Notes&rdquo;)
are senior, unsecured obligations of Credit Suisse AG, acting through its London branch (&ldquo;Credit Suisse&rdquo; or the &ldquo;Issuer&rdquo;)
linked to the performance of the S&amp;P 500<SUP>&reg;</SUP> Index (the &ldquo;Underlying&rdquo;). The Notes will rank pari passu with
all of our other senior unsecured obligations. If the Underlying Return is greater than zero, Credit Suisse will pay at maturity a cash
payment equal to the Principal Amount plus a return equal to the Underlying Return, up to the Maximum Gain, which is expected to be between
60% and 62.50% (the actual Maximum Gain will be determined on the Trade Date). If the Underlying Return is equal to or less than zero,
investors will receive the full Principal Amount of their investment. These Notes are for investors who seek an equity index-based return
and the potential to achieve exposure to any potential appreciation of the Underlying, subject to the Maximum Gain. <B>Investing in the
Notes involves significant risks. You will not receive interest or dividend payments during the term of the Notes. You may receive little
or no return on your investment in the Notes. The repayment of principal applies only if you hold the Notes to maturity. Any payment on
the Notes, including any repayment of principal, is subject to the ability of Credit Suisse to pay its obligations as they become due.
If Credit Suisse were to default on its obligations, you may not receive any amounts owed to you under the Notes.</B></P>

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    <TD STYLE="background-color: rgb(77,146,180); width: 100%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Features</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -27.35pt"><FONT STYLE="font-family: Wingdings"><B>q</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participation
    in Positive Underlying Return Subject to the Maximum Gain &mdash;</FONT></B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If
    the Underlying Return is greater than zero, Credit Suisse will pay the Principal Amount at maturity plus a return equal to the Underlying
    Return, up to the Maximum Gain.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -27.35pt"><FONT STYLE="font-family: Wingdings"><B>q</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
    Downside Market Exposure at Maturity &mdash;</FONT></B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If you hold the Notes to
    maturity, Credit Suisse will repay at least your full Principal Amount, regardless of the performance of the Underlying. Any payment on
    the Notes, including any repayment of principal, is subject to the ability of Credit Suisse to pay its obligations as they become due.</FONT></P></TD></TR>
  </TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 49%; background-color: White; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="background-color: rgb(77,146,180); font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Key Dates*</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt; font-size: 10pt; text-indent: 0pt; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade Date*</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; width: 50%; padding-left: 0pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">August 12, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt; font-size: 10pt; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Settlement Date*</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-left: 0pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">August 17, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt; font-size: 10pt; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Final Valuation Date**</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-left: 0pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">August 12, 2027</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt; font-size: 10pt; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maturity Date**</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; padding-left: 0pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">August 17, 2027</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Symbol">*</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;Expected.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in">**&nbsp;&nbsp;&nbsp;Subject
    to postponement as set forth in the accompanying product supplement under &ldquo;Description of the Securities&mdash;Postponement of calculation
    dates.&rdquo; If the Maturity Date is not a business day, the Redemption Amount will be payable on the first following business day, unless
    that business day falls in the next calendar month, in which case payment will be made on the first preceding business day.</P></TD></TR>
  </TABLE><BR STYLE="clear: both">

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    <TD STYLE="width: 100%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>NOTICE TO INVESTORS: THE NOTES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL
    DEBT INSTRUMENTS. YOU MAY RECEIVE ONLY YOUR PRINCIPAL AMOUNT ON THE NOTES AT MATURITY, AND YOU MAY NOT RECEIVE ANY RETURN ON THE NOTES.
    THIS MARKET RISK IS IN ADDITION TO THE CREDIT RISK INHERENT IN PURCHASING A DEBT OBLIGATION OF CREDIT SUISSE. YOU SHOULD NOT PURCHASE
    THE NOTES IF YOU DO NOT UNDERSTAND OR ARE NOT COMFORTABLE WITH THE SIGNIFICANT RISKS INVOLVED IN INVESTING IN THE NOTES. YOU SHOULD CAREFULLY
    CONSIDER THE RISKS DESCRIBED UNDER &ldquo;KEY RISKS&rdquo; BEGINNING ON PAGE 7 OF THIS PRICING SUPPLEMENT AND UNDER &ldquo;RISK FACTORS&rdquo;
    BEGINNING ON PAGE PS-3 OF THE ACCOMPANYING PRODUCT SUPPLEMENT BEFORE PURCHASING ANY NOTES. EVENTS RELATING TO ANY OF THOSE RISKS, OR OTHER
    RISKS AND UNCERTAINTIES, COULD ADVERSELY AFFECT THE MARKET VALUE OF, AND THE RETURN ON, YOUR NOTES. THE NOTES WILL NOT BE LISTED ON ANY
    EXCHANGE.</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Neither the Securities and Exchange Commission nor any state securities
    commission has approved or disapproved of the Notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying
    underlying supplement, the product supplement, the prospectus supplement and the prospectus. Any representation to the contrary is a criminal
    offense.</P></TD></TR>
  </TABLE>
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    <TD STYLE="width: 100%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Note Offering</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This pricing supplement relates to Market-Linked Notes Linked to the
Performance of the S&amp;P 500<SUP>&reg;</SUP> Index. The actual Initial Underlying Level and Maximum Gain will be set on the Trade Date.
The Notes are offered at a minimum investment of 100 Notes at $10 per Note (representing a $1,000 investment), and integral multiples
of $10 in excess thereof.</P>

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  <TR>
    <TD STYLE="vertical-align: bottom; width: 26%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Underlying</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 21%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Initial Underlying Level</FONT></TD>
    <TD STYLE="vertical-align: top; width: 19%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Maximum Gain</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 18%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CUSIP</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ISIN</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">S&amp;P 500<SUP>&reg;</SUP> Index</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Between 60% and 62.50%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">22552K200</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">US22552K2006</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Credit Suisse currently estimates the value of each $10 principal
amount of the Notes on the Trade Date will be between $9.35 and $9.65 (as determined by reference to our pricing models and the rate we
are currently paying to borrow funds through issuance of the Notes (our &ldquo;internal funding rate&rdquo;)). 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. See
&ldquo;Key Risks&rdquo; in this pricing supplement.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>See &ldquo;Additional Information about Credit Suisse and the Notes&rdquo;
on page 2. The Notes will have the terms set forth in the accompanying product supplement, prospectus supplement and prospectus and this
pricing supplement.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Notes are not deposit liabilities and are not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other governmental agency of the United States, Switzerland or any other jurisdiction.</P>

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    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Offering of Notes</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Price to Public</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Underwriting Discount and Commissions<SUP>(1)</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proceeds to Credit Suisse AG</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Per Note</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Per Note</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Per Note</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Market-Linked Notes Linked to the Performance of the S&amp;P 500<SUP>&reg;</SUP> Index due August 17, 2027</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&bull;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&bull;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0.35</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&bull;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$9.65</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">(1) UBS Financial Services Inc. will act
as distributor for the Notes. The distributor will receive a fee from Credit Suisse or one of our affiliates of up to $0.35 per $10 principal
amount of Notes. For more detailed information, please see &ldquo;Supplemental Plan of Distribution&rdquo; in this pricing supplement.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: -15.15pt"><FONT STYLE="font-size: 12pt"><B>UBS
Financial Services Inc.</B></FONT></P>


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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Additional Information about Credit Suisse and the Notes</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">You should read this pricing supplement together with the underlying
supplement dated June 18, 2020, the product supplement dated February 4, 2022, the prospectus supplement dated June 18, 2020 and the prospectus
dated June 18, 2020, relating to our Medium-Term Notes of which these Notes are a part. You may access these documents on the SEC website
at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Underlying Supplement dated June 18, 2020:<BR>
&#9;</FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1053092/000095010320011950/dp130454_424b2-eus.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">https://www.sec.gov/Archives/edgar/data/1053092/000095010320011950/dp130454_424b2-eus.htm</FONT></A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Product Supplement No. I&ndash;G dated February 4, 2022:<BR>
&#9;</FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1053092/000095010322002045/dp166589_424b2-ig.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">https://www.sec.gov/Archives/edgar/data/1053092/000095010322002045/dp166589_424b2-ig.htm</FONT></A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prospectus Supplement and Prospectus dated June 18, 2020:<BR>
&#9;</FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1053092/000110465920074474/tm2019510-8_424b2.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">https://www.sec.gov/Archives/edgar/data/1053092/000110465920074474/tm2019510-8_424b2.htm</FONT></A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our Central Index Key, or CIK, on the SEC website is 1053092. As used
in this pricing supplement, &ldquo;we,&rdquo; &ldquo;us,&rdquo; or &ldquo;our&rdquo; refers to Credit Suisse.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Notes are senior, unsecured obligations of Credit Suisse and will
rank pari passu with all of our other senior unsecured obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In the event the terms of the Notes described in this pricing supplement
differ from, or are inconsistent with, the terms described in the underlying supplement, product supplement, prospectus supplement or
prospectus, the terms described in this pricing supplement will control.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This pricing supplement, together with the documents listed above, contains
the terms of the Notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials including
preliminary or indicative pricing terms, fact sheets, correspondence, trade ideas, structures for implementation, sample structures, brochures
or other educational materials of ours. We may, without the consent of the registered holder of the Notes and the owner of any beneficial
interest in the Notes, amend the Notes to conform to its terms as set forth in this pricing supplement and the documents listed above,
and the trustee is authorized to enter into any such amendment without any such consent. You should carefully consider, among other things,
the matters set forth in &ldquo;Key Risks&rdquo; in this pricing supplement and &ldquo;Risk Factors&rdquo; in the accompanying product
supplement, and &ldquo;Foreign Currency Risks&rdquo; in the accompanying prospectus, and any risk factors we describe in the combined
Annual Report on Form 20-F of Credit Suisse Group AG and us incorporated by reference therein, and any additional risk factors we describe
in future filings we make with the SEC under the Securities Exchange Act of 1934, as amended, as the Notes involve risks not associated
with conventional debt securities. You should consult your investment, legal, tax, accounting and other advisors before deciding to invest
in the Notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>You may revoke your offer to purchase the Notes at any time prior
to the time at which we accept such offer on the date the Notes are priced. We reserve the right to change the terms of, or reject any
offer to purchase the Notes prior to their issuance. In the event of any changes to the terms of the Notes, 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.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <TD STYLE="width: 100%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Investor Suitability</B></FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 52%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>The Notes may be suitable for you if:</B></FONT></TD>
    <TD STYLE="width: 48%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>The Notes may not be suitable for you if:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;You fully understand the risks inherent in an investment in the Notes, including the risk of receiving little or no return on your investment.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;You seek exposure to the upside performance of the Underlying, subject to the Maximum Gain.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;You can tolerate receiving only your Principal Amount at maturity if the Underlying remains unchanged or declines over the term of the
    Notes.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;You can tolerate fluctuations in the price of the Notes prior to maturity that may cause the market value of the Notes to decline below
    the price you paid for your Notes.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;You understand and accept that your potential return is limited by the Maximum Gain, and you would be willing to invest in the Notes if
    the Maximum Gain was set equal to the bottom of the range indicated on the cover hereof (the actual Maximum Gain will be set on the Trade
    Date).</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;You are willing to forgo any dividends paid on the equity securities included in the Underlying.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;You believe the Underlying will appreciate over the term of the Notes.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;You do not seek current income from your investment.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;You are willing to hold the Notes to maturity and accept that there may be little or no secondary market for the Notes.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;You understand and accept the risks associated with the Underlying.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;You are willing to assume the credit risk of Credit Suisse for all payments under the Notes, and you understand that the payment of any
    amount due on the Notes is subject to the credit risk of Credit Suisse.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&#9;You do not fully understand the risks inherent in an investment in the Notes, including the risk of receiving little or no return
    on your investment.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;You seek an investment that has unlimited return potential without a cap on appreciation.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;You cannot tolerate the possibility of receiving only the Principal Amount if the Underlying remains unchanged or declines over the term
    of the Notes.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;You cannot tolerate fluctuations in the price of the Notes prior to maturity that may cause the market value of the Notes to decline below
    the price you paid for your Notes.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;You believe the Underlying will appreciate over the term of the Notes by a percentage that exceeds the Maximum Gain.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;You would be unwilling to invest in the Notes if the Maximum Gain was set equal to the bottom of the range indicated on the cover hereof
    (the actual Maximum Gain will be set on the Trade Date).</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;You prefer to receive the dividends paid on the equity securities included in the Underlying.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;You believe the Underlying will depreciate over the term of the Notes.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;You seek a current income from your investment.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;You prefer the lower risk and, therefore, accept the potentially lower returns of conventional debt securities with comparable maturities
    issued by Credit Suisse or another issuer with a similar credit rating.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;You are unable or unwilling to hold the Notes to maturity, or you seek an investment for which there will be an active secondary market.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;You do not understand or accept the risks associated with the Underlying.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;You are unwilling to assume the credit risk of Credit Suisse for all payments under the Notes.&nbsp;</FONT></P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>The suitability considerations identified above are not exhaustive.
Whether or not the Notes are a suitable investment for you will depend on your individual circumstances and you should reach an investment
decision only after you and your investment, legal, tax, accounting and other advisors have carefully considered the suitability of an
investment in the Notes in light of your particular circumstances. You should also review &ldquo;Key Risks&rdquo; beginning on page 7
of this pricing supplement for risks related to an investment in the Notes. For more information on the Underlying, see &ldquo;Historical
Information&rdquo; in this pricing supplement.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white">Key Terms</FONT></TD>
    <TD STYLE="width: 2%; background-color: White; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 47%; text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white">Investment Timeline</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="LEFT" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 51%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; border-right: white 2.25pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issuer</FONT></TD>
    <TD STYLE="width: 71%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Credit Suisse AG (&ldquo;Credit Suisse&rdquo;), acting through its London branch.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 2.25pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Principal Amount</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10 per Note</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 2.25pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Term</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Five years. In the event that we make any change to the expected Trade Date and Settlement Date, the calculation agent may adjust the Final Valuation Date and Maturity Date to ensure that the stated term of the Notes remains the same.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 2.25pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Underlying</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&amp;P 500<SUP>&reg;</SUP> Index</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 2.25pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payment at Maturity <BR>
(per Note)</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>If the Underlying Return is greater than zero</B>, Credit Suisse
    will pay you a cash payment calculated as follows:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$10 + [$10 &times; the lesser of (i) Maximum Gain and (ii) Underlying
    Return]</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>If the Underlying Return is equal to or less than zero, </B>Credit
    Suisse will pay you a cash payment of:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$10 per Note</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">and you will not receive any return on your investment.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Any payment on the Notes, including any repayment of principal, is
    subject to the ability of Credit Suisse to pay its obligations as they become due.</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 2.25pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Gain:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Between 60% and 62.50%, which corresponds to a maximum Payment at Maturity of $16 to $16.25 per Note. The actual Maximum Gain will be determined on the Trade Date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 2.25pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Underlying Return</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Final Underlying Level &ndash; Initial Underlying Level<BR>
</U>Initial Underlying Level</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 2.25pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Initial Underlying Level</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Closing Level of the Underlying on the Trade Date. In the event that the Closing Level of the Underlying is not available on the Trade Date, the Initial Underlying Level will be determined on the immediately following trading day on which a Closing Level is available.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 2.25pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Final Underlying Level</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Closing Level of the Underlying on the Final Valuation Date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 2.25pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Closing Level</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Closing Level of the Underlying on any trading day will be the closing level of the Underlying on such trading day, as determined by the calculation agent by reference to (i) Thomson Reuters Ltd. (&ldquo;Reuters&rdquo;) or any successor reporting service, or (ii) if Reuters or such successor reporting service does not publish the closing level on such trading day, the index sponsor.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 2.25pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Final Valuation Date</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">August 12, 2027, subject to the market disruption event provisions set forth in any accompanying product supplement under &ldquo;Description of the Securities&mdash;Market </FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="width: 42%; font-size: 11pt; font-weight: bold"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 561px; width: 110px"></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="width: 58%; border-bottom: silver 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Closing Level of the Underlying (Initial Underlying Level) is observed,
    and the Maximum Gain is set.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Final Underlying Level and Underlying Return are determined on the
    Final Valuation Date.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>If the Underlying Return is greater than zero</B>, Credit Suisse
    will pay you a cash payment calculated as follows:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$10 + [$10 &times; the lesser of (i) Maximum Gain and (ii) Underlying
    Return]</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>If the Underlying Return is equal to or less than zero, </B>Credit
Suisse will pay you a cash payment per Note equal to $10 and you will not receive any return on your investment.</P></TD></TR>
  </TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>


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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; border-right: white 2.25pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 71%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">disruption evtents.&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maturity Date</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">August 17, 2027, subject to the market disruption event provisions set forth in any accompanying product supplement under &ldquo;Description of the Securities&mdash;Market disruption events.&rdquo; If the Maturity Date is not a business day, the Payment at Maturity will be payable on the first following business day, unless that business day falls in the next calendar month, in which case payment will be made on the first preceding business day.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Events of Default and Acceleration:</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In case an event of default (as described in the accompanying prospectus)
    with respect to any issuance of Notes shall have occurred and be continuing, the amount declared due and payable upon any acceleration
    of the Notes will be determined by the Calculation Agent and will equal, for each Note, the amount to be received on the Maturity Date,
    calculated as though the date of acceleration were the Valuation Date.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">With respect to these Notes, the first bullet of the first sentence
    of &ldquo;Description of Debt Securities&mdash;Events of Default&rdquo; in the accompanying prospectus is amended to read in its entirety
    as follows:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;a
default in payment of the principal or any premium on any debt security of that series when due, and such default continues for 30 days;&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 2.25pt solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CUSIP / ISIN</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22552K200 / US22552K2006</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>INVESTING IN THE NOTES INVOLVES
SIGNIFICANT RISKS. The Notes do not pay interest. YOU MAY RECEIVE LITTLE OR NO RETURN ON YOUR INVESTMENT IN THE NOTES. ANY PAYMENT ON
THE NOTES, INCLUDING ANY REPAYMENT OF PRINCIPAL, IS SUBJECT TO THE ABILITY OF CREDIT SUISSE TO PAY ITS OBLIGATIONS AS THEY BECOME DUE.
IF CREDIT SUISSE WERE TO DEFAULT ON ITS OBLIGATIONS, YOU MAY NOT RECEIVE ANY AMOUNTS OWED TO YOU UNDER THE NOTES AND YOU COULD LOSE YOUR
ENTIRE INVESTMENT.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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  <TR STYLE="vertical-align: top; background-color: #4D92B4">
    <TD STYLE="width: 100%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Supplemental Terms of the Notes</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For purposes of the Notes offered by this pricing supplement, all references
to each of the following defined terms used in any accompanying product supplement will be deemed to refer to the corresponding defined
term used in this pricing supplement, as set forth in the table below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 0.5pt solid"><B>Product
Supplement Defined Term</B></P></TD>
    <TD STYLE="width: 51%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Pricing
Supplement Defined Term</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 4.5pt; font-size: 10pt; text-align: justify; text-indent: -4.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Return</FONT></TD>
    <TD STYLE="padding-left: 0.05in; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Gain</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 4.5pt; font-size: 10pt; text-align: justify; text-indent: -4.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Initial Level</FONT></TD>
    <TD STYLE="padding-left: 0.05in; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Initial Underlying Level</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 4.5pt; font-size: 10pt; text-align: justify; text-indent: -4.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Final Level</FONT></TD>
    <TD STYLE="padding-left: 0.05in; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Final Underlying Level</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 4.5pt; font-size: 10pt; text-align: justify; text-indent: -4.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Valuation Date</FONT></TD>
    <TD STYLE="padding-left: 0.05in; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Final Valuation Date</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3.2in 0pt 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3.2in 0pt 0; text-align: left">&nbsp;</P>


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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: left; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white">Key Risks</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">An investment in the offering of the Notes involves significant risks.
This section describes material risks relating to an investment in the Notes. Some of the risks that apply to the Notes are summarized
below, but we urge you to read the more detailed explanation of risks relating to the Notes in the &ldquo;Risk Factors&rdquo; section
of the accompanying product supplement. We also urge you to consult your investment, legal, tax, accounting and other advisors before
you invest in the Notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Risks Relating to the Notes Generally</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>The Notes are subject to the credit risk of Credit Suisse</B>
&mdash; Investors are dependent on our ability to pay all amounts due on the Notes and, therefore, if we were to default on our obligations,
you may not receive any amounts owed to you under the Notes. In addition, any decline in our credit ratings, any adverse changes in the
market&rsquo;s view of our creditworthiness or any increase in our credit spreads is likely to adversely affect the value of the Notes
prior to maturity.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>The amount you receive at maturity may result in a return
that is less than the yield on a standard debt security of comparable maturity </B>&mdash; The return on the Notes at maturity is linked
to the performance of the Underlying and depends on whether, and the extent to which, the Underlying Return is positive or negative. If
the Underlying Return is less than or equal to zero, you will receive only $10 per $10 Principal Amount of Notes. Accordingly, the return
on your investment in the Notes may be zero and, therefore, less than the amount that would be paid on a conventional debt security of
ours of comparable maturity. Moreover, if the Underlying does not appreciate sufficiently over the term of the Notes, the overall return
on the Notes (the effective yield to maturity) may still be less than the amount that would be paid on a conventional debt security of
ours of comparable maturity. The Notes have been designed for investors who are willing to forgo market floating interest rates in exchange
for a return, if any, based on the performance of the Underlying.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>The appreciation potential of the Notes is limited by
the Maximum Gain</B> &mdash; Your potential total return on the Notes at maturity is limited by the Maximum Gain, and therefore any further
appreciation of the Underlying from the Initial Underlying Level to the Final Underlying Level where the Underlying Return is greater
than the Maximum Gain will not result in any further benefit to you. As a result, the return on an investment in the Notes may be less
than the return on a hypothetical direct investment in the Underlying.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>The Notes do not pay interest</B> &mdash; We will not
pay interest on the Notes. You may receive less at maturity than you could have earned on ordinary interest-bearing debt securities with
similar maturities, including other of our debt securities, since the Payment at Maturity is based on the performance of the Underlying.
Because the Payment at Maturity may be less than the amount originally invested in the Notes, the return on the Notes (the effective yield
to maturity) may be negative. Even if it is positive, the return payable on each Note may not be enough to compensate you for any loss
in value due to inflation and other factors relating to the value of money over time.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>The stated payout from the Issuer applies only if you
hold the Notes to maturity</B> &mdash; The value of the Notes prior to maturity may be less than the initial investment amount and substantially
different than the amount expected at maturity. If you are able to sell your Notes prior to maturity in the secondary market, your return
may be less than the Underlying Return and you may receive less than your initial investment amount even if the level of the Underlying
is greater than Initial Underlying Level at that time. The stated payout on the Notes applies only if you hold the Notes to maturity.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Risks Relating to the Underlying</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>No ownership rights relating to the Underlying</B> &mdash;
Your return on the Notes will not reflect the return you would realize if you actually owned the equity securities that comprise the Underlying.
The return on your investment is not the same as the total return you would receive based on the purchase of the equity securities that
comprise the Underlying.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>No voting rights or dividend payments &mdash; </B>As a
holder of the Notes, you will not have voting rights or rights to receive cash dividends or other distributions or other rights with respect
to the equity securities that comprise the Underlying. Further, the performance of the Underlying will not include these dividends or
distributions and does not contain a &quot;total return&quot; feature.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Government regulatory action, including legislative acts
and executive orders, could result in material changes to the Underlying and could negatively affect your return on the Notes</B> &mdash;
Government regulatory action, including legislative acts and executive orders, could materially affect the Underlying. For example, in
response to recent executive orders, stocks of companies that are determined to be linked to the People&rsquo;s Republic of China military,
intelligence and security apparatus may be delisted from a U.S. exchange, removed as a component in indices or exchange traded funds,
or transactions in, or holdings of, securities with exposure to such stocks may otherwise become prohibited under U.S. law. If government
regulatory action results in such consequences, there may be a material and negative effect on the Notes.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Risks Relating to the Issuer</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Credit Suisse is subject to Swiss regulation &mdash; </B>As
a Swiss bank, Credit Suisse is subject to regulation by governmental agencies, supervisory authorities and self-regulatory organizations
in Switzerland. Such regulation is increasingly more extensive and complex and subjects Credit Suisse to risks. For example, pursuant
to Swiss banking laws, the Swiss Financial Market Supervisory Authority (FINMA) may open resolution proceedings if there are justified
concerns that Credit Suisse is over-indebted, has serious liquidity problems or no longer fulfills capital adequacy requirements. FINMA
has broad powers and discretion in the case of resolution proceedings, which include the power to convert debt instruments and other liabilities
of Credit Suisse into equity and/or cancel such liabilities in whole or in part. If one or more of these measures were imposed, such measures
may adversely affect the terms and market value of the Notes and/or the ability of Credit Suisse to make payments thereunder and you may
not receive any amounts owed to you under the Notes.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Risks Relating to Conflicts of Interest</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Hedging and trading activity</B></FONT> &mdash; <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We,
any dealer or any of our or their respective affiliates may carry out hedging activities related to the Notes, including in instruments
related to the Underlying. We, any dealer or any of our or their respective affiliates may also trade instruments related to the Underlying
from time to time. Any of these hedging or trading activities on or prior to the Trade Date and during the term of the Notes could adversely
affect our payment to you at maturity.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Potential conflicts</B></FONT> <FONT STYLE="font-size: 10pt">&mdash;
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We and our affiliates play a variety of roles in connection with the issuance
of the Notes, including acting as calculation agent, hedging our obligations under the Notes and determining their estimated value. In
performing these duties, the economic interests of us and our affiliates are potentially adverse to your interests as an investor in the
Notes. Further, hedging activities may adversely affect any payment on or the value of the Notes. Any profit in connection with such hedging
activities will be in addition to any other compensation that we and our affiliates receive for the sale of the Notes, which creates an
additional incentive to sell the Notes to you.</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Risks Relating to the Estimated Value and Secondary Market Prices
of the Notes</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Unpredictable economic and market factors will affect
the value of the Notes &mdash; </B>The payout on the Notes can be replicated using a combination of the components described in &ldquo;The
estimated value of the Notes on the Trade Date may be less than the Price to Public.&rdquo; Therefore, in addition to the level of the
Underlying, the terms of the Notes at issuance and the value of the Notes prior to maturity may be influenced by factors that impact the
value of fixed income securities and options in general, such as:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 18pt">o</TD><TD>the expected and actual volatility of the Underlying;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 18pt">o</TD><TD>the time to maturity of the Notes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 18pt">o</TD><TD>the dividend rate on the equity securities included in the Underlying;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 18pt">o</TD><TD>interest and yield rates in the market generally;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 18pt">o</TD><TD>investors&rsquo; expectations with respect to the rate of inflation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 18pt">o</TD><TD>geopolitical conditions and economic, financial, political, regulatory, judicial or other events that affect the components included
in the Underlying or markets generally and which may affect the levels of the Underlying; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 18pt">o</TD><TD>our creditworthiness, including actual or anticipated downgrades in our credit ratings.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">Some or all of these factors may influence
the price that you will receive if you choose to sell your Notes prior to maturity, and such price could be less than your initial investment
and significantly different than the amount expected at maturity. The impact of any of the factors set forth above may enhance or offset
some or all of any change resulting from another factor or factors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>The
estimated value of the Notes on the Trade Date may be less than the Price to Public </B></FONT>&mdash; <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
initial estimated value of your Notes on the Trade Date (as determined by reference to our pricing models and our internal funding rate)
may be significantly less than the original Price to Public. The Price to Public of the Notes includes any discounts or commissions as
well as transaction costs such as expenses incurred to create, document and market the Notes and the cost of hedging our risks as issuer
of the Notes through one or more of our affiliates (which includes a projected profit). These costs will be effectively borne by you as
an investor in the Notes. These amounts will be retained by Credit Suisse or our affiliates in connection with our structuring and offering
of the Notes (except to the extent discounts or commissions are reallowed to other broker-dealers or any costs are paid to third parties).
</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">On the Trade Date, we value the components
of the Notes in accordance with our pricing models. These include a fixed income component valued using our internal funding rate, and
individual option components valued using proprietary pricing models dependent on inputs such as volatility, correlation, dividend rates,
interest rates and other factors, including assumptions about future market events and/or environments. These inputs may be market-observable
or may be based on</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">assumptions made by us in our discretionary
judgment. As such, the payout on the Notes can be replicated using a combination of these components and the value of these components,
as determined by us using our pricing models, will impact the terms of the Notes at issuance. Our option valuation models are proprietary.
Our pricing models take into account factors such as interest rates, volatility and time to maturity of the Notes, and they rely in part
on certain assumptions about future events, which may prove to be incorrect.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">Because Credit Suisse&rsquo;s pricing models
may differ from other issuers&rsquo; valuation models, and because funding rates taken into account by other issuers may vary materially
from the rates used by Credit Suisse (even among issuers with similar creditworthiness), our estimated value at any time may not be comparable
to estimated values of similar notes of other issuers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Effect of interest rate used in structuring the Notes
&mdash; </B>The internal funding rate we use in structuring notes such as these Notes is typically lower than the interest rate that is
reflected in the yield on our conventional debt securities of similar maturity in the secondary market (our &ldquo;secondary market credit
spreads&rdquo;). If on the Trade Date our internal funding rate is lower than our secondary market credit spreads, we expect that the
economic terms of the Notes will generally be less favorable to you than they would have been if our secondary market credit spread had
been used in structuring the Notes. We will also use our internal funding rate to determine the price of the Notes if we post a bid to
repurchase your Notes in secondary market transactions. See &ldquo;&mdash;Secondary Market Prices&rdquo; below. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Secondary market prices</B> &mdash; If Credit Suisse (or
an affiliate) bids for your Notes in secondary market transactions, which we are not obligated to do, the secondary market price (and
the value used for account statements or otherwise) may be higher or lower than the Price to Public and the estimated value of the Notes
on the Trade Date. The estimated value of the Notes on the cover of this pricing supplement does not represent a minimum price at which
we would be willing to buy the Notes in the secondary market (if any exists) at any time. The secondary market price of your Notes at
any time cannot be predicted and will reflect the then-current estimated value determined by reference to our pricing models, the related
inputs and other factors, including our internal funding rate, customary bid and ask spreads and other transaction costs, changes in market
conditions and deterioration or improvement in our creditworthiness. In circumstances where our internal funding rate is higher than our
secondary market credit spreads, our secondary market bid for your Notes could be less favorable than what other dealers might bid because,
assuming all else equal, we use the higher internal funding rate to price the Notes and other dealers might use the lower secondary market
credit spread to price them. Furthermore, assuming no change in market conditions from the Trade Date, the secondary market price of your
Notes will be lower than the Price to Public because it will not include any discounts or commissions and hedging and other transaction
costs. If you sell your Notes to a dealer in a secondary market transaction, the dealer may impose an additional discount or commission,
and as a result the price you receive on your Notes may be lower than the price at which we may repurchase the Notes from such dealer.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">We (or an affiliate) may initially post
a bid to repurchase the Notes from you at a price that will exceed the then-current estimated value of the Notes. That higher price reflects
our projected profit and costs, which may include discounts and commissions that were included in the Price to Public, and that higher
price may also be initially used for account statements or otherwise. We (or our affiliate) may offer to pay this higher price, for your
benefit, but the amount of any excess over the then-current estimated value will be temporary and is expected to decline over a period
of approximately seven months.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">The Notes are not designed to be short-term
trading instruments and any sale prior to maturity could result in a substantial loss to you. You should be willing and able to hold your
Notes to maturity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&uml;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Lack of liquidity</B> &mdash; The Notes will not be listed
on any securities exchange. Credit Suisse (or its affiliates) intends to offer to purchase the Notes in the secondary market but is not
required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the Notes when
you wish to do so. Because other dealers are not likely to make a secondary market for the Notes, the price at which you may be able to
trade your Notes is likely to depend on the price, if any, at which Credit Suisse (or its affiliates) is willing to buy the Notes. If
you have to sell your Notes prior to maturity, you may not be able to do so or you may have to sell them at a substantial loss.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #4D92B4; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: left; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white">Hypothetical Examples of How the Notes Might Perform</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Hypothetical terms only. Actual terms may vary.
See the cover page for actual offering terms.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The examples and table below illustrate Payments at Maturity for a hypothetical
offering of the Notes under various scenarios, with the assumptions set forth below (the actual terms for the Notes offering will be determined
on the Trade Date). Numbers in the examples and table below have been rounded for ease of analysis. You should not take these examples
or the table below as an indication or assurance of the expected performance of the Underlying. You should consider carefully whether
the Notes are suitable to your investment goals. Any payment on the Notes is subject to our ability to pay our obligations as they become
due.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Principal Amount:</FONT></TD>
    <TD STYLE="width: 48%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Term:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Five years</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum Gain:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60% (the bottom of the expected range of 60% to 62.50%)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><B>Example 1</B>&mdash; <B>The level of the Underlying
<I>increases</I> by 70% from the Initial Underlying Level to the Final Underlying Level. </B>Because the Underlying Return is greater
than the Maximum Gain of 60%, Credit Suisse would pay you the Principal Amount plus a return equal to the Maximum Gain of 60%, resulting
in a Payment at Maturity of $16 per $10 Principal Amount of Notes, calculated as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #231F20">$10 + [$10 &times; the lesser of
(i) Maximum Gain and (ii) Underlying Return]</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #231F20">$10 + ($10 &times; the lesser of
(i) 60% and (ii) 70%)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #231F20">$10 + ($10 &times; 60%)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #231F20">$10 + $6 = $16</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><B>Example 2</B>&mdash; <B>The level of the Underlying
<I>increases</I> by 10% from the Initial Underlying Level to the Final Underlying Level. </B>Because the Underlying Return is positive
and less than the Maximum Gain of 60%, Credit Suisse would pay you the Principal Amount plus a return equal to the Underlying Return,
resulting in a Payment at Maturity of $11 per $10 Principal Amount of Notes, calculated as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #231F20">$10 + [$10 &times; the lesser of
(i) Maximum Gain and (ii) Underlying Return]</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #231F20">$10 + ($10 &times; the lesser of
(i) 60% and (ii) 10%)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #231F20">$10 + ($10 &times; 10%)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #231F20">$10 + $1 = $11</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><B>Example 3</B>&mdash; <B>The level of the Underlying
<I>decreases </I>by 60% from the Initial Underlying Level to the Final Underlying Level.</B> Because the Underlying Return is less than
or equal to zero, you would receive $10 for each $10 Principal Amount of Notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20"><B><I>Hypothetical Payment at Maturity (per Note)</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20">The table below illustrates, for a $10 investment in
the Notes, hypothetical Payments at Maturity for a hypothetical range of Underlying Returns. The hypothetical Payments at Maturity set
forth below are for illustrative purposes only. The actual Payment at Maturity applicable to a purchaser of the Notes will depend on the
Final Underlying Level. You should consider carefully whether the Notes are suitable to your investment goals. Any payment on the Notes
is subject to our ability to pay our obligations as they become due. The numbers appearing in the table below have been rounded for ease
of analysis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 38%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Underlying
Return</B></P></TD>
    <TD STYLE="width: 32%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Return
on the Notes</B></P></TD>
    <TD STYLE="width: 30%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Payment
at Maturity (per Note)</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">90%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">80%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$16</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCCCCC">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>60%</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>60%</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$16</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$11</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCCCCC">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0%</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0%</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$10</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&minus;10%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&minus;20%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&minus;30%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&minus;40%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&minus;50%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&minus;60%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&minus;70%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&minus;80%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&minus;90%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&minus;100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #4D92B4; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>United States Federal Tax Considerations</B></FONT></TD>
    <TD STYLE="width: 50%; text-align: left; font-weight: bold">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This discussion supplements and, to the extent inconsistent therewith,
supersedes the discussion in the accompanying product supplement under &ldquo;United States Federal Tax Considerations.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In the opinion of our counsel, Davis Polk &amp; Wardwell LLP, which
is based on current market conditions, the securities should be treated as &ldquo;contingent payment debt instruments&rdquo; for U.S.
federal income tax purposes, as described in the section of the accompanying product supplement called &ldquo;United States Federal Tax
Considerations&mdash;Tax Consequences to U.S. Holders&mdash;Securities Treated as Contingent Payment Debt Instruments,&rdquo; and the
remaining discussion assumes that this treatment of the securities is respected.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If you are a U.S. Holder, you will be required to recognize interest
income during the term of the securities at the &ldquo;comparable yield,&rdquo; which generally is the yield at which we could issue a
fixed-rate debt instrument with terms similar to those of the securities, including the level of subordination, term, timing of payments
and general market conditions, but excluding any adjustments for the riskiness of the contingencies or the liquidity of the securities.
We are required to construct a &ldquo;projected payment schedule&rdquo; in respect of the securities representing a payment the amount
and timing of which would produce a yield to maturity on the securities equal to the comparable yield. Assuming you hold the securities
until their maturity, the amount of interest you include in income based on the comparable yield in the taxable year in which the securities
mature will be adjusted upward or downward to reflect the difference, if any, between the actual and projected payment on the securities
at maturity as determined under the projected payment schedule.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Upon the sale, exchange or retirement of the securities prior to maturity,
you generally will recognize gain or loss equal to the difference between the proceeds received and your adjusted tax basis in the securities.
Your adjusted tax basis will equal your purchase price for the securities, increased by interest previously included in income on the
securities. Any gain generally will be treated as ordinary income, and any loss generally will be treated as ordinary loss to the extent
of prior interest inclusions on the security and as capital loss thereafter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We will determine the comparable yield for the securities and will provide
that comparable yield, and the projected payment schedule, in the final pricing supplement for the securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Neither the comparable yield nor the projected payment schedule constitutes
a representation by us regarding the actual amount that we will pay on the securities.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Non-U.S. Holders. </B> Subject to the discussions in the next paragraph
and in &ldquo;United States Federal Tax Considerations&rdquo; in the accompanying product supplement, if you are a Non-U.S. Holder (as
defined in the accompanying product supplement) of the securities, you generally will not be subject to U.S. federal withholding or income
tax in respect of any amount paid to you with respect to the securities, provided that (i) income in respect of the securities is not
effectively connected with your conduct of a trade or business in the United States, and (ii) you comply with the applicable certification
requirements. See &ldquo;United States Federal Tax Considerations&mdash;Tax Consequences to Non-U.S. Holders&rdquo; in the accompanying
product supplement for a more detailed discussion of the rules applicable to Non-U.S. Holders of the securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As discussed under &ldquo;United States Federal Tax Considerations&mdash;Tax
Consequences to Non-U.S. Holders&mdash;Dividend Equivalents under Section 871(m) of the Code&rdquo; in the accompanying product supplement,
Section 871(m) of the Internal Revenue Code generally imposes a 30% withholding tax on &ldquo;dividend equivalents&rdquo; paid or deemed
paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities.
Treasury regulations under Section 871(m), as modified by an Internal Revenue Service (the &ldquo;IRS&rdquo;) notice, exclude from their
scope financial instruments issued prior to January 1, 2023 that do not have a &ldquo;delta&rdquo; of one with respect to any U.S. equity.
Based on the terms of the securities and representations provided by us as of the date of this preliminary pricing supplement, our counsel
is of the opinion that the securities should not be treated as transactions that have a &ldquo;delta&rdquo; of one within the meaning
of the regulations with respect to any U.S. equity and, therefore, should not be subject to withholding tax under Section 871(m). However,
the final determination regarding the treatment of the securities under Section 871(m) will be made as of the Trade Date for the securities
and it is possible that the securities will be subject to withholding tax under Section 871(m) based on circumstances on that date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A determination that the securities are not subject to Section 871(m)
is not binding on the IRS, and the IRS may disagree with this determination. Moreover, Section 871(m) is complex and its application may
depend on your particular circumstances, including your other transactions. You should consult your tax advisor regarding the potential
application of Section 871(m) to the securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We will not be required to pay any additional amounts with respect to
U.S. federal withholding taxes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>You should read the section entitled &ldquo;United States Federal
Tax Considerations&rdquo; in the accompanying product supplement. </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>You should also consult your tax advisor regarding all aspects of
the U.S. federal income and estate tax consequences of an investment in the securities and any tax consequences arising under the laws
of any state, local or non-U.S. taxing jurisdiction.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #4D92B4; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Historical Information</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 31.5pt 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 31.5pt 0pt 0">The following graph sets forth the historical performance
of the Underlying based on the Closing Levels of the Underlying from January 3, 2017 through July 29, 2022. The Closing Level of the S&amp;P
500<SUP>&reg;</SUP> Index on July 29, 2022 was 4130.29. We obtained the historical information below from Bloomberg, without independent
verification. The closing levels reported by Bloomberg may not be indicative of closing levels derived from the applicable Reuters page.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 31.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 27pt 0pt 0">You should not take the historical levels of the Underlying
as an indication of future performance of the Underlying or the Notes. Any historical trend in the level of the Underlying during any
period set forth below is not an indication that the level of the Underlying is more or less likely to increase or decrease at any time
over the term of the Notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 27pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 31.5pt 0pt 0">For additional information about the S&amp;P 500<SUP>&reg;</SUP>
Index, see &ldquo;The Reference Indices&mdash;The S&amp;P Dow Jones Indices&mdash;The S&amp;P 500<SUP>&reg;</SUP> Index&rdquo; in the
accompanying underlying supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 31.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>Historical Performance of the SPX 500<SUP>&reg;</SUP>
Index</U></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.gif" ALT="" STYLE="height: 283px; width: 439px"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Source: Bloomberg</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #4D92B4; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: left; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white">Supplemental
Use of Proceeds and Hedging</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We intend to use the proceeds of this offering for our general corporate
purposes, which may include the refinancing of existing debt outside Switzerland. Some or all of the proceeds we receive from the sale
of the Notes may be used in connection with hedging our obligations under the Notes through one or more of our affiliates. Such hedging
or trading activities on or prior to the Trade Date and during the term of the Notes could adversely affect the value of the Underlying
and, as a result, could decrease the amount you may receive on the Notes at maturity. For additional information, see &ldquo;Supplemental
Use of Proceeds and Hedging&rdquo; in the accompanying product supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #4D92B4; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: left; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white">Supplemental
Plan of Distribution </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under the terms of a distributor accession confirmation with UBS Financial
Services Inc., dated as of March 12, 2014, UBS Financial Services Inc. will act as distributor for the Notes. The distributor will receive
a fee from Credit Suisse or one of our affiliates of up to $0.35 per $10 principal amount of Notes. For additional information, see &ldquo;Underwriting
(Conflicts of Interest)&rdquo; in any accompanying product supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We expect to deliver the Notes against payment for the Notes on the
Settlement Date indicated herein, which may be a date that is greater or less than two business days following the Trade Date. Under
Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two
business days, unless the parties to a trade expressly agree otherwise. Accordingly, if the Settlement Date is more than two business
days after the Trade Date, purchasers who wish to transact in the Notes more than two business days prior to the Settlement Date will
be required to specify alternative settlement arrangements to prevent a failed settlement.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
