Product Terms

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2 year Callable Cert Plus Securities linked to the performance of the S&P 500^® Index and the Russell 2000^® Index.

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Subject to Early Redemption, if the Final Level of the Lowest Performing Underlying is greater than its Initial Level, you will be entitled to participate in the leveraged and uncapped appreciation of the Lowest Performing Underlying.

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Subject to Early Redemption, if the Final Level of the Lowest Performing Underlying is less than its Initial Level and a Knock-In Event does not occur, you will be entitled to receive the principal amount at maturity.

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If the Final Level of the Lowest Performing Underlying is less than its Initial Level and a Knock-In Event occurs, you will be fully exposed to any depreciation in the Lowest Performing Underlying.

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Any payment on the securities is subject to our ability to pay our obligations as they become due.

Issuer:	Credit Suisse AG (“Credit Suisse”), acting through one of its branches
Trade Date:	Expected to be November 26, 2014.
Settlement Date:	Expected to be December 2, 2014.
Underlyings:	The S&P 500^® Index and the Russell 2000^® Index.
Upside Participation
Rate*:	Expected to be 150%.
Redemption Amount:	Subject to Early Redemption, Principal Amount x (1 + Underlying Return of the Lowest Performing Underlying).
Lowest Performing
Underlying:	The Underlying with the lowest Underlying Return.
Underlying Return:	Subject to Early Redemption, for each Underlying, if (a) the Final Level of such Underlying is equal to or greater than its Initial Level, then the Upside Participation Rate × [(Final Level – Initial Level)/Initial Level]; or (b) the Final Level of such Underlying is less than its Initial Level and (i) a Knock-In Event occurs, then: [(Final Level – Initial Level)/Initial Level]; or (ii) a Knock-In Event has not occurred, then: zero.
Early Redemption:	Prior to the Maturity Date, the Issuer may redeem the securities on December 7, 2015 upon notice on or before December 2, 2015 at Principal Amount x (1 + Call Return).
Call Return*:	Expected to be between 10.00% and 12.00%.
Knock-In Level*:	For each Underlying, approximately 70% of its Initial Level.
Knock-In Event:	Occurs if the Final Level of either Underlying is equal to or less than its Knock-In Level.
Initial Level:	For each Underlying, the closing level of such Underlying on the Trade Date.
Final Level:	For each Underlying, the closing level of such Underlying on the Valuation Date.
Valuation Date:	November 28,2016
Maturity Date:	December 1, 2016
CUSIP:	22547QWE2

* To be determined on the Trade Date.

Certain Product Characteristics

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For each Underlying, if (a) the Final Level of such Underlying is equal to or greater than its Initial Level, then the Upside Participation Rate × [(Final Level – Initial Level)/Initial Level]; or (b) the Final Level of such Underlying is less than its Initial Level and (i) a Knock-In Event occurs, then: [(Final Level – Initial Level)/Initial Level]; or (ii) a Knock-In Event has not occurred, then: zero.

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For each Underlying, the Knock-In Level will be approximately 70%* of its Initial Level.

Hypothetical Returns at Maturity

Percentage Change from the Initial Level to the Final Level of the Lowest Performing Underlying	Underlying Return of the Lowest Performing Underlying⁽¹⁾	Redemption Amount per $1,000 Principal Amount^(1)(2)(3)
50%	75.00%	$1,750.00
40%	60.00%	$1,600.00
30%	45.00%	$1,450.00
20%	30.00%	$1,300.00
10%	15.00%	$1,150.00
0%	0.00%	$1,000.00
-10%	0.00%	$1,000.00
-20%	0.00%	$1,000.00
-30%	-30.00%	$700.00
-40%	-40.00%	$600.00
-50%	-50.00%	$500.00

(1)

Assumes an Upside Participation Rate of 150%* (the midpoint of the expected range).

(2)

The hypothetical Redemption Amounts set forth above are for illustrative purposes only and may not be the actual returns applicable to you. The numbers appearing in the table have been rounded for ease of analysis.

(3)

Assumes the securities are not redeemed prior to maturity.

Certain Product Risks

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Your investment may result in a loss of up to 100% of the principal amount. If a Knock-In Event occurs, the Underlying Return of the Lowest Performing Underlying will be negative and you will be fully exposed to any depreciation in the Lowest Performing Underlying.

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

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The securities do not pay interest.

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

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The Redemption Amount will be based on the Underlying Return of the Lowest Performing Underlying and, therefore, you will not benefit from the performance of any other Underlying.

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The securities are exposed to the risk of fluctuations in the level of the Underlyings to the same degree for each Underlying.

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The securities are subject to a potential Early Redemption, which may limit your ability to participate in any appreciation of the Underlyings during the term of the securities.

(See “Additional Risk Considerations” on the next page.)

The risks set forth in the section entitled “Certain Product Risks” on the preceding page and this section “Additional Risk Considerations” are only intended as summaries of some of the risks relating to an investment in the securities. Prior to investing in the securities, you should, in particular, review the “Certain Product Risks” and “Additional Risk Considerations” sections herein, the “Selected Risk Considerations” section in the pricing supplement, and the “Risk Factors” section of the product supplement, which set forth risks related to an investment in the securities.

IRS Circular 230 Disclosure: Credit Suisse and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with Credit Suisse of any of the matters address herein or for the purpose of avoiding U.S. tax-related penalties.

You may revoke your offer to purchase the securities at any time prior to the time at which we accept such offer on the date the securities are priced. We reserve the right to change the terms of, or reject any offer to purchase the securities prior to their issuance. In the event of any changes to the terms of the securities, we will notify you and you will be asked to accept such changes in connection with your purchase. You may also choose to reject such changes in which case we may reject your offer to purchase.

This document is a summary of the terms of the securities and factors that you should consider before deciding to invest in the securities. Credit Suisse has filed a registration statement (including pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus) with the Securities and Exchange Commission, or SEC, for the offering to which this offering summary relates. Before you invest, you should read this summary together with the Preliminary Pricing Supplement dated October 30, 2014, Underlying Supplement dated July 29, 2013, Product Supplement No. T-I dated March 23, 2012, Prospectus Supplement dated March 23, 2012 and Prospectus dated March 23, 2012 to understand fully the terms of the securities and other considerations that are important in making a decision about investing in the securities. You may get these documents without cost by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, Credit Suisse, any agent or any dealer participating in this offering will arrange to send you the pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus if you so request by calling toll-free 1 (800) 221-1037.

You may access the underlying supplement, product supplement, prospectus supplement and prospectus on the SEC website at www.sec.gov or by clicking on the hyperlinks to each of the respective documents incorporated by reference in the pricing supplement.