Product Terms

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3.5 year Digital Buffered Notes linked to the performance of the Russell 2000^® Index.

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If the Final Level is equal to or greater than the Initial Level or is less than the Initial Level by not more than the Buffer Amount, you will be entitled to an amount equal to the Fixed Payment Percentage.

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If the Final Level is less than the Initial Level by more than the Buffer Amount, you will be exposed to any depreciation in the Underlying beyond the Buffer Amount.

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

Issuer*:	Credit Suisse AG (“Credit Suisse”), acting through its London branch.
Trade Date:	Expected to be January 27, 2016
Settlement Date:	Expected to be January 29, 2016
Underlying:	The Russell 2000^® Index
Fixed Payment Percentage**:	Expected to be between 18% and 21%.
Redemption Amount:	Principal Amount x (1 + Underlying Return).
Underlying Return:	If (a) the Final Level is equal to or greater than the Initial Level, or is less than the Initial Level by not more than the Buffer Amount, then: the Fixed Payment Percentage; (b) the Final Level is less than the Initial Level by more than the Buffer Amount, then: [(Final Level – Initial Level) / Initial Level] + Buffer Amount.
Buffer Amount:	20%
Initial Level:	The closing level of the Underlying on the Trade Date.
Final Level:	The closing level of the Underlying on the Valuation Date.
Valuation Date:	July 29, 2019
Maturity Date:	July 31, 2019
CUSIP:	22546VTR7

*As used in this document, references to "we" or "our" are to Credit Suisse AG, as Issuer.
** To be determined on the Trade Date.

Certain Product Characteristics

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If the Underlying does not depreciate beyond the Buffer Amount, Fixed Payment Percentage expected to be between 18% and 21%**.

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Full downside participation in the depreciation of the Underlying beyond the Buffer Amount.

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Buffer Amount of 20%.

Hypothetical Returns at Maturity

Percentage Change from the Initial Level to the Final Level	Underlying Return ⁽¹⁾	Redemption Amount per $1,000 Principal Amount⁽¹⁾⁽²⁾
50%	19.50%	$1,195.00
40%	19.50%	$1,195.00
30%	19.50%	$1,195.00
20%	19.50%	$1,195.00
10%	19.50%	$1,195.00
0%	19.50%	$1,195.00
-10%	19.50%	$1,195.00
-20%	19.50%	$1,195.00
-30%	-10.00%	$900.00
-40%	-20.00%	$800.00
-50%	-30.00%	$700.00

(1)

Assumes a Fixed Payment Percentage of 19.50%** (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.

Certain Product Risks

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Your investment may result in a loss of up to 80% of the principal amount. The Redemption Amount will be less than the principal amount if the Final Level is less than the Initial Level by more than the Buffer Amount. In such case, you will be exposed to any depreciation in the Underlying beyond the Buffer Amount.

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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 Underlying Return will not exceed the Fixed Payment Percentage regardless of the appreciation in the level of the Underlying, which may be significant.

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

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

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

This document is a summary of the terms of the securities and factors that you should consider before deciding to invest in the securities. Credit Suisse has filed a registration statement (including preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus) with the Securities and Exchange Commission, or SEC, for the offering to which this offering summary relates. Before you invest, you should read this summary together with the Preliminary Pricing Supplement dated December 29, 2015, Underlying Supplement dated May 4, 2015, Product Supplement No. I dated May 4, 2015, Prospectus Supplement dated May 4, 2015 and Prospectus dated May 4, 2015, to understand fully the terms of the securities and other considerations that are important in making a decision about investing in the securities. If the terms described in the applicable preliminary pricing supplement are inconsistent with those described herein, the terms described in the applicable preliminary pricing supplement will control. You may get these documents without cost by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, Credit Suisse, any agent or any dealer participating in this offering will arrange to send you the preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus if you so request by calling toll-free 1 (800) 221-1037.

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