Product Terms

3 year Accelerated Barrier Notes linked to the performance of the United States Oil Fund LP.

If the Final Level is greater than the Initial Level, you will be entitled to receive participation in the appreciation, if any, of the Underlying, subject to the Underlying Return Cap.

If the Final Level is less than the Initial Level and a Knock-In Event does not occur, you will be entitled to receive the principal amount at maturity.

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

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 February 19, 2016
Settlement Date:	Expected to be February 24, 2016
Underlying:	The United States Oil Fund LP
Underlying Return Cap:**	Expected to be at least 57.50%.
Redemption Amount:	Principal Amount x (1+ Underlying Return).
Underlying Return:	If (a) the Final Level is equal to or greater than the Initial Level, then: the lesser of (i) the Underlying Return Cap and (ii) (Final Level – Initial Level) / Initial Level; (b) the Final Level is less than the Initial Level and (i) a Knock-In Event occurs, then: [(Final Level – Initial Level)/Initial Level]; or (ii) a Knock-In Event does not occur, then: zero.
Knock-In Level**:	Approximately 50% of the Initial Level.
Knock-In Event:	Occurs if the Final Level is equal to or less than the Knock-In Level.
Initial Level:	The closing level of the Underlying on the Trade Date.
Final Level:	The closing level of the Underlying on the Valuation Date.
Valuation Date:	February 19, 2019
Maturity Date:	February 22, 2019
CUSIP:	22546VVZ6
Fees:	Credit Suisse Securities (USA) LLC and any agent (the “Agents”) may receive varying discounts and commissions of up to $30.50 per $1,000 principal amount of securities and will forgo fees for sales to fiduciary accounts. The Agents may re-allow some or all of the discount on the principal amount per security on sales of such securities by other brokers or dealers.

* 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

Subject to a cap, participation in the appreciation, if any, of the Underlying.

Subject to Knock-In Event, return of principal.

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

Knock-In Level of approximately 50% of the Initial Level.

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%	50.00%	$1,500
40%	40.00%	$1,400
30%	30.00%	$1,300
20%	20.00%	$1,200
10%	10.00%	$1,100
0%	0.00%	$1,000
-10%	0.00%	$1,000
-20%	0.00%	$1,000
-40%	0.00%	$1,000
-50%	-50.00%	$500
-60%	-60.00%	$400

(1)

Assumes an Underlying Return Cap of 57.50%**..

(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

Your investment may result in a loss of up to 100% of the principal amount. The Redemption Amount will be less than the principal amount if the Final Level is less than the Initial Level and a Knock-In Event occurs. In such case, you will be fully exposed to any depreciation in the Underlying.

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

The securities do not pay interest.

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

(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 February 8, 2016, 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.