Autocallable Securities due February 28, 2019 Linked to the Performance of the Lowest Performing

Product Terms

Autocallable Securities due February 28, 2019 Linked to the Performance of the Lowest Performing of the S&P 500^® Index and the Russell 2000^® Index.

If a Trigger Event occurs on any Trigger Observation Date, the securities will be automatically redeemed and you will be entitled to receive a cash payment equal to the principal amount of securities you hold plus the Automatic Redemption Premium applicable to that Trigger Observation Date.

If the securities are not automatically redeemed and the Final Level of each Underlying is equal to or greater than its Initial Level, you will be entitled to receive the principal amount at maturity plus the Contingent Maximum Return expected to be between $170 and $210 (to be determined on the Trade Date).

If the securities are not automatically redeemed and a Knock-In Event does not occur, you will be entitled to receive the principal amount at maturity plus the Contingent Minimum Return of $100.

If the securities are not automatically redeemed and a Knock-In Event occurs, you will be fully exposed to any depreciation in the Lowest Performing 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 23, 2017.
Settlement Date:	Expected to be February 28, 2017.
Underlyings:	The S&P 500^® Index and the Russell 2000^® Index.
Automatic Redemption:	If a Trigger Event occurs on any Trigger Observation Date, the securities will be automatically redeemed and you will be entitled to receive a cash payment equal to the principal amount of securities you hold plus the Automatic Redemption Premium applicable to that Trigger Observation Date. Payment will be made in respect of such redemption on the corresponding Automatic Redemption Date, and no further payments on the securities will be made.
Trigger Event:	Occurs if on a Trigger Observation Date, the closing level of each Underlying is equal to or greater than its respective Trigger Level.
Trigger Level**:	For each Underlying, approximately 100% of the Initial Level of such Underlying.
Trigger Observation Dates**:	August 23, 2017, February 23, 2018 and August 23, 2018.
Automatic Redemption Dates**:	August 28, 2017, February 28, 2018 and August 28, 2018.
Automatic Redemption Premium Rate**:	Expected to be between 8.50% and 10.50% per annum.
Automatic Redemption Premium**:	For each $1,000 principal amount of securities you hold: · Expected to be between $42.50 and $52.50 if a Trigger Event occurs on the first Trigger Observation Date. · Expected to be between $85 and $105 if a Trigger Event occurs on the second Trigger Observation Date. · Expected to be between $127.50 and $157.50 if a Trigger Event occurs on the third Trigger Observation Date.
Knock-In Level**:	For each Underlying, approximately 70% of its Initial Level.
Knock-In Event:	Occurs if, on any trading day during the Observation Period, the closing level of any Underlying is less than its Knock-In Level.
Initial Level:	For each Underlying, the closing level of such Underlying on the Trade Date.
Observation Period:	The period from but excluding the Trade Date to and including the Valuation Date.
Final Level:	For each Underlying, the closing level of such Underlying on the Valuation Date.
Redemption Amount:	Subject to Automatic Redemption, principal amount of the securities you hold x (1 + Underlying Return of the Lowest Performing Underlying).
Lowest Performing Underlying:	The Underlying with the lowest Underlying Return.
Underlying Return:	For each Underlying, if (i) the Final Level of each Underlying is equal to or greater than its Initial Level, the Contingent Maximum Return and (ii) if the Final Level of any Underlying is less than its Initial Level and (a) a Knock-In Event occurs, [(Final Level – Initial Level)/Initial Level]; or (b) a Knock-In Event does not occur, then Contingent Minimum Return.
Contingent Maximum Return**:	Expected to be between 17% and 21% (to be determined on the Trade Date)
Contingent Minimum Return**:	10%
Valuation Date:	February 25, 2019
Maturity Date:	February 28, 2019
CUSIP:	22548QTV7
Fees:	Credit Suisse Securities (USA) LLC and any agent (the “Agents”) may receive varying discounts and commissions of up to $29.50 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

For each Underlying, the Knock-In Level will be approximately 70% of its Initial Level (to be determined on the Trade Date).

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	Redemption Amount per $1,000 Principal Amount (Knock-In Event Does Not Occur) ^(1)(2)(3)	Redemption Amount per $1,000 Principal Amount (Knock-In Event Occurs) ^(1)(2)(3)
50.00%	19.00%	$1,190.00	$1,000
40.00%	19.00%	$1,190.00	$1,000
30.00%	19.00%	$1,190.00	$1,000
20.00%	19.00%	$1,190.00	$1,000
10.00%	19.00%	$1,190.00	$1,000
0.00%	19.00%	$1,190.00	$1,000
−10.00%	10.00%	$1,100.00	$900
−20.00%	10.00%	$1,100.00	$800
−30.00%	10.00%	$1,100.00	$700
−40.00%	−40.00%	N/A	$600
−50.00%	−50.00%	N/A	$500

(1)

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.

(2)

Assumes Contingent Maximum Return of 19% (the midpoint of the expected range and to be determined on the Trade Date), a Contingent Minimum Return of 10%, a Knock-In Level of 70% (to be determined on the Trade Date) and that the securities have not been automatically redeemed.

Hypothetical Amounts due upon Automatic Redemption

Trigger Observation Date on Which Securities Are Called	Applicable Automatic Redemption Premium	Redemption Amount per $1,000 Principal Amount⁽¹⁾
1^st	$47.50	$1,047.50
2^nd	$95.00	$1,095.00
3^rd	$142.50	$1,142.50

(1)

This table illustrates the amount that would be due if a Trigger Event occurs on a Trigger Observation Date, based on the midpoints of each expected range. If a Trigger Event occurs on any Trigger Observation Date, the securities will be automatically redeemed and investors will be entitled to receive a cash payment equal to the principal amount of securities they hold plus the Automatic Redemption Premium applicable to that Trigger Observation Date. No further payments on the securities will be made.

Autocallable Securities due February 28, 2019 Linked to the Performance of the Lowest Performing

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 in 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 January 30, 2017, Underlying Supplement dated December 2, 2016, 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.