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The Credit Suisse Carry Income Index, Due March 2021

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The Credit Suisse Carry Income Index, Due March 2021 Credit Suisse AG, Nassau Branch Up to USD 500,000,000 Notes linked to the Credit Suisse Carry Income Index, due March 2021 (the "Notes" or the "Securities") Series NNP2017-872 ISIN: XS1739502257 Issue Price: 100 per cent. of the Aggregate Nominal Amount Summary and Securities Note This document comprises two parts: Part One is a summary of the Registration Document and Securities Note (the "Summary"); and Part Two is a securities note (the "Securities Note"). The Summary and Securities Note contain information relating to the above Securities. Registration Document The Summary and Securities Note shall be read in conjunction with the registration document dated 30 March 2017 (the "Original Registration Document"), as supplemented by a supplement dated 11 April 2017, a supplement dated 10 May 2017, a supplement dated 3 August 2017, a supplement dated 7 November 2017, a supplement dated 17 November 2017, a supplement dated 7 December 2017 and a supplement dated 29 December 2017 (the Original Registration Document as so supplemented, the "Registration Document"), containing information in respect of Credit Suisse AG, acting through its Nassau Branch (the "Issuer"). Prospectus Together, the Registration Document, the Summary and the Securities Note constitute a "prospectus" (the "Prospectus") for the Securities, prepared for the purposes of Article 5.3 of Directive 2003/71/EC, as amended from time to time, including by Directive 2010/73/EU (the "Prospectus Directive"). The Prospectus and all related notices will be published on the website of the Issuer (https://derivative.credit-suisse.com/uk/gb/en/) and the website of the Luxembourg Stock Exchange (www.bourse.lu). Programme The Prospectus is one of a number of prospectuses under the Structured Products Programme for the issuance of Notes, Certificates and Warrants (the "Programme") of the Issuer and Credit Suisse International. The Securities The Securities are in the form of Notes and are issued by the Issuer under the Programme. The terms and conditions of the Securities will comprise: the General Terms and Conditions of Notes (the "General Conditions") as incorporated by reference from the Put and Call Securities Base Prospectus dated 27 July 2017 pursuant to the Credit Suisse AG and Credit Suisse International Structured Products Programme for the issuance of Notes, Certificates and Warrants that has been approved by the Luxembourg Commission de Surveillance du Secteur Financier (as supplemented up to, and including, the date hereof, the "Base Prospectus"); 1 the applicable Product Conditions (the "Product Conditions") as incorporated by reference from the Base Prospectus; the Asset Terms for Equity Index-linked Securities (the "Asset Terms") as incorporated by reference from the Base Prospectus; and the specific terms of the Securities, as completing and amending the General Conditions, the Product Conditions and the Asset Terms, as set forth in "Specific Terms" below. Underlying Asset The return on the Securities is linked to the performance of the Credit Suisse Carry Income Index. "Risk Factors" section in the Prospectus Depending on the performance of the Underlying Asset, you may or may not realise at maturity any return in excess of the amount you invest in the Securities. Before purchasing any Securities, you should consider, in particular, the information in the section entitled "Risk Factors" below together with the relevant Risk Factors set out in the Registration Document and those incorporated by reference from the Base Prospectus, the 31 August 2017 Supplement (as defined below), the 26 September 2017 Supplement (as defined below) and the 14 November 2017 Supplement (as defined below). EU Benchmark Regulation: Article 29(2) statement on benchmarks Amounts payable under the Securities are calculated by reference to the Credit Suisse Carry Income Index, which is provided by Credit Suisse International (the "Administrator"). As at the date of this Prospectus, the Administrator does not appear on the register of administrators and benchmarks established and maintained by the European Securities and Markets Authority ("ESMA") pursuant to article 36 of the Benchmark Regulation (Regulation (EU) 2016/1011) (the "BMR"). PROHIBITION OF SALES TO EEA RETAIL INVESTORS – The Notes are not intended, from 3:00 p.m. (Central European Time) on 23 February 2018, to be offered, sold or otherwise made available to and, with effect from such date, should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU ("MiFID II"); or (ii) a customer within the meaning of Directive 2002/92/EC ("IMD"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Directive. Consequently no key information document required by Regulation (EU) No 1286/2014 (the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the EEA will be available following 23 February 2018 and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPS Regulation. 19 January 2018 - 2 - TABLE OF CONTENTS Page IMPORTANT NOTICES .............................................................................................................. 4 PART ONE .................................................................................................................................. 5 SUMMARY .................................................................................................................................. 5 PART TWO ............................................................................................................................... 20 SECURITIES NOTE .................................................................................................................. 20 RISK FACTORS ........................................................................................................................ 20 DOCUMENTS INCORPORATED BY REFERENCE ................................................................ 37 SPECIFIC TERMS .................................................................................................................... 39 DESCRIPTION OF THE CREDIT SUISSE CARRY INCOME INDEX ..................................... 54 DESCRIPTION OF THE SUB-INDICES ................................................................................... 70 TAXATION .............................................................................................................................. 124 SELLING RESTRICTIONS ..................................................................................................... 127 GENERAL INFORMATION ..................................................................................................... 128 - 3 - IMPORTANT NOTICES Potential for Discretionary Determinations by the Issuer under the Securities Under the terms and conditions of the Securities, following the occurrence of certain events outside of its control, the Issuer may determine in its discretion to take one or more of the actions available to it to address the impact of such event on the Securities or the Issuer or both. It is possible that any such discretionary determination by the Issuer could have a material adverse impact on the value of and return on the Securities. No other person is authorised to give information on the Securities In connection with the issue and sale of the Securities, no person is authorised by the Issuer to give any information or to make any representation not contained in the Registration Document, the Summary or the Securities Note, and neither the Issuer nor the Dealer accepts responsibility for any information or representation so given that is not contained in the Registration Document, the Summary or the Securities Note. Not an offer The Prospectus does not constitute an offer to the public of Securities in any jurisdiction other than the United Kingdom, as set out herein, and may not be used for the purposes of an offer to the public or solicitation by anyone, in any jurisdiction in which such offer or solicitation is not authorised, or to any person to whom it is unlawful to make such offer or solicitation and no action is being taken to permit an offering of the Securities to the public or the distribution of the Prospectus in any jurisdiction where any such action is required except as specified herein. Restrictions on distribution The distribution of the Prospectus and the offering of the Securities in certain jurisdictions may be restricted by law. Persons into whose possession the Registration Document, the Summary or the Securities Note comes are required by the Issuer to inform themselves about, and to observe, such restrictions. For a description of certain restrictions on offers or sales of the Securities and the distribution of the Prospectus and other offering materials relating to the Securities, please refer to the section entitled "Selling Restrictions" of the Base Prospectus which is incorporated by reference into this document. Important U.S. notice The Securities have not been and will not be registered under the U.S. Securities Act of 1933 (the "Securities Act"). Subject to certain
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