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Announcement

Credit Suisse AG announces reverse split of TVIX ETN

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Credit Suisse AG is to implement a 1-for-10 reverse split of its VelocityShares Daily 2x VIX Short Term ETN (TVIX), expected to be effective as of 23 June, 2015.

Holders of record will receive one reverse split-adjusted ETN for every ten units of TVIX. In addition, such holders of record that hold a number of units of ETNs not evenly divisible by ten will receive a cash payment for any fractional number of units remaining of TVIX (the partials). The cash amount due on any partials will be determined on June 30, 2015, based on the closing indicative value of TVIX on such date and will be paid by Credit Suisse AG on 1 July , 2015.

The closing indicative value of TVIX on 22 June, 2015 will be multiplied by ten to determine its reverse split-adjusted closing indicative value. The reverse split will be effective at the open of trading on June 23, 2015 and TVIX will begin trading on the NASDAQ Stock Market on a reverse split-adjusted basis on such date. Following the reverse split, TVIX will have a new CUSIP of 22539T423 but will retain the same ticker symbol TVIX.

The reverse split will affect the trading denominations of TVIX but it will not have any effect on the principal amount of the underlying notes, except that the principal amount will be reduced by the aggregate amount of any cash payments for "partials."

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