Credit Suisse AG Announces the Reverse Split of Its TVIX ETNs and the Acceleration for Early Redemption of Its LPAL, IPAL, LCPR

    Credit Suisse AG Announces the Reverse Split of Its TVIX ETNs and the
   Acceleration for Early Redemption of Its LPAL, IPAL, LCPR and SCPR ETNs

PR Newswire

NEW YORK, Dec. 14, 2012

NEW YORK, Dec. 14, 2012 /PRNewswire/ -- Credit Suisse AG announced today that
it will implement a 1-for-10 reverse split of its VelocityShares™ Daily 2x VIX
Short Term ETNs due December 4, 2030 ("TVIX") effective December 21, 2012.

(Logo: http://photos.prnewswire.com/prnh/20091204/CSLOGO )

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 in
the cases of "partial ETNs." On December 14, 2012, the closing indicative
value of TVIX was $0.88.

The closing indicative value of TVIX on December 20, 2012 will be multiplied
by ten to determine the reverse-split adjusted closing indicative value of
TVIX. The reverse split of TVIX will be effective at the open of trading on
December 21, 2012 and TVIX will begin trading on the NYSE Arca on a
reverse-split adjusted basis on such date. Following the reverse split, TVIX
will have a new CUSIP but will retain the same ticker symbol.

Holders of record of a number of units of TVIX that is not evenly divisible by
ten on December 26, 2012 will receive one reverse-split adjusted ETN for every
ten units of TVIX and a cash payment for any odd number of TVIX units
remaining (the "partials"). The cash amount due on any partials will be
determined on January 2, 2013, based on the closing indicative value of TVIX
on such date and will be paid by Credit Suisse AG on January 3, 2013.

Credit Suisse AG also announced today that it will redeem four ETNs. Credit
Suisse AG will accelerate for early redemption its VelocityShares™ 2x Long
Palladium ETNs ("LPAL"), 2x Inverse Palladium ETNs ("IPAL"), 2x Long Copper
ETNs ("LCPR") and 2x Inverse Copper ETNs ("SCPR"), in each case on December
31, 2012.

Credit Suisse AG expects to deliver notice via The Depository Trust Company of
the acceleration for early redemption of LPAL, IPAL, LCPR and SCPR no later
than December 17, 2012. Investors will receive a cash payment per ETN equal to
the arithmetic average of the closing indicative values of such ETNs during
their respective accelerated valuation periods. The accelerated valuation
periods in each case will be a period of five consecutive index business days,
which is expected to be from December 19, 2012 to December 26, 2012. The
acceleration date for each ETN is expected to be three business days after the
last day of the respective valuation period, December 31, 2012.

None of the other ETNs offered by Credit Suisse AG are affected by these
announcements.

Reverse Split                                          Ticker Symbol CUSIP
VelocityShares™ Daily 2x VIX Short Term ETNs due       TVIX          22542D761
December 4, 2030
Acceleration for Early Redemption                      Ticker Symbol CUSIP
VelocityShares™ ^ 2x Long Palladium ETN due October    LPAL          22542D621
14, 2031
VelocityShares^™ 2x Inverse Palladium ETN due October  IPAL          22542D613
14, 2031
VelocityShares^™ 2x Long Copper ETN due February 9,    LCPR          22542D563
2032
VelocityShares^™ 2x Inverse Copper ETN due February 9, SCPR          22542D522
2032

Credit Suisse AG

Credit Suisse AG is one of the world's leading financial services providers
and is part of the Credit Suisse group of companies (referred to here as
'Credit Suisse'). As an integrated bank, Credit Suisse is able to offer
clients its expertise in the areas of private banking, investment banking and
asset management from a single source. Credit Suisse provides specialist
advisory services, comprehensive solutions and innovative products to
companies, institutional clients and high net worth private clients worldwide,
and also to retail clients in Switzerland. Credit Suisse is headquartered in
Zurich and operates in over 50 countries worldwide. The group employs
approximately 48,400 people. The registered shares (CSGN) of Credit Suisse's
parent company, Credit Suisse Group AG, are listed in Switzerland and, in the
form of American Depositary Shares (CS), in New York. Further information
about Credit Suisse can be found at www.credit-suisse.com.

SOURCE Credit Suisse AG

Website: http://www.credit-suisse.com
Contact: Katherine Herring, Credit Suisse, +1-212-325-7545,
katherine.herring@credit-suisse.com
 
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