Corporate Press Release
Credit Suisse AG Announces the Reverse Splits of its UGLD and USLV ETNs
The reverse splits will be effective at the open of trading on October 15, 2018. UGLD and USLV will each begin trading on the Nasdaq Stock Market on a reverse split-adjusted basis on October 15, 2018. Holders of UGLD and USLV who purchased such ETNs prior to October 15, 2018 will receive one reverse split-adjusted ETN for every ten pre-reverse split ETNs, respectively.
In addition, such purchasers that hold a number of ETNs not evenly divisible by ten will receive a cash payment for any fractional ETNs remaining (the "partials"). The cash amount due on any partials will be determined on October 19, 2018 based on the respective closing indicative values of UGLD and USLV on such date and will be paid by Credit Suisse AG on or about October , 2018.
The closing indicative values of UGLD and USLV on October 14, 2018 will be multiplied by ten to determine their respective reverse split-adjusted closing indicative values. Following the reverse splits, UGLD and USLV will have new CUSIPs but will retain their same exchange ticker symbols.
The reverse splits will affect the trading denominations of UGLD and USLV but they will not have any effect on the stated principal amount of any ETN, except that the stated principal amount of each will be reduced by the corresponding aggregate amount of any cash payments for the "partials."
Illustration of a Reverse Split
The following table shows the effect of a 1-for-10 reverse split on 100,000 ETNs:
|Number of ETNs||Hypothetical Closing Indicative Value||Aggregate Closing Indicative Value|
|1-for-10 Post-Reverse Split||10,000||$50.00||$500,000|
The above table illustrates the effect of the reverse split on the number of ETNs and the hypothetical closing indicative value of the ETNs. The closing indicative value is not the same as the trading price of the ETNs.
None of the other exchange traded notes issued by Credit Suisse AG are affected by this announcement.
|Exchange Ticker Symbol||Current CUSIP / New CUSIP|
|VelocityShares™ 3x Long Gold ETNs due October 14, 2031||UGLD||
22542D688 / 22542D316
|VelocityShares™ 3x Long Silver ETNs due October 14, 2031||USLV||22539T597 / 22542D290|