Credit Suisse AG announced today that it will implement a 1-for-10 reverse split of its VelocityShares 3x Long Crude Oil ETN (UWTI) and a 1-for-5  reverse split of its VelocityShares 3x Long Natural Gas ETN (UGAZ), each expected to be effective as of September 10, 2015.

The reverse splits will be effective at the open of trading on September 10, 2015 and UWTI and UGAZ will each begin trading on the NYSE Arca on a reverse split-adjusted basis on such date. Holders of UWTI and UGAZ who purchased the ETNs prior to September 10, 2015 will receive one reverse split-adjusted ETN for every ten pre reverse-split UWTI ETNs and one reverse-split adjusted ETN for every five pre reverse-split UGAZ ETNs, respectively. In addition, such purchasers that hold a number of units of ETNs not evenly divisible by ten or five, as applicable, will receive a cash payment for any fractional number of units remaining of such series of ETNs (the “partials”). The cash amount due on any partials will be determined on September 17, 2015 based on the respective closing indicative values of UWTI and UGAZ on such date and will be paid by Credit Suisse AG on September 18, 2015.

The closing indicative value of UWTI on September 9, 2015 will be multiplied by ten to determine its reverse split-adjusted closing indicative value, and the closing indicative value of UGAZ on September 9, 2015 will be multiplied by five to determine its reverse split-adjusted closing indicative value.
Following the reverse splits, UWTI and UGAZ will have new CUSIPs but will retain their same ticker symbols.

The reverse splits will affect the trading denominations of UWTI and UGAZ but they will not have any effect on the principal amounts of the underlying notes, except that the principal amounts will be reduced by the corresponding aggregate amount of any cash payments for “partials.”
None of the other ETNs offered by Credit Suisse AG are affected by these announcements.