| Calculation of Registration Fee |
| Title of Each Class of Securities Offered | Maximum Aggregate Offering Price |
Amount of Registration Fee |
| VelocityShares Daily 2x VIX Short Term ETN Linked to the S&P 500 VIX Short Term Futures Index™ due December 4, 2030 | $4,014,000 | $466.03 |
Filed pursuant to Rule 424(b)(2)
Registration Statement No. 333-158199-10
June 9, 2011
Pricing Supplement Addendum No. 48 dated June 9, 2011
To the Pricing Supplement No. VLS ETN-1/A4 dated May 31, 2011,
Prospectus Supplement dated March 25, 2009
and Prospectus dated March 25, 2009
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| Financial Products |
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| Issuer: | Credit Suisse AG, acting through its Nassau Branch |
| CUSIP/ISIN: | 22542D761/US22542D7619 |
| NYSE Arca Ticker Symbol: | TVIX |
| Aggregate Offering Price of ETNs: | $4,014,000 |
| Public Offering Price per ETN: | $20.07 |
| Principal Amount of ETNs: | $20,000,000 |
| Principal Amount per ETN: | $100.00 |
| Trade Date: | June 9, 2011 |
| Settlement Date: | June 14, 2011 |
| Agent: | Credit Suisse Securities (USA) LLC (“CCSU”), an affiliate of the Issuer |
| Proceeds to Issuer: | 100.00% of the Aggregate Offering Price |
| Agent’s Discount and Commission: | 0.00%. However, CSSU is expected to charge normal commissions for the purchase of the ETNs and may receive all or a portion of the investor fee. In addition, CSSU our agent for any redemption at the investor’s option may charge investors a fee of up to 0.05% times the Closing Indicative Value of the ETN on the applicable valuation date, per ETN redeemed. For a further description of the fees and commissions payable pertaining to the ETNs please see the section entitled “Supplemental Plan of Distribution (Conflicts of Interest)” in the accompanying pricing supplement. |
You may lose some or all of your principal if you invest in the ETNs. See “Risk Factors” beginning on page PS-26 of the accompanying pricing supplement for risks relating to an investment in the ETNs.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined that this pricing supplement addendum, or the accompanying pricing supplement, prospectus supplement and prospectus, is truthful or complete. Any representation to the contrary is a criminal offense. The ETNs are not deposit liabilities and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency of the United States, Switzerland or any other jurisdiction.
Credit Suisse