Filed pursuant to Rule 424(b)(2)
Registration Statement Nos. 333-202913 and 333-180300-03
October 12, 2015
Pricing Supplement Addendum No. 632 dated October 12, 2015
To the Pricing Supplement No. VLS ETN-2/A12 dated September 25, 2015,
Prospectus Supplement dated May 4, 2015 and
Prospectus dated May 4, 2015
 |  VelocityShares™ 3x Inverse Silver ETN Linked to the S&P GSCI® Silver Index ER due October 14, 2031 ("ETNs") |
| Issuer: | Credit Suisse AG, acting through its Nassau Branch |
| CUSIP/ISIN: | 22542D654/US22542D6546 |
| NYSE Arca Ticker Symbol: | DSLV |
| Aggregate Offering Price of ETNs: | $2,533,175.00 |
| Public Offering Price per ETN: | $50.6635 |
| Principal Amount of ETNs: | $2,500,000 |
| Principal Amount per ETN: | $50 |
| Trade Date: | October 12, 2015 |
| Settlement Date: | October 15, 2015 |
| Agent: | Credit Suisse Securities (USA) LLC ("CSSU"), 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 may charge investors a redemption charge of up to 0.05% of the stated principal amount of any ETN that is redeemed at the investor's option. 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-18 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