Bond UBSL 0% ( US90268U8128 ) in USD

Issuer UBSL
Market price 100 %  ⇌ 
Country  Switzerland
ISIN code  US90268U8128 ( in USD )
Interest rate 0%
Maturity 01/08/2022 - Bond has expired



Prospectus brochure of the bond UBS (London Branch) US90268U8128 in USD 0%, expired


Minimal amount 1 000 USD
Total amount 1 500 000 USD
Cusip 90268U812
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Detailed description UBS London Branch operates as a significant subsidiary of UBS Group AG, providing a wide range of investment banking, wealth management, and asset management services to clients in the UK and internationally.

The Bond issued by UBSL ( Switzerland ) , in USD, with the ISIN code US90268U8128, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Bond maturity is 01/08/2022







Pricing Supplement
http://www.sec.gov/Archives/edgar/data/1114446/000119312512326068...
424B2 1 d387369d424b2.htm PRICING SUPPLEMENT

Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-178960
CALCULATION OF REGISTRATION FEE


Title of Each Class of
Maximum Aggregate
Amount of
Securities Offered

Offering Price
Registration Fee (1)
Airbag Performance Securities linked to the iShares® MSCI Brazil Index Fund due
$1,777,000.00
$203.64
August 1, 2022


Airbag Performance Securities linked to the iShares® FTSE China 25 Index Fund due
$1,500,000.00
$171.90
August 1, 2022




(1)
Calculated in accordance with Rule 457(r) of the Securities Act of 1933.
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PRICING SUPPLEMENT
(To Prospectus dated January 11, 2012
and Product Supplement

dated May 15, 2012)

UBS AG $1,777,000 Securities linked to the iShares M
® SCI Brazil Index Fund due August 1, 2022
UBS AG $1,500,000 Securities linked to the iShares F
® TSE China 25 Index Fund due August 1, 2022

Investment Description
UBS AG Airbag Performance Securities (the "Securities") are unsubordinated, unsecured debt securities issued by UBS AG ("UBS") linked to the shares of a
specific exchange traded fund (the "underlying equity"). If the underlying return is positive, UBS will repay your principal amount at maturity plus a return equal to the
underlying return multiplied by the participation rate. If the underlying return is zero or negative and the final price is equal to or greater than the conversion price,
UBS will repay the full principal amount at maturity. However, if the final price is less than the conversion price, UBS will deliver to you a number of shares of the
underlying equity per Security equal to (i) the principal amount per Security divided by (ii) the specified conversion price of the underlying equity (the "share delivery
amount") (subject to adjustments in the case of certain corporate events described in the accompanying Airbag Performance Securities product supplement under
"General Terms of the Securities -- Antidilution Adjustments"). Investing in the Securities involves significant risks. The Securities do not pay interest. You
are accepting the risk of receiving shares of the underlying equity at maturity that are worth less than your principal amount or that have no value at all.
The contingent repayment of principal only applies if you hold the Securities to maturity. Any payment on the Securities, including any repayment of
principal, is subject to the creditworthiness of UBS. If UBS were to default on its payment obligations you may not receive any amounts owed to you
under the Securities and you could lose your entire investment.

Features
Key Dates
q Participation in Positive Underlying Returns: If the underlying return
Trade Date*

July 27, 2012
is greater than zero, UBS will repay your principal amount at maturity plus
a return equal to the underlying return multiplied by the participation rate. If
Settlement Date*

July 31, 2012
the underlying return is less than zero, investors may be exposed to the
underlying equity's downside market risk at maturity.
Final Valuation Date**

July 27, 2022
q Contingent Repayment of Principal at Maturity: If the underlying return
Maturity Date**

August 1, 2022
is zero or negative and the final price is not below the conversion price,

UBS will repay your principal amount at maturity. However, if the final
*
We expect to deliver each offering of the Securities against payment on
price is less than the conversion price, UBS will deliver to you at maturity
or about the second business day following the trade date. Under Rule
a number of shares of the underlying equity equal to the share delivery
15c6-1 under the Exchange Act, trades in the secondary market generally
amount for each of your Securities, which is expected to be worth less
are required to settle in three business days, unless the parties to a trade
than your principal amount and may have no value at all. The contingent
expressly agree otherwise.

repayment of principal applies only if you hold the Securities to maturity.
**
Subject to postponement in the event of a market disruption event as
Any payment on the Securities, including any repayment of principal, is
described in the Airbag Performance Securities product supplement.
subject to the creditworthiness of UBS.

NOTICE TO INVESTORS: THE SECURITIES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBT INSTRUMENTS. THE ISSUER IS NOT
NECESSARILY OBLIGATED TO REPAY THE FULL PRINCIPAL AMOUNT OF THE SECURITIES AT MATURITY, AND THE SECURITIES CAN HAVE UP TO
THE FULL DOWNSIDE MARKET RISK OF THE UNDERLYING EQUITY. THIS MARKET RISK IS IN ADDITION TO THE CREDIT RISK INHERENT IN
PURCHASING A DEBT OBLIGATION OF UBS. YOU SHOULD NOT PURCHASE THE SECURITIES IF YOU DO NOT UNDERSTAND OR ARE NOT
COMFORTABLE WITH THE SIGNIFICANT RISKS INVOLVED IN INVESTING IN THE SECURITIES.
YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER "KEY RISKS" BEGINNING ON PAGE 5 AND UNDER "RISK FACTORS"
BEGINNING ON PAGE PS-14 OF THE AIRBAG PERFORMANCE SECURITIES PRODUCT SUPPLEMENT BEFORE PURCHASING ANY SECURITIES.
EVENTS RELATING TO ANY OF THOSE RISKS, OR OTHER RISKS AND UNCERTAINTIES, COULD ADVERSELY AFFECT THE MARKET VALUE OF,
AND THE RETURN ON YOUR SECURITIES. YOU MAY LOSE SOME OR ALL OF YOUR INVESTMENT IN THE SECURITIES.

Security Offering
These terms relate to two separate Securities we are offering. Each of the two Securities is linked to a different exchange traded fund, and each of the two
Securities has a different participation rate, initial price, share delivery amount and conversion price. The performance of each Security will not depend on the
performance of the other Security.

Bloomberg Participation Initial
Share Delivery
Underlying Equity

Symbol
Rate
Price Conversion Price
Amount*

CUSIP
ISIN
iShares M
® SCI Brazil Index Fund
EWZ
136.69%
$53.56 $26.78, which is 50%
37.3413
90268U804 US90268U8045




of the initial price


iShares F
® TSE China 25 Index Fund
FXI
113.00%
$34.10 $17.05, which is 50%
58.6510
90268U812 US90268U8128




of the initial price



* Equal to $1,000 divided by the conversion price. If you receive the share delivery amount at maturity, we will pay cash in lieu of delivering any fractional shares of
the underlying equity in an amount equal to that fraction multiplied by the final price of the underlying equity. The share delivery amount and conversion price are
subject to adjustments in the case of certain corporate events described in the Airbag Performance Securities product supplement under "General Terms of the
Notes -- Antidilution Adjustments."
See "Additional Information about UBS and the Securities" on page 2. The Securities will have the terms specified in the Airbag Performance
Securities product supplement relating to the Securities, dated May 15, 2012, the accompanying prospectus and this pricing supplement.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the adequacy or
accuracy of this pricing supplement, the Airbag Performance Securities product supplement or the accompanying prospectus. Any representation to the contrary
is a criminal offense. The Securities are not deposit liabilities of UBS AG and are not FDIC insured.

Offering of Securities

Issue Price to Public
Underwriting Discount
Proceeds to UBS AG


Total
Per Security
Total
Per Security
Total
Per Security
Securities linked to the iShares M
® SCI Brazil Index Fund
$1,777,000.00 $1,000.00 $88,850.00
$50.00
$1,688,150.00
$950.00
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Securities linked to the iShares F
® TSE China 25 Index Fund
$1,500,000.00 $1,000.00 $75,000.00
$50.00
$1,425,000.00
$950.00

UBS Financial Services Inc.

UBS Investment Bank

Pricing Supplement dated July 27, 2012
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Additional Information about UBS and the Securities
UBS has filed a registration statement (including a prospectus, as supplemented by a product supplement for the
Securities), with the Securities and Exchange Commission, or SEC, for the offerings to which this pricing supplement
relates. Before you invest, you should read these documents and any other documents relating to these offerings that
UBS has filed with the SEC for more complete information about UBS and these offerings. You may obtain these
documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Our Central Index Key, or CIK, on the
SEC website is 0001114446. Alternatively, UBS wil arrange to send you the prospectus and the Airbag Performance
Securities product supplement if you so request by calling tol -free 877-387-2275.
You may access these documents on the SEC website at www.sec.gov as follows:
¨ Product supplement for Airbag Performance Securities dated May 15, 2012:
http://www.sec.gov/Archives/edgar/data/1114446/000119312512232553/d354577d424b2.htm
¨ Prospectus dated January 11, 2012:
http://www.sec.gov/Archives/edgar/data/1114446/000119312512008669/d279364d424b3.htm
References to "UBS," "we," "our" and "us" refer only to UBS AG and not to its consolidated subsidiaries. In this pricing
supplement, "Securities" refer to the two different Airbag Performance Securities that are offered hereby, unless the
context otherwise requires. Also, references to the "Airbag Performance Securities product supplement" mean the UBS
product supplement, dated May 15, 2012 and references to "accompanying prospectus" mean the UBS prospectus
titled "Debt Securities and Warrants," dated January 11, 2012.
This pricing supplement, together with the documents listed above, contains the terms of the Securities and supersedes
all other prior or contemporaneous oral statements as wel as any other written materials including pricing terms,
correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials
of ours. You should careful y consider, among other things, the matters set forth in "Key Risks" beginning on page 5 and
in "Risk Factors" in the accompanying product supplement, as the Securities involve risks not associated with
conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before
deciding to invest in the Securities.

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Investor Suitability

The Securities may be suitable for you if:
The Securities may not be suitable for you if:


¨
¨
You ful y understand the risks inherent in an investment
You do not ful y understand the risks inherent in an
in the Securities, including the risk of loss of your
investment in the Securities, including the risk of loss
entire initial investment.
of your entire initial investment.


¨
¨

You can tolerate a loss of al or a substantial portion of
You require an investment designed to provide a ful
your investment and are wil ing to make an investment
return of principal at maturity.
¨
that may have up to the ful downside market risk as
You cannot tolerate a loss of al or a substantial
an investment in the underlying equity or its
portion of your investment and are unwil ing to make
constituents.
an investment that may have up to the ful downside
¨
market risk as an investment in the underlying equity or
You believe the final price of the underlying equity is
its constituents.
not likely to be below the conversion price and, if it is,
¨
you can tolerate receiving shares of the underlying
You believe the final price of the underlying equity is
equity at maturity worth less than your principal
likely to be below the conversion price, which could
amount or that may have no value at al .
result in a total loss of your initial investment.


¨
¨
You cannot tolerate receiving shares of the underlying
You believe the underlying equity wil appreciate over
equity at maturity worth less than your principal
the term of the Securities.
amount or that may have no value at all.
¨ You are wil ing to invest in the Securities based on the
¨ You believe that the price of the underlying equity wil
participation rate indicated on the cover hereof.
decline during the term of the Securities and is likely to
¨ You can tolerate fluctuations in the price of the
close below the conversion price on the final valuation
Securities prior to maturity that may be similar to or
date.

exceed the downside fluctuations in the price of the
¨ You are unwil ing to invest in the Securities based on
underlying equity.
the participation rate indicated on the cover hereof.


¨
¨
You do not seek current income from your investment.
You cannot tolerate fluctuations in the price of the
¨
Securities prior to maturity that may be similar to or
You are wil ing to hold the Securities to maturity, a
exceed the downside fluctuations in the price of the
term of approximately 10 years, and accept that there
underlying equity.
may be little or no secondary market for the
¨
Securities.
You do seek current income from your investment.


¨
¨
You are unable or unwil ing to hold the Securities to
You are wil ing to assume the credit risk of UBS for al
maturity, a term of approximately 10 years, or you
payments under the Securities, and understand that if
seek an investment for which there wil be an active
UBS defaults on its obligations you may not receive
secondary market.
any amounts due to you including any repayment of
¨
principal.
You are not wil ing to assume the credit risk of UBS for
al payments under the Securities.

The investor suitability considerations identified above are not exhaustive. Whether or not the Securities are a
suitable investment for you will depend on your individual circumstances and you should reach an investment
decision only after you and your investment, legal, tax, accounting and other advisors have carefully
considered the suitability of an investment in the Securities in light of your particular circumstances. You
should also review "Key Risks" beginning on page 5 of this pricing supplement and the more detailed "Risk
Factors" beginning on page PS-14 of the Airbag Performance Securities product supplement for risks related to
an investment in the Securities.

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Final Terms for Each Offering of the Securities
Investment Timeline

Issuer


UBS AG, London Branch

Principal Amount
$1,000.00 per Security
The initial price is observed. The participation rate is
Trade Date
Term
set. The conversion price and share delivery amount

Approximately 10 years.
are determined.
Underlying Equity
The shares of a specific exchange

traded fund, as indicated on the first
The final price is observed on the final valuation date

page of this pricing supplement.
and the underlying return is calculated.

Participation
The participation rate is (i) 136.69%
If the underlying return is positive, UBS will pay
Rate
for Securities linked to the iShares®
you a cash payment at maturity equal to: $1,000 +
MSCI Brazil Index Fund and (i )
($1,000 × Underlying Return × Participation Rate)

113.00% for Securities linked to the
If the underlying return is zero or negative and
the final price is equal to or greater than the
iShares F
®
TSE China 25 Index
conversion price, UBS will pay you a cash payment

Fund.
Maturity Date
equal to your principal amount, or $1,000 per
Share Delivery
A number of shares of the
Security.

Amount1 (per
underlying equity equal to (i) the
If the final price of the underlying equity is below
Security)
principal amount divided by (i ) the
the conversion price, at maturity we will deliver to
you the share delivery amount (and, if applicable,
conversion price, as specified on the
cash in lieu of fractional shares) for each Security
1
cover hereof. The share delivery
you own.

amount is subject to adjustments in
The value of the share delivery amount is expected to
the case of certain corporate
be worth less than the principal amount and may be
worthless.
events, as described in the Airbag

Performance Securities product

supplement.
Payment at
If the underlying return is
Maturity
positive, UBS wil pay you an
(per Security)
amount in cash equal to:

$1,000 + ($1,000 × Underlying
Return × Participation Rate)

If the underlying return is zero or
negative and the final price is
equal to or greater than the
conversion price, UBS wil pay you
an amount in cash equal to your
principal amount, or $1,000 per
Security.

If the final price of the underlying
equity is below the conversion
price, at maturity we wil deliver to
you the share delivery amount (and,
if applicable, cash in lieu of
fractional shares) for each Security
you own.1

The value of the share delivery
amount is expected to be worth less
than the principal amount and may

be worthless.
Underlying Return
Final Price ­ Initial Price


Initial Price
Initial Price
The closing price of the underlying
equity on the trade date, as

specified on the cover hereof.
Final Price
The closing price of the underlying

equity on the final valuation date.
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Conversion Price
A percentage of the initial price of
the underlying equity, as specified
on the first page of this pricing

supplement.

INVESTING IN THE SECURITIES INVOLVES SIGNIFICANT RISKS. YOU MAY LOSE SOME OR ALL OF YOUR
PRINCIPAL AMOUNT. ANY PAYMENT ON THE SECURITIES, INCLUDING ANY REPAYMENT OF PRINCIPAL, IS
SUBJECT TO THE CREDITWORTHINESS OF UBS. YOU MAY RECEIVE SHARES OF THE UNDERLYING EQUITY
AT MATURITY WORTH LESS THAN THE PRINCIPAL AMOUNT AND MAY HAVE NO VALUE AT ALL. IF UBS WERE
TO DEFAULT ON ITS PAYMENT OBLIGATIONS, YOU MAY NOT RECEIVE ANY AMOUNTS OWED TO YOU
UNDER THE SECURITIES AND YOU COULD LOSE YOUR ENTIRE INVESTMENT.
1 If you receive the share delivery amount at maturity, we will pay cash in lieu of delivering any fractional shares of the underlying equity in an amount equal to
that fraction multiplied by the final price of the underlying equity.

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Key Risks
An investment in the Securities involves significant risks. Some of the risks that apply to the Securities are summarized
here, but we urge you to read the more detailed explanation of risks relating to the Securities general y in the "Risk
Factors" section of the Airbag Performance Securities product supplement. We also urge you to consult your investment,
legal, tax, accounting and other advisers before you invest in the Securities.
¨ Risk of loss -- The Securities differ from ordinary debt securities in that the issuer wil not necessarily pay the ful
principal amount of the Securities at maturity. UBS wil only pay you the principal amount of your Securities in cash if
the final price of the underlying equity is greater than or equal to the conversion price and only at maturity. If the final
price of the underlying equity is below the conversion price, UBS wil deliver to you a number of shares of the
underlying equity equal to the share delivery amount at maturity for each Security that you own instead of the principal
amount in cash. If you receive shares of the underlying equity at maturity, the value of the shares you receive are
expected to be less than the principal amount of the Securities or may have no value at al . Because each Security
may be converted into shares of the underlying equity at the conversion price, any incremental decline in the underlying
equity price below the conversion price wil result in a proportionately higher loss to the principal amount at maturity.
See "Hypothetical Examples and Return Table of the Securities at Maturity" for an il ustration of the payment at
maturity, including the downside market exposure.
¨ The contingent repayment of principal applies only at maturity -- You should be wiling to hold your Securities to
maturity. If you are able to sel your Securities prior to maturity in the secondary market, you may have to sel them at
a loss relative to your initial investment even if the price of the underlying equity is above the conversion price.
¨ The participation rate applies only at maturity -- You should be wiling to hold your Securities to maturity. If you
are able to sel your Securities prior to maturity in the secondary market, the price you receive wil likely not reflect the
ful economic value of the participation rate or the Securities themselves and the return you realize may be less than
the underlying return even if such return is positive. You can receive the ful benefit of the participation rate only if you
hold your Securities to maturity.
¨ No interest payments -- UBS wil not pay any interest with respect to the Securities.
¨ Credit risk of UBS -- The Securities are unsubordinated, unsecured debt obligations of the issuer, UBS, and are not,
either directly or indirectly, an obligation of any third party. Any payment to be made on the Securities, including any
repayment of principal, depends on the ability of UBS to satisfy its obligations as they come due. As a result, the
actual and perceived creditworthiness of UBS may affect the market value of the Securities and, in the event UBS
were to default on its obligations, you may not receive any amounts owed to you under the terms of the Securities and
you could lose your entire initial investment.
¨ Market risk -- The price of the underlying equity can rise or fal sharply due to factors specific to that underlying
equity or the securities constituting the assets of the underlying equity. These factors may include price volatility,
earnings, financial conditions, corporate, industry and regulatory developments, management changes and decisions
and other events, as wel as general market factors, such as general market volatility and levels, interest rates and
economic and political conditions. We urge you to review financial and other information filed periodically by the
underlying equity with the SEC.
¨ Owning the Securities is not the same as owning the underlying equity -- The return on your Securities may not
reflect the return you would realize if you actual y owned the underlying equity. For instance, you wil not receive or be
entitled to receive any dividend payments or other distributions on the underlying equity over the term of your
Securities.
¨ No assurance that the investment view implicit in the Securities will be successful -- It is impossible to predict
whether and the extent to which the price of the underlying equity wil rise or fal . There can be no assurance that the
price of the underlying equity wil rise above the initial price or that the final price wil not fal below the conversion
price. The final price of the underlying equity wil be influenced by complex and interrelated political, economic,
financial and other factors that affect the underlying equity. You should be wil ing to accept the risks of owning equities
in general and the underlying equity in particular, and the risk of losing some or all of your initial investment.
¨ The value of the underlying equity may not completely track the value of the securities in which such
exchange traded fund invests -- The underlying equity is an exchange traded fund, and although the trading
characteristics and valuations of such underlying equity wil usual y mirror the characteristics and valuations of the
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securities in which such exchange traded fund invests, its value may not completely track the value of such securities.
The value of the underlying equity wil reflect transaction costs and fees that the securities in which that exchange
traded fund invests do not have. In addition, although the underlying equity may be currently listed for trading on an
exchange, there is no assurance that an active trading market wil continue for such underlying equity or that there wil
be liquidity in the trading market.
¨ Fluctuation of NAV -- The net asset value (the "NAV") of an exchange traded fund may fluctuate with changes in the
market value of such exchange traded fund's securities holdings. The market prices of the underlying equity may
fluctuate in accordance with changes in NAV and supply and demand on the applicable stock exchanges. In addition,
the market price of the underlying equity may differ from its NAV per share; the underlying equity may trade at, above
or below its NAV per share.

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¨ Failure of the underlying equity to track the level of the underlying index -- The underlying equity is an
exchange traded fund. Such underlying equity is designed and intended to track the level of a specific index (an
"underlying index"), but various factors, including fees and other transaction costs, may prevent the underlying equity
from correlating exactly with changes in the level of such underlying index. Accordingly, the performance of the
underlying equity may not be equal to the performance of its underlying index.
¨ The Securities are subject to currency exchange rate risk -- The iShares M
®
SCI Brazil Index Fund ("EWZ Fund")
and iShares F
®
TSE China 25 Index Fund ("FXI Fund") invest in securities that are traded and quoted in foreign
currencies on non-U.S. markets. Therefore, holders of the Securities wil be exposed to currency exchange rate risk
with respect to the currencies in which such securities trade. The values of the currencies of the countries in which the
EWZ Fund and FXI Fund may invest may be subject to a high degree of fluctuation due to changes in interest rates,
the effects of monetary policies issued by the United States, the Brazilian and Chinese governments, central banks or
supranational entities, the imposition of currency controls or other national or global political or economic
developments. An investor's net exposure wil depend on the extent to which the relevant non-U.S. currencies
strengthen or weaken against the U.S. dol ar and the relative weight of each non-U.S. security in the portfolio of EWZ
Fund and FXI Fund. If, taking into account such weighting, the U.S. dol ar strengthens against the relevant non-U.S.
currencies, the value of securities in which the EWZ Fund and FXI Fund invests wil be adversely affected and the
value of the Securities may decrease.
¨ The Securities are subject to non-U.S. securities market risk -- The Securities are linked to shares of either the
EWZ Fund or FXI Fund and therefore, are subject to risks associated with non-U.S. securities markets. An investment
in securities linked directly or indirectly to the value of securities issued by non-U.S. companies involves particular
risks. General y, non-U.S. securities markets may be more volatile than U.S. securities markets, and market
developments may affect non-U.S. markets differently from U.S. securities markets. Direct or indirect government
intervention to stabilize these non-U.S. markets, as wel as cross shareholdings in non-U.S. companies, may affect
trading prices and volumes in those markets. There is general y less publicly available information about non-U.S.
companies than about those U.S. companies that are subject to the reporting requirements of the SEC, and non-U.S.
companies are subject to accounting, auditing and financial reporting standards and requirements that differ from
those applicable to U.S. reporting companies. Securities prices in non-U.S. countries are subject to political,
economic, financial and social factors that may be unique to the particular country. These factors, which could
negatively affect the non-U.S. securities markets, include the possibility of recent or future changes in the non-U.S.
government's economic and fiscal policies, the possible imposition of, or changes in, currency exchange laws or other
non-U.S. laws or restrictions applicable to non-U.S. companies or investments in non-U.S. equity securities and the
possibility of fluctuations in the rate of exchange between currencies. Moreover, certain aspects of a particular
non-U.S. economy may differ favorably or unfavorably from the U.S. economy in important respects, such as growth
of gross national product, rate of inflation, capital reinvestment, resources and self-sufficiency. Final y, it wil likely be
more costly and difficult to enforce the laws or regulations of a non-U.S. country or exchange.
¨ The Securities are subject to emerging markets risk -- The Securities are linked to shares of the EWZ Fund or
FXI Fund and therefore, are subject to emerging markets risk. Investments in securities linked directly or indirectly to
emerging market equity securities involve many risks, including, but not limited to: economic, social, political, financial
and military conditions in the emerging market; regulation by national, provincial, and local governments; less liquidity
and smal er market capitalizations than exist in the case of many large U.S. companies; different accounting and
disclosure standards; and political uncertainties. Securities of emerging market companies may be more volatile and
may be affected by market developments differently than U.S. companies. Government interventions to stabilize
securities markets and cross-shareholdings may affect prices and volume of trading of the securities of emerging
market companies. Economic, social, political, financial and military factors could, in turn, negatively affect such
companies' value. These factors could include changes in the emerging market government's economic and fiscal
policies, possible imposition of, or changes in, currency exchange laws or other laws or restrictions applicable to the
emerging market companies or investments in their securities, and the possibility of fluctuations in the rate of
exchange between currencies. Moreover, emerging market economies may differ favorably or unfavorably from the
U.S. economy in a variety of ways, including growth of gross national product, rate of inflation, capital reinvestment,
resources and self-sufficiency. You should careful y consider the risks related to emerging markets, to which the
Securities are susceptible, before making a decision to invest in the Securities.
¨ The calculation agent can make adjustments that affect the payment to you at maturity -- For certain
corporate events affecting the underlying equity, the calculation agent may make adjustments to the share delivery
amount and the conversion price of the Securities. However, the calculation agent wil not make an adjustment in
response to al events that could affect the underlying equity. If an event occurs that does not require the calculation
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