Bond UBSL 0% ( US90272X7451 ) in USD

UBSL

100 % ▲

Switzerland

US90272X7451 ( in USD )

19/06/2024 - Bond has expired

Prospectus brochure of the bond UBS (London Branch) US90272X7451 in USD 0%, expired

1 000 USD

90272X745

N/A

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 US90272X7451, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Bond maturity is 19/06/2024

424B2
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424B2 1 d741912d424b2.htm 424B2
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-178960
CALCULATION OF REGISTRATION FEE

Maximum

Title of Each Class of
Aggregate
Amount of
Securities Offered

Offering Price
Registration Fee(1)
Trigger Phoenix Autocallable Optimization Securities linked to the least performing index
between the EURO STOXX 50® Index and the Russell 2000® Index due June 19, 2024
$5,813,580.00
$748.79

(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 January 23, 2013)

Linked to the least performing index between the EURO STOXX 50 I
® ndex and the Russel 2000 I
® ndex due June 19,
2024

Investment Description
UBS AG Trigger Phoenix Autocallable Optimization Securities (the "Securities") are unsubordinated, unsecured debt securities issued by UBS AG ("UBS" or the
"issuer") linked to the least performing index between the EURO STOXX 50
® Index and the Russell 2000
® Index (each an "underlying index" and together the
"underlying indices"). UBS will pay a quarterly contingent coupon payment if the closing levels of all the underlying indices on the applicable observation date
(including the final valuation date) are equal to or greater than their respective coupon barriers. Otherwise, no coupon will be paid for the quarter. UBS will
automatically call the Securities early if the closing levels of all the underlying indices on any observation date (quarterly, beginning after one year) are equal to or
greater than their respective initial levels. If the Securities are called, UBS will pay you the principal amount of your Securities plus the contingent coupon for that
quarter and no further amounts will be owed to you under the Securities. If the Securities are not called prior to maturity and a trigger event does not occur, UBS wil
pay you a cash payment at maturity equal to the principal amount of your Securities. If a trigger event occurs, UBS will pay you less than the full principal amount, if
anything, resulting in a loss on your initial investment that is proportionate to the negative return of the underlying index with the largest percentage decrease
between its initial level and final level (the "least performing underlying index") over the term of the Securities and you may lose up to 100% of your initial investment.
A trigger event is deemed to have occurred if the closing level of any one of the underlying indices is below its respective trigger level on the trigger observation date,
which is the final valuation date. Investing in the Securities involves significant risks. You will lose some or all of your principal amount if the Securities
are not called and a trigger event occurs. The Securities will not pay a contingent coupon if the level of any underlying index is below its respective
coupon barrier on an observation date. The Securities will not be subject to an automatic call after 1 year if the level of any one underlying index is
below its respective initial level on an observation date. 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 the issuer. 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
Contingent Coupon -- UBS will pay a quarterly contingent coupon
Trade Date

June 13, 2014
payment if the closing levels of all the underlying indices on the applicable
Settlement Date

June 18, 2014
observation date (including the final valuation date) are equal to or greater
Observation Dates

Quarterly (callable after 1 year) (see page 3)
than their respective coupon barriers. Otherwise, no coupon will be paid
Final Valuation Date*

June 13, 2024
for the quarter.
Maturity Date*

June 19, 2024
q
Automatically Callable -- UBS will automatically call the Securities and

*
Subject to postponement in the event of a market disruption event as
pay you the principal amount of your Securities plus the contingent
described in the Trigger Phoenix Autocal able Optimization Securities
coupon otherwise due for that quarter if the closing levels of all the
product supplement.
underlying indices on any observation date (quarterly, beginning after one
year) are equal to or greater than their respective initial levels. If the
Securities are not called, investors will have the potential for downside
market risk at maturity.
q
Contingent Repayment of Principal Amount at Maturity -- If by
maturity the Securities have not been called and a trigger event has not
occurred, UBS will repay your principal amount per Security at maturity. If
a trigger event occurs, UBS will repay less than the principal amount, if
anything, resulting in a loss of principal that is proportionate to the
negative underlying return of the least performing underlying index from
the trade date to the final valuation date. The contingent repayment of
principal only applies if you hold the Securities until maturity. Any payment
on the Securities, including any repayment of principal, is 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 downside market risk similar to the least performing underlying index. 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 4 and under "Risk Factors" beginning on page PS-17 of the
Trigger Phoenix Autocallable Optimization 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 initial
investment in the Securities. The Securities will not be listed or displayed on any securities exchange or any electronic communications network.

Security Offering
These terms relate to Securities linked to the least performing index between the EURO STOXX 50
® Index and the Russell 2000
® Index. The Securities are offered
at a minimum investment of 100 Securities at $10.00 per Security (representing a $1,000 investment), and integral multiples of $10.00 in excess thereof.

Contingent
Initial
Underlying Indices
Tickers Coupon Rate
Levels
Trigger Levels

Coupon Barriers CUSIP
ISIN
EURO STOXX 50 I
® ndex
SX5E
3,282.84
1,641.42, which is 50%
2,297.99, which is 70%

7.00%

of the Initial Level

of the Initial Level

®
90272X745 US90272X7451
Russel 2000 Index
RTY
per annum
1,162.685
581.342, which is 50%
813.880, which is 70%

of the Initial Level

of the Initial Level

The estimated initial value of the Securities as of the trade date is $9.35 for Securities linked to the least performing index between the EURO STOXX 50
® Index
and the Russell 2000 I
® ndex. The estimated initial value of the Securities was determined as of the close of the relevant markets on the date of this pricing
supplement by reference to UBS' internal pricing models, inclusive of the internal funding rate. For more information about secondary market offers and the
estimated initial value of the Securities, see "Key Risks -- Fair value considerations" and "-- Limited or no secondary market and secondary market price
considerations" on pages 5 and 6 of this pricing supplement.
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See "Additional Information about UBS and the Securities" on page ii. The Securities will have the terms set forth in the Trigger Phoenix Autocallable
Optimization Securities product supplement relating to the Securities, dated January 23, 2013, 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 Trigger Phoenix Autocallable Optimization Securities product supplement or the accompanying
prospectus. Any representation to the contrary is a criminal offense.
The Securities are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.

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 least performing index between the EURO
STOXX 50 I
® ndex and the Russell 2000 I
® ndex
$5,813,580.00
$10.00
$203,475.30
$0.35
$5,610,104.70
$9.65

UBS Financial Services Inc.

UBS Investment Bank
Pricing Supplement dated June 13, 2014
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Additional Information about UBS and the Securities
UBS has filed a registration statement (including a prospectus, as supplemented by an index supplement and a product
supplement for the Securities) with the Securities and Exchange Commission, or SEC, for the offering to which this
pricing supplement relates. Before you invest, you should read these documents and any other documents relating to the
Securities that UBS has filed with the SEC for more complete information about UBS and this offering. You may obtain
these documents for free from 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 these documents if you so request by cal ing tol -free
877-387-2275.
You may access these documents on the SEC website at www.sec.gov as follows:
¨ Trigger Phoenix Autocallable Optimization Securities product supplement dated January 23, 2013:
http://www.sec.gov/Archives/edgar/data/1114446/000119312513020790/d470995d424b2.htm
¨ Index Supplement dated January 24, 2012:
http://www.sec.gov/Archives/edgar/data/1114446/000119312512021889/d287369d424b2.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
document, "Trigger Phoenix Autocallable Optimization Securities" or the "Securities" refer to the Securities that are
offered hereby. Also, references to the "Trigger Phoenix Autocallable Optimization Securities product supplement"
mean the UBS product supplement, dated January 23, 2013, references to the "index supplement" mean the UBS
index supplement, dated January 24, 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 4 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.
UBS reserves the right to change the terms of, or reject any offer to purchase, the Securities prior to their issuance. In
the event of any changes to the terms of the Securities, UBS wil notify you and you wil be asked to accept such
changes in connection with your purchase. You may also choose to reject such changes in which case UBS may reject
your offer to purchase.

ii
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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 the same downside market risk as the
¨ You cannot tolerate a loss of al or a substantial
least performing underlying index.
portion of your investment, and you are not wil ing to
¨ You believe the closing level of each of the underlying
make an investment that may have the same downside
indices wil be equal to or greater than their respective
market risk as the least performing underlying index.
coupon barriers on the specified observation dates
¨ You believe that the level of any one of the underlying
(including the final valuation date).
indices wil decline during the term of the Securities
¨ You believe a trigger event wil not occur, meaning the
and is likely to close below its coupon barrier on the
closing levels of al the underlying indices wil be above
specified observation dates (including the final
their respective trigger levels on the final valuation
valuation date).
date.
¨ You believe a trigger event wil occur, meaning the
¨ You understand and accept that you wil not participate
closing level of any one of the underlying indices wil be
in any appreciation in the levels of the underlying
below its respective trigger level on the final valuation
indices and that your potential return is limited to the
date.
contingent coupon payments specified in this pricing
¨ You seek an investment that participates in the ful
supplement.
appreciation in the level of the underlying indices or
¨ You can tolerate fluctuations in the price of the
that has unlimited return potential.
Securities prior to maturity that may be similar to or
¨ You cannot tolerate fluctuations in the price of the
exceed the downside fluctuations in the levels of the
Securities prior to maturity that may be similar to or
underlying indices.
exceed the downside fluctuations in the levels of the
¨ You are wil ing to invest in the Securities based on the
underlying indices.
coupon barriers and trigger levels indicated on the
¨ You are unwil ing to invest in the Securities based on
cover hereof.
the coupon barriers and trigger levels indicated on the
¨ You are wil ing to invest in the Securities based on the
cover hereof.
contingent coupon rate indicated on the cover hereof.
¨ You are unwil ing to invest in the Securities based on
¨ You do not seek guaranteed current income from your
the contingent coupon rate indicated on the cover
investment and are wil ing to forgo any dividends paid
hereof.
on the stocks included in the underlying indices.
¨ You seek guaranteed current income from this
¨ You are wil ing to invest in securities that may be
investment or prefer to receive the dividends paid on
called early and you are otherwise wil ing to hold such
the stocks included in the underlying indices.
securities to maturity and accept that there may be
¨ You are unable or unwil ing to hold securities that may
little or no secondary market for the Securities.
be called early, or you are otherwise unable or
¨ You seek an investment with exposure to companies in
unwil ing to hold such securities to maturity or you seek
the Eurozone and the small capitalization segment of
an investment for which there wil be an active
the U.S. equity market.
secondary market for the Securities.

¨ You are wil ing to assume the credit risk of UBS for al
¨ You do not seek an investment with exposure to
payments under the Securities, and understand that if
companies in the Eurozone and the smal capitalization
UBS defaults on its obligations you may not receive
segment of the U.S. equity market.
any amounts due to you including any repayment of
¨ You are not wil ing to assume the credit risk of UBS for
principal.
al payments under the Securities, including any
¨ You understand that the estimated initial value of the
repayment of principal.
Securities determined by our internal pricing models is
lower than the issue price and that should UBS
Securities LLC or any affiliate make secondary
markets for the Securities, the price (not including their
customary bid-ask spreads) wil temporarily exceed
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the internal pricing model price.

The 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
carefully the "Key Risks" beginning on page 4 of this pricing supplement for risks related to an investment in
the Securities.

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Final Terms

Issuer
UBS AG, London Branch

If the Securities are not called and a trigger event
Principal Amount $10.00 per Security
occurs, UBS will pay you a cash payment on the
Term(1)
Approximately 10 years, unless called earlier.
maturity date of less than the principal amount, if
Underlying Indices
The EURO STOXX 50 I
® ndex and the Russell 2000®
anything, resulting in a loss on your initial investment
Index.
that is proportionate to the negative underlying return of
Contingent Coupon If the closing levels of all the underlying indices are
the least performing underlying index, for an amount
equal to or greater than their respective coupon
equal to:
barriers on any observation date, UBS will pay you

$10.00 + ($10.00 x Underlying Return of the Least
the contingent coupon applicable to such observation
Performing Underlying Index)
date (as set forth on page 3).

You will lose some or all of your principal amount if the
If the closing level of any one underlying index is
Securities are not called and a trigger event occurs.
less than its respective coupon barrier on any
Least Performing
The underlying index with the largest percentage
observation date, the contingent coupon applicable to
Underlying Index
decrease between its initial level and its final level, as
such observation date will not accrue or be payable and
compared to the percentage decreases or increases
UBS will not make any payment to you on the relevant
between the respective initial level and final level of all
coupon payment date (as set forth on page 3). The
the underlying indices.
contingent coupon is a fixed amount based upon equal
Underlying Return
Final Level Initial Level
quarterly installments at the contingent coupon rate,

Initial Level
which is a per annum rate. The table below sets forth
the contingent coupon amount that would be applicable
Trigger Level
A percentage of the initial level of each underlying index,

to each observation date on which the closing levels of
as indicated on the cover hereof.
all of the underlying indices are greater than or equal to
Coupon Barrier
A percentage of the initial level of each underlying index,
their respective coupon barriers. The table below
as indicated on the cover hereof.
reflects the contingent coupon rate of 7.00% per annum
Initial Level
The closing level of each underlying index on the trade
for the Securities linked to the least performing index
date, as indicated on the cover hereof.
between the EURO STOXX 50 I
® ndex and the Russell
Final Level
The closing level of each underlying index on the final
2000 I
® ndex.
valuation date, as determined by the calculation agent.
Contingent Coupon (per Security)
Coupon Payment
Two business days fol owing each observation date,
EURO STOXX 50 I
® ndex and
Dates
except that the coupon payment date for the final

Russell 2000
® Index
valuation date is the maturity date.

$0.1750

Contingent coupon payments on the Securities are
Investment Timeline
not guaranteed. UBS will not pay you the

contingent coupon for any observation date on
The contingent coupon rate is set, the initial level of
which the closing level of any one underlying index
Trade date
each underlying index is observed, and the trigger level
is less than its respective coupon barrier.
and coupon barrier for each underlying index are
Trigger Event
A trigger event is deemed to have occurred if the closing
determined.
level of any one of the underlying indices is below its
respective trigger level on the trigger observation date.

If the closing levels of all of the underlying indices are
In this case, you will be exposed to the decline of the
equal to or greater than their respective coupon barriers
least performing underlying index from the trade date to
on any observation date, UBS will pay you a contingent
the final valuation date.
coupon on the applicable coupon payment date.
Trigger
June 13, 2024, which is the final valuation date. The
Quarterly

Observation Date
trigger observation date may be postponed due to a
The Securities will be called if the closing levels of all
(callable after 1
market disruption event as set forth in the Trigger
the underlying indices on any observation date
year)
Phoenix Autocallable Optimization Securities product
(quarterly, beginning after one year) are equal to or
supplement beginning on page PS-33.
greater than their respective initial levels. If the
Contingent Coupon The contingent coupon rate is 7.00% per annum for
Securities are called UBS will pay you a cash payment
Rate
Securities linked to the least performing index between
per Security equal to $10.00 plus the contingent coupon
the EURO STOXX 50 I
® ndex and the Russell 2000®
otherwise due on such date.
Index.

Automatic Call
The Securities will be called automatically if the closing
The final level of each underlying index is observed on
Feature
levels of all the underlying indices on any observation
the final valuation date.
date (quarterly, beginning June 15, 2015) are equal to or

greater than their respective initial levels.
If the Securities are not cal ed, a trigger event has not

occurred and the final level of each underlying index is
If the Securities are called on any observation date
not less than its coupon barrier, UBS will pay you a
(quarterly, beginning June 15, 2015), UBS will pay you
cash payment per Security on the maturity date equal
on the corresponding coupon payment date (which will
to $10.00 plus the contingent coupon otherwise due on
be the "call settlement date") a cash payment per
the maturity date.
Security equal to your principal amount plus the

contingent coupon otherwise due on such date pursuant
If the Securities have not been called, a trigger event
to the contingent coupon feature. No further amounts
has not occurred and the final level of any one
will be owed to you under the Securities.
underlying index is less than its coupon barrier, UBS
Maturity date

will repay the principal amount equal to $10.00 per
The Securities will not be subject to an automatic call if
Security.
the level of any one underlying index is below its

respective initial level on an observation date.
If the Securities have not been called and a trigger
Payment at
If the Securities are not called, a trigger event does
event has occurred, UBS will repay less than the
Maturity (per
not occur, and the final level of each underlying
principal amount, if anything, resulting in a loss on your
Security)
initial investment proportionate to the decline of the
index is not less than its coupon barrier, UBS wil
least performing underlying index, for an amount equal
pay you a cash payment per Security on the maturity
to:
date equal to $10.00 plus the contingent coupon

otherwise due on the maturity date.
$10.00 + ($10.00 x Underlying Return of the Least

Performing Underlying Index)
If the Securities are not called, a trigger event does
per Security
not occur and the final level of any one underlying

index is less than its coupon barrier, UBS will pay
Investing in the Securities involves significant risks. You may lose
you a cash payment per Security on the maturity date
some or all of your principal amount. Any payment on the Securities,
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equal to $10.00.
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.
The Securities will not pay a contingent coupon if the level of any one
underlying index is below its respective coupon barrier on an
observation date. The Securities will not be subject to an automatic call
if the level of any one underlying index is below its respective initial
level on an observation date. If the Securities are not called, you will
lose some or all of your investment at maturity if a trigger event occurs.
(1) Subject to the market disruption event provisions set forth in the Trigger Phoenix Autocallable Optimization Securities product supplement beginning on page
PS-33.

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Observation Dates(1) and Coupon Payment Dates(2)

Observation
Coupon Payment
Coupon Payment
Coupon Payment
Dates

Dates
Observation Dates
Dates
Observation Dates
Dates
September 15, 2014*
September 17, 2014
March 13, 2018
March 15, 2018
September 13, 2021
September 15, 2021
December 15, 2014*
December 17, 2014
June 13, 2018
June 15, 2018
December 13, 2021
December 15, 2021
March 13, 2015*
March 17, 2015
September 13, 2018
September 17, 2018
March 14, 2022
March 16, 2022
June 15, 2015
June 17, 2015
December 13, 2018
December 17, 2018
June 13, 2022
June 15, 2022
September 14, 2015
September 16, 2015
March 13, 2019
March 15, 2019
September 13, 2022
September 15, 2022
December 14, 2015
December 16, 2015
June 13, 2019
June 17, 2019
December 13, 2022
December 15, 2022
March 14, 2016
March 16, 2016
September 13, 2019
September 17, 2019
March 13, 2023
March 15, 2023
June 13, 2016
June 15, 2016
December 13, 2019
December 17, 2019
June 13, 2023
June 15, 2023
September 13, 2016
September 15, 2016
March 13, 2020
March 17, 2020
September 13, 2023
September 15, 2023
December 13, 2016
December 15, 2016
June 15, 2020
June 17, 2020
December 13, 2023
December 15, 2023
March 13, 2017
March 15, 2017
September 14, 2020
September 16, 2020
March 13, 2024
March 15, 2024
June 13, 2017
June 15, 2017
December 14, 2020
December 16, 2020
June 13, 2024**
June 19, 2024***
September 13, 2017
September 15, 2017
March 16, 2021
March 18, 2021

December 13, 2017
December 15, 2017
June 14, 2021
June 16, 2021

*
The Securities are not cal able until the fourth observation date, which is June 15, 2015.
**
This date is also the Final Valuation Date.
***
This date is also the Maturity Date.
(1) Subject to the market disruption event provisions set forth in the Trigger Phoenix Autocal able Optimization Securities
product supplement beginning on page PS-33.
(2) If you are able to sell the Securities in the secondary market on the day preceding an observation date, or on an
observation date, the purchaser of the Securities shal be deemed to be the record holder on the applicable record
date and therefore you wil not be entitled to any contingent coupon, if a contingent coupon is paid on the coupon
payment date with respect to that observation date. If you are able to sel your Securities in the secondary market on
the day fol owing an observation date and before the applicable coupon payment date, you wil be the record holder
on the record date and therefore you shal be entitled to any contingent coupon, if a contingent coupon is paid on the
coupon payment date with respect to that observation date.

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Key Risks
An investment in the offering of the Securities involves significant risks. Investing in the Securities is not equivalent to
investing in the underlying indices. Some of the risks that apply to the Securities are summarized below, but we urge you
to read the more detailed explanation of risks relating to the Securities in the "Risk Factors" section of the Trigger
Phoenix Autocal able Optimization Securities product supplement. We also urge you to consult your investment, legal,
tax, accounting and other advisors before you invest in the Securities.
¨ Risk of loss at maturity -- The Securities differ from ordinary debt securities in that UBS wil not necessarily repay
the ful principal amount of the Securities at maturity. If the Securities are not cal ed, UBS wil repay you the principal
amount of your Securities in cash only if a trigger event does not occur. If the Securities are not cal ed and a trigger
event occurs, you wil lose some or al of your initial investment in an amount proportionate to the decline in the level of
the least performing underlying index.
¨ The contingent repayment of principal applies only at maturity -- You should be wil ing 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 levels of al of the underlying indices are above their respective
trigger levels.
¨ You may not receive any contingent coupons -- UBS wil not necessarily make periodic coupon payments on the
Securities. If the closing level of any one of the underlying indices on an observation date is less than its respective
coupon barrier, UBS wil not pay you the contingent coupon applicable to such observation date. If the closing level of
any one of the underlying indices is less than its respective coupon barrier on each of the observation dates, UBS wil
not pay you any contingent coupons during the term of, and you wil not receive a positive return on, your Securities.
General y, this non-payment of the contingent coupon coincides with a period of greater risk of principal loss on your
Securities.
¨ Your potential return on the Securities is limited, you will not participate in any appreciation of the underlying
indices and you will not have the same rights as holders of the index constituent stocks -- The return potential
of the Securities is limited to the pre-specified contingent coupon rate, regardless of the appreciation of the underlying
indices. In addition, the total return on the Securities wil vary based on the number of observation dates on which the
requirements of the contingent coupon have been met prior to maturity or an automatic cal . Further, if the Securities
are cal ed due to the automatic call feature, you wil not receive any contingent coupons or any other payment in
respect of any observation dates after the applicable cal settlement date. Since the Securities could be cal ed as
early as the fourth observation date, the total return on the Securities could be minimal. If the Securities are not cal ed,
you may be subject to the underlying indices' risk of decline even though you are not able to participate in any
appreciation in the level of the underlying indices. As a result, the return on an investment in the Securities could be
less than the return on a hypothetical direct investment in any or al of the underlying indices or the stocks constituting
the underlying indices. Furthermore, as a holder of the Securities, you wil not have voting rights or rights to receive
dividends or other distributions or other rights that holders of the index constituent stocks would have.
¨ Higher contingent coupon rates are generally associated with a greater risk of loss -- Greater expected
volatility with respect to the underlying indices reflects a higher expectation as of the trade date that the level of any
underlying index could close below its respective trigger level on the final valuation date of the Securities. This greater
expected risk wil general y be reflected in a higher contingent coupon rate for that Security. However, while the
contingent coupon rate wil be a fixed amount, the volatilities of the underlying indices can change significantly over the
term of the Securities. The levels of the underlying indices for your Securities could fal sharply, which could result in a
significant loss of principal.
¨ Reinvestment risk -- The Securities wil be cal ed automatical y if the closing levels of al of the underlying indices are
equal to or greater than their respective initial levels on any observation date (quarterly, beginning after one year). In
the event that the Securities are cal ed prior to maturity, there is no guarantee that you wil be able to reinvest the
proceeds from an investment in the Securities at a comparable rate of return for a similar level of risk. To the extent
you are able to reinvest such proceeds in an investment comparable to the Securities, you wil incur transaction costs
and the original issue price for such an investment is likely to include certain built-in costs such as dealer discounts and
hedging costs.
¨ You are exposed to the market risk of each underlying index -- Your return on the Securities is not linked to a
basket consisting of the underlying indices. Rather, it wil be contingent upon the performance of each individual
underlying index. Unlike an instrument with a return linked to a basket of indices or other underlying assets, in which
risk is mitigated and diversified among all of the components of the basket, you wil be exposed equal y to the risks
related to al of the underlying indices. Poor performance by any one of the underlying indices over the term of the
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