Obbligazione UBSL 0% ( US90271T7037 ) in USD

Emittente UBSL
Prezzo di mercato 100 USD  ▲ 
Paese  Svizzera
Codice isin  US90271T7037 ( in USD )
Tasso d'interesse 0%
Scadenza 29/02/2024 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione UBS (London Branch) US90271T7037 in USD 0%, scaduta


Importo minimo 1 000 USD
Importo totale 1 134 000 USD
Cusip 90271T703
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Descrizione dettagliata La filiale londinese di UBS offre una vasta gamma di servizi finanziari, tra cui gestione patrimoniale, investimenti bancari e finanziamenti alle imprese.

The Obbligazione issued by UBSL ( Switzerland ) , in USD, with the ISIN code US90271T7037, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 29/02/2024







Pricing Supplement
http://www.sec.gov/Archives/edgar/data/1114446/000119312514072438...
424B2 1 d684292d424b2.htm PRICING SUPPLEMENT
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 Performance Securities linked to the UBS Bloomberg Constant Maturity Commodity
Index Excess Return (CMCIER) due February 29, 2024
$1,133,500.00
$146.00


(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 February 28, 2012)

Linked to the UBS Bloomberg Constant Maturity Commodity Index Excess Return (CMCIER)
due February 29, 2024

Investment Description
UBS AG Trigger Performance Securities (the "Securities") are unsubordinated, unsecured debt securities issued by UBS AG ("UBS") linked to the performance of
the UBS Bloomberg Constant Maturity Commodity Index Excess Return (CMCIER) (the "underlying index"). If the index return is positive, UBS will repay your
principal amount at maturity plus pay a return equal to the index return multiplied by the participation rate of 187%. If the index return is zero or negative and the final
index level is equal to or greater than the trigger level, UBS will repay the full principal amount at maturity. However, if the final index level is less than the trigger
level, UBS will repay less than the full principal amount at maturity, if anything, resulting in a loss on your investment that is proportionate to the negative index
return. The Securities may be terminated early pursuant to a change in law event, as determined by the calculation agent and described on page 21, which could
result in the loss of some or all of your investment. Investing in the Securities involves significant risks. The Securities do not pay interest. You may lose
some or all of your principal amount. 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 Index Returns: If the
Trade Date

February 25, 2014
index return is greater than zero, UBS wil repay
Settlement Date

February 28, 2014
your principal amount at maturity plus pay a return

equal to the index return multiplied by the
Final Valuation Date*

February 26, 2024
participation rate. If the index return is less than
Maturity Date*

February 29, 2024
zero, investors may be exposed to the negative

index return at maturity.
*
Subject to postponement in the event of a market

disruption event, as described in the Trigger
q
Contingent Repayment of Principal at Maturity:
Performance Securities product supplement.
If the index return is zero or negative and the final
index level is not below the trigger level, UBS wil
repay your principal amount at maturity. However, if
the final index level is less than the trigger level,
UBS wil repay less than the ful principal amount at

maturity, if anything, resulting in a loss to investors
that is proportionate to the negative index return.
The contingent repayment of principal applies only if
you hold the Securities to 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 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 5 AND UNDER "RISK FACTORS"
BEGINNING ON PAGE PS-13 OF THE TRIGGER 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 Trigger Performance Securities linked to the UBS Bloomberg Constant Maturity Commodity Index Excess Return (CMCIER). The Securities
are offered at a minimum investment of $1,000, or 100 Securities at $10.00 per Security, and integral multiples of $10.00 in excess thereof.

Index
Bloomberg
Initial
Underlying Index

Symbol Participation Rate Index Level
Trigger Level CUSIP
ISIN
UBS Bloomberg Constant Maturity
588.083, which is 50% of
Commodity Index Excess Return (CMCIER)
CMCIER

187%

1,176.166

the Initial Index Level 90271T703 US90271T7037
The estimated initial value of the Securities as of the trade date is $8.757 for Securities linked to the performance of the UBS Bloomberg Constant Maturity
Commodity Index Excess Return (CMCIER). 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
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estimated initial value of the Securities, see "Key Risks -- Fair value considerations" and "Key Risks -- Limited or no secondary market and secondary market
price considerations" on pages 5 and 6 of this pricing supplement.
See "Additional Information about UBS and the Securities" on page 2. The Securities will have the terms specified in the Trigger Performance
Securities product supplement relating to the Securities, dated February 28, 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 Trigger Performance 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.



Issue Price to Public
Underwriting Discount
Proceeds to UBS AG
Per Security

$10.00

$0.50

$9.50
Total

$1,133,500.00

$56,675.00

$1,076,825.00

UBS Financial Services Inc.

UBS Investment Bank
Pricing Supplement dated February 25, 2014

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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 and an index supplement for various securities we may offer, including 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 this offering that UBS has filed with the SEC for more
complete information about UBS and this offering. 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 Trigger 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 Trigger Performance Securities dated February 28, 2012:
http://www.sec.gov/Archives/edgar/data/1114446/000119312512084029/d308042d424b2.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 pricing
supplement, "Securities" refer to the Trigger Performance Securities that are offered hereby, unless the context
otherwise requires. Also, references to the "Trigger Performance Securities product supplement" mean the UBS
product supplement, dated February 28, 2012, 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 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.
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.

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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
underlying index or its constituents.
portion of your investment and are unwil ing to make
¨ You believe the underlying index wil appreciate over
an investment that may have the same downside
the term of the Securities.
market risk as the underlying index or its constituents.


¨ You are wil ing to invest in the Securities based on the
¨ You believe that the level of the underlying index wil
participation rate indicated on the cover hereof.
decline during the term of the Securities and is likely to
¨
close below the trigger level on the final valuation date.
You can tolerate fluctuations in the price of the

Securities prior to maturity that may be similar to or
¨ You are unwil ing to invest in the Securities based on
exceed the downside fluctuations in the level of the
the participation rate indicated on the cover hereof.
underlying index.
¨ You cannot tolerate fluctuations in the price of the
¨ You understand and are wil ing to accept the risk of
Securities prior to maturity that may be similar to or
fluctuations in commodities prices in general, and the
exceed the downside fluctuations in the level of the
risks inherent in a concentrated investment in
underlying index.
exchange-traded futures contracts on physical
¨ You do not understand and/or are not wil ing to accept
commodities in particular.
the risk of fluctuations in commodities prices in
¨ You are wil ing to hold the Securities to maturity, a
general, and the risks inherent in a concentrated
term of approximately 10 years, and accept that there
investment in exchange-traded futures contracts on
may be little or no secondary market for the
physical commodities in particular.
Securities.
¨ You are unable or unwil ing to hold the Securities to
¨ You do not seek current income from this investment.
maturity, a term of approximately 10 years, or you
¨
seek an investment for which there wil be an active
You are wil ing to assume the credit risk of UBS for al
secondary market.
payments under the Securities, and understand that if

UBS defaults on its obligations you may not receive
¨ You seek current income from this investment.
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
the internal pricing model price.

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 PS-13 of the Trigger Performance Securities product supplement for risks related to an
investment in the Securities.

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Final Terms
Investment Timeline

Issuer


UBS AG, London Branch
Principal
$10.00 per Security
The initial index level is observed. The participation
Amount
rate is set.


Term

Approximately 10 years.
Underlying
UBS Bloomberg Constant Maturity
Index
Commodity Index Excess Return

(CMCIER)
The final index level is observed on the final
Participation
187%
valuation date and the index return is calculated.
Rate


If the index return is positive, UBS will pay you a
Payment at
If the index return is positive, UBS
cash payment at maturity equal to:
Maturity
wil pay you an amount in cash equal to:
$10 + ($10 × Index Return × Participation Rate)

(per Security)

If the index return is zero or negative and the
$10 + ($10 × Index Return ×
final index level is equal to or greater than the
Participation Rate)
trigger level, UBS will pay you a cash payment

equal to your principal amount, or $10 per Security.
If the index return is zero or negative

If the index return is negative and the final
and the final index level is equal to
index level is less than the trigger level, UBS
or greater than the trigger level, UBS
will pay you a cash payment at maturity that is less
than your principal amount, if anything, equal to:
wil pay you an amount in cash equal to

your principal amount, or $10 per
$10 + ($10 × Index Return).

Security.
In such scenario, you will suffer a loss on your initial
investment in an amount that is proportionate to the

If the final index level is less than the
negative index return.
trigger level, UBS wil pay you an
amount that is less than your principal
amount, if anything, resulting in a loss

on your investment that is proportionate
to the negative index return:


$10 + ($10 × Index Return)
Index Return
Final Index Level ­ Initial Index Level


Initial Index Level
Initial Index
1,176.166, which is the closing level of
Level

the underlying index on the trade date.
Final Index
The closing level of the underlying index
Level

on the final valuation date.
Trigger Level
588.083, which is 50% of the initial

index level.

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. 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.

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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 Trigger 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 repay the ful
principal amount of the Securities. If the index return is negative, UBS wil repay you the principal amount of your
Securities in cash only if the final index level is greater than or equal to the trigger level and wil only make such
payment at maturity. If the final index level is below the trigger level, you wil lose some or al of your initial investment
in an amount proportionate to the decline in the level of the underlying index from the trade date to the final valuation
date.
¨ 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 level of the underlying index is above the trigger level.
¨ 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 index 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 return on the Securities, if any, at maturity is directly linked to the performance of the underlying
index, and indirectly linked to the value of the futures contracts on physical commodities comprising the underlying
index (the "index commodities"), and wil depend on whether, and the extent to which, the index return is positive or
negative. Trading in the index commodities is speculative and can be extremely volatile. Market prices of the index
commodities may fluctuate rapidly based on numerous factors. These factors may affect the level of the underlying
index and the market value of the Securities in varying ways, and different factors may cause the value of the index
commodities, and the volatilities of their prices, to move in inconsistent directions and at inconsistent rates. If the final
index level is below the trigger level, you wil lose 1% of the principal amount for each 1% that the final index level is
less than the initial index level. You may lose some or all of your principal amount if the index return is negative.
¨ Fair value considerations.

¨
The issue price you pay for the Securities exceeds their estimated initial value -- The issue price
you pay for the Securities exceeds their estimated initial value as of the trade date due to the inclusion in
the issue price of the underwriting discount, hedging costs, issuance costs and projected profits. As of the
close of the relevant markets on the trade date, we have determined the estimated initial value of the
Securities by reference to our internal pricing models and it is set forth in this pricing supplement. The
pricing models used to determine the estimated initial value of the Securities incorporate certain variables,

including the level of the underlying index, the volatility of the index commodities, prevailing interest rates,
the term of the Securities and our internal funding rate. Our internal funding rate is typical y lower than the
rate we would pay to issue conventional fixed or floating rate debt securities of a similar term. The
underwriting discount, hedging costs, issuance costs, projected profits and the difference in rates wil
reduce the economic value of the Securities to you. Due to these factors, the estimated initial value of the
Securities as of the trade date is less than the issue price you pay for the Securities.

¨
The estimated initial value is a theoretical price; the actual price that you may be able to sell your

Securities in any secondary market (if any) at any time after the trade date may differ from the
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estimated initial value -- The value of your Securities at any time wil vary based on many factors,
including the factors described above and in "-- Market risk" above and is impossible to predict.
Furthermore, the pricing models that we use are proprietary and rely in part on certain assumptions about
future events, which may prove to be incorrect. As a result, after the trade date, if you attempt to sel the
Securities in the secondary market, the actual value you would receive may differ, perhaps material y, from
the estimated initial value of the Securities determined by reference to our internal pricing models. The
estimated initial value of the Securities does not represent a minimum or maximum price at which we or any
of our affiliates would be wil ing to purchase your Securities in any secondary market at any time.

¨
Our actual profits may be greater or less than the differential between the estimated initial value
and the issue price of the Securities as of the trade date -- We may determine the economic terms of
the Securities, as wel as hedge our obligations, at least in part, prior to the trade date. In addition, there

may be ongoing costs to us to maintain and/or adjust any hedges and such hedges are often imperfect.
Therefore, our actual profits (or potential y, losses) in issuing the Securities cannot be determined as of the
trade date and any such differential between the estimated initial value and the issue price of

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the Securities as of the trade date does not reflect our actual profits. Ultimately, our actual profits wil be

known only at the maturity of the Securities.
¨ Limited or no secondary market and secondary market price considerations.

¨
There may be little or no secondary market for the Securities -- The Securities wil not be listed or
displayed on any securities exchange or any electronic communications network. There can be no
assurance that a secondary market for the Securities wil develop. UBS Securities LLC and its affiliates
may make a market in each offering of the Securities, although they are not required to do so and may stop

making a market at any time. If you are able to sel your Securities prior to maturity, you may have to sel
them at a substantial loss. The estimated initial value of the Securities does not represent a minimum or
maximum price at which we or any of our affiliates would be wil ing to purchase your Securities in any
secondary market at any time.

¨
The price at which UBS Securities LLC and its affiliates may offer to buy the Securities in the
secondary market (if any) may be greater than UBS' valuation of the Securities at that time, greater
than any other secondary market prices provided by unaffiliated dealers (if any) and, depending on
your broker, greater than the valuation provided on your customer account statements -- For a
limited period of time fol owing the issuance of the Securities, UBS Securities LLC or its affiliates may offer
to buy or sell such Securities at a price that exceeds (i) our valuation of the Securities at that time based on
our internal pricing models, (i ) any secondary market prices provided by unaffiliated dealers (if any) and (i i)
depending on your broker, the valuation provided on customer account statements. The price that UBS
Securities LLC may initial y offer to buy such Securities fol owing issuance wil exceed the valuations
indicated by our internal pricing models due to the inclusion for a limited period of time of the aggregate
value of the underwriting discount, hedging costs, issuance costs and theoretical projected trading profit.
The portion of such amounts included in our price wil decline to zero on a straight line basis over a period

ending no later than the date specified under "Supplemental Plan of Distribution (Conflicts of Interest);
Secondary Markets (if any)." Thereafter, if UBS Securities LLC or an affiliate makes secondary markets in
the Securities, it wil do so at prices that reflect our estimated value determined by reference to our internal
pricing models at that time. The temporary positive differential relative to our internal pricing models arises
from requests from and arrangements made by UBS Securities LLC with the sel ing agents of structured
debt securities such as the Securities. As described above, UBS Securities LLC and its affiliates are not
required to make a market for the Securities and may stop making a market at any time. The price at
which UBS Securities LLC or an affiliate may make secondary markets at any time (if at al ) wil also reflect
its then current bid-ask spread for similar sized trades of structured debt securities. UBS Financial Services
Inc. and UBS Securities LLC reflect this temporary positive differential on their customer statements.
Investors should inquire as to the valuation provided on customer account statements provided by
unaffiliated dealers.

¨
Price of Securities prior to maturity -- The market price of the Securities wil be influenced by many
unpredictable and interrelated factors, including the level of the underlying index; the volatility of the index

commodities; the time remaining to the maturity of the Securities; interest rates in the markets; geopolitical
conditions and economic, financial, political, force majeure and regulatory or judicial events; the
creditworthiness of UBS and the then current bid-ask spread for the Securities.

¨
Impact of fees and the use of internal funding rates rather than secondary market credit spreads
on secondary market prices -- Al other things being equal, the use of the internal funding rates
described above under "--Fair value considerations" as wel as the inclusion in the issue price of the

underwriting discount, hedging costs, issuance costs and any projected profits are, subject to the
temporary mitigating effect of UBS Securities LLC's and its affiliates' market making premium, expected to
reduce the price at which you may be able to sel the Securities in any secondary market.
¨ Owning the Securities is not the same as owning the index commodities -- Owning the Securities is not the
same as owning the index commodities. As a holder of the Securities, you wil not have any rights with respect to any
of the index commodities. Any amounts payable on your Securities wil be made in cash and you wil have no right to
receive any of the index commodities.
¨ The Securities do not offer direct exposure to commodity spot prices -- The underlying index is comprised of
commodity futures contracts, not physical commodities (or their spot prices). The price of a futures contract reflects
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the expected value of the commodity upon delivery in the future, whereas the spot price of a commodity reflects the
immediate delivery value of the commodity. A variety of factors can lead to a disparity between the expected future
price of a commodity and the spot price at a given point in time, such as the cost of storing the commodity for the
term of the futures contract, interest charges incurred to finance the purchase of the commodity and expectations
concerning supply and demand for the commodity. The price movements of a futures contract are typical y correlated
with the movements of the spot price of the referenced commodity, but the correlation is generally imperfect and price
moves in the spot market may not be reflected in the futures market (and vice versa). Accordingly, the Securities may
underperform a similar investment that is linked to commodity spot prices.
¨ 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 level of the underlying index wil rise or fal . There can be no assurance that the
level of the underlying index will rise above the initial index level or that the final index level wil not fall below the trigger
level. The final index level of the underlying index wil be influenced by complex and interrelated political, economic,
financial and other factors that affect the index commodities. You should be wil ing to accept the risks of investing in
commodities futures contracts in general and the index commodities in particular, and the risk of losing some or al of
your initial investment.

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