Obbligazione UBSL 0% ( US90274B2795 ) in USD

Emittente UBSL
Prezzo di mercato 100 USD  ▲ 
Paese  Svizzera
Codice isin  US90274B2795 ( in USD )
Tasso d'interesse 0%
Scadenza 31/10/2024 - Obbligazione č scaduto



Prospetto opuscolo dell'obbligazione UBS (London Branch) US90274B2795 in USD 0%, scaduta


Importo minimo 1 000 USD
Importo totale 350 000 USD
Cusip 90274B279
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.

L'obbligazione UBS (London Branch) con ISIN US90274B2795, CUSIP 90274B279, emessa in Svizzera in USD per un ammontare totale di 350.000 unitā con taglio minimo di 1.000, a tasso zero e scadenza il 31/10/2024, con frequenza di pagamento semestrale, č giunta a scadenza ed č stata rimborsata al 100%.







Pricing Supplement
424B2 1 d799710d424b2.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 October 31, 2024

$350,000.00

$40.67


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

dated February 28, 2012)

UBS AG $350,000 Trigger Performance Securities
Link e d t o t he U BS Bloom be rg Const a nt M a t urit y Com m odit y I nde x Ex c e ss Re t urn
(CM CI ER) due Oc t obe r 3 1 , 2 0 2 4

I nve st m e nt De sc ript ion
UBS AG Trigger Performance Securities (the "Securities") are unsubordinated, unsecured debt securities issued by UBS AG ("UBS" or the "issuer") linked to the
performance of the UBS Bloomberg Constant Maturity Commodity Index Excess Return (CMCIER) (the "underlying index"). At maturity, UBS will pay an amount in cash
that is based on the direction and percentage change in the level of the underlying index from the trade date to the final valuation date (the "index return"). 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 145%. If the index
return is zero or negative and the closing level of the underlying index on the final valuation date (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 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 19, 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.

Fe a t ure s
K e y Da t e s

Participation in Positive Index Returns: If the
Trade Date

October 28, 2014
index return is positive, UBS will repay your principal
amount at maturity plus pay a return equal to the index
Settlement Date

October 31, 2014

return multiplied by the participation rate. If the index
Final Valuation Date*

October 28, 2024
return is negative, investors may be exposed to the
index return at maturity.
Maturity Date*

October 31, 2024


Contingent Repayment of Principal at Maturity:
*
Subject to postponement in the event of a market
If the index return is zero or negative and the final index
disruption event, as described in the Trigger Performance
level is equal to or greater than the trigger level, UBS will
Securities product supplement.
repay your 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 to investors that is
proportionate to the 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.

N ot ic e t o inve st ors: t he Se c urit ie s a re signific a nt ly risk ie r t ha n c onve nt iona l de bt inst rum e nt s. T he issue r is not ne c e ssa rily obliga t e d t o
re pa y t he full princ ipa l a m ount of t he Se c urit ie s a t m a t urit y, a nd t he Se c urit ie s c a n ha ve dow nside m a rk e t risk sim ila r t o t he unde rlying
inde x . T his m a rk e t risk is in a ddit ion t o t he c re dit risk inhe re nt in purc ha sing a de bt obliga t ion of U BS. Y ou should not purc ha se t he
Se c urit ie s if you do not unde rst a nd or a re not c om fort a ble w it h t he signific a nt risk s involve d in inve st ing in t he Se c urit ie s.
Y ou should c a re fully c onside r t he risk s de sc ribe d unde r "K e y Risk s" be ginning on pa ge 3 a nd unde r "Risk Fa c t ors" be ginning on pa ge PS - 1 3
of t he T rigge r Pe rform a nc e Se c urit ie s produc t supple m e nt be fore purc ha sing a ny Se c urit ie s. Eve nt s re la t ing t o a ny of t hose risk s, or ot he r
risk s a nd unc e rt a int ie s, c ould a dve rse ly a ffe c t t he m a rk e t va lue of, a nd t he re t urn on your Se c urit ie s. Y ou m a y lose som e or a ll of your
inve st m e nt in t he Se c urit ie s. T he Se c urit ie s w ill not be list e d or displa ye d on a ny se c urit ie s e x c ha nge or a ny e le c t ronic c om m unic a t ions
ne t w ork .

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Pricing Supplement
Se c urit y Offe ring
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.

I nde x
Bloom be rg Pa rt ic ipa t ion
I nit ia l
U nde rlying I nde x

Sym bol

Ra t e
I nde x Le ve l
T rigge r Le ve l CU SI P
I SI N
UBS Bloomberg Constant Maturity Commodity Index
533.436, which is 50%
Excess Return (CMCIER)

CMCIER

145%

1,066.872
of the Initial Index Level 90274B279 US90274B2795
The estimated initial value of the Securities as of the trade date is $8.75 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 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 3
and 4 of this pricing supplement.
Se e "Addit iona l I nform a t ion a bout U BS a nd t he Se c urit ie s" on pa ge ii. T he Se c urit ie s w ill ha ve t he t e rm s spe c ifie d in t he T rigge r
Pe rform a nc e Se c urit ie s produc t supple m e nt re la t ing t o t he Se c urit ie s, da t e d Fe brua ry 2 8 , 2 0 1 2 , t he a c c om pa nying prospe c t us a nd t his
pric ing supple m e nt .
N e it he r t he Se c urit ie s a nd Ex c ha nge Com m ission nor a ny ot he r re gula t ory body ha s a pprove d or disa pprove d of t he se se c urit ie s or pa sse d
upon t he a de qua c y or a c c ura c y of t his pric ing supple m e nt , t he T rigge r Pe rform a nc e Se c urit ie s produc t supple m e nt , t he inde x supple m e nt
or t he a c c om pa nying prospe c t us. Any re pre se nt a t ion t o t he c ont ra ry is a c rim ina l offe nse .
The Securities are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.



I ssue Pric e t o Public
U nde rw rit ing Disc ount
Proc e e ds t o U BS AG
Per Security

$10.00

$0.50

$9.50
Total

$350,000.00

$17,500.00

$332,500.00

U BS Fina nc ia l Se rvic e s I nc .

U BS I nve st m e nt Ba nk
Addit iona l I nform a t ion a bout U BS a nd t he Se c urit ie s
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 will arrange to send you the prospectus and the Trigger Performance
Securities product supplement if you so request by calling toll-free 1-877-387-2275.
Y ou m a y a c c e ss t he se doc um e nt s on t he SEC w e bsit e a t w w w .se c .gov a s follow s:

¨ 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 well 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 carefully
consider, among other things, the matters set forth in "Key Risks" beginning on page 3 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 will notify you and you will 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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Pricing Supplement
I nve st or Suit a bilit y

T he Se c urit ie s m a y be suit a ble for you if:
T he Se c urit ie s m a y not be suit a ble for you if:


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


¨ You can tolerate a loss of all or a substantial portion of
¨ You require an investment designed to provide a full return
your investment and are willing to make an investment that
of principal at maturity.
may have the same downside market risk as the underlying

¨ You cannot tolerate a loss of all or a substantial portion of
index or its constituents.
your investment and are unwilling to make an investment

¨ You believe the underlying index will appreciate over the
that may have the same downside market risk as the
term of the Securities.
underlying index or its constituents.


¨ You are willing to invest in the Securities based on the
¨ You believe that the level of the underlying index will
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 exceed the
¨ You are unwilling to invest in the Securities based on the
downside fluctuations in the level of the underlying index.
participation rate indicated on the cover hereof.


¨ You understand and are willing to accept the risk of
¨ You cannot tolerate fluctuations in the price of the
fluctuations in commodities prices in general, and the risks
Securities prior to maturity that may be similar to or exceed
inherent in a concentrated investment in exchange-traded
the downside fluctuations in the level of the underlying
futures contracts on physical commodities in particular.
index.


¨ You are willing to hold the Securities to maturity and accept
¨ You do not understand and/or are not willing to accept the
that there may be little or no secondary market for the
risk of fluctuations in commodities prices in general, and the
Securities.
risks inherent in a concentrated investment in exchange-

¨
traded futures contracts on physical commodities in

You do not seek current income from this investment.

particular.
¨ You are willing to assume the credit risk of UBS for all

¨ You are unable or unwilling to hold the Securities to
payments under the Securities, and understand that if UBS
maturity or you seek an investment for which there will be
defaults on its obligations you may not receive any amounts
an active secondary market.
due to you including any repayment of principal.


¨
¨

You seek current income from this investment.

You understand that the estimated initial value of the

Securities determined by our internal pricing models is
¨ You are not willing to assume the credit risk of UBS for all
lower than the issue price and that should UBS Securities
payments under the Securities, including any repayment of
LLC or any affiliate make secondary markets for the
principal.
Securities, the price (not including their customary bid-ask
spreads) will temporarily exceed the internal pricing model
price.


T he inve st or suit a bilit y c onside ra t ions ide nt ifie d a bove a re not e x ha ust ive . Whe t he r or not t he Se c urit ie s
a re a suit a ble inve st m e nt for you w ill de pe nd on your individua l c irc um st a nc e s a nd you should re a c h a n
inve st m e nt de c ision only a ft e r you a nd your inve st m e nt , le ga l, t a x , a c c ount ing a nd ot he r a dvisors ha ve
c a re fully c onside re d t he suit a bilit y of a n inve st m e nt in t he Se c urit ie s in light of your pa rt ic ula r
c irc um st a nc e s. Y ou should a lso re vie w "K e y Risk s" be ginning on pa ge 3 of t his pric ing supple m e nt a nd t he
m ore de t a ile d "Risk Fa c t ors" be ginning on PS-1 3 of t he T rigge r Pe rform a nc e Se c urit ie s produc t supple m e nt
for risk s re la t e d t o a n inve st m e nt in t he Se c urit ie s.

1
Fina l T e rm s
I nve st m e nt T im e line


Issuer

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

Term

Approximately 10 years.
Underlying
UBS Bloomberg Constant Maturity
Index

Commodity Index Excess Return (CMCIER)
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Pricing Supplement
Participation
145%.
The final index level is observed on the final valuation
Rate

date and the index return is calculated.
Payment at
I f t he inde x re t urn is posit ive , UBS

I f t he inde x re t urn is posit ive , UBS will pay you
Maturity
will pay you an amount in cash equal to:
a cash payment at maturity equal to:
$10 + ($10 × Index Return × Participation Rate).
(per Security)

$10 + ($10 × Index Return × Participation

I f t he inde x re t urn is ze ro or ne ga t ive a nd t he
Rate).
fina l inde x le ve l is e qua l t o or gre a t e r t ha n

t he t rigge r le ve l , UBS will pay you a cash payment
I f t he inde x re t urn is ze ro or
equal to your principal amount, or $10 per Security.

ne ga t ive a nd t he fina l inde x le ve l is
I f t he inde x re t urn is ne ga t ive a nd t he fina l
e qua l t o or gre a t e r t ha n t he t rigge r
inde x le ve l is le ss t ha n t he t rigge r le ve l , UBS
will pay you a cash payment at maturity that is less
le ve l, UBS will pay you an amount in cash
than your principal amount, if anything, equal to:
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
I f t he fina l inde x le ve l is le ss t ha n
index return.
t he t rigge r le ve l, UBS will 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
index return:



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


Initial Index Level
Initial Index
1,066.872, which is the closing level of the
Level
underlying index on the trade date, as

determined by the calculation agent.
Final Index
The closing level of the underlying index on
Level
the final valuation date, as determined by

the calculation agent.
Trigger Level
533.436, which is 50% of the initial index

level.


I nve st ing in t he Se c urit ie s involve s signific a nt risk s. Y ou m a y lose som e or a ll of your init ia l inve st m e nt .
Any pa ym e nt on t he Se c urit ie s, inc luding a ny re pa ym e nt of princ ipa l, is subje c t t o t he c re dit w ort hine ss of
U BS. I f U BS w e re t o de fa ult on it s pa ym e nt obliga t ions, you m a y not re c e ive a ny a m ount s ow e d t o you
unde r t he Se c urit ie s a nd you c ould lose your e nt ire inve st m e nt .

2
K e y Risk s
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 generally 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 will not necessarily repay the full principal
amount of the Securities. If the index return is negative, UBS will repay you the principal amount of your Securities in cash only
if the final index level is equal to or greater than the trigger level and will only make such payment at maturity. If the final index
level is below the trigger level, you will lose some or all 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 willing to hold your Securities to
maturity. If you are able to sell your Securities prior to maturity in the secondary market, you may have to sell them at a loss
relative to your initial investment even if the level of the underlying index is equal to or greater than the trigger level.
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Pricing Supplement

¨ The participation rate applies only at maturity -- You should be willing to hold your Securities to maturity. If you are
able to sell your Securities prior to maturity in the secondary market, the price you receive will likely not reflect the full 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 full benefit of the participation rate only if you hold your Securities to maturity.

¨ No interest payments -- UBS will 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 will 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 will 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.

¨
T he issue pric e you pa y for t he Se c urit ie s e x c e e ds t he ir e st im a t e d init ia l va lue -- 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 typically 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 will 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.

¨
T he e st im a t e d init ia l va lue is a t he ore t ic a l pric e ; t he a c t ua l pric e t ha t you m a y be a ble t o se ll
your Se c urit ie s in a ny se c onda ry m a rk e t (if a ny) a t a ny t im e a ft e r t he t ra de da t e m a y diffe r from
t he e st im a t e d init ia l va lue -- The value of your Securities at any time will 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 sell the Securities in the secondary market,
the actual value you would receive may differ, perhaps materially, 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 willing to purchase your
Securities in any secondary market at any time.

¨
Our a c t ua l profit s m a y be gre a t e r or le ss t ha n t he diffe re nt ia l be t w e e n t he e st im a t e d init ia l
va lue a nd t he issue pric e of t he Se c urit ie s a s of t he t ra de da t e -- We may determine the economic
terms of the Securities, as well 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 potentially, 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

3
the Securities as of the trade date does not reflect our actual profits. Ultimately, our actual profits will be known only

at the maturity of the Securities.

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Pricing Supplement
¨ Limited or no secondary market and secondary market price considerations.

¨
T he re m a y be lit t le or no se c onda ry m a rk e t for t he Se c urit ie s -- The Securities will 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 will 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 sell your Securities prior to maturity, you may have to sell 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
willing to purchase your Securities in any secondary market at any time.

¨
T he pric e a t w hic h U BS Se c urit ie s LLC a nd it s a ffilia t e s m a y offe r t o buy t he Se c urit ie s in t he
se c onda ry m a rk e t (if a ny) m a y be gre a t e r t ha n U BS' va lua t ion of t he Se c urit ie s a t t ha t t im e ,
gre a t e r t ha n a ny ot he r se c onda ry m a rk e t pric e s provide d by una ffilia t e d de a le rs (if a ny) a nd,
de pe nding on your brok e r, gre a t e r t ha n t he va lua t ion provide d on your c ust om e r a c c ount
st a t e m e nt s -- For a limited period of time following 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, (ii) any secondary market prices provided by unaffiliated dealers (if any) and (iii)
depending on your broker, the valuation provided on customer account statements. The price that UBS Securities
LLC may initially offer to buy such Securities following issuance will 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 will 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 will 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 selling
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 all) will 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.

¨
Pric e of Se c urit ie s prior t o m a t urit y -- The market price of the Securities will 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.

¨
I m pa c t of fe e s a nd t he use of int e rna l funding ra t e s ra t he r t ha n se c onda ry m a rk e t c re dit
spre a ds on se c onda ry m a rk e t pric e s -- All other things being equal, the use of the internal funding rates
described above under "--Fair value considerations" as well 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 sell the Securities in any secondary market.

¨ Ow ning the Securities is not the same as ow ning the index commodities -- Owning the Securities is not the
same as owning the index commodities. As a holder of the Securities, you will not have any rights with respect to any of the
index commodities. Any amounts payable on your Securities will be made in cash and you will 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 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 typically 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.

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¨ No assurance that the investment view implicit in the Securities w ill be successful -- It is impossible to
predict whether and the extent to which the level of the underlying index will rise or fall. 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 will not fall below the trigger level. The
final index level of the underlying index will be influenced by complex and interrelated political, economic, financial and other
factors that affect the index commodities. You should be willing 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 all of your initial investment.

4
¨ The underlying index reflects price return of the index commodities, not total return -- The return on the
Securities is based on the performance of the underlying index, which reflects the returns that are potentially available through
an unleveraged investment in the index commodities. It does not reflect returns that could be earned on funds committed to the
trading of the index commodities or the physical commodities (or their spot prices). The return on the Securities will not include a
total return feature or interest component that may be applicable to such a fund.

¨ Suspensions or disruptions of market trading in the commodity futures markets may adversely affect the
va lue of t he Se c urit ie s -- Commodity futures markets are subject to temporary distortions or other disruptions due to various
factors, including the lack of liquidity in the markets, the participation of speculators and government regulation and intervention.
In addition, U.S. futures exchanges and some non-U.S. exchanges have regulations that limit the amount of fluctuation in futures
contract prices that may occur during a single business day. These limits are generally referred to as "daily price fluctuation
limits" and the maximum or minimum price of a contract on any given day as a result of these limits is referred to as a "limit
price." Once the limit price has been reached in a particular contract, no trades may be made at a different price. Limit prices
have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or
prices. These circumstances could adversely affect the level of the underlying index and, therefore, the value of the Securities.

¨ Higher future prices of the index commodities relative to their current prices w ill affect the market value
of t he Se c urit ie s -- The underlying index is comprised of futures contracts on physical commodities. Unlike equities, which
typically entitle the holder to a continuing stake in a corporation, commodity futures contracts normally specify a certain date for
delivery of the underlying physical commodity. As the exchange-traded futures contracts that comprise the underlying index
approach expiration, they are replaced by contracts that have a later expiration. Thus, for example, a contract purchased and
held in August may specify an October expiration. As time passes, the contract expiring in October is replaced by a contract for
delivery in November. This process is referred to as "rolling." If the market for these contracts is (putting aside other
considerations) in "backwardation," where the prices are lower in the distant delivery months than in the nearer delivery months,
the sale of the October contract would take place at a price that is higher than the price of the November contract, thereby
creating a "roll yield." Conversely, contango markets are those in which the prices of contracts are higher in the distant delivery
months than in the nearer delivery months. The underlying index offers continuous roll mechanics for each constant maturity with
respect to each commodity futures contract, which in contrast to the rolling of front-month contracts offered in traditional
commodity indices, offers the potential to mitigate negative roll yield. However, we cannot guarantee that the continuous roll
mechanism will function as intended, and, therefore, cannot guarantee that the continuous roll mechanism will mitigate any
negative roll yield. The existence of contango in the commodity markets could also result in negative "roll yields," which could
adversely affect the level of the underlying index and, accordingly, adversely affect the market value of the Securities.

¨ Potential over -concentration in particular commodity sectors -- The index commodities are concentrated in a
limited number of sectors, particularly energy, agriculture and industrial metals. Investment in the Securities will increase your
portfolio's exposure to fluctuations in the commodity sectors comprising the underlying index.

¨ Prolonged decline in value in energy oriented materials w ould have a negative impact on the level of the
unde rlying inde x a nd t he va lue of t he Se c urit ie s -- Approximately 38.17% of the index commodities are energy
oriented, including approximately 20.00% in crude oil. Accordingly, a decline in value in such raw materials would adversely
affect the level of the underlying index and the value of the Securities. Technological advances or the discovery of new oil
reserves could lead to increases in worldwide production of oil and corresponding decreases in the price of crude oil. In addition,
further development and commercial exploitation of alternative energy sources, including solar, wind or geothermal energy, could
lessen the demand for crude oil products and result in lower prices. Absent amendment of the underlying index to lessen or
eliminate the concentration of existing energy contracts in the underlying index or to broaden the underlying index to account for
such developments, the level of the underlying index and the value of the Securities could decline as a result.

¨ The Securities are not regulated by the CFTC -- Unlike an investment in the Securities, an investment in a collective
investment vehicle that invests in futures contracts on behalf of its participants may be regulated as a commodity pool and its
operator may be required to be registered with and regulated by the Commodity Futures Trading Commission (the "CFTC") as a
"commodity pool operator." Because the Securities are not interests in a commodity pool, the Securities will not be regulated by
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the CFTC as a commodity pool, UBS will not be registered with the CFTC as a "commodity pool operator" and you will not
benefit from the CFTC's or any non-United States regulatory authority's regulatory protections afforded to persons who trade in
futures contracts or who invest in regulated commodity pools.

¨ The underlying index w ill include futures contracts on foreign exchanges that are less regulated than U.S.
m a rk e t s a nd a re subje c t t o risk s t ha t do not a lw a ys a pply t o t he U .S. m a rk e t s -- The underlying index will
include futures contracts on physical commodities on exchanges located outside the United States. You should be aware that
investments in securities linked to the value of foreign commodity contracts involve particular risks. The regulations of the CFTC
do not apply to trading on foreign exchanges, and trading on foreign exchanges may involve different and greater risks than
trading on United States exchanges. Certain foreign markets may be more susceptible to disruption than United States
exchanges due to the lack of a government-regulated clearinghouse system. Trading on foreign exchanges also involves certain
other risks that are not applicable to trading on United States exchanges. Those risks include varying exchange rates, exchange
controls, expropriation, burdensome or confiscatory taxation, moratoriums and political or diplomatic events. It will also likely be
more costly and difficult for the CMCI Committees to enforce the laws or regulations of a foreign country or exchange, and it is
possible that the foreign country or exchange may not have laws or regulations which adequately protect the rights and interests
of investors in the underlying index.

5
¨ Changes that affect the composition and calculation of the underlying index w ill affect the market value
of t he Se c urit ie s -- The underlying index is overseen and managed by the CMCI Governance Committee, in consultation
with the CMCI Advisory Committee (the CMCI Governance Committee and the CMCI Advisory Committee together, the "CMCI
Committees"). The CMCI Committees exercise discretion, subject to ratification by UBS and Bloomberg (the "index sponsors"),
regarding the composition and methodology of the underlying index, including additions, deletions and the weightings of the
index commodities, all of which could affect the underlying index and, therefore, could affect the amount payable on the
Securities at maturity and the market value of the Securities prior to maturity. The CMCI Committees do not have any obligation
to take the needs of any parties to transactions involving the underlying index, including the holders of the Securities, into
consideration when re-weighting or making any other changes to the underlying index. Furthermore, the bi-annual determination
of the calculation of the composition of the underlying index will be conducted in reliance upon historical prices, liquidity and
production data that are subject to potential errors in data sources or errors that may affect the weighting of components of the
underlying index. Any discrepancies that require revision are not applied retroactively, but will be reflected in prospective
weighting calculations of the underlying index for the following year. However, not every discrepancy may be discovered. The
market value of the Securities could also be affected if UBS, in its sole discretion, discontinues or suspends calculation of the
underlying index, or the index sponsors in their sole discretion, suspend publication of the underlying index, in which case it may
become difficult to determine the market value of the Securities. If events such as these occur, or if the final index level is not
available because of a market disruption event or for any other reason, the calculation agent will make an estimate of the final
index level that would have prevailed in the absence of the market disruption event. Notwithstanding the occurrence of one or
more events, which may, in the calculation agent's discretion, constitute a market disruption event, the calculation agent in its
discretion may waive its right to postpone the determination of the final index level if it determines such events have not and are
not likely to materially impair its ability to determine the final index level on such date. If the calculation agent determines that the
publication of the underlying index is discontinued and that there is no successor index on the date when the final index level is
required to be determined, the calculation agent will, instead, make an estimate of the final index level by reference to a group of
physical commodities, exchange-traded futures contracts on physical commodities or indices and a computation methodology that
the calculation agent determines will as closely as reasonably possible replicate the underlying index.

¨ The CMCI Committees may be required to replace an index commodity -- If, for any reason, one of the index
commodities comprising the underlying index ceases to exist, liquidity collapses to abnormal levels or any other similar event with
similar consequences as determined in the discretion of the CMCI Committees occurs, the CMCI Advisory Committee will call an
exceptional meeting to assess the situation and advise the CMCI Governance Committee as to a replacement for the affected
index commodity or for a change in weighting. The CMCI Governance Committee will then make a decision regarding
replacement or re-weighting subject to ratification by the index sponsors. The replacement of a component or a change in
weighting may have an adverse impact on the level of the underlying index and, therefore, the value of the Securities.

¨ The return on the Securities w ill not be adjusted by the calculation agent to compensate for changes in
e x c ha nge ra t e s t ha t m ight a ffe c t t he inde x c om m odit ie s t ha t a re quot e d in fore ign c urre nc ie s -- Although
some of the futures contracts on the index commodities are traded in currencies other than U.S. dollars and the Securities are
denominated in U.S. dollars, the payment at maturity will not be adjusted by the calculation agent to compensate for exchange
rate fluctuations between the U.S. dollar and each of the other currencies in which the futures contracts comprising the
underlying index are quoted. Therefore, if the applicable currencies appreciate or depreciate relative to the U.S. dollar over the
term of the Securities, you will not receive any additional payment or incur any reduction in the payment at maturity on the
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Securities. However, given that the underlying index is denominated in U.S. dollars, any decline in the applicable foreign
currencies relative to the U.S. dollar could negatively impact the value of the index if the index sponsor makes adjustments for
futures contracts comprising the underlying index which are quoted in a currency other than U.S. dollars when calculating the
underlying index levels. In addition to this currency exchange rate risk inherent in the calculation of the underlying index, changes
in exchange rates may reflect changes in various non-U.S. economies that in turn may affect the return on the Securities. The
payment at maturity we pay in respect of the Securities will be based solely upon the index return calculated on the final
valuation date.

¨ The underlying index is a proprietary index of UBS and conflicts of interest may arise due to this -- The
underlying index is proprietary to UBS and is calculated by UBS. Any actions or judgments by UBS could adversely affect the
trading value of the Securities and the amount we will pay to you at maturity. We do not have any obligation to take the needs of
any parties to transactions involving the underlying index, including the holders of the Securities, into consideration, when taking
any actions or making any judgments with respect to the underlying index and we accept no liability for any errors in or
discontinuation of disclosure regarding the methods or policies relating to the calculation of the underlying index. You, as an
investor in the Securities, should make your own investigation into the underlying index and UBS. We and our affiliates do not
guarantee and assume no potential liability for the adequacy or accuracy of the calculation or publication of the underlying index.

¨ UBS' involvement in the CMCI Committees may conflict w ith your interest as a holder of the Securities --
UBS nominates members of the CMCI Committees. Consequently, UBS will be involved in the composition and management of
the underlying index, including additions, deletions and the weightings of the index commodities or exchange-traded futures
contracts on the index commodities, all of which could affect the level of the underlying index and, therefore, the market value of
the Securities. Due to its influence on determinations of the CMCI Committees, which may affect the market value of the
Securities, UBS, as issuer of the Securities, may have a conflict of interest if it participates in or influences such determinations.

¨ Potential UBS impact on price -- Trading or transactions by UBS or its affiliates in the index commodities and/or
over-the-counter options, futures or other instruments with returns linked to the performance of the underlying index may
adversely affect the performance and, therefore, the market value of the Securities.

6
¨ Potential conflict of interest -- UBS and its affiliates may engage in business related to the underlying index or index
commodities, which may present a conflict between the obligations of UBS and you, as a holder of the Securities. The
calculation agent, an affiliate of the issuer, will determine the index return and the payment at maturity based on the closing level
of the underlying index on the final valuation date. As UBS determines the economic terms of the Securities, including the
participation rate and trigger level, and such terms include hedging costs, issuance costs and projected profits, the Securities
represent a package of economic terms. There are other potential conflicts of interest insofar as an investor could potentially get
better economic terms if that investor entered into exchange-traded and/or OTC derivatives or other instruments with third
parties, assuming that such instruments were available and the investor had the ability to assemble and enter into such
instruments.

¨ The calculation agent can postpone the determination of the initial index level and the final index level if
a m a rk e t disrupt ion e ve nt oc c urs on t he t ra de da t e or t he fina l va lua t ion da t e -- If the calculation agent
determines that a market disruption event has occurred or is continuing on the trade date or the final valuation date, the trade
date or the final valuation date, as the case may be, will be postponed until the first business day on which no market disruption
event occurs or is continuing. If such a postponement occurs, then the calculation agent will determine the closing level of the
underlying index on the first business day on which no market disruption event occurs or is continuing. In no event, however, will
the trade date or the final valuation date for the Securities be postponed by more than eight business days. As a result, the
applicable settlement date or maturity date for the Securities could also be postponed. If the trade date or the final valuation
date is postponed to the last possible day, but a market disruption event occurs or is continuing on that day, that last day will
nevertheless be the trade date or the final valuation date, as applicable, and the closing level of the underlying index will be
determined by the calculation agent in the manner described in "Market Disruption Events" on page 18 of this pricing
supplement.

¨ The Securities may be terminated early if the calculation agent determines that a change in law event
ha s oc c urre d -- If the calculation agent determines that a change in law event, as described in the section "Early Termination
following a Change in Law" on page 19 below, has occurred, the Securities may be deemed to have terminated early upon the
occurrence of such event. Following the occurrence of a change in law event on or before the maturity date where the
calculation agent determines the Securities will terminate early, the calculation agent will, in good faith, using commercially
reasonable methods, determine the early termination payment payable to you on the Securities, which will equal the economic
value of the Security. No other amounts will be due to you under the Securities. In determining the early termination payment,
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the calculation agent may consider any relevant information, including, without limitation, relevant rates, prices, yields, volatilities,
spreads, correlations or other relevant market data from internal sources or otherwise. The economic value of the Securities and
the early termination payment following the occurrence of a change in law event could be substantially less than the principal
amount (and could be zero) and therefore you could lose some or all of your initial investment. See "Early Termination following
a Change in Law" beginning on page 19.

¨ Potentially inconsistent research, opinions or recommendations by UBS -- UBS and its affiliates publish research
from time to time on financial markets and other matters that may influence the value of the Securities, or express opinions or
provide recommendations that are inconsistent with purchasing or holding the Securities. Any research, opinions or
recommendations expressed by UBS or its affiliates may not be consistent with each other and may be modified from time to
time without notice. Investors should make their own independent investigation of the merits of investing in the Securities and the
underlying index to which the Securities are linked.

¨ Under certain circumstances, the Sw iss Financial Market Supervisory Authority ("FINMA") has the pow er
t o t a k e a c t ions t ha t m a y a dve rse ly a ffe c t t he Se c urit ie s -- Pursuant to article 25 et seq. of the Swiss Banking Act,
FINMA has broad statutory powers to take measures and actions in relation to UBS if it (i) is overindebted, (ii) has serious
liquidity problems or (iii) fails to fulfill the applicable capital adequacy provisions after expiration of a deadline set by FINMA. If
one of these prerequisites is met, the Swiss Banking Act grants significant discretion to FINMA to open restructuring proceedings
or liquidation (bankruptcy) proceedings in respect of, and/or impose protective measures in relation to, UBS. In particular, a
broad variety of protective measures may be imposed by FINMA, including a bank moratorium or a maturity postponement,
which measures may be ordered by FINMA either on a stand-alone basis or in connection with restructuring or liquidation
proceedings. In a restructuring proceeding, the resolution plan may, among other things, (a) provide for the transfer of UBS's
assets or a portion thereof, together with debts and other liabilities, and contracts of UBS, to another entity, (b) provide for the
conversion of UBS's debt and/or other obligations, including its obligations under the Securities, into equity, and/or (c) potentially
provide for haircuts on obligations of UBS, including its obligations under the Securities. Although no precedent exists, if one or
more measures under the revised regime were imposed, such measures may have a material adverse effect on the terms and
market value of the Securities and/or the ability of UBS to make payments thereunder.

¨ Dealer incentives -- UBS and its affiliates act in various capacities with respect to the Securities. We and our affiliates may
act as a principal, agent or dealer in connection with the sale of the Securities. Such affiliates, including the sales
representatives, will derive compensation from the distribution of the Securities and such compensation may serve as an
incentive to sell these Securities instead of other investments. We will pay total underwriting compensation in an amount equal to
the underwriting discount indicated on the cover hereof per Security to any of our affiliates acting as agents or dealers in
connection with the distribution of the Securities. Given that UBS Securities LLC and its affiliates temporarily maintain a market
making premium, it may have the effect of discouraging UBS Securities LLC and its affiliates from recommending sale of your
Securities in the secondary market.

¨ Uncertain tax treatment -- Significant aspects of the tax treatment of the Securities are uncertain. You should consult your
tax advisor about your own tax situation. See "What Are the Tax Consequences of the Securities" beginning on page 9.

7
H ypot he t ic a l Ex a m ple s a nd Re t urn T a ble of t he Se c urit ie s a t M a t urit y
The examples and table below illustrate the Payment at Maturity for a $10.00 Security on a hypothetical offering of the Securities,
with the following assumptions:*

Term:

Approximately 10 years
Initial Index Level:

1200.000
Trigger Level:

600.000 (50% of Initial Index Level)
Participation Rate:**

135%
Range of Index Return:

-100% to 40%

* The actual participation rate, initial index level and trigger level are indicated on the cover hereof.
** The actual participation rate may be greater than the rate shown here, in which case your potential return on the Securities may
be greater than the returns shown in the examples below.
The examples are provided for illustrative purposes only and are purely hypothetical. The numbers in the examples and in the table
below have been rounded for ease of analysis.
Ex a m ple 1 : T he I nde x Re t urn is 2 0 % .
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