Obligation UBG 0% ( CH0134488938 ) en CHF

Société émettrice UBG
Prix sur le marché 100 %  ▼ 
Pays  Suisse
Code ISIN  CH0134488938 ( en CHF )
Coupon 0%
Echéance 28/02/2018 - Obligation échue



Prospectus brochure de l'obligation UBS CH0134488938 en CHF 0%, échue


Montant Minimal /
Montant de l'émission /
Description détaillée UBS est une banque suisse multinationale offrant une large gamme de services financiers, notamment la gestion de fortune, la banque d'investissement et la gestion d'actifs, à une clientèle privée et institutionnelle mondiale.

L'Obligation émise par UBG ( Suisse ) , en CHF, avec le code ISIN CH0134488938, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 28/02/2018








UBS AG
acting through UBS Investment Bank


Open End PERLES linked to S&P High Yield Dividend
Aristocrat Total Return Index
Swiss Franc (''CHF'')
Due: Open End
Issue Size: 150,000 Units
Issue Price: CHF 100.00 per Unit as of Issue Date


The Issuer has issued structured products in securitized form (the ''Product'') in accordance with the terms
and conditions set out in this prospectus (the ''Prospectus'').

The Issuer has the possibility to increase the number of Securities at any time during the lifetime of the
Securities. In the event of an increase an additional prospectus will be prepared.

Application has been made to list the Products on the Official List of the Luxembourg Stock Exchange and
to trade them on the EURO MTF Market of that exchange. This Prospectus constitutes a prospectus for the
purpose of the Luxembourg law dated 10 July 2005 on prospectuses for securities.


Opportunities and Loss Risks
Market Expectation
The Open End PERLES is a product for Investors who expect the Underlying to increase over the life of the
Product.
Risk Tolerance
Investors in this product should be experienced investors and familiar with both derivative products and the
stock markets. The Investors must be willing to make an investment that is exposed to the full down-side
risk of the Underlying. The Investors do not require capital protection.
Profit Potential
The product allows full participation in the Underlying.
Loss Potential
The Investors may lose some or all of the investment as they are fully exposed to the performance of the
Underlying.

Detailed information to the risks of these Securities are stated in the section headed Risk Factors of this
Prospectus.

This Prospectus does not qualify as a prospectus published in accordance with the requirements of the EU
Prospectus Directive (Directive 2003/71/EC).

Nobody is authorised to give information other than that contained in this Prospectus and the documents
referred to therein and which are made available for inspection by the public.

UBS Investment Bank
Date 06 September 2011


Table of contents





1. Final
Terms

2.
General Terms and Conditions

3.
Description of UBS AG (Issuer's Information)

4.
Extract of Financial Information
- Extract of the Quarterly Report as per 30 June 2011
- Income Statements and Balance Sheets as per 31 December 2009 and 2010

5.
Incorporation by Reference

6.
Description of the Index
- Performance of the Index
- Index Disclaimer









Open End PERLES
Linked to S&P High Yield Dividend Aristocrat TR Index daily hedged in CHF
Issued by UBS AG, London Branch

Cash settled
SVSP Product Type: Tracker Certificates (1300)
Valor: 13448893 ISIN: CH0134488938
Common Code: 065667231
This Product does not represent a participation in any of the collective investment schemes pursuant to
Art. 7 ss of the Swiss Federal Act on Collective Investment Schemes (CISA) and thus does not require an
authorisation of the Swiss Financial Market Supervisory Authority (FINMA). Therefore, investors in this
Product are not eligible for the specific investor protection under the CISA.

Final Terms
1. Description of the Product



Information on

Underlying
Initial Underlying Level
Conversion ratio
Underlying(s)



S&P High Yield
1,000 1 PERLES refers to the level of 0.10 Underlying, adjusted by the
Dividend Aristocrat
Management Fee, according to the following formula:
Total Return Index

daily hedged in CHF
Underlying * 0.10
(Bloomberg: SPHYDATR)

Underlying
NHn = NHn-1 x [1 + ((Nn/Nn-1) ­ 1) x Fn/Fn-1 + (R-F) x T]
definition

Where

NHn = underlying value on every business day of observation
NHn-1 = underlying value one business day prior to the day of observation
Nn =
index value of the S&P High Yield Dividend Aristocrats Total Return Index in USD

on the day of observation (published on Bloomberg: SPHYDATR)
Nn-1 = index value of the S&P High Yield Dividend Aristocrats Total Return Index in USD

one business day prior to the day of observation (published on Bloomberg:
SPHYDATR)
Fn =
official 4pm EST exchange rate on day of observation (published on Bloomberg

CHF F160 <CRNCY>)
Fn-1 =
official 4pm EST exchange rate one business day prior to the day of observation

(published on Bloomberg CHF F160 <CRNCY>
R=
interest rate differential one business day prior to the day of observation being

calculated by the difference of the annualised CHF overnight Libor (published on

Bloomberg SF00S/N <CRNCY>) minus the USD overnight Libor rate (published on

Bloomberg US00O/N <CRNCY>)
F =
annualised fee being 55bp p.a. (15bp product fees, 20bp currency hedging costs,
20bp currency basis) for year 1 with the possibility of amendment of the fee due to
changing market conditions and based on the reasonable discretion of the
calculation agent. The change, if any, will be announced on the annual
amendment date being the 29th of July of every year beginning 29th July 2012 (in
case that any of these dates is not an Exchange Business Day, the next following
Exchange Business Day shall apply)
T =
calendar days between n and n-1 divided by 360




Contact: UBS AG, P.O. Box, 8098 Zurich
Private Investors: Please contact your client advisor or send an email to [email protected]

Internet: www.ubs.com/keyinvest
Bank and Intermediaries: +41-44-239 68 00*




Please note that calls made to the numbers marked with an asterisk (*) may be recorded. Should you call on these numbers, we shall assume that you consent to this
business practice.




2
Valor: 13448893
Final Terms

Product Details

Security Numbers
Valor: 13448893 / ISIN: CH0134488938 / WKN: UB81ZC
Issue Size
Up to 150,000 Units (with reopening clause)
Issue Price
CHF 100.00
Settlement Currency
CHF
Currency Risk
The majority of the USD/CHF risk is hedged by a daily rolling FX Forward

Dates

Launch Date
29 July 2011
Pricing Date ("Pricing")
29 July 2011
Issue Date / Payment Date
03 Aug 2011
Expiration Date ("Expiry")
Means either the Issuer Call Date or the Investor Exercise Date, as applicable
(subject to Market Disruption Events). The Products have no fixed expiration date
(open end), but may be called by the Issuer or exercised by the Investors as
described below.
Redemption Date
Means the 5th Business Day following the Expiration Date. In case this date is
not a Business Day the next following Business Day will apply (subject to
Market Disruption Event provisions).
Redemption
The Investor is entitled to receive from the Issuer on the Redemption Date an amount in the Settlement Currency,
according to the following formula and taking into account the Conversion Ratio: Expiration Value
Expiration Value
Official closing value of the Underlying as of the relevant Expiration Date as
determined by the Index Sponsor and the calculation agent subject to Market and
FX Disruption Event provisions.
Product Structure
The Open End PERLES allows for participation in the performance of the Underlying (converted by the Conversion
Ratio).
General Information

Issuer
UBS AG, London Branch
Issuer Rating
Aa3 Moody's / A+ S&P's / A+ Fitch
Lead Manager
UBS AG, Zurich (UBS Investment Bank)
Calculation Agent
UBS AG, London Branch
Paying Agent
UBS AG, Zurich
Listing
Listing at the Luxembourg Stock Exchange (Euro MTF market) has been applied for.
Index Sponsor
Standard & Poor's
Related Exchange
The stock exchanges on which the securities comprising the Underlying are
traded, as determined by the Index Sponsor from time to time.
Secondary Market
Daily price indications will be available on Reuters/Bloomberg from 09:15-17:15 CET.

Secondary market orders are collected during the day until 16:00 CET and will be
executed targeting the cash close level of the underlying stocks taken an
execution fee of 0.10% into account (for purchases and sales), subject to market
conditions.
For trading sizes in excess of CHF 5 Mio orders will be executed on a best efforts
basis and a fee of 0.10% is applicable.

Contact: UBS AG, P.O. Box, 8098 Zurich
Private Investors: Please contact your client advisor or send an email to [email protected]

Internet: www.ubs.com/keyinvest
Bank and Intermediaries: +41-44-239 68 00*




Please note that calls made to the numbers marked with an asterisk (*) may be recorded. Should you call on these numbers, we shall assume that you consent to this
business practice.




3
Valor: 13448893
Final Terms

Minimum Investment
1 Unit(s)
Minimum Trading Lot
1 Unit(s)
Status
Unsecured / Unsubordinated
Clearing
SIX SIS, Euroclear, Clearstream (registered as intermediated securities with SIX SIS
AG, in Switzerland)
Form of deed
Uncertificated securities
Adjustments
The terms of the Product may be subject to adjustments during its lifetime.
Detailed information on such adjustments is to be found in the Product
Documentation.

Governing Law / Jurisdiction
Swiss / Zurich
Product
One CHF-denominated Open End PERLES unit is equivalent to one (1) "Product".
Business day
New York
Issuer Call Right
The Issuer has the right to call the Open End PERLES anytime for early redemption

(as described herein) upon 6 months prior notice at www.ubs.com/keyinvest
("Issuer's Call Date") with effect as of close of business of the Issuer's Call Date
(in case that the Issuer's Call Date is not an Exchange Business Day, the next
following Exchange Business Day applies).
Investor Exercise Right
In addition to the possibility to sell the Open End PERLES at any time in the

Secondary Market (subject to market conditions), each Investor has an annual
right, on 30 July, for the first time on 30 July 2012, to exercise the Open End
PERLES upon 1 years prior notice (the day upon which the Investor Exercise Right
takes effect being the "Investor's Exercise Date") with effect as of close of
business of the Investor's Exercise Date (in case that the Investors Exercise Date is
not an Exchange Business Day, the next following Exchange Business Day applies).




Tax Treatment Switzerland
Swiss Federal Stamp Duty
Secondary market transactions are not subject to Swiss Stamp Duty.
Swiss Federal Income Tax
For private investors with tax domicile in Switzerland, the transaction is in
principle subject to neither Swiss federal nor cantonal and communal Income Tax.
Swiss Withholding Tax
The product is not subject to the Swiss withholding tax.
EU Savings Tax Treatment
For Swiss paying agents, the product is not subject to the EU Savings tax (TK9).
The tax information only provides a general overview of the potential tax consequences linked to this product at the
time of issue. Tax laws and tax doctrine may change, possibly with retroactive effect.
Contact: UBS AG, P.O. Box, 8098 Zurich
Private Investors: Please contact your client advisor or send an email to [email protected]

Internet: www.ubs.com/keyinvest
Bank and Intermediaries: +41-44-239 68 00*




Please note that calls made to the numbers marked with an asterisk (*) may be recorded. Should you call on these numbers, we shall assume that you consent to this
business practice.




4
Valor: 13448893
Final Terms


Product Documentation
The Final Terms together with the `General Terms and Conditions for Structured Products on Equity, Commodity and Index
Underlyings', as amended from time to time ("General Terms and Conditions") shall form the entire documentation for this
Product ("Product Documentation"), and accordingly the Final Terms should always be read together with the General
Terms and Conditions. Definitions used in the Final Terms, but not defined therein shall have the meaning given to them in
the General Terms and Conditions. Furthermore, the Final Terms shall serve as and fulfil the requirements of a `Simplified
Prospectus' in accordance with Art. 5 of the Swiss Federal Act on Collective Investment Schemes (CISA). In the event that
the Product is listed (see above item `Listing' under `General Information'), the Product Documentation will be amended in
accordance with the listing requirements of the relevant Exchange.
During the whole term of this Product, the Product Documentation can be ordered free of charge from the Lead Manager
at P.O. Box, CH-8098 Zurich (Switzerland), via telephone (+41-(0)44-239 47 03), fax (+41-(0)44-239 69 14) or via e-mail
([email protected]). In addition, the Product Documentation is available on the internet at
www.ubs.com/keyinvest.
Notices in connection with this Product shall be validly given by publication in electronic media such as Reuters and/or
Investdata. In addition, any changes with regard to the terms of this Product shall be published on the internet at
www.ubs.com/keyinvest.
Classification
This Product does not represent a participation in any of the collective investment schemes pursuant to Art. 7 ss of
the Swiss Federal Act on Collective Investment Schemes (CISA) and thus does not require an authorisation of the
Swiss Financial Market Supervisory Authority (FINMA). Therefore, investors in this Product are not eligible for the
specific investor protection under the CISA.
Furthermore, this Product does not benefit from any depositor protection under Art. 37b under the Swiss Federal
Law on Banks and Savings Banks (Banking Act) or other forms of deposit insurance under any other law as might
be applicable to this Product.

Prudential Supervision

UBS AG is authorised and regulated by the Swiss Financial Market Supervisory Authority (FINMA). In addition, its
London Branch is authorised and regulated by the Financial Services Authority (FSA) and its Jersey Branch by the Jersey
Financial Services Commission (JFSC).

2. Prospects of Profits and Losses
Market Expectation
The Open End PERLES is a product for Investors who expect the Underlying to
increase over the life of the Product.
Risk Tolerance
Investors in this product should be experienced investors and familiar with both
derivative products and the stock markets
The Investors must be willing to make an investment that is exposed to the full
down-side risk of the Underlying.
The Investors do not require capital protection.
Profit Potential
The product allows full participation in the Underlying.
Loss Potential
The Investors may lose some or all of the investment as they are fully exposed to
the performance of the Underlying.

Contact: UBS AG, P.O. Box, 8098 Zurich
Private Investors: Please contact your client advisor or send an email to [email protected]

Internet: www.ubs.com/keyinvest
Bank and Intermediaries: +41-44-239 68 00*




Please note that calls made to the numbers marked with an asterisk (*) may be recorded. Should you call on these numbers, we shall assume that you consent to this
business practice.




5
Valor: 13448893
Final Terms


3. Significant Risks for Investors
For product specific risks please see above (2. Prospects of Profits and Losses)
Risk Factors relating to the Issuer


In addition to the market risk with regard to the development of the Underlying, each Investor bears the general risk
that the financial situation of the Issuer could deteriorate. The Products constitute immediate, unsecured and
unsubordinated obligations of the Issuer, which, particularly in case of insolvency of the Issuer, rank pari passu with
each and all other current and future unsecured and unsubordinated obligations of the Issuer, with the exception of
those that have priority due to mandatory statutory provisions. The general assessment of the Issuer's creditworthiness
may affect the value of the Products. This assessment generally depends on the ratings assigned to the Issuer or its
affiliated companies by rating agencies such as Moody's, Fitch and Standard & Poor's.

The Issuer Ratings indicated in this document reflect the situation at the time of issuance and may be subject to
changes. The actual Issuer Ratings at any given time can be seen on the Issuer's website (www.ubs.com) under
"Analysts & Investors".
Secondary Market

The Issuer or the Lead Manager, as applicable, intends, under normal market conditions, to provide bid and offer
prices for this Product on a regular basis. However, the Issuer or the Lead Manager, as applicable, makes no firm
commitment to provide liquidity by means of bid and offer prices for this Product, and assumes no legal obligation to
quote any such prices or with respect to the level or determination of such prices. Potential Investors therefore should
not rely on the ability to sell this Product at a specific time or at a specific price.

In special market situations, where the Issuer is completely unable to enter into hedging transactions, or where such
transactions are very difficult to enter into, the spread between the bid and offer prices may be temporarily expanded,
in order to limit the economic risks of the Issuer.
Market Risk


The investor is exposed to market disruption events (such as trading disruption, exchange disruption and early closure
of the relevant exchange), adjustments and early termination which could have an impact on the redemption amount
through delay in payment or change in value. For a detailed description of such events and their effects please read
the General Terms and Condition.
Contact: UBS AG, P.O. Box, 8098 Zurich
Private Investors: Please contact your client advisor or send an email to [email protected]

Internet: www.ubs.com/keyinvest
Bank and Intermediaries: +41-44-239 68 00*




Please note that calls made to the numbers marked with an asterisk (*) may be recorded. Should you call on these numbers, we shall assume that you consent to this
business practice.




6
Valor: 13448893
Final Terms

Important Information


This information is communicated by UBS AG and/or its affiliates ("UBS"). UBS may from time to time, as principal or
agent, have positions in, or may buy or sell, or make a market in any securities, currencies, financial instruments or
other assets underlying the transaction to which this document relates. UBS may provide investment banking and
other services to and/or have officers who serve as directors of the companies referred to in this document. UBS'
trading and/or hedging activities related to this transaction may have an impact on the price of the underlying asset
and may affect the likelihood that any relevant barrier is crossed. UBS has policies and procedures designed to
minimise the risk that officers and employees are influenced by any conflicting interest or duty and that confidential
information is improperly disclosed or made available.

In certain circumstances UBS sells this Product to dealers and other financial institutions at a discount to the issue price
or rebates to them for their account some proportion of the issue price. Further information is available on request.

Structured transactions are complex and may involve a high risk of loss. Prior to entering into a transaction you should
consult with your own legal, regulatory, tax, financial and accounting advisors to the extent you consider it necessary,
and make your own investment, hedging and trading decisions (including decisions regarding the suitability of this
transaction) based upon your own judgement and advice from those advisers you consider necessary. Save as
otherwise expressly agreed in writing, UBS is not acting as your financial adviser or fiduciary in any transaction.

This document should not be construed as an offer, personal recommendation or solicitation to conclude a transaction
and should not be treated as giving investment advice. The terms of any investment will be exclusively subject to the
detailed provisions, including risk considerations, contained in the Information Memorandum, Prospectus or other
issuer documentation for the issue of the Products/Notes (the "Prospectus").

UBS makes no representation or warranty relating to any information herein which is derived from independent
sources. This document shall not be copied or reproduced without UBS' prior written permission.

No action has been or will be taken in any jurisdiction that would permit a public offering of the Products described
herein, save where explicitly stated in the Product Documentation. The Products must be sold in accordance with all
applicable selling restrictions in the jurisdictions in which they are sold.

There is a possibility that costs, including taxes, related to transactions in connection with this Product may arise for
the Investor that are not paid by UBS or imposed by it.
Index Disclaimer

"Standard & Poor's®," "S&P®," "S&P 500®," "Standard & Poor's 500" and "500" are trademarks of The McGraw-Hill
Companies, Inc. and have been licensed for use by UBS. The Product(s) are not sponsored, endorsed, sold or
promoted by S&P and S&P makes no representation regarding the advisability of investing in the Product(s)."

The Product(s) is not sponsored, endorsed, sold or promoted by Standard & Poor's, a division of McGraw-Hill, Inc.
("S&P"). S&P makes no representation or warranty, express or implied, to the owners of the Product(s) or any member
of the public regarding the advisability of investing in securities generally or in the Product(s) particularly or the ability
of the S&P 500 Index to track general stock market performance. S&P's only relationship to the Licensee is the
licensing of certain trademarks and trade names of S&P and of the S&P 500 Index which is determined, composed and
calculated by S&P without regard to the Licensee or the Product(s). S&P has no obligation to take the needs of the
Licensee or the owners of the Product(s) into consideration in determining, composing or calculating the S&P 500
Index. S&P is not responsible for and has not participated in the determination of the timing of, prices at, or quantities
of the Product(s) to be issued or in the determination or calculation of the equation by which the Product(s) is to be
converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of
the Product(s).

S&P DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P 500 INDEX OR ANY DATA
INCLUDED THEREIN AND S&P SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMMISSIONS, OR INTERRUPTIONS
THEREIN. S&P MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE,
OWNERS OF THE PRODUCT(S), OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR ANY
DATA INCLUDED THEREIN. S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL
WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P
500 INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL
S&P HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST
PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

Contact: UBS AG, P.O. Box, 8098 Zurich
Private Investors: Please contact your client advisor or send an email to [email protected]

Internet: www.ubs.com/keyinvest
Bank and Intermediaries: +41-44-239 68 00*




Please note that calls made to the numbers marked with an asterisk (*) may be recorded. Should you call on these numbers, we shall assume that you consent to this
business practice.




7
Valor: 13448893
Final Terms

Selling Restrictions
Any Products purchased by any person for resale may not be offered in any jurisdiction in circumstances which would result in the Issuer being
obliged to register any further documentation relating to this Product in such jurisdiction.

The restrictions listed below must not be taken as definitive guidance as to whether this Product can be sold in a jurisdiction. Additional
restrictions on offering, selling or holding of this Product may apply in other jurisdictions. Investors in this Product should seek specific advice
before on-selling this Product.

Europe - For EEA jurisdictions (EU member states plus Norway, Iceland and Liechtenstein) that have implemented the EU Prospectus Directive ("EU-PD"), the
Product Documentation for this Product DO NOT QUALIFY as a prospectus published in accordance with the requirements of the EU-PD. Unless and until a
prospectus has been published in accordance with the requirements of the EU-PD, this Product may not be offered or sold in EEA jurisdictions that have
implemented the EU-PD other than 1) in minimum denominations of, or total consideration per Investor of at least, EUR 50,000 (or equivalent in other
currencies) or 2) only to Qualified Investors; and/or (aggregated for all distributors) to less than 100 offerees that are not Qualified Investors per EEA
jurisdiction. A "Qualified Investor" is a legal entity that (i) is authorised or regulated to operate in the financial markets or has the sole purpose to invest in
securities; or (ii) meets two of the following three criteria (as shown in its last annual or consolidated accounts): (a) an average number of at least 250
employees during the last financial year; (b) a total balance sheet of more than EUR 43,000,000; and (c) an annual net turnover of more than EUR
50,000,000.

For EEA jurisdictions that have not implemented the EU-PD, sales must be in compliance with the law of that jurisdiction.

Hong Kong - The contents of this document have not been reviewed by any regulatory authority in Hong Kong. Investors are advised to
exercise caution in relation to any offer. If an investor is in any doubt about any of the contents of this document, the investor should obtain
independent professional advice.

This is a structured product which involves derivatives. Do not invest in it unless you fully understand and are willing to assume the risks
associated with it.

This Product has not been offered and sold, and each purchaser represents and agrees that it will not offer and sell the Product in Hong Kong, by means of
any document, other than to persons whose ordinary business is to buy and sell shares or debentures, whether as principal or agent, or in circumstances
which do not constitute an offer to the public within the meaning of the Companies Ordinance (Cap. 32) of Hong Kong or to "professional investors" within
the meaning of the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance, or in other circumstances which do
not result in the document being a "prospectus" within the meaning of the Companies Ordinance. In relation to the issue of this Product, each purchaser
represents and agrees that it has not issued and will not issue any advertisement, invitation or document relating to the Product, whether in Hong Kong or
elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the
securities laws of Hong Kong) other than with respect to the Product which is or is intended to be disposed of only to persons outside Hong Kong or only to
"professional investors" within the meaning of the Securities and Futures Ordinance and any rules made thereunder.

Singapore - This document has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this document and any other
document or material in connection with the offer or sale, or invitation for subscription or purchase, of this Product may not be circulated or distributed, nor
may this Product be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in
Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act (Cap. 289) of Singapore ("SFA"), (ii) to a relevant
person pursuant to Section 275(1), or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275, of
the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where this Product is subscribed or purchased under Section 275 of the SFA by a relevant person which is:
(a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire
share capital of which is owned by one or more individuals, each of whom is an accredited investor; or
(b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who
is an accredited investor,
securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be
transferred within six months after that corporation or that trust has acquired the securities pursuant of an offer made under Section 275 of the SFA except:
(1) to an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person arising from an offer referred to in Section
275(1A) or Section 276 (4)(i)(B) of the SFA;
(2) where no consideration is or will be given for the transfer;
(3) where the transfer is by operation of law; or
(4) as specified in Section 276 (7) of the SFA.

UK - For the purposes of non-discretionary accounts, this Product should not be sold with a consideration of less than 50,000 EUR or equivalent.

USA - This Product may not be sold or offered within the United States or to U.S. persons, the foregoing shall not, however, prohibit sales to U.S. offices of
UBS AG.

Contact: UBS AG, P.O. Box, 8098 Zurich
Private Investors: Please contact your client advisor or send an email to [email protected]

Internet: www.ubs.com/keyinvest
Bank and Intermediaries: +41-44-239 68 00*




Please note that calls made to the numbers marked with an asterisk (*) may be recorded. Should you call on these numbers, we shall assume that you consent to this
business practice.









General Terms and Conditions for
Structured Products on Equity, Commodity and
Index Underlyings












Date
17 August 2011
Version 2011-09




Document Outline