Obligation UBG 0% ( US90268B2512 ) en USD

UBG

100 % ⇌

Suisse

US90268B2512 ( en USD )

31/08/2021 - Obligation échue

Prospectus brochure de l'obligation UBS US90268B2512 en USD 0%, échue

1 000 USD

19 405 000 USD

90268B251

N/A

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 US90268B2512 émise par UBS (Suisse), libellée en USD, d'un montant total de 19 405 000 USD, avec une taille minimale d'achat de 1 000 USD, un taux d'intérêt de 0%, une maturité au 31/08/2021 et une fréquence de paiement semestrielle, est arrivée à échéance et a été intégralement remboursée à 100% de sa valeur nominale.

http://www.sec.gov/Archives/edgar/data/1114446/000139340111000428...
424B2 1 c233654_690668-424b2.htm
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-156695
CALCULATION OF REGISTRATION FEE

Title of Each Class of Securities Offered

Maximum

Amount of
Aggregate
Registration Fee(1)
Offering Price
Trigger Performance Securities linked to the S&P 500® Index due August 31, 2011
$19,405,270.00
$2,252.95
(1) Calculated in accordance with Rule457(r) of the Securities Act of 1933.

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PRICING SUPPLEMENT

(To Prospectus dated January 13, 2009
and Product Supplement
dated February 28, 2011)
Linked to the S&P 500® Index due August 31, 2021
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 S&P 500® Index (the "underlying index"). If the index return is positive, UBS wil repay your principal amount at maturity plus pay a
return equal to the index return multiplied by the participation rate of 195%. If the index return is zero or negative and the final index level is equal to or
greater than the trigger level, UBS wil repay the ful 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 on your investment that is proportionate to the negative index return. 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
o
Participation in Positive Index Returns: If the index return is greater than zero, UBS wil repay your principal amount at maturity plus pay a return
equal to the index return multiplied by the participation rate. If the index return is less than or equal to zero, investors may be exposed to the negative
index return at maturity.
o
Contingent Repayment of Principal at Maturity: 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 your hold the Securities to maturity. Any payment on the Securities, including any repayment of principal, is subject to the
creditworthiness of UBS.

Key Dates

Trade Date

August 26, 2011
Settlement Date

August 31, 2011
Final Valuation Date*

August 25, 2021
Maturity Date*

August 31, 2021
*
Subject to postponement in the event of a market disruption event, as described in the Trigger Performance Securities product supplement.
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 S&P 500® Index. The Securities are offered at a minimum investment of $1,000, or
100 Securities at $10.00 pe

r Security, and
integral multiples of
$10.00 in exc ess thereof.

Underlying Index

Index
Participation
Initial

Trigger Level

CUSIP

ISIN
Bloomberg
Rate
Index
Symbol
Level
S&P 500® Index

SPX

195%
1176.80
588.40, 50% of
90268B251 US90268B2512
the Initial Index Level
See "Additional Information about UBS and the Securities" on page 2. The Securities will have the terms
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specified in the Trigger Performance Securities product supplement relating to the Securities, dated February
28, 2011, 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 deposit liabilities of UBS AG and are not FDIC insu red.

Issue Price to Public
Underwriting Discount
Proceeds to UBS AG
Per Security
$
10.00 $
0.50 $
9.50
Total
$
19 ,405,270.00 $
970,263.50 $
18,435,006.50
UBS Financial Services Inc.

UBS Investment Bank
Pricing Supplement dated August 26, 2011

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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
cal ing tol -free 800-722-7370.
You may access these documents on the SEC website at www.sec.gov as follows:
Ø Product supplement for Trigger Performance Securities dated February 28, 2011:
http://www.sec.gov/Archives/edgar/data/1114446/000139340111000086/c212906_690609-424b2.htm
Ø Index Supplement dated January 13, 2009:
http://www.sec.gov/Archives/edgar/data/1114446/000139340109000044/v128784_690258-424b2.htm
Ø Prospectus dated January 13, 2009:
http://www.sec.gov/Archives/edgar/data/1114446/000095012309000556/y73628b2e424b2.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, 2011, references to the "index supplement" mean the UBS index supplement,
dated January 13, 2009 and references to "accompanying prospectus" mean the UBS prospectus titled "Debt
Securities and Warrants," dated January 13, 2009.
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Investor Suitability
The Securities may be suitable for you if:
Ø You ful y understand the risks inherent in an investment in the Securities, including the risk of loss of your entire initial
investment.
Ø You can tolerate a loss of all or a substantial portion of your investment and are wil ing to make an investment that
may have the same downside market risk as the underlying index or its constituents.
Ø You believe the underlying index wil appreciate over the term of the Securities.
Ø You are wil ing to invest in the Securities based on the participation rate of 195%.
Ø You can tolerate fluctuations in the price of the Securities prior to maturity that may be similar to or exceed the
downside fluctuations in the level of the underlying index.
Ø You do not seek current income from your investment.
Ø You are wil ing to hold the Securities to maturity, a term of approximately 10 years, and accept that there may be
little or no secondary market for the Securities.
Ø You are wil ing to assume the credit risk of UBS for all payments under the Securities, and understand that if UBS
defaults on its obligations you may not receive any amounts due to you including any repayment of principal.

The Securities may not be suitable for you if:
Ø You do not ful y understand the risks inherent in an investment in the Securities, including the risk of loss of your
entire initial investment.
Ø You require an investment designed to provide a ful return of principal at maturity.
Ø You cannot tolerate a loss of all or a substantial portion of your investment and are unwil ing to make an investment
that may have the same downside market risk as the underlying index or its constituents.
Ø You believe that the level of the underlying index wil decline during the term of the Securities and is likely to close
below the trigger level on the final valuation date.
Ø You are unwil ing to invest in the Securities based on the participation rate of 195%.
Ø You cannot tolerate fluctuations in the price of the Securities prior to maturity that may be similar to or exceed the
downside fluctuations in the level of the underlying index.
Ø You seek current income from this investment.
Ø You are unable or unwil ing to hold the Securities to maturity, a term of approximately 10 years, or you seek an
investment for which there wil be an active secondary market.
Ø You are not wil ing to assume the credit risk of UBS for all payments under the Securities.
The investor suitability considerations identified above are not exhaustive. Whether or not the Securities are a
suitable investment for you will depend on your individual circumstances and you should reach an investment
decision only after you and your investment, legal, tax, accounting and other advisors have carefully
considered the suitability of an investment in the Securities in light of your particular circumstances. You
should also review "Key Risks" beginning on page 5 of this pricing supplement and the more detailed "Risk
Factors" beginning on PS-13 of the Trigger Performance Securities product supplement for risks related to an
investment in the Securities.
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Final Term s
Issuer
UBS AG, London Branch
Principal
$10.00 per Security (subject to a minimum
Amount
investment of 100 Securities)
Term
Approximately 10 years.
Underlying
S&P 500® Index
Index
Participation 195%
Rate
Payment at
If the index return is positive, UBS will pay
Maturity (per
you an amount in cash equal to:
Security)

$10 + ($10 × Index Return × Participation
Rate)

If the index return is zero or negative and
the final index level is equal to or greater
than the trigger level, UBS will pay you an
amount in cash equal to your principal amount,
or $10 per Security.

If the final index level is less than the
trigger level, 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
negative index return:

$10 + ($10 × Index Return)
Index Return
Final Index Level -- Initial Index Level
Initial Index Level
Initial Index
1176.80, which is the closing level of the
Level
underlying index on the trade date.
Final Index
The closing level of the underlying index on
Level
the final valuation date.
Trigger Level 588.40, which is 50% of the initial index level.

Investment Timeline
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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.
Ø 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.
Ø The contingent repayment of principal applies only at maturity -- You should be wil ing to hold your Securities
to maturity. If you are able to sel your Securities prior to maturity in the secondary market, you may have to sel
them at a loss relative to your initial investment even if the level of the underlying index is above the trigger level.
Ø The participation rate applies only at maturity -- You should be wil ing to hold your Securities to maturity. If you
are able to sel your Securities prior to maturity in the secondary market, 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 (if any)
only if you hold your Securities to maturity.
Ø No interest payments -- UBS wil not pay any interest with respect to the Securities.
Ø 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.
Ø Market risk -- The return on the Securities is directly linked to the performance of the underlying index and indirectly
linked to the value of the stocks comprising the underlying index ("index constituent stocks"), and wil depend on
whether, and the extent to which, the index return is positive or negative. The levels of the underlying index can rise
or fal sharply due to factors specific to the index constituents, as wel as general market factors, such as general
market volatility and levels, interest rates and economic and political conditions. You may lose some or all of your
principal amount if the index return is negative.
Ø Owning the Securities is not the same as owning the index constituent stocks -- Owning the Securities is not
the same as owning the index constituent stocks. As a holder of the Securities, you wil not have voting rights or
rights to receive dividends or other distributions or other rights that holders of the index constituent stocks would
have.
Ø 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 wil rise above the initial index level or that the final index level wil not fal 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 constituent stocks. You should be wil ing to accept the risks
of owning equities in general and the index constituent stocks in particular, and the risk of losing some or all of your
initial investment.
Ø The underlying index reflects price return, not total return -- The return on your Securities is based on the
performance of the underlying index, which reflects the changes in the market prices of the index constituent stocks.
It is not, however, linked to a "total return" index or strategy, which, in addition to reflecting those price returns, would
also reflect dividends paid on the index constituent stocks. The return on your Securities wil not include such a total
return feature or dividend component.
Ø Changes affecting the underlying index could have an adverse effect on the value of the Securities. -- The
policies of Standard & Poor's Financial Services LLC, a subsidiary of The McGraw-Hil Companies, the sponsor of
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the underlying index (the "index sponsor"), concerning additions, deletions and substitutions of the index constituent
stocks and the manner in which the index sponsor takes account of certain changes affecting those index constituent
stocks may adversely affect the level of the underlying index. The policies of the index sponsor with respect to the
calculation of the underlying index could also adversely affect the level of the underlying index. The index sponsor
may discontinue or suspend calculation or dissemination of the underlying index. Any such actions could have an
adverse effect on the value of the Securities.
Ø UBS cannot control actions by the index sponsor and the index sponsor has no obligation to consider your
interests -- UBS and its affiliates are not affiliated with the index sponsor and have no ability to control or predict its
actions, including any errors in or discontinuation of public disclosure regarding methods or policies relating to the
calculation of the underlying index. The index sponsor is not involved in the Securities offering in any way and has no
obligation to consider your interest as an owner of the Securities in taking any actions that might affect the market
value of your Securities.
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Ø 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 other affiliates of UBS may make a market in the
Securities, although they are not required to do so and may stop making a market at any time. The price, if any, at
which you may be able to sel your Securities prior to maturity could be at a substantial discount from the issue price
and to the intrinsic value of the product; and as a result, you may suffer substantial losses.
Ø 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 underlying index; the dividends
paid on the index constituent stocks; the time remaining to the maturity of the Securities; interest rates in the markets
in general; geopolitical conditions and economic, financial, political and regulatory, judicial or other events; and the
creditworthiness of UBS. You must hold the Securities to maturity to receive the stated payout from UBS.
Ø Impact of fees on the secondary market price of the Securities -- General y, the price of the Securities in the
secondary market is likely to be lower than the issue price to public since the issue price to public included, and the
secondary market prices are likely to exclude, commissions, hedging costs or other compensation paid with respect
to the Securities.
Ø Potential UBS impact on price -- Trading or transactions by UBS or its affiliates in the index constituent stocks
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.
Ø Potential conflict of interest -- UBS and its affiliates may engage in business related to the underlying index or
index constituent stocks, 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, wil determine the index return and the payment at maturity
based on the closing level of the underlying index on the final valuation date. The calculation agent can postpone the
determination of the underlying return or the Maturity Date if a market disruption event occurs and is continuing on the
final valuation date.
Ø 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.
Ø 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, wil derive compensation from the distribution of the Securities and such compensation
may serve as an incentive to sel these Securities instead of other investments. We wil pay total underwriting
compensation of $0.50 per Security to any of our affiliates acting as agents or dealers in connection with the
distribution of the Securities.
Ø 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 8.
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