Obligation UBSL 7.38% ( US90274T4940 ) en USD

UBSL

100 % ▲

Suisse

US90274T4940 ( en USD )

7.38% par an ( paiement semestriel )

30/05/2025 - Obligation échue

Prospectus brochure de l'obligation UBS (London Branch) US90274T4940 en USD 7.38%, échue

1 000 USD

90274T494

N/A

UBS (London Branch) est une succursale de la banque suisse UBS, offrant une large gamme de services financiers aux particuliers, aux entreprises et aux institutions financières au Royaume-Uni et au-delà.

L'obligation identifiée par le code ISIN US90274T4940, et également reconnaissable par son code CUSIP 90274T494, émise par la succursale londonienne d'UBS, a récemment atteint sa date de maturité et a été intégralement remboursée. L'émetteur de cet instrument financier était précisément la succursale de Londres d'UBS (London Branch), une entité faisant partie intégrante du groupe UBS AG, l'un des plus grands gestionnaires de fortune au monde et une banque universelle suisse de premier plan. La désignation "London Branch" indique que, bien que faisant partie intégrante de la structure globale d'UBS basée en Suisse, cette émission a été effectuée par l'intermédiaire de son bureau londonien, qui opère sous la réglementation financière britannique tout en bénéficiant de la solidité et de la réputation du groupe parent. Le pays d'émission de cette obligation était la Suisse, reflétant l'ancrage institutionnel du groupe UBS. Lors de sa période d'activité sur le marché, cette obligation à taux fixe présentait un taux d'intérêt nominal de 7,38%. Dénommée en dollars américains (USD), elle offrait aux investisseurs une fréquence de paiement semi-annuelle (deux fois par an) pour ses coupons. La maturité de cet instrument financier était fixée au 30 mai 2025. Le montant minimum d'achat pour cette obligation était de 1 000 USD, une taille de lot typique pour ce type d'investissement. Avant son échéance, le prix de marché de cette obligation était coté à 100% de sa valeur nominale, indiquant qu'elle se négociait au pair ou qu'elle a été remboursée à sa valeur faciale. Conformément à son calendrier et à ses termes, l'obligation US90274T4940 a donc atteint sa date de maturité le 30 mai 2025. À cette date, la succursale londonienne d'UBS a honoré son engagement en remboursant intégralement le capital aux porteurs d'obligations, confirmant ainsi la conclusion réussie de son cycle de vie en tant qu'instrument de dette. Cela signifie que l'instrument n'est plus en circulation sur les marchés secondaires et que les investisseurs qui le détenaient ont récupéré leur principal, en plus des derniers intérêts courus.

Pricing Supplement
424B2 1 d927883d424b2.htm PRICING SUPPLEMENT
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-200212
CALCULATION OF REGISTRATION FEE

Maximum
Title of Each Class of
Aggregate
Amount of
Securities Offered

Offering Price

Registration Fee (1)
Trigger Phoenix Autocallable Optimization Securities linked to the least performing index between
the EURO STOXX 50® Index and the S&P 500® Index due May 30, 2025

$12,035,250.00

$1,398.50

(1)
Calculated in accordance with Rule 457(r) of the Securities Act of 1933.
PRICING SUPPLEMENT
(To Prospectus dated November 14, 2014
and Product Supplement
dated November 18, 2014)

UBS AG $12,035,250 Trigger Phoenix Autocallable Optimization Securities
Linked to the least performing index between the EURO STOXX 50® Index and the S&P 500® Index due May 30, 2025

I nve st m e nt De sc ript ion
UBS AG Trigger Phoenix Autocallable Optimization Securities (the "Securities") are unsubordinated, unsecured debt securities issued by UBS AG ("UBS" or the "issuer")
linked to the least performing index between the EURO STOXX 50® Index and the S&P 500® Index (each an "underlying index" and together the "underlying indices").
UBS will pay a quarterly contingent coupon if the closing levels of all the underlying indices on the applicable observation date (including the final valuation date) are equal
to or greater than their respective coupon barriers. Otherwise, no coupon will be paid for the quarter. UBS will automatically call the Securities if the closing levels of all the
underlying indices on any observation date (quarterly, beginning after one year), including the final valuation date, are equal to or greater than their respective initial
levels. If the Securities are called, UBS will pay you the principal amount of your Securities plus the contingent coupon for that quarter and no further amounts will be owed
to you under the Securities. If the Securities are not called prior to maturity and a trigger event does not occur, UBS will pay you a cash payment at maturity equal to the
principal amount of your Securities. If a trigger event occurs, UBS will pay you less than the principal amount, if anything, resulting in a loss on your initial investment that
is proportionate to the negative return of the underlying index with the largest percentage decrease from its initial level to its final level (the "least performing underlying
index") and in extreme situations, you could lose all of your initial investment. A trigger event is deemed to have occurred if the closing level of any one of the underlying
indices is less than its respective trigger level on the trigger observation date, which is the final valuation date. I nve st ing in t he Se c urit ie s involve s signific a nt
risk s. Y ou w ill lose som e or a ll of your init ia l inve st m e nt if t he Se c urit ie s a re not c a lle d a nd a t rigge r e ve nt oc c urs. T he Se c urit ie s w ill not
pa y a c ont inge nt c oupon if t he c losing le ve l of a ny unde rlying inde x is le ss t ha n it s re spe c t ive c oupon ba rrie r on a n obse rva t ion da t e . T he
Se c urit ie s w ill not be subje c t t o a n a ut om a t ic c a ll a ft e r 1 ye a r if t he c losing le ve l of a ny one unde rlying inde x is le ss t ha n it s re spe c t ive
init ia l le ve l on a n obse rva t ion da t e . H ighe r c ont inge nt c oupon ra t e s a re ge ne ra lly a ssoc ia t e d w it h a gre a t e r risk of loss. T he c ont inge nt
re pa ym e nt of princ ipa l only a pplie s if you hold t he Se c urit ie s t o m a t urit y. 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 t he issue r. 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 som e or a ll of your init ia l inve st m e nt .

Fe a t ure s
K e y Da t e s
Cont inge nt Coupon -- UBS will pay a quarterly contingent coupon if the
Trade Date*

May 27, 2015
closing levels of all the underlying indices on the applicable observation date
Settlement Date*

May 29, 2015
(including the final valuation date) are equal to or greater than their
Observation Dates**

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

May 23, 2025
Aut om a t ic a lly Ca lla ble -- UBS will automatically call the Securities and
Maturity Date**

May 30, 2025

pay you the principal amount of your Securities plus the contingent coupon
*
We expect to deliver each offering of the Securities against payment on or
otherwise due for that quarter if the closing levels of all the underlying indices
about the second business day following the trade date. Under Rule 15c6-1
on any observation date (quarterly, beginning after one year), including the
under the Exchange Act, trades in the secondary market are generally required
final valuation date, are equal to or greater than their respective initial levels.
to settle in three business days, unless the parties to a trade expressly agree
If the Securities are not called, investors will have the potential for downside
otherwise.
market risk at maturity.

** Subject to postponement in the event of a market disruption event, as
Cont inge nt Re pa ym e nt of Princ ipa l Am ount a t M a t urit y -- If by
described in the Trigger Phoenix Autocallable Optimization Securities product
maturity the Securities have not been called and a trigger event has not
supplement.
occurred, UBS will repay your principal amount per Security at maturity. If a
trigger event occurs, UBS will repay less than the principal amount, if
anything, resulting in a loss of your initial investment that is proportionate to
the negative return of the least performing underlying index. The contingent
repayment of principal only applies if you hold the Securities until maturity.
Any payment on the Securities, including any repayment of principal, is
subject to the creditworthiness of UBS.

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 a ll of your init ia l inve st m e nt in t he Se c urit ie s a t m a t urit y, a nd t he Se c urit ie s m a y ha ve t he sa m e dow nside m a rk e t risk a s t he le a st
pe rform ing 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 4 a nd unde r "Risk Fa c t ors" be ginning on pa ge PS -1 8
of t he T rigge r Phoe nix Aut oc a lla ble Opt im iza t ion 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 init ia l 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 .

Se c urit y Offe ring
These terms relate to Securities linked to the least performing index between the EURO STOXX 50® Index and the S&P 500® Index. The Securities are offered at a
minimum investment of 100 Securities at $10 per Security (representing a $1,000 investment), and integral multiples of $10 in excess thereof.

Cont inge nt
I nit ia l
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Pricing Supplement
U nde rlying I ndic e s
T ic k e rs
Coupon Ra t e Le ve ls
T rigge r Le ve ls

Coupon Ba rrie rs CU SI P

I SI N
EURO STOXX 50® Index
SX5E
3,682.87
1,841.44, which is
2,578.01, which is

50% of the Initial Level 70% of the Initial Level
7.38% per annum

90274T494 US90274T4940
S&P 500® Index
SPX
2,123.48
1,061.74, which is
1,486.44, which is

50% of the Initial Level 70% of the Initial Level

The estimated initial value of the Securities as of the trade date is $9.39 for Securities linked to the least performing index between the EURO STOXX 50® Index and the
S&P 500® Index. The estimated initial value of the Securities was determined as of the close of the relevant markets on the date of this pricing supplement by reference
to UBS' internal pricing models, inclusive of the internal funding rate. For more information about secondary market offers and the estimated initial value of the Securities,
see "Key Risks -- Fair value considerations" and "-- Limited or no secondary market and secondary market price considerations" on pages 5 and 6 of this pricing
supplement.
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 se t fort h in t he T rigge r Phoe nix
Aut oc a lla ble Opt im iza t ion 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 N ove m be r 1 8 , 2 0 1 4 , 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 Phoe nix Aut oc a lla ble Opt im iza t ion Se c urit ie s produc t supple m e nt ,
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.
Offering of Securities

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

T ot a l
Pe r Se c urit y
T ot a l
Pe r Se c urit y
T ot a l
Pe r Se c urit y
Securities linked to the least performing index between the EURO
STOXX 50® Index and the S&P 500® Index
$12,035,250.00
$10.00
$421,233.75
$0.35
$11,614,016.25
$9.65

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

U BS I nve st m e nt Ba nk
Pricing Supplement dated May 27, 2015

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 an index supplement and a product
supplement for the Securities) with the Securities and Exchange Commission, or SEC, for the offering to which this pricing
supplement relates. Before you invest, you should read these documents and any other documents relating to the Securities that
UBS has filed with the SEC for more complete information about UBS and this offering. You may obtain these documents for free
from the SEC website at www.sec.gov. Our Central Index Key, or CIK, on the SEC website is 0001114446. Alternatively, UBS will
arrange to send you these documents 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:

¨ Trigger Phoenix Autocallable Optimization Securities product supplement dated November 18, 2014:
http://www.sec.gov/Archives/edgar/data/1114446/000119312514415621/d821525d424b2.htm

¨ Index Supplement dated November 14, 2014:
http://www.sec.gov/Archives/edgar/data/1114446/000119312514413492/d818855d424b2.htm

¨ Prospectus dated November 14, 2014:
http://www.sec.gov/Archives/edgar/data/1114446/000119312514413375/d816529d424b3.htm
References to "UBS", "we", "our" and "us" refer only to UBS AG and not to its consolidated subsidiaries. In this document, "Trigger
Phoenix Autocallable Optimization Securities" or the "Securities" refer to the Securities that are offered hereby. Also, references to
the "Trigger Phoenix Autocallable Optimization Securities product supplement" mean the UBS product supplement, dated November
18, 2014, references to the "index supplement" mean the UBS index supplement, dated November 14, 2014 and references to
"accompanying prospectus" mean the UBS prospectus, titled "Debt Securities and Warrants," dated November 14, 2014.
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 4 and in "Risk Factors" in the accompanying
product supplement, as the Securities involve risks not associated with conventional debt securities. We urge you to consult your
investment, legal, tax, accounting and other advisers before deciding to invest in the Securities.
UBS reserves the right to change the terms of, or reject any offer to purchase, the Securities prior to their issuance. In the event of
any changes to the terms of the Securities, UBS 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
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 some or all of
investment in the Securities, including the risk of loss of
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Pricing Supplement
your initial investment.
some or all of your initial investment.

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

¨ You cannot tolerate a loss of all or a substantial portion of
the least performing underlying index.
your investment, and you are not willing to make an

¨ You believe the closing level of each of the underlying
investment that may have the same downside market risk as
indices will be equal to or greater than their respective
an investment in the least performing underlying index.
coupon barriers on the specified observation dates

¨ You believe that the closing level of any one of the
(including the final valuation date).
underlying indices will decline during the term of the

¨ You can accept that the risks of each underlying index are
Securities and is likely to be less than its coupon barrier on
not mitigated by the performance of any other underlying
the specified observation dates (including the final valuation
index and the risks of investing in securities with a return
date).
based on the performance of multiple underlying indices.

¨ You cannot accept that the risks of each underlying index

¨ You believe a trigger event will not occur, meaning the
are not mitigated by the performance of any other underlying
closing levels of all the underlying indices will be equal to or
index and the risks of investing in securities with a return
greater than their respective trigger levels on the final
based on the performance of multiple underlying indices.
valuation date.

¨ You believe a trigger event will occur, meaning the closing

¨ You understand and accept that you will not participate in
level of any one of the underlying indices will be less than its
any appreciation in the levels of the underlying indices and
respective trigger level on the final valuation date.
that your potential return is limited to the contingent

¨ You seek an investment that participates in the full
coupons specified in this pricing supplement.
appreciation in the level of the underlying indices or that has

¨ You can tolerate fluctuations in the price of the Securities
unlimited return potential.
prior to maturity that may be similar to or exceed the

¨ You cannot tolerate fluctuations in the price of the Securities
downside fluctuations in the levels of the underlying indices.
prior to maturity that may be similar to or exceed the

¨ You are willing to invest in the Securities based on the
downside fluctuations in the levels of the underlying indices.
coupon barriers and trigger levels indicated on the cover

¨ You are unwilling to invest in the Securities based on the
hereof.
coupon barriers and trigger levels indicated on the cover

¨ You are willing to invest in the Securities based on the
hereof.
contingent coupon rate indicated on the cover hereof.

¨ You are unwilling to invest in the Securities based on the

¨ You do not seek guaranteed current income from your
contingent coupon rate indicated on the cover hereof.
investment and are willing to forgo any dividends paid on

¨ You seek guaranteed current income from this investment or
the stocks constituting the underlying indices ("index
prefer to receive the dividends paid on the index constituent
constituent stocks").
stocks.

¨ You are willing to invest in securities that may be called

¨ You are unable or unwilling to hold securities that may be
early and you are otherwise willing to hold such securities to
called early, or you are otherwise unable or unwilling to hold
maturity and accept that there may be little or no secondary
such securities to maturity or you seek an investment for
market for the Securities.
which there will be an active secondary market.

¨ You seek an investment with exposure to companies in the

¨ You do not seek an investment with exposure to companies
Eurozone.
in the Eurozone.

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

¨ You are not willing to assume the credit risk of UBS for all
payments under the Securities, and understand that if UBS
payments under the Securities, including any repayment of
defaults on its obligations you may not receive any amounts
principal.
due to you including any repayment of principal.

¨ You understand that the estimated initial value of the
Securities determined by our internal pricing models is
lower than the issue price and that should UBS Securities
LLC or any affiliate make secondary markets for the
Securities, the price (not including their customary bid-ask
spreads) will temporarily exceed the internal pricing model
price.

T he 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
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Pricing Supplement
c irc um st a nc e s. Y ou should a lso re vie w c a re fully t he "K e y Risk s" be ginning on pa ge 4 of t his pric ing
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

Issuer
UBS AG, London Branch
Least Performing
The underlying index with the lowest underlying return as
Principal Amount
$10 per Security
Underlying Index
compared to the other underlying indices.
Term(1)
Approximately 10 years, unless called earlier.
Underlying Return
The quotient, expressed as a percentage of the following
Underlying Indices
The EURO STOXX 50® Index and the S&P 500® Index.
formula:

Contingent Coupon
I f t he c losing le ve ls of a ll t he unde rlying indic e s
Final Level Initial Level
a re e qua l t o or gre a t e r t ha n t he ir re spe c t ive

Initial Level
c oupon ba rrie rs on a ny obse rva t ion da t e , UBS will
Trigger Level
A specified level of the underlying index that is less than the
pay you the contingent coupon applicable to such
initial level of each underlying index, equal to a percentage of
observation date (as set forth on page 3).
the initial level as indicated on the cover hereof and as

I f t he c losing le ve l of a ny one unde rlying inde x is
determined by the calculation agent.
le ss t ha n it s re spe c t ive c oupon ba rrie r on a ny
Coupon Barrier
A specified level of the underlying index that is less than the
obse rva t ion da t e , the contingent coupon applicable to
initial level of each underlying index, equal to a percentage of
such observation date will not accrue or be payable and
the initial level as indicated on the cover hereof and as
UBS will not make any payment to you on the relevant
determined by the calculation agent.
coupon payment date (as set forth on page 3). The
Initial Level
The closing level of each underlying index on the trade date,
contingent coupon is a fixed amount based upon equal
as indicated on the cover hereof and as determined by the
quarterly installments at the contingent coupon rate, which is
calculation agent.
a per annum rate. The table below sets forth the contingent
Final Level
The closing level of each underlying index on the final
coupon amount that would be applicable to each
valuation date, as determined by the calculation agent.
observation date on which the closing levels of all of the
Coupon Payment
Two business days following each observation date, except
underlying indices are greater than or equal to their
Dates
that the coupon payment date for the final valuation date is
respective coupon barriers. The table below reflects the
the maturity date.
contingent coupon rate of 7.38% per annum for the

Securities linked to the least performing index between the
EURO STOXX 50® Index and the S&P 500® Index.
I nve st m e nt T im e line
Cont inge nt Coupon (pe r Se c urit y)

EU RO ST OX X 5 0 ® I nde x a nd S& P 5 0 0 ® I nde x
The contingent coupon rate is set, the initial level of each

$0.1845
T ra de da t e
underlying index is observed, and the trigger level and

Cont inge nt c oupons on t he Se c urit ie s a re not
coupon barrier for each underlying index are determined.
gua ra nt e e d. U BS w ill not pa y you t he c ont inge nt
c oupon for a ny obse rva t ion da t e on w hic h t he

If the closing levels of all of the underlying indices are
c losing le ve l of a ny one unde rlying inde x is le ss
equal to or greater than their respective coupon barriers on
t ha n it s re spe c t ive c oupon ba rrie r.
any observation date, UBS will pay you a contingent
Trigger Event
A trigger event is deemed to have occurred if the closing
coupon on the applicable coupon payment date.
level of any one of the underlying indices is less than its
Qua rt e rly

respective trigger level on the trigger observation date.
(c a lla ble a ft e r 1
The Securities will be called if the closing levels of all the

underlying indices on any observation date (quarterly,
In this case, you will be exposed to the decline of the least
ye a r)
beginning after one year) are equal to or greater than their
performing underlying index from the trade date to the final
respective initial levels. If the Securities are called UBS will
valuation date.
pay you a cash payment per Security equal to $10 plus
Trigger Observation May 23, 2025, which is the final valuation date. The trigger
the contingent coupon otherwise due on such date.
Date
observation date may be postponed due to a market
disruption event as set forth in the Trigger Phoenix

Autocallable Optimization Securities product supplement.
The final level of each underlying index is observed on the
Contingent Coupon
The contingent coupon rate is 7.38% per annum for
final valuation date.
Rate
Securities linked to the least performing index between the

EURO STOXX 50® Index and the S&P 500® Index.
I f t he Se c urit ie s a re not c a lle d, a t rigge r e ve nt
Automatic Call
The Securities will be called automatically if the closing
ha s not oc c urre d a nd t he fina l le ve l of e a c h
Feature
levels of all the underlying indices on any observation date
unde rlying inde x is not le ss t ha n it s c oupon
(quarterly, beginning May 26, 2016) are equal to or greater
ba rrie r, UBS will pay you an amount in cash per Security
than their respective initial levels.
equal to $10 per Security plus the contingent coupon

otherwise due on the maturity date.
If the Securities are called, UBS will pay you on the

corresponding coupon payment date (which will be the "call
I f t he Se c urit ie s ha ve not be e n c a lle d, a t rigge r
settlement date") a cash payment per Security equal to your
e ve nt ha s not oc c urre d a nd t he fina l le ve l of a ny
principal amount plus the contingent coupon otherwise due
one unde rlying inde x is le ss t ha n it s c oupon
on such date pursuant to the contingent coupon feature. No
ba rrie r, UBS will pay you an amount in cash equal to
M a t urit y da t e
further amounts will be owed to you under the Securities.
$10 per Security.

The Securities will not be subject to an automatic call if the
I f t he Se c urit ie s ha ve not be e n c a lle d a nd a
closing level of any one underlying index is less than its
t rigge r e ve nt ha s oc c urre d, UBS will pay you an
amount in cash per Security that is less than the principal
respective initial level on an observation date.
amount, if anything, equal to:
Payment at Maturity I f t he Se c urit ie s a re not c a lle d, a t rigge r e ve nt

(per Security)
doe s not oc c ur, a nd t he fina l le ve l of e a c h
$10 + ($10 x Underlying Return of the Least
unde rlying inde x is not le ss t ha n it s c oupon
Performing Underlying Index)
ba rrie r, UBS will pay you an amount in cash on the

In such a case, you will suffer a loss on your initial
maturity date equal to $10 plus the contingent coupon
investment in an amount that is proportionate to the
otherwise due on the maturity date.
underlying return of the least performing underlying index

I f t he Se c urit ie s a re not c a lle d, a t rigge r e ve nt
regardless of the underlying return of any other underlying
doe s not oc c ur a nd t he fina l le ve l of a ny one
index.
unde rlying inde x is le ss t ha n it s c oupon ba rrie r,
U BS w ill pa y you a n a m ount in c a sh e qua l t o $ 1 0 .
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
I f t he Se c urit ie s a re not c a lle d a nd a t rigge r
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
e ve nt oc c urs, UBS will pay you an amount in cash that
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
is less than the principal amount, if anything, equal to:
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

$10 + ($10 x Underlying Return of the Least
t he Se c urit ie s a nd you c ould lose som e or a ll of your init ia l
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Performing Underlying Index)
inve st m e nt .

In such a case, you will suffer a loss on your initial
T he Se c urit ie s w ill not pa y a c ont inge nt c oupon if t he c losing le ve l
investment in an amount that is proportionate to the
of a ny one unde rlying inde x is le ss t ha n it s re spe c t ive c oupon
underlying return of the least performing underlying index
ba rrie r on a n obse rva t ion da t e . T he Se c urit ie s w ill not be subje c t t o
regardless of the underlying return of any other underlying
a n a ut om a t ic c a ll if t he c losing le ve l of a ny one unde rlying inde x is
index.
le ss t ha n it s re spe c t ive init ia l le ve l on a n obse rva t ion da t e . I f t he
Se c urit ie s a re not c a lle d, you w ill lose som e or a ll of your init ia l
inve st m e nt a t m a t urit y if a t rigge r e ve nt oc c urs.

(1)
Subject to the market disruption event provisions set forth in the Trigger Phoenix Autocallable Optimization Securities product supplement.

2
Obse rva t ion Da t e s (1) a nd Coupon Pa ym e nt Da t e s (2)

Coupon Pa ym e nt
Coupon Pa ym e nt
Obse rva t ion
Coupon Pa ym e nt
Obse rva t ion Da t e s
Da t e s
Obse rva t ion Da t e s
Da t e s

Da t e s

Da t e s

August 27, 2015*
August 31, 2015
February 26, 2019
February 28, 2019
August 29, 2022
August 31, 2022
November 25, 2015*
November 30, 2015
May 28, 2019
May 30, 2019 November 28, 2022
November 30, 2022
February 25, 2016*
February 29, 2016
August 27, 2019
August 29, 2019 February 24, 2023
February 28, 2023
May 26, 2016
May 31, 2016
November 26, 2019
November 29, 2019
May 26, 2023
May 31, 2023
August 29, 2016
August 31, 2016
February 27, 2020
March 2, 2020
August 28, 2023
August 30, 2023
November 28, 2016
November 30, 2016
May 27, 2020
May 29, 2020 November 27, 2023
November 29, 2023
February 24, 2017
February 28, 2017
August 27, 2020
August 31, 2020 February 27, 2024
February 29, 2024
May 26, 2017
May 31, 2017
November 25, 2020
November 30, 2020
May 28, 2024
May 30, 2024
August 28, 2017
August 30, 2017
February 24, 2021
February 26, 2021
August 27, 2024
August 29, 2024
November 27, 2017
November 29, 2017
May 26, 2021
May 28, 2021 November 26, 2024
November 29, 2024
February 26, 2018
February 28, 2018
August 27, 2021
August 31, 2021 February 27, 2025
March 3, 2025
May 29, 2018
May 31, 2018
November 26, 2021
November 30, 2021
May 23, 2025**
May 30, 2025***
August 27, 2018
August 29, 2018
February 24, 2022
February 28, 2022

November 27, 2018
November 29, 2018
May 26, 2022
May 31, 2022

*
The Securities are not callable until the first potential call settlement date, which is May 31, 2016.
**
This is also the final valuation date.
*** This is also the maturity date.
(1) Subject to the market disruption event provisions set forth in the Trigger Phoenix Autocallable Optimization Securities product
supplement.
(2) If you sell your Securities in the secondary market on any day on or preceding an observation date, the purchaser of the
Securities shall be deemed to be the record holder on the applicable record date and therefore you will not be entitled to any
payment attributable to that observation date. If you sell your Securities in the secondary market on any day following an
observation date, you will be deemed the record holder on the record date and therefore you will be entitled to any payment
attributable to that observation date.

3
K e y Risk s
An investment in the offering of the Securities involves significant risks. Investing in the Securities is not equivalent to investing in
the underlying indices. Some of the risks that apply to the Securities are summarized below, but we urge you to read the more
detailed explanation of risks relating to the Securities in the "Risk Factors" section of the Trigger Phoenix Autocallable Optimization
Securities product supplement. We also urge you to consult your investment, legal, tax, accounting and other advisors before you
invest in the Securities.

¨ Risk of loss at maturity -- The Securities differ from ordinary debt securities in that UBS will not necessarily repay the
principal amount of the Securities at maturity. If the Securities are not called, UBS will repay you the principal amount of your
Securities in cash only if a trigger event does not occur. If the Securities are not called and a trigger event occurs, you will lose
some or all of your initial investment in an amount proportionate to the decline in the level of the least performing underlying
index.

¨ The contingent repayment of principal applies only if you hold your Securities to 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 levels of all of the underlying indices are equal to or
greater than their respective trigger levels.

¨ You may not receive any contingent coupons -- UBS will not necessarily make periodic coupon payments on the
Securities. If the closing level of any one of the underlying indices on an observation date is less than its respective coupon
barrier, UBS will not pay you the contingent coupon applicable to such observation date. If the closing level of any one of the
underlying indices is less than its respective coupon barrier on each of the observation dates, UBS will not pay you any
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contingent coupons during the term of, and you will not receive a positive return on, your Securities. Generally, this non-payment
of the contingent coupon coincides with a period of greater risk of principal loss on your Securities.

¨ Your potential return on the Securities is limited, you w ill not participate in any appreciation of the
unde rlying indic e s a nd you w ill not ha ve t he sa m e right s a s holde rs of t he inde x c onst it ue nt st oc k s -- The
return potential of the Securities is limited to the pre-specified contingent coupon rate, regardless of the appreciation of the
underlying indices. In addition, the total return on the Securities will vary based on the number of observation dates on which the
requirements of the contingent coupon have been met prior to maturity or an automatic call. Since the Securities could be called
as early as the fourth coupon payment date, the total return on the Securities could be minimal. If the Securities are not called,
you may be subject to the underlying indices' risk of decline even though you are not able to participate in any appreciation in
the level of the underlying indices. As a result, the return on an investment in the Securities could be less than the return on a
hypothetical direct investment in any or all of the underlying indices or the index constituent stocks. Furthermore, as a holder of
the Securities, you will not have voting rights or rights to receive dividends or other distributions or other rights that holders of the
index constituent stocks would have.

¨ Higher contingent coupon rates are generally associated w ith a greater risk of loss -- Greater expected
volatility with respect to, and lower expected correlation among the underlying indices reflects a higher expectation as of the
trade date that the closing level of any underlying index could be less than its respective trigger level on the final valuation date
of the Securities. This greater expected risk will generally be reflected in a higher contingent coupon rate for that Security.
However, while the contingent coupon rate will be a fixed amount, the volatilities of the underlying indices, and the correlation
among the underlying indices can change significantly over the term of the Securities. The levels of the underlying indices for
your Securities could fall sharply, which could result in the loss of some or all of your initial investment.

¨ Reinvestment risk -- The Securities will be called automatically if the closing levels of all of the underlying indices are equal
to or greater than their respective initial levels on any observation date (quarterly, beginning after one year). In the event that the
Securities are called prior to maturity, there is no guarantee that you will be able to reinvest the proceeds from an investment in
the Securities at a comparable rate of return for a similar level of risk. To the extent you are able to reinvest such proceeds in an
investment comparable to the Securities, you will incur transaction costs and the original issue price for such an investment is
likely to include certain built-in costs such as dealer discounts and hedging costs.

¨ You are exposed to the market risk of each underlying index -- Your return on the Securities is not linked to a
basket consisting of the underlying indices. Rather, it will be contingent upon the performance of each individual underlying index.
Unlike an instrument with a return linked to a basket of indices or other underlying assets, in which risk is mitigated and
diversified among all of the components of the basket, you will be exposed equally to the risks related to all of the underlying
indices. Poor performance by any one of the underlying indices over the term of the Securities may negatively affect your return
and will not be offset or mitigated by a positive performance by any or all of the other underlying indices. Accordingly, your
investment is subject to the market risk of each underlying index.

¨ Because the Securities are linked to the performance of more than one underlying index (instead of to
t he pe rform a nc e of one unde rlying inde x ), it is m ore lik e ly t ha t one of t he unde rlying indic e s w ill be le ss
t ha n it s c oupon ba rrie r a nd it s t rigge r le ve l, inc re a sing t he proba bilit y t ha t you w ill not re c e ive t he
c ont inge nt c oupons a nd t ha t you w ill lose som e or a ll of your init ia l inve st m e nt -- The risk that you will not
receive the contingent coupons and that you will lose some or all of your initial investment in the Securities is greater if you
invest in the Securities as opposed to securities that are linked to the performance of a single underlying index if their terms are
otherwise substantially similar. With a greater total number of underlying indices, it is more likely that a underlying index will be
less than its coupon barrier or trigger level and that a trigger event will occur, and therefore it is more likely that you will not
receive the contingent coupons and that at maturity you will receive an amount in cash which is worth less than your principal
amount. In addition, if the performances of the underlying indices are not correlated to each other, the risk that a trigger event
will occur is even greater.

4
¨ 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 payments in respect of
an automatic call, contingent coupon or any contingent repayment of principal provided at maturity, 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 some or all of your initial investment.

¨ Market risk -- The return on the Securities is directly linked to the performance of the underlying indices and indirectly linked
to the value of the index constituent stocks, and will depend on whether, and the extent to which, the return on the indices is
positive or negative. The levels of the underlying indices can rise or fall sharply due to factors specific to the index constituent
stocks, as well 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 initial investment if the underlying return of the least performing underlying index is
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negative.

¨ Fair value considerations.

¨ The issue price you pay for the Securities exceeds their estimated initial value -- The issue price you pay
for the Securities exceeds their estimated initial value as of the trade date due to the inclusion in the issue price of the
underwriting discount, hedging costs, issuance costs and projected profits. As of the close of the relevant markets on the
trade date, we have determined the estimated initial value of the Securities by reference to our internal pricing models and
the estimated initial value of the Securities 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 indices, the volatility

of the underlying indices, the correlation between the underlying indices, the dividend rate paid on the index constituent
stocks, 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.

¨ The estimated initial value is a theoretical price; the actual price that you may be able to sell 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 actual profits may be greater or less than the differential betw een the estimated initial value and
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 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.

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

¨ There may be little or no secondary market for the Securities -- 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 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.

¨ The price at w hich UBS Securities LLC and its affiliates may offer to buy the Securities in the
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
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differential on their customer statements. Investors should inquire as to the valuation provided on customer account
statements provided by unaffiliated dealers.

5
¨ Price of Securities prior to maturity -- The market price of the Securities will be influenced by many unpredictable
and interrelated factors, including the level of the underlying indices; the volatility of the underlying indices; the correlation

among the underlying indices; the dividend rate paid on the index constituent stocks; 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; and the creditworthiness of UBS.

¨ Impact of fees and the use of internal funding rates rather than secondary market credit spreads 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.

¨ T he index return for the EURO ST OXX 5 0 ® I ndex w ill not be a djusted for cha nges in excha nge rates
re la t ive t o t he U .S. dolla r e ve n t hough t he inde x c onst it ue nt st oc k s a re t ra de d in a fore i gn c urre nc y a nd
t he Se c urit ie s a re de nom ina t e d in U .S. do l la rs -- The value of your Securities will not be adjusted for exchange rate
fluctuations between the U.S. dollar and the currencies in which the index constituent stocks of the EURO STOXX 50® Index are
based. 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 your return, if any, at maturity.

¨ Non -U.S. securi t ies market s ris k s -- The index constituent stocks of the EURO STOXX 50® Index are issued by non-
U.S. companies and are traded on various non-U.S. exchanges. These stocks may be more volatile and may be subject to
different political, market, economic, exchange rate, regulatory and other risks. Specifically, the index constituent stocks are
issued by companies located within the Eurozone. The Eurozone has undergone severe financial stress, and the political, legal
and regulatory ramifications are impossible to predict. Changes within the Eurozone could have a material adverse effect on the
performance of the underlying index and, consequently, on the value of the Securities.

¨ 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 levels of the underlying indices will rise or fall. The closing levels of the underlying
indices will be influenced by complex and interrelated political, economic, financial and other factors that affect the underlying
indices. You should be willing 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.

¨ The underlying indices reflect price return, not total return -- The return on your Securities is based on the
performance of the underlying indices, which reflect 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 will not include such a total return feature or
dividend component.

¨ Changes affecting the underlying indices could have an adverse effect on the value of the Securities --
The policies of STOXX Limited, the sponsor of the EURO STOXX 50® Index and S&P Dow Jones Indices LLC, a division of The
McGraw-Hill Companies, Inc., the sponsor of the S&P 500® Index, (together, the "index sponsors"), 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 levels of the underlying indices. The policies of the
index sponsors with respect to the calculation of the underlying indices could also adversely affect the levels of the underlying
indices. The index sponsors may discontinue or suspend calculation or dissemination of the underlying indices. Any such actions
could have an adverse effect on the value of the Securities.

¨ UBS cannot control actions by the index sponsors and the index sponsors have no obligation to consider
your int e re st s -- UBS and its affiliates are not affiliated with the index sponsors and have no ability to control or predict their
actions, including any errors in or discontinuation of public disclosure regarding methods or policies relating to the calculation of
the underlying indices. The index sponsors are 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.

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

¨ Potential conflict of interest -- UBS and its affiliates may engage in business with the issuers of index constituent stocks
comprising the underlying indices or trading activities related to one or more underlying index or any index constituents, which
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may present a conflict between the interests of UBS and you, as a holder of the Securities. There are also potential conflicts of
interest between you and the calculation agent, which will be an affiliate of UBS. The calculation agent will determine whether
the contingent coupon is payable to you on any coupon payment date, whether the Securities are subject to an automatic call
and the payment at maturity of the Securities based on observed levels of the underlying indices. The calculation agent can
postpone the determination of the final level of one or more underlying index (and therefore the related coupon payment date or
maturity date, as applicable) if a market disruption event occurs and is continuing on the final valuation date.

¨ 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 indices to which the Securities are linked.

6
¨ 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 listed 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
own tax advisor about your tax situation.

7
H ypot he t ic a l Ex a m ple s of H ow t he Se c urit ie s M ight Pe rform
The examples below illustrate the payment upon a call or at maturity for a $10 Security on a hypothetical offering of the Securities,
with the following assumptions (the actual terms for each Security are specified on the cover of this pricing supplement; amounts
may have been rounded for ease of reference):

Principal Amount:
$10
Term:
Approximately 10 years
Contingent Coupon Rate:
7.20% per annum (or 1.80% per quarter)
Contingent Coupon:
$0.18 per quarter
Observation Dates:
Quarterly (callable after 1 year)
Trigger Observation Date:
Final Valuation Date
Initial Level:

Underlying Index A:
4000
Underlying Index B:
2000
Coupon Barrier:

Underlying Index A:
2800 (which is 70% of the Initial Level)
Underlying Index B:
1400 (which is 70% of the Initial Level)
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Trigger Level:

Underlying Index A:
2000 (which is 50% of the Initial Level)
Underlying Index B:
1000 (which is 50% of the Initial Level)
Ex a m ple 1 -- Se c urit ie s a re c a lle d on t he First Pot e nt ia l Ca ll Se t t le m e nt Da t e

Da t e

Closing Le ve l

Pa ym e nt (pe r Se c urit y)
First Observation Date
Underlying Index A: 4100 (e qua l t o or gre a t e r
$0.18 (Contingent Coupon Not
t ha n Initial Level and Coupon Barrier)
Callable)
Underlying Index B: 2100 (e qua l t o or gre a t e r

t ha n Initial Level and Coupon Barrier)

Second Observation Date
Underlying Index A: 4200 (e qua l t o or gre a t e r
$0.18 (Contingent Coupon Not
t ha n Initial Level and Coupon Barrier)
Callable)
Underlying Index B: 2150 (e qua l t o or gre a t e r

t ha n Initial Level and Coupon Barrier)

Third Observation Date
Underlying Index A: 4150 (e qua l t o or gre a t e r
$0.18 (Contingent Coupon Not
t ha n Initial Level and Coupon Barrier)
Callable)
Underlying Index B: 2110 (e qua l t o or gre a t e r

t ha n Initial Level and Coupon Barrier)

Fourth Observation Date
Underlying Index A: 4150 (e qua l t o or gre a t e r
$10.18 (Settlement Amount)
t ha n Initial Level and Coupon Barrier)
Underlying Index B: 2175 (e qua l t o or gre a t e r

t ha n Initial Level and Coupon Barrier)

Total Payment $10.72 (7.20% total return)
Because the Securities are called on the first potential call settlement date (which is approximately one year after the trade date),
UBS will pay on the call settlement date a total of $10.18 per Security (reflecting your principal amount plus the applicable
contingent coupon). When added to the contingent coupons of $0.54 received in respect of the prior observation dates, you will
have received a total of $10.72, a 7.20% total return on the Securities. You will not receive any further payments on the Securities.
Ex a m ple 2 -- Se c urit ie s a re N OT Ca lle d a nd a T rigge r Eve nt Doe s N ot Oc c ur

Da t e

Closing Le ve l

Pa ym e nt (pe r Se c urit y)
First Observation Date
Underlying Index A: 2900 (e qua l t o or gre a t e r
$0.18 (Contingent Coupon)
t ha n Coupon Barrier; le ss t ha n Initial Level)
Underlying Index B: 1600 (e qua l t o or gre a t e r

t ha n Coupon Barrier; le ss t ha n Initial Level)

Second Observation Date
Underlying Index A: 4100 (e qua l t o or gre a t e r
$0.18 (Contingent Coupon Not
t ha n Initial Level and Coupon Barrier)
Callable)
Underlying Index B: 2150 (e qua l t o or gre a t e r

t ha n Initial Level and Coupon Barrier)

Third through Thirty-ninth
Underlying Index A: Various (all e qua l t o or
$0
Observation Dates
gre a t e r t ha n Coupon Barrier; le ss t ha n Initial
Level)
Underlying Index B: Various (all le ss t ha n Coupon

Barrier)

Final Valuation Date
Underlying Index A: 3500 (e qua l t o or gre a t e r
$10.18 (Payment at Maturity)
t ha n Coupon Barrier and Trigger Level; le ss t ha n
Initial Level)
Underlying Index B: 1500 (e qua l t o or gre a t e r
t ha n Coupon Barrier and Trigger Level; le ss t ha n

Initial Level)

Total Payment $10.54 (5.40% total return)

8
Because the Securities are not called and the final levels of both underlying indices are equal to or greater than their respective
coupon barriers and trigger levels, at maturity, UBS will pay a total of $10.18 per Security (reflecting your principal amount plus the
applicable contingent coupon). When added to the contingent coupons of $0.36 received in respect of the prior observation dates,
UBS will have paid a total of $10.54, a 5.40% total return on the Securities.
Ex a m ple 3 -- Se c urit ie s a re N OT Ca lle d a nd a T rigge r Eve nt Doe s N ot Oc c ur
http://www.sec.gov/Archives/edgar/data/1114446/000119312515206486/d927883d424b2.htm[5/29/2015 3:30:42 PM]

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