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Full text of "Report of the President of Harvard College and Reports of Departments" See other formats.

AIZ-2D

Pricing Supplement Filed Pursuant to Rule 424 b 2 Registration Statement No.
March 2015 PRICING SUPPLEMENT To Prospectus dated November 14, 2014 and Product Supplement dated November 18, 2014 STRUCTURED INVESTMENTS Opportunities in U.
In addition, if the closing levels of all the underlying indices are equal to or greater than their respective call threshold levels on any determination date, the securities will be automatically redeemed or repaid at maturity, as applicable, for an amount per security equal to i the stated principal amount plus ii the contingent payment for that quarter.
However, if on any determination date the closing level of any underlying index is less than its respective call threshold level, the securities will not be redeemed and if the closing level of any underlying index is less than its respective coupon barrier level, you will not receive any contingent payment for that quarterly period.
As a result, investors must be willing to accept the risk of not receiving any contingent payment.
Furthermore, if the final index level of any underlying index is below its respective downside threshold level on the final determination date, UBS will pay you a cash payment that will be less than the stated principal amount, if anything, resulting in a percentage loss that is equal to the underlying return of the underlying index with the lowest underlying return as compared to the other underlying indices the “worst performing underlying index” over the term of the securities, and in extreme situations, you could lose all of your initial investment.
Accordingly, the securities do not guarantee any return of principal at maturity.
Investors will not participate in any appreciation of the underlying indices.
These securities are for investors who are willing to risk their initial investment and seek an opportunity to earn interest at a potentially above-market rate in exchange for the risk of receiving no interest over the entire approximately 5-year term of the securities.
The securities are unsubordinated, unsecured debt obligations issued by UBS AG, and all payments on the securities are subject to the credit risk AZP1D UBS AG.
Early redemption: If, on any of the determination dates other than the final determination date, the closing levels of all the underlying indices are equal to or greater than their respective call threshold levels, the securities will be automatically redeemed for an early redemption amount on the first contingent payment date immediately following the related determination date.
Early redemption amount: The early redemption amount will be an amount equal to i the stated principal amount plus ii the contingent payment with respect to the related determination date.
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Kingston KTD-PE316ELV/8G - 8GB 1600MHz ECC Low Voltage Module; Oem p/n A7990613 If the closing level of any one underlying index is less than its respective coupon barrier level on any determination date, we will not pay a quarterly contingent payment with respect to that determination date.
Determination dates: June 9, 2015, September 9, 2015, December 9, 2015, March 9, 2016, June 9, 2016, September 9, 2016, December 9, 2016, March 9, 2017, June 9, 2017, September 11, 2017, December 11, 2017, March 9, 2018, June 11, 2018, September 10, 2018, December 10, 2018, March 11, 2019, June 10, 2019, September 9, 2019, December 9, 2019 and March 9, 2020 subject to postponement for non-trading days and certain market disruption events as described under “General Terms of the Securities — Determination Dates”, “ — Final Determination Date” and “— Market Disruption Events” in the accompanying product supplement.
We also refer to March 9, 2020 as the final determination date.
Contingent payment dates: With respect to each determination date other than the final determination date, the third business day after the related determination date.
The payment of the quarterly contingent payment, if any, with respect to the final determination date will be made on the maturity date.
Payment at maturity: § If the final index levels of all the underlying indices are equal to or greater than their respective downside threshold levels and coupon barrier levels: i the stated principal amount plus ii the contingent payment otherwise payable on the maturity date.
§ If the final index level of any underlying index is less than its respective downside threshold level and coupon barrier level: a cash payment that is less than the stated principal amount, if anything, resulting in a percentage loss that is equal to the underlying return of the worst performing underlying index, for an amount equal to i the stated principal amount plus ii the stated principal amount times the underlying return of the worst performing underlying index.
Calculation Agent: UBS Securities LLC Commissions and issue level: Price to Public 1 Fees and Commissions 1 Proceeds to Issuer Per security 100% 2.
See “Supplemental information regarding plan of distribution conflicts of interest ; secondary markets if any ”.
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 AZP1D models, inclusive of the internal funding rate.
For more information about secondary market offers and the estimated initial value of the securities, see “Risk Factors — Fair value considerations” and “— Limited or no secondary market and secondary market price considerations” on pages 12 and 13 of this pricing supplement.
The securities involve risks not associated with an investment in ordinary debt securities.
See “Risk Factors” beginning on page 11.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities, or passed upon the accuracy or adequacy of this document, the accompanying product supplement or the accompanying prospectus.
Any representation to the contrary is a criminal offense.
The securities are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.
You should read this document together with the accompanying product supplement, index supplement and the accompanying prospectus, each of which can be accessed via the hyperlinks below, before you decide to invest.
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 for free from the SEC website at www.
Our Central Index Key, or CIK, on the SEC web site is 0001114446.
Alternatively, UBS will arrange to send you these documents if you so request by calling toll-free 1-877-387-2275.
You may access these documents on the SEC website at www.
In this document, the “securities” refers to the Contingent Income Auto-Callable Securities that are offered hereby.
Also, references to the “accompanying prospectus” mean the UBS prospectus titled “Debt Securities and Warrants”, dated November 14, 2014, references to the “index supplement” mean the UBS index supplement, dated November 14, 2014 and references to the “accompanying product supplement” mean the UBS product supplement “Contingent Income Auto-Callable Securities”, dated November 18, 2014.
You should rely only on the information incorporated by reference or provided in this document, the accompanying product supplement, продолжение здесь supplement or the accompanying prospectus.
We have not authorized anyone to provide you with different information.
We are not making an offer of these securities in any state where the offer is not permitted.
You should not assume that the information in this document, the accompanying product supplement or the accompanying prospectus is accurate as of any date other than the date on the front of the читать полностью />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.
The contingent payment, if any, will be payable quarterly on the relevant contingent payment date, which is the third business day after the related determination date.
It is possible that the closing levels of one or more of the underlying indices could remain below their respective coupon barrier levels for extended periods of time or even throughout the term of the securities so that you may receive little or no contingent payments.
If the closing levels of all the underlying indices are equal to or greater than their respective call threshold levels on any of the determination dates other than the final determination date, the securities will be automatically redeemed for an early redemption amount equal to i the stated principal amount plus ii the contingent payment with respect to the related determination date.
If the securities have not previously been redeemed and the final index levels of all the underlying indices are equal to or greater than their respective downside threshold levels, the payment due at maturity will be i the stated principal amount plus ii the contingent payment otherwise payable on the maturity date.
However, if the securities are not redeemed prior to maturity and the final index level of any underlying index is less than its respective downside threshold level, the payment due at maturity will be a cash payment that is less than the stated principal amount, if anything, resulting in a percentage loss that is equal to the underlying return of the worst performing underlying index, for an amount equal to i the stated principal amount plus ii the stated principal amount times the underlying return of the worst performing underlying index.
The value of such cash payment will be less than 78.
Investors in the securities must be willing to accept the risk of losing some and, in extreme situations, all of their initial investment and also the risk of not receiving any contingent payments.
In addition, investors will not participate in any appreciation of the underlying indices.
The securities may be redeemed prior to maturity for an early redemption amount equal to i the stated principal amount per security plus ii the applicable contingent payment, and the payment at maturity will vary depending on the final index levels, as follows: Scenario 1 On any of the determination dates other than the final determination date, the closing levels of all the underlying indices are equal to or greater than their respective call threshold levels.
§ The securities will be automatically redeemed for an early redemption amount equal to i the stated principal amount plus ii the contingent payment with respect to the related determination date.
§ Investors will not participate in any appreciation of the underlying indices from their respective initial index levels.
Scenario 2 The securities are not redeemed prior to maturity and the final index levels of all the underlying indices are equal to or greater than their respective downside threshold levels and coupon barrier levels.
§ The payment due at maturity will be i the stated principal amount plus ii the contingent payment otherwise payable on the maturity date.
§ Investors will not participate in any appreciation of the underlying indices from their respective https://greenl66.ru/100/gazonokosilka-castelgarden-xsw-50-mgs.html index levels.
Scenario 3 The securities are not redeemed prior to maturity and the final index level of any underlying index is less than its respective downside threshold level and coupon barrier level.
§ The payment due at maturity will be a cash payment that is less than the stated principal больше на странице, if anything, resulting in a percentage loss that is equal to the underlying return of the worst performing https://greenl66.ru/100/reylingi-aps-na-krishu-ford-focus-3-2011-gt.html index, for an amount equal to i the stated principal amount plus ii the stated principal amount times the underlying return of the worst performing underlying index.
§ Investors will lose some and, in extreme situations, all AZP1D their initial investment in this scenario.
Investing in the securities involves significant risks.
You may lose some and, in extreme situations, all of your initial investment.
Any payment on the securities, including payments in respect of an early redemption, contingent payment or any repayment of principal provided Ink-Mate EIM-801 CYAN, 100 для L800 maturity, is dependent on the ability of UBS to satisfy its obligations when they come due.
If UBS is unable to meet its obligations, you may not receive any amounts due to you under the securities and you could lose all of your initial investment.
The securities will not pay a contingent payment if any one underlying index is less than its respective coupon barrier level on a determination date.
The securities will not be subject to an early redemption if any one underlying index is less than its respective call threshold level on a determination date.
If the securities are not redeemed prior to the final determination date, you will lose some and, in extreme situations, all of your initial investment at maturity if any underlying index is below its respective downside threshold level.
Investor Suitability The securities may be suitable for you if: § You fully understand the risks inherent in an investment in the securities, including the risk of loss of all of your initial investment.
§ You can tolerate a loss of some or all of your initial investment and are willing to make an investment that may have the same downside market risk as an investment in the worst performing of the underlying indices.
§ You believe the closing level of each of the underlying Atlas Concorde NID WHISKY will be equal to or greater than their respective coupon barrier levels on each determination date and their respective downside threshold levels on the final determination date.
§ You understand and accept that you will not participate in any appreciation in the level of the underlying indices and that any potential positive return is limited to the quarterly contingent payments.
§ You are willing to forgo dividends paid on stocks comprising the underlying indices the “index constituent stocks” and you do not seek guaranteed current income from this investment.
§ You are willing to invest in securities that may be redeemed prior to the maturity date and you are otherwise willing to hold such securities to maturity, a term of approximately 5 years, and accept that there may be little or no secondary market for the securities.
§ You seek an investment with exposure to companies in the Eurozone, Japan and the small-capitalization segment of the U.
§ You are willing 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.
§ 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 ссылка на подробности pricing model price.
The securities may not be suitable for you if: § You do not fully understand the risks inherent in an investment in the securities, including the risk of loss of all of your initial https://greenl66.ru/100/krossovki-new-balance-cm997hxdd.html />§ You require an investment designed to provide a full return of principal at maturity.
§ You cannot tolerate a loss of some or all of your initial investment, and you are not willing to make an investment that may have the same downside market risk as an investment in the worst performing of the underlying indices.
§ You believe that the closing level of any underlying index will decline during the term of the securities and is likely to close below its respective coupon barrier level on each determination date and its respective downside threshold level on the final determination date.
§ You seek an investment that participates in the full appreciation in the level of the underlying indices or that has unlimited return potential.
§ You cannot tolerate fluctuations in the price of the securities prior to maturity that may be similar to or exceed the downside level fluctuations of the underlying indices.
§ You prefer to receive the dividends paid on the index constituent stocks and you seek guaranteed current income from this investment.
§ You are unable or unwilling to hold securities that may be redeemed prior to the maturity date, or you are otherwise unable or unwilling to hold such securities to maturity, a term of approximately 5 years, or you seek an investment for which there will be an active secondary market for the securities.
§ You do not seek an investment with exposure to companies in the Eurozone, Japan or the small-capitalization segment of the U.
§ You are not willing to assume the credit risk of UBS for all payments under the securities, including any repayment of principal.
Diagram 1: Determination Dates Other Than the Final Determination Date Diagram 2: Payment at Maturity if No Automatic Early Redemption Occurs For more information about the payout upon an early redemption or at maturity in different hypothetical scenarios, see “Hypothetical Examples” starting on Page 7.
Because the closing levels of the underlying indices are equal to or greater than the respective call threshold levels on one of the first nineteen determination dates, the securities are automatically redeemed on the related contingent payment date.
In Examples 2, 3 and 4, the closing level of at least one underlying index on each of the first nineteen determination dates is less than its respective call threshold level, and, consequently, the securities are not automatically redeemed prior to, and remain outstanding until, maturity.
§ In Example 1, the securities are redeemed prior to maturity following the third determination date because the closing levels of all the underlying indices on the third determination date are greater than their respective call threshold levels.
In this example, the securities are redeemed prior to maturity and the term of your investment is limited to approximately 9 months and you may not be able to reinvest at comparable terms or returns.
If the securities are redeemed prior to maturity, you will stop receiving quarterly contingent payments.
§ In Example 2, on each of the first nineteen determination dates, the closing level of at least one of the underlying indices is below its respective coupon barrier level.
As a result, you do not receive a contingent payment with respect of any of those determination dates.
Because the closing levels of all the underlying indices are above their respective downside threshold levels and coupon barrier levels on the final determination date, at maturity you receive the stated principal amount plus a contingent payment with respect to the final determination date.
Examples 3 and 4 illustrate the payment at maturity per security based on the final index level.
§ In Example 3, on each of the first nineteen determination dates, the closing level of at least one of the underlying indices is below its respective coupon barrier level.
As a result, you do not receive a contingent payment with respect of any of those determination dates.
Because the closing levels of all the underlying indices are above their respective downside threshold levels and coupon barrier levels on the final determination date, at maturity you receive the stated principal amount plus a contingent payment with respect to the final determination date.
§ In Example 4, on each determination date throughout the term of the securities, the closing level of at least one of the underlying indices is below its respective coupon barrier level.
As a result, you do not receive any contingent payment during the term of the securities.
Furthermore, because the final index level of one of the underlying indices on the final determination date is below its applicable downside threshold level, you are fully exposed to the decline in the worst performing underlying index.
Investing in the securities involves significant risks.
The securities differ from ordinary debt securities in that UBS is not necessarily obligated to repay the full amount of your initial investment.
If the securities are not redeemed prior to the final determination date, you may lose some, and in extreme situations, all of your initial investment.
Specifically, if the securities are not redeemed prior to maturity and the final index level of any underlying index is less than its respective downside threshold level, UBS will pay you a cash payment that will be less than the stated principal amount, if anything, resulting in a percentage loss that is equal to the underlying return of the worst performing underlying index over the term of the securities.
The securities will поговорим, Philips Slim sleeve DLN1714/10 верная pay a contingent payment if the closing level of any underlying index is below its respective coupon barrier level on any determination date.
The securities will not be subject to an early redemption if the closing level of any underlying index is below its respective call threshold level on any determination date.
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.
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 all of your initial investment.
For further discussion of these and other risks, you should read the section entitled “Risk Factors” in the accompanying product supplement.
We 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 stated principal amount of the securities at maturity.
If the securities are not redeemed prior to maturity, UBS will repay you the stated principal amount of your securities in cash only if the final index levels of all the underlying indices are equal to or greater than their respective downside threshold levels and will only make such payment at maturity.
If the securities are not redeemed prior to maturity and the final index level of any underlying index is less than its respective downside threshold level, you will lose a percentage of your principal amount equal to the underlying return of the worst performing underlying index.
§ Contingent repayment of stated principal amount only at maturity.
If your securities are not redeemed prior 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 downside threshold levels.
§ You may not receive any contingent payments.
UBS will not necessarily make periodic payments on the securities.
If the closing level of any Автомобильная акустика KENWOOD KFC-S1393 the underlying indices on any determination date is less than its respective coupon barrier level, UBS will not pay you the contingent payment applicable to such determination date.
If the closing level of any of the underlying indices is less than its respective coupon barrier level on each of the determination dates, UBS will not pay you any contingent payments during the term of, and you will not receive a positive return on, your securities.
Generally, this non-payment of the contingent payment coincides with a period of greater risk of principal loss on your securities.
§ Your potential return on the securities is limited and you will not participate in any appreciation of the underlying indices.
The return potential of the securities is limited to the pre-specified contingent payment rate, regardless of the appreciation of the underlying indices.
In addition, your return on the securities will vary based on the number of determination dates on which the requirements of the contingent payment have been met prior to maturity or an early redemption.
Furthermore, if the securities are redeemed prior to maturity, you will not receive any contingent payments or any other payment in respect of any determination dates after the applicable contingent payment date, and your return on the securities could be less than if the securities remained outstanding until maturity.
If the securities are not redeemed prior to maturity, you may be subject to the depreciation in the level of the worst performing underlying index even though you cannot participate in any appreciation in the levels of the underlying indices.
As a result, the return on an investment in the securities could be less than the return on a direct investment in any or all of the index constituent stocks.
§ Higher contingent payment rates are generally associated with 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 pricing date that the final index level of any one AZP1D the underlying indices could be less than its respective downside threshold level on the final determination date of the securities.
This greater expected risk will generally be reflected in a higher contingent payment rate for that security.
However, while the contingent payment rate is set on the pricing date, an underlying index’s volatility, and the correlation among the underlying indices, can change significantly over the term of the securities.
The level of any one of the underlying indices for your securities could fall sharply, which could result in the loss of some or all of your initial investment.
The securities will be redeemed prior to maturity if the closing levels of all of the underlying indices are equal to or greater than their call threshold levels on any determination date and you will not receive any more contingent payments after the related contingent payment date.
Conversely, the securities will not be subject to an early redemption when the closing level of any one of the underlying indices is less than its call threshold level on any determination date, which generally coincides with a period of greater risk of principal loss on your securities.
Because the call threshold level of each underlying index is less than its respective initial index level, the securities will be redeemed early unless the closing level of at least one of the underlying indices declines by more than 7% as compared to its respective initial index level on each determination date and the securities could be redeemed as early as the first contingent payment date, potentially limiting your investment to привожу ссылку term of approximately three months.
In the event that the securities are redeemed 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.
In addition, 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.
§ Credit risk of UBS.
The securities are unsubordinated, unsecured debt obligations of 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 at maturity, depends on the ability of UBS to satisfy its obligations as they come due.
As a result, UBS’s actual and perceived creditworthiness may affect the market value of the securities.
If 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 all of your initial investment.
The return on the securities, which may be positive or negative, is linked to the performance of each underlying index and indirectly linked to the value of the index constituent stocks.
The level of each underlying index can rise or fall sharply due to factors specific to such underlying index or its index constituent stocks, such as stock or commodity price volatility, earnings, financial conditions, corporate, industry and regulatory developments, management changes and decisions and other events, as well as general market factors, such as general stock market or commodity market volatility and levels, interest rates and economic and political conditions.
§ 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 перейти instrument with a return linked to a basket of indices, common stocks 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 each 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 InkTec Сублимационные чернила DTI05-100MLC Light Cyan, 100 мл to the market risk of each underlying index.
§ Because the securities are linked to the performance of more than one underlying index, there is an increased probability that you will lose some or all of your initial investment.
The risk 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 the final index level of any underlying index will be less than its respective downside threshold level, and therefore it is more likely that you will receive an amount in cash which is worth less than your stated principal amount on the maturity date.
In addition, if the performances of the underlying indices are not correlated to each other, the risk that the final index level of any underlying index is less than its respective downside threshold level is even greater.
§ 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 pricing 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 pricing date, we have determined the estimated initial value of the securities by reference to our internal pricing models and it is set forth in this pricing supplement.
The pricing models used to determine the estimated initial value of the securities incorporate certain variables, including the levels of the underlying indices, volatility of the underlying indices, the correlation among the underlying indices, expected dividends 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 pricing date is less than the issue price you pay for the securities.
¡ The estimated initial value is a theoretical price and the actual price that you may be able to sell your securities in any secondary market if any at any time after the pricing date may differ from the estimated initial value.
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 pricing 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 AZP1D less than нажмите чтобы прочитать больше differential between the estimated initial value and the issue price of the securities as of the pricing date.
We may determine the economic terms of the securities, as well as hedge our obligations, at least in part, prior to the pricing date.
Therefore, our actual profits or potentially, losses in issuing the securities cannot be determined as of the pricing date and any such differential between the estimated initial value and the issue price of the securities as of the pricing 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 AZP1D market for the securities will develop.
UBS Securities LLC and its affiliates may make a market in each AZP1D of the securities, although they are not required to do so and may stop making a market at any time.
If you are able to sell your securities prior to maturity, you may have to sell them at a substantial loss.
The estimated initial value of the securities does not represent a minimum or maximum price at which we or any of our affiliates would be willing to purchase your securities in any secondary market at any time.
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 AZP1D 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 information regarding plan of distribution conflicts of interest ; secondary markets if any.
” Thereafter, if UBS Securities LLC узнать больше здесь 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 Securities LLC reflects this temporary positive AZP1D on its customer statements.
Investors should inquire as to the valuation provided on customer account statements provided by unaffiliated dealers.
¡ Price of securities prior to maturity.
The market price of the securities will be influenced by many unpredictable and interrelated factors, including the levels of the underlying indices; the correlation among the underlying indices; the volatility of 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; the creditworthiness of UBS and the then current bid-ask spread for the securities.
¡ Impact of fees and the use of internal funding rates rather than secondary market credit spreads on secondary market prices.
All other things being equal, the use of the internal funding rates described above under “— Источник статьи 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.
§ There can be 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 levels of the underlying indices will rise or fall.
There can be no assurance that the closing levels of all of the underlying indices will be equal to or greater than their respective coupon barrier levels on any determination date, or, if not redeemed prior to maturity, that the final index levels of all the underlying indices will be equal to or greater than their respective downside нажмите чтобы прочитать больше levels.
The levels of the underlying indices will be influenced by complex and interrelated political, economic, financial and other factors that affect the index constituent stocks.
You should be willing to accept the risks associated with the relevant https://greenl66.ru/100/pilesos-hoover-fm216li-011.html tracked by the underlying indices in general and the index constituent stocks in particular, and the risk of losing some or all of your initial investment.
§ The securities are subject to non-U.
The securities are linked to underlying indices comprised of securities issued by non-U.
An investment in securities linked directly or indirectly to the value of securities issued by non-U.
Direct or indirect government intervention to stabilize these non-U.
There is generally less publicly available information about non-U.
Security prices in non-U.
These factors, which could negatively affect the non-U.
Moreover, certain aspects of a particular non-U.
Finally, it will likely be more costly and difficult to enforce the laws or regulations of a non-U.
The value of your securities will not be adjusted for exchange rate fluctuations between AZP1D U.
Therefore, if the applicable currencies appreciate or depreciate relative to the U.
§ An investment in the securities is subject to risks associated with Eurozone securities markets.
The index constituent stocks of the EURO STOXX 50 ® Index are issued by non-U.
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.
§ There are small-capitalization stock risks associated with the Russell 2000 ® Index.
The securities are subject to risks associated with small-capitalization companies.
The Russell 2000 ® Index is comprised of stocks of companies that may be considered small-capitalization companies.
These companies often have greater stock price volatility, lower trading volume and less liquidity than large-capitalization companies and therefore the underlying index may be more volatile than an index in which a greater percentage of the constituent stocks are issued by large-capitalization companies.
Stock prices of small-capitalization companies are also more vulnerable than those of large-capitalization companies to adverse business and economic developments, and the stocks of small-capitalization companies may be thinly traded.
In addition, small-capitalization companies are typically less stable financially than large-capitalization companies and may depend on a small number of key personnel, making them more vulnerable to loss of personnel.
Small-capitalization companies are often given less analyst coverage and may be in early, and less predictable, periods of their corporate existences.
Such companies tend to have smaller revenues, less diverse product lines, smaller shares of their product or service markets, fewer источник resources and less competitive strengths than large-capitalization companies and are more susceptible to adverse developments related to their products.
§ An investment in the securities is subject to risks associated with Japanese securities markets.
The TOPIX Index ® tracks the value of certain Japanese equity securities.
You should be aware that investments in securities linked to the value of Japanese equity securities involve particular risks.
The Japanese securities markets may have less liquidity and may be more volatile than U.
Direct or indirect government intervention to stabilize the Japanese securities markets, as well as cross-shareholdings in Japanese companies, may affect trading prices and volumes in these markets.
Also, there is generally less publicly available information about Japanese companies than about those U.
Securities and Exchange Commission, and Japanese companies are subject to accounting, auditing and financial reporting standards and requirements that differ from those applicable to U.
Securities prices in Japan are subject to political, economic, financial and social factors that apply in Japan.
These factors, which could negatively affect the Japanese securities markets, include the AZP1D of recent or future changes in the Japanese government’s economic and fiscal policies, the possible imposition of, or changes in, currency exchange laws or other laws or restrictions applicable to Japanese companies or investments in Japanese equity securities and the possibility of fluctuations in the rate of exchange between the Japanese yen and the U.
Securities prices in Japan may also decrease if the Japanese economy does not successfully recover from the effects of the March 2011 earthquake in northern Japan and resulting tsunami.
Moreover, the Japanese economy may differ favorably or unfavorably from the U.
§ The тронут) Collonil Carbon Midsole Cleaner Жидкий чистящий крем 100 mll, нейтральный вашего 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, of the Frank Russell Company, the sponsor of the Russell 2000 ® Index and of The Кажется AltCam DCV24IR-PTZ видеокамера ошиблись Stock Exchange, Inc.
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.
§ There is no affiliation between the respective index sponsors and UBS, and UBS is not responsible for any disclosure by such.
We or our affiliates may currently, or from time to time engage in business with the index sponsors.
You, as an investor in the securities, should conduct your own independent investigation of the relevant index sponsor and each underlying index for your securities.
No index sponsor is involved in the securities offered hereby in any way and has no obligation of any sort with respect to your securities.
The relevant index sponsor has no obligation to take your interests into consideration for any reason, including when taking any actions that might affect the value of your securities.
§ Potential UBS impact on price.
§ 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 constituent stocks, which 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 payment is payable to you on any contingent payment date, whether the securities are subject to an early redemption and the payment at maturity of the securities based on observed closing levels of the underlying indices.
The calculation agent can postpone the determination of the closing level or final index level of any underlying index and therefore the related contingent payment date or maturity date, as applicable if a market disruption event occurs and is continuing on a determination date.
As UBS determines the economic terms of the securities, including the contingent payment, call threshold levels, coupon barrier levels, downside threshold levels, and such terms include hedging costs, issuance costs and projected profits, the securities represent a package of economic terms.
§ 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.
§ Under certain circumstances, the Swiss Financial Market Supervisory Authority “FINMA” has the power to take actions that may adversely affect the securities.
Pursuant to article 25 et seq.
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.
§ 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.
Such information reflects the policies of, and is subject to change by STOXX Limited.
UBS has not conducted any independent review or due diligence of any publicly available information with respect to the EURO STOXX 50 ® Index.
STOXX Limited has no obligation to continue to publish the EURO STOXX 50 ® Index, and may discontinue publication of the EURO STOXX 50 ® Index at any time.
The EURO STOXX 50 ® Index is determined, comprised and calculated by STOXX Limited without regard to the securities.
The EURO STOXX 50 ® Index covers 50 stocks of market sector leaders mainly from 12 Eurozone countries: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain.
The EURO STOXX 50 ® Index captures a selection of the largest stocks among the 19 EURO STOXX regional Supersector indices.
The largest stocks within those indices are added to the selection list until coverage is approximately 60% of the free float market capitalization of the corresponding EURO STOXX Total Market Index the “EURO STOXX TMI” Supersector Index and from that selection list the 50 stocks are selected.
The EURO STOXX 50 ® Index universe is нажмите для продолжения as all components of the 19 EURO STOXX Regional Supersector indices.
The EURO STOXX Supersector indices represent the Eurozone portion of the STOXX 600 Supersector indices, which contain the 600 largest stocks traded on the major exchanges of 18 European countries.
Each component’s weight is capped at 10% of the EURO STOXX 50 ® Index’s total free-float market capitalization.
Information from outside sources is not incorporated by reference in, and should not be considered part of, this pricing supplement or any accompanying prospectus.
Information as of market close on March 9, 2015: Bloomberg Ticker Symbol: SX5E 52 Week High on March 5, 2015 : 3,618.
The closing level of the underlying index on March 9, 2015 was 3,610.
The associated graph shows the closing levels of the underlying index for each day from January 2, 2004 to March 9, 2015.
The dotted lines represent the downside threshold level and coupon barrier level of 2,834.
We obtained the information in the table below from Bloomberg Professional ® service “Bloomberg”without independent verification.
UBS has not undertaken an independent review or due diligence of any publicly available information obtained from Bloomberg.
The historical performance of the underlying index should not be taken as an indication of its future performance, and no assurance can be given as to the closing level of the underlying index at any time, including the determination dates.
EURO STOXX 50 ® Index High Low Period End 2011 First Quarter 3,068.
Such information reflects the policies of, and is subject to change by the Frank Russell Company.
UBS has not conducted any independent review or due diligence of any publicly available information with respect to the Russell 2000 Index.
The Frank Russell Company has no obligation to continue to publish the Russell 2000 Index, and may discontinue publication of the Russell 2000 Index at any time.
The Russell 2000 Index is published by the Frank Russell Company.
As discussed more fully in the index supplement under the heading “Underlying Indices and Underlying Index Publishers – Russell 2000 Index,” the Russell 2000 Index measures the composite price performance of the smallest 2,000 companies included in the Russell 3000 Index.
The Russell 3000 Index is composed of the 3,000 largest United States companies by market capitalization and represents approximately 98% of the market capitalization of the United States equity market.
The Russell 2000 Index value is calculated by adding the market values of the index’s component stocks and then dividing the derived total market capitalization by the “adjusted” capitalization of the Russell источник Index on the base date of December 31, 1986.
Information from outside sources is not incorporated by reference in, and should not be considered part of, this pricing supplement or any accompanying prospectus.
Information as of market close on March 9, 2015: Bloomberg Ticker Symbol: RTY 52 Week High on March 2, 2015 : 1,242.
The closing level of the underlying index on December 5, 2014 was 1,223.
The associated graph shows the closing levels of the underlying index for each day from January 2, 2004 to March 9, 2015.
The dotted lines represent the downside threshold level and coupon barrier level of 960.
We obtained the information in the table below from Bloomberg, without independent verification.
UBS has not undertaken an independent review or due diligence of any publicly available information obtained from Bloomberg.
The historical performance of the underlying index should not be taken as an indication of its future performance, and no assurance can be given as to the closing level of the underlying index at any time, including the determination dates.
Russell 2000 ® Index High Low Period End 2011 First Quarter 843.
The TOPIX Index ®, also known as the Tokyo Stock Price Index, is a capitalization-weighted index of all the domestic common stocks listed on the First Section of the Tokyo Stock Exchange “TSE”.
Domestic stocks admitted to the TSE are assigned either to the TSE First Section Index, the TSE Second Section Index or the TSE Mothers Index.
Stocks listed in the First Section, Halla ZF-U-254E-2870 101-100377-2, G5 number approximately 1,500, are among the most actively traded stocks on the TSE.
The TOPIX Index ® is supplemented by the sub-basket components of the 33 industry sectors and AZP1D developed with a base index value of 100 as of January 4, 1968.
The TOPIX Index ® is calculated and published by the TSE.
The TOPIX Index ® is composed of all domestic common stocks listed on the TSE First Section, excluding temporary issues and preferred stocks.
Companies scheduled to be delisted or newly listed companies that are still in the waiting period are excluded from the TOPIX Index ®.
The TOPIX Index ® has no constituent review.
The number of constituents will change according to new listings and delistings.
The TSE may use very different standards for determining sector designations.
In addition, many companies operate in a number of sectors, but are listed in only one sector and the basis on which that sector is selected may also differ.
As a result, sector comparisons between indices with different index sponsors may reflect differences in methodology as well as actual differences in the sector composition of the indices.
Percentages may not sum to 100% due to rounding.
The TOPIX Index ® is a free-float adjusted market capitalization-weighted index, which reflects movements in the market capitalization from a base market value of 100 set on the base date of January 4, 1968.
The TSE calculates the TOPIX Index ® multiplying the base point of 100 by the figure obtained from dividing the current free float adjusted market value by the base market value.
The resulting value is not expressed in Japanese yen but presented in terms of points rounded to the nearest one hundredth.
The number of free float adjusted shares for index calculation is the number of listed shares multiplied by free-float weight.
The number of listed shares for index calculation is determined by the TSE.
The number of listed shares for index calculation normally coincides with that of listed shares.
However, in the case of a stock split, the number of listed shares increases at the additional listing date which comes after such stock split becomes effective; on the other hand, the number of listed shares for index calculation increases at the ex-rights date.
Free-float weight is a weight of listed shares deemed to be available for trading in the market and is determined and calculated by the TSE for each listed company for index calculation.
The free-float weight of one company may be different from that of any other company.
Free-float weight is reviewed once a year in order to reflect the latest distribution of share ownership.
The timing Roy Goode Goode on Commercial Law the yearly free-float weight review is different according to the settlement terms of listed companies.
In addition to the yearly review, extraordinary reviews are conducted in the following cases: allocation of new shares to a third party, strategic exercise of preferred shares or equity warrants, company spin-off, merger, stock-swap, take-over bid and other events that the TSE judges as appropriate reasons to review.
In the event of any increase or decrease in the current free-float adjusted market value due to reasons other than fluctuations in the TSE, such as public offerings or changes in the number of constituents in the TSE First Section, necessary adjustments are made by the TSE to the base market value in order to maintain the continuity of the TOPIX Index ®.
The TSE makes adjustments as follows: Event Implementation of Adjustment After Close of Trading Price Used for Adjustments Addition Company to be listed on the TSE First Section by initial public offering or via another stock exchange One business day before the last business day of the next month of listing Price on the adjustment date Addition Company included in the TOPIX Index ® is to be delisted and a new company established through stockswap or similar transaction including merger through establishing new company and company spin-off One business day before the listing date Base price used to decide the daily price limit Addition Transfer to the TSE First Section from the Second Section One business day before the last business day after such assignment a free float weight of 0.
Retroactive adjustments will not be made to revise the figures of the TOPIX Index ® that have already been calculated and disseminated even if issuing companies file amendments on нажмите для деталей released information.
If trading in a certain constituent is suspended, the TSE regards it as having no change in its share price for purposes of calculating the TOPIX Index ®.
In the event of unforeseen circumstances, or if the TSE decides it is impossible to use its existing methods to calculate the TOPIX Index ®, the TSE may use an alternate method of index calculation as it deems valid.
License Agreement We expect to enter into a non-exclusive license agreement with the Tokyo Stock Exchange, Inc.
The TOPIX Index Value and the TOPIX Marks are subject to the proprietary rights owned by the Tokyo Stock Exchange, Inc.
The Tokyo Stock Exchange, Inc.
The Tokyo Stock Exchange, Inc.
The Tokyo Stock Exchange, Inc.
Further, the Tokyo Stock Exchange, Inc.
No securities are in no way sponsored, endorsed or promoted by the Tokyo Stock Exchange, Inc.
The Tokyo Stock Exchange, Inc.
The Tokyo Stock Exchange, Inc.
Including but not limited to the foregoing, the Tokyo Stock Exchange, Inc.
Information from outside sources is not incorporated by reference in, and should not be considered part of, this pricing supplement or any accompanying prospectus.
Information as of market close on March 9, 2015: Bloomberg Ticker Symbol: TPX 52 Week High on March 6, 2015 : 1,540.
The closing level of the underlying читать on March 9, 2015 was 1,531.
The associated graph shows the closing levels of the underlying index for each day from January 2, 2004 to March 9, 2015.
The dotted lines represent the downside threshold level and coupon barrier level of 1,202.
We obtained the AZP1D in the table below from Bloomberg, without independent verification.
UBS has not undertaken an independent review or due diligence of any publicly available information obtained from Bloomberg.
The historical performance of the underlying index should not be taken as an indication of its future performance, and no assurance can be given as to the closing level of the underlying index at any time, including the determination dates.
TOPIX Index ® High Low Period End 2011 First Quarter 974.
We have derived all disclosures contained in this document regarding the underlying indices from the publicly available documents described in the preceding paragraphs.
In connection with the offering of the securities, neither we nor the agent has participated in the preparation of such documents or made any due diligence inquiry with respect to the underlying indices.
Neither the issuer nor any of its affiliates makes any representation to you as to the performance of the underlying indices.
Additional Provisions: Record date: The record date for each contingent payment date shall be the date one business day prior to such scheduled contingent payment date; provided, however, that any contingent payment payable at maturity or upon redemption shall be payable to the person to whom the payment at maturity or early redemption amount, as приведу ссылку case may be, shall be payable.
If you are able to sell the securities in the secondary market on a determination date, the purchaser of the securities shall be deemed to https://greenl66.ru/100/dahua-dh-hac-hdw2221rp-z.html the record holder on the applicable record date and therefore you will not be entitled to any contingent payment, if a contingent payment is paid on the contingent payment date with respect to that determination date.
If you are able to sell your securities in the secondary market on the day following an determination date and before the applicable contingent payment date, you will be the record holder on the record date and therefore you shall be entitled to any contingent payment, if a contingent payment is paid on the contingent payment date with respect to that determination date.
Bank Trust National Association Calculation agent: UBS Securities LLC Tax considerations: The United States federal income tax consequences of your investment in the securities are uncertain.
Some of these tax consequences are summarized below, but we urge you to read the more detailed discussion in “Supplemental U.
Tax Considerations” beginning on page PS-40 of the accompanying product supplement and to discuss the tax consequences of your particular situation with your tax advisor.
Pursuant to the terms of the securities, UBS and you agree, in the absence of an administrative or judicial ruling to the contrary, to characterize the securities as a pre-paid derivative contract with respect to the underlying indices.
If your securities are so treated, any contingent payment that is paid by UBS including on the maturity date or upon early redemption should be included in your income as ordinary income in accordance with your regular method of accounting for U.
In addition, excluding amounts attributable to any contingent payment, you should generally recognize capital gain or loss upon the sale, exchange, early redemption, or redemption on maturity of your securities in an amount equal to the difference between the amount you receive at such time other than with respect to a contingent payment or any amount attributable to any accrued but unpaid contingent payment and the amount you paid for your securities.
Such gain or loss should generally be long term capital gain or loss if you have held your securities for more than one year otherwise such gain or loss should be short-term capital gain or loss if held for one year or less.
The deductibility of capital losses is subject to limitations.
Although uncertain, it is possible that proceeds received from the sale or exchange of your securities prior to a contingent payment date, but that could be attributed to an expected contingent payment, could be treated as ordinary income.
You should consult your tax advisor regarding this risk.
However, because there is no authority that specifically addresses the tax treatment of the securities, it is possible that your securities could alternatively be treated for tax purposes as a single contingent payment debt instrument, or pursuant to some other characterization, such that читать далее timing and character of your income from the securities could differ materially from the treatment described above, as further described under ‘‘Supplemental U.
Tax Considerations — Alternative Treatments’’ beginning on page PS-42 of the accompanying product supplement.
The risk that the securities may be recharacterized for United States federal income tax purposes as instruments giving rise to current ordinary income possibly in excess of any contingent payment and before receipt of any cash and short-term capital gain or loss even if held for more than one yearis higher than with other equity-linked securities that do not guarantee full repayment of principal.
If any such entity were so treated, certain adverse U.
You should consult your tax advisor regarding the possible consequences to you if such entity is or becomes a PFIC or USRPHC.
The Internal Revenue Service “IRS” might, for example, assert that the securities should be recharacterized for United States federal income tax purposes as instruments giving rise to current ordinary income even before receipt of any cash or that you should be required to recognize taxable gain including ordinary income to the extent attributed to certain contingent payments on any rebalancing or rollover of the underlying indices.
In addition, in 2007 the U.
Treasury Department and the IRS released a notice requesting comments on the U.
The notice focuses in particular on whether to require holders of these instruments to accrue income over the term of their investment.
It also asks for comments on a number of related topics, including the character of income or loss with respect to these instruments and the relevance of factors such as the nature of the underlying property to which the instruments are linked.
While the notice requests comments on appropriate transition rules and effective перейти на источник, any U.
Treasury Department regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect.
You should consult your tax advisor Dkc GLP10000 Держатель лестниичного лотка Н 100 мм, стеклопластик the U.
Medicare Tax on Net Investment Income.
Specified Foreign Financial Assets.
Certain individuals that own “specified foreign financial assets” in excess of an applicable threshold may be required to file information with respect to such assets with their tax returns, especially if such assets are held outside the custody of a U.
You are urged to consult your tax advisor as to the application of this legislation to your ownership of the securities.
Subject to Section 871 m of the Code and FATCA as discussed belowwe currently do not intend to withhold any tax on any contingent payments made to a non-U.
However, it is possible that the IRS could assert that such payments are subject to U.
We will not pay any additional amounts in respect of such withholding.
Gain from the sale or exchange of a security or settlement at maturity generally should not be subject to U.
We also have not attempted to determine whether the securities should be treated as “United States real property interests” as defined in Section 897 of the Code.
If the issuer of the underlying index and the securities were so treated, certain adverse U.
Holder in respect of a security upon a sale, exchange, redemption or other taxable disposition of the security to the U.
Section нажмите чтобы перейти m of the Code requires withholding up to 30%, depending on whether a treaty applies on certain financial instruments to the extent that the payments or deemed payments on the financial instruments are contingent upon or determined by reference to U.
Treasury Department regulations if finalized in their current formcertain payments or deemed payments with respect to certain equity-linked instruments “specified ELIs” that reference U.
Under these proposed regulations, withholding may be required even in the absence of any actual dividend related payment or adjustment made pursuant to the terms of the instrument.
If adopted in their current form, the proposed regulations may AZP1D a withholding tax on payments or deemed payments made on the securities on or after January 1, 2016 that are treated as dividend equivalents for securities acquired on or after March 5, 2014.
Under an IRS Notice, the IRS announced that the IRS and the Treasury Department intend that final Treasury regulations will provide that “specified ELIs” will exclude equity-linked instruments issued prior to 90 days after the date the final Treasury regulations are published.
Accordingly, we generally expect that non-U.
However, it is possible that such withholding tax could apply to the securities under these proposed rules if the non-U.
If withholding is required, we or the applicable paying agent would be entitled to withhold such taxes without being required to pay any additional amounts with respect to amounts so withheld.
Foreign Account Tax Compliance Act.
The Foreign Account Tax Compliance Act “FATCA” was enacted on March 18, 2010, and imposes a 30% U.
FATCA also requires withholding agents making withholdable payments to certain foreign entities that do not disclose the name, address, and taxpayer identification number of any substantial U.
Under certain circumstances, a holder may be eligible for refunds or credits of such taxes.
Pursuant to final and temporary Treasury regulations, the withholding and reporting requirements under FATCA will generally apply to certain “withholdable payments” made on смотрите подробнее after July 1, 2014, certain gross proceeds on sale or disposition occurring after December 31, 2016, and certain foreign pass-thru payments made after December 31, 2016 or, if later, the date that final regulations defining the term “foreign pass-thru payment” are published.
If, however, withholding is required, we or the applicable paying agent will not be required to pay additional amounts with respect to the amounts so withheld.
Significant aspects of FATCA are not currently clear.
Investors should consult their own advisors about the application of FATCA, in particular if they may be classified as financial institutions or if they hold their securities through a foreign entity under the FATCA rules.
In 2007, legislation was introduced in Congress that, if enacted, could have required holders of securities purchased after the bill was enacted to accrue interest income over the term of the securities despite the fact that there may be no interest payments over the entire term of the securities.
It is not possible to predict whether a similar or identical bill will be enacted in the future, or whether any such bill would affect the tax treatment of your securities.
Furthermore, in 2013, the House Ways and Means Committee has released in draft form certain proposed legislation relating to financial instruments.
If enacted, the effect of this legislation generally would be to require instruments such as the securities to be marked to market on an annual basis with all gains and losses to be treated as ordinary, subject to certain exceptions.
You are urged to consult your tax advisor regarding the draft legislation and its possible impact on you.
Prospective purchasers of the securities are urged to consult their own tax advisors concerning the application of U.
Use of proceeds and hedging: We will use the net proceeds we receive from the sale of the securities for the purposes we describe in the accompanying prospectus under “Use of Proceeds.
” We or our affiliates may also use those proceeds in transactions intended to hedge our obligations under the securities as described below.
In connection with the sale of the securities, we or our affiliates may enter into hedging transactions involving the execution of long-term or short-term interest rate swaps, futures and option transactions or purchases and sales of securities before and after the pricing date of the securities.
From time to time, we or our affiliates may enter into additional hedging transactions or unwind those we have entered into.
We or our affiliates may acquire a long or short position in securities similar to the securities from time to time and по этой ссылке, in our or their sole discretion, hold or resell those securities.
The hedging activity discussed above may adversely affect the market value of the securities from time to time and payment on the securities at maturity.
See “Risk Factors” beginning on page 11 of this document for a discussion of these adverse effects.
UBS, UBS Securities LLC or any other affiliate of UBS may use this document, the accompanying product supplement and the accompanying prospectus in a market-making transaction for any securities after their initial sale.
In connection with the offering, UBS, UBS Securities LLC, any other affiliate of UBS or any other securities dealers may distribute this document, the accompanying product supplement and the accompanying prospectus electronically.
Unless UBS or its agent informs the purchaser otherwise in the confirmation of sale, this document, the accompanying product supplement and the accompanying prospectus are being used in a market-making transaction.
UBS Securities LLC is an affiliate of UBS and, as such, has a “conflict of interest” in this offering within the meaning of Financial Industry Regulatory Authority, Inc.
In addition, UBS will receive the net proceeds excluding the underwriting discount from the initial public offering of the securities and, thus creates an additional conflict of interest within the meaning of FINRA Rule 5121.
UBS Securities LLC is not permitted to sell securities in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder.
UBS Securities LLC and its affiliates may offer to buy or sell the securities in the secondary market if any at prices greater than UBS’ internal valuation.
The value of the securities at any time will vary based on many factors that cannot be predicted.
However, the price not including UBS Securities LLC’s or any affiliate’s customary bid-ask spreads at which UBS Securities LLC or any affiliate would offer to buy or sell the securities immediately after the pricing date in the secondary market is expected to exceed the estimated initial value of the securities as determined by reference to our internal pricing models.
The amount of the excess will decline to zero on a straight line basis over a period ending no later than 6 weeks after the pricing date, provided that UBS Securities LLC may shorten the period based on various factors, including AZP1D magnitude of purchases and other negotiated provisions with selling agents.
Notwithstanding the foregoing, 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.
For more information about secondary market offers and the estimated initial value of the securities, see “Risk Factors — Fair value considerations” and “— Limited or no secondary market and secondary market price considerations” on pages 12 and 13 of this pricing supplement.
Contact: Morgan Stanley Wealth Management clients may contact their local Morgan Stanley Wealth Management branch office or our principal executive offices at 1585 Broadway, New York, New York 10036 telephone number 1- 866 477-4776.
All other clients may contact their local brokerage representative.
Third-party distributors may contact Morgan Stanley Structured Investment Sales at 1- 800 -233-1087.
March 2015 Page 32 GRAPHIC 2 g885681g05d07.

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