If, taking into account the relevant weighting, the U. Investments in Securities linked directly or indirectly to emerging market equity securities involve many risks, including, but not limited to: economic, social, political, financial and military conditions in the emerging market; regulation by national, provincial, and local governments; less liquidity and smaller market capitalizations than exist in the case of many large U.
Securities of emerging market companies may be more volatile and may be affected by market developments differently than U. Government interventions to stabilize securities markets and cross-shareholdings may affect prices and volume of trading of the securities of emerging market companies. Moreover, emerging market economies may differ favorably or unfavorably from the U.
You should carefully consider the risks related to emerging markets, to which the Securities are susceptible, before making a decision to invest in the Securities. 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 financial resources and less competitive strengths than large-capitalization companies and are more susceptible to adverse developments related to their products.
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 return on your Securities will not include such a total return feature or dividend component. 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. 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. 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 or whether the Securities are subject to an automatic call, or the amount you receive at maturity of the Securities.
The calculation agent may postpone any observation date including the final valuation date if a market disruption event occurs and is continuing on such date. As UBS determines the economic terms of the Securities, including the contingent coupon rate, trigger level and coupon barrier, and such terms include hedging costs, issuance costs and projected profits, the Securities represent a package of economic terms. 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.
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. 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.
You should consult your own tax advisor about your tax situation.
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Underlying Index A: Underlying Index B: You will not receive any further payments on the Securities. Since the Securities are not called and the final level of Underlying Index B is below its trigger level, a trigger event occurs. We make no representation or warranty as to which of the underlying indices will be the least performing underlying index for the purposes of calculating your actual payment at maturity. 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 called on any observation date, you may lose some or all of your initial investment. The Securities will not pay a contingent coupon if any one underlying index is below its respective coupon barrier on an observation date. The Securities will not be subject to an automatic call if any one underlying index is below its respective initial level on an observation date.
Any payment on the Securities, including payments in respect of an automatic call, contingent coupon or any repayment of principal provided at 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. The five largest emerging market countries included and their relative weightings as of April 30, are: China Other countries account for Information from outside sources is not incorporated by reference in, and should not be considered part of, this pricing supplement or any accompanying prospectus.
Historical Information. UBS has not conducted any independent review or due diligence of publicly available information obtained from Bloomberg. The dotted lines represent the trigger level and the coupon barrier of Such information reflects the policies of, and is subject to change by the Frank Russell Company. Notwithstanding anything stated in the product supplement, we do not disclaim liability or responsibility for any information disclosed herein regarding the Russell Index. However, UBS has not conducted any independent review or due diligence of any publicly available information with respect to the Russell Index.
The Frank Russell Company has no obligation to continue to publish the Russell Index, and may discontinue publication of the Russell Index at any time.
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What Are the Tax Consequences of the Securities? The United States federal income tax consequences of your investment in the Securities are uncertain. 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 coupon that is paid by UBS including on the maturity date or upon an automatic call 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 coupon, you should generally recognize capital gain or loss upon the sale, exchange, automatic call, or redemption on maturity of your Securities in an amount equal to the difference between the amount you receive at such time other than amounts or proceeds attributable to a contingent coupon or any amount attributable to any accrued but unpaid contingent coupon 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. 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 coupon observation date, but that could be attributed to an expected contingent coupon, could be treated as ordinary income.
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You should consult your tax advisor regarding this risk. The risk that the Securities may be recharacterized for United States federal income tax purposes as instruments giving rise to current ordinary income even before receipt of any cash and short-term capital gain or loss even if held for more than one year , is higher than with other index-linked securities that do not guarantee full repayment of principal.
In addition, in 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 dates, 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 adviser regarding the U. Non-US Holders should consult their own tax advisors regarding the U. Medicare Tax on Net Investment Income. The 3.
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Specified Foreign Financial Assets. You are urged to consult your tax advisor as to the application of this legislation to your ownership of the Securities. The U. However, it is possible that the Internal Revenue Service could assert that such payments are subject to U. We will not pay any additional amounts in respect of such withholding. Under proposed U. Treasury Department regulations if finalized in their current form , certain payments or deemed payments. 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.
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If adopted in their current form, the proposed regulations may impose a withholding tax on payments or deemed payments made on the Securities on or after January 1, that are treated as dividend equivalents for Securities acquired on or after March 5, 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. 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.