UBS Declares Coupon Payments on Thirteen ETRACS Exchange-Traded Notes

  UBS Declares Coupon Payments on Thirteen ETRACS Exchange-Traded Notes

MLPI: linked to the Alerian MLP Infrastructure Index

MLPL: linked to the Alerian MLP Infrastructure Index

MLPG: linked to the Alerian Natural Gas MLP Index

MLPW: linked to the Wells Fargo Master Limited Partnership Index

BDCS: linked to the Wells Fargo Business Development Company Index

BDCL: linked to the Wells Fargo Business Development Company Index

RWXL: linked to the Dow Jones Global ex-U.S. Select Real Estate Securities
Index

DVYL: linked to the Dow Jones U.S. Select Dividend Index

SDYL: linked to the S&P High Yield Dividend Aristocrats Index

MORL: linked to the Market Vectors Global Mortgage REITs Index

DVHI: linked to the NYSE Diversified High Income Index

DVHL: linked to the NYSE Diversified High Income Index

CEFL: linked to the ISE High Income Index

Business Wire

NEW YORK -- April 2, 2014

UBS Investment Bank  today announced coupon payments for thirteen ETRACS
exchange-traded notes (the “ETNs”), all traded on the NYSE Arca. The relevant
coupon information is provided in the table below:

                                                                            
NYSE       ETN                Valuation     Ex-        Record      Payment     Coupon      Payment
Ticker                        Date                     Date        Date        Amount      Schedule
           Name                             Date
           ETRACS Alerian
MLPI*      MLP                3/31/14       4/9/14     4/11/14     4/22/14     $0.4602     Quarterly
           Infrastructure
           ETN
                                                                                           
           ETRACS 2x

           Monthly
           Leveraged
MLPL*                         3/31/14       4/9/14     4/11/14     4/22/14     $1.4036     Quarterly
           Long Alerian
           MLP

           Infrastructure
           ETN
                                                                                           
           ETRACS Alerian
MLPG*                         3/31/14       4/9/14     4/11/14     4/22/14     $0.4398     Quarterly
           Natural Gas
           MLP Index ETN
                                                                                           
           ETRACS Wells
MLPW*                         3/31/14       4/9/14     4/11/14     4/22/14     $0.3921     Quarterly
           Fargo MLP ETN
                                                                                           
           ETRACS Wells
BDCS*      Fargo Business     3/31/14       4/9/14     4/11/14     4/22/14     $0.4642     Quarterly
           Development
           Company ETN
                                                                                           
           ETRACS 2x
           Leveraged Long
BDCL*      Wells Fargo        3/31/14       4/9/14     4/11/14     4/22/14     $1.0509     Quarterly
           Business
           Development
           Company ETN
                                                                                           
                                                                                           
           ETRACS Monthly
           Pay
           2xLeveraged
RWXL**     Dow Jones          3/31/14       4/9/14     4/11/14     4/22/14     $0.1377     Monthly
           International
           Real Estate
           ETN
                                                                                           
           ETRACS Monthly
           Pay
           2xLeveraged
DVYL**     Dow Jones          3/31/14       4/9/14     4/11/14     4/22/14     $0.2981     Monthly
           Select
           Dividend Index
           ETN
                                                                                           
           ETRACS Monthly
           Pay
SDYL**     2xLeveraged        3/31/14       4/9/14     4/11/14     4/22/14     $0.1876     Monthly
           S&P Dividend
           ETN
                                                                                           
           ETRACS Monthly
           Pay
MORL**     2xLeveraged        3/31/14       4/9/14     4/11/14     4/22/14     $1.0129     Monthly
           Mortgage REIT
           ETN
                                                                                           
           ETRACS
DVHI**     Diversified        3/31/14       4/9/14     4/11/14     4/22/14     $0.1819     Monthly
           High Income
           ETN
                                                                                           
           ETRACS Monthly
           Pay
DVHL**     2xLeveraged        3/31/14       4/9/14     4/11/14     4/22/14     $0.4101     Monthly
           Diversified
           High Income
           ETN
                                                                                           
           ETRACS Monthly
           Pay
CEFL**     2xLeveraged        3/31/14       4/9/14     4/11/14     4/22/14     $0.5941     Monthly
           Closed-End
           Fund ETN
                                                                                           

* "Current Yield (annualized)" equals the current Coupon Amount, multiplied by
four (to annualize such coupon), divided by the closing price of the ETN on
its current Coupon Valuation Date, or, if the closing price is not available
on that date, then the previous available closing price, and rounded to two
decimal places for ease of analysis. The Current Yield is not indicative of
future coupon payments, if any, on the ETN. You are not guaranteed any coupon
or distribution amount under the ETN.

** "Current Yield (annualized)" equals the current Coupon Amount and the two
immediately preceding Coupon Amounts, multiplied by four (to annualize such
coupons), divided by the closing price of the ETN on its current Coupon
Valuation Date, or, if the closing price is not available on that date, then
the previous available closing price, and rounded to two decimal places for
ease of analysis. The Current Yield is not indicative of future coupon
payments, if any, on the ETN. You are not guaranteed any coupon or
distribution amount under the ETN.

Note: RWXL, DVYL, SDYL MORL, DVHL and CEFL pay a variable monthly coupon
linked to 2 times the cash distributions, if any, on the respective underlying
index constituents, less withholding taxes, if any. DVHI pays a variable
monthly coupon linked to the cash distributions, if any, on the underlying
index constituents, less withholding taxes, if any. Variations in the amount
of monthly distributions will lead to large variations in the Current Yield as
calculated above. As such, the Current Yield for each is not indicative of
future coupon payments, if any, on these ETNs.

About ETRACS

For further information about ETRACS ETNs, go to www.etracs.com

ETRACS ETNs are exchange-traded notes, an innovative class of investment
products offering access to markets and strategies that may not be readily
available to investors, and offer unique diversification opportunities in a
number of different sectors. ETRACS ETNs may offer:

  *Access to asset classes with historically low correlations to more
    traditional asset classes
  *Convenience of an exchange-traded security
  *Transparent exposure to a published index

ETRACS ETNs are senior unsecured notes issued by UBS AG, are traded on NYSE
Arca, and can be bought and sold through a broker or financial advisor. An
investment in ETRACS ETNs is subject to a number of risks, including the risk
of loss of some or all of the investor’s principal, and is subject to the
creditworthiness of UBS AG. Investors are not guaranteed any coupon or
distribution amount under the ETNs. We urge you to read the more detailed
explanation of risks described under “Risk Factors” in the applicable
prospectus supplement, or product supplement and pricing supplement, as
applicable, for the ETRACS ETN.

This material is issued by UBS AG or an affiliate thereof ("UBS"). Products
and services mentioned in this publication may not be available for residents
of certain jurisdictions. Past performance is not necessarily indicative of
future results. Please consult the restrictions relating to the product or
service in question for further information. Activities with respect to US
securities are conducted through UBS Securities LLC, a US broker/dealer.
Member of SIPC (http://www.sipc.org/).

ETRACS ETNs are sold only in conjunction with the relevant offering materials.
UBS has filed a registration statement (including a prospectus, as
supplemented by the applicable prospectus supplement, or product supplement
and pricing supplement, for the offering of the ETRACS ETNs) with the
Securities and Exchange Commission (the "SEC") for the offering to which this
communication relates. Before you invest, you should read these documents and
any other documents that UBS has filed with the SEC for more complete
information about UBS and the offering to which this communication relates.
You may get these documents for free by visiting EDGAR on the SEC website at
www.sec.gov. Alternatively, you can request the applicable prospectus
supplement, or product supplement and pricing supplement, by calling toll-free
(+1-877-387 2275). In the US, securities underwriting, trading and brokerage
activities and M&A advisor activities are provided by UBS Securities LLC, a
registered broker/dealer that is a wholly owned subsidiary of UBS AG, a member
of the New York Stock Exchange and other principal exchanges, and a member of
SIPC. UBS Financial Services Inc. is a registered broker/dealer and affiliate
of UBS Securities LLC.

Alerian MLP Index, Alerian MLP Total Return Index, Alerian MLP Infrastructure
Index, Alerian MLP Infrastructure Total Return Index, Alerian Natural Gas MLP
Index, Alerian Natural Gas MLP Total Return Index, AMZ, AMZX, AMZI, and ANGI
are trademarks of Alerian and their use is granted under a license from
Alerian. Wells Fargo Securities, Wells Fargo Securities, LLC, Wells Fargo,
Wells Fargo Business Development Company Index and Wells Fargo® Master Limited
Partnership Index are trademarks of Wells Fargo & Company and have been
licensed for use by UBS AG. The ETRACS Wells Fargo Business Development
Company Index, ETRACS Wells Fargo MLP Index and ETRACS 2xLeveraged Long Wells
Fargo Business Development Company Index are not issued, guaranteed,
sponsored, or advised by Wells Fargo & Company, Wells Fargo Securities, LLC or
their subsidiaries and affiliates (collectively, "Wells Fargo"). Wells Fargo
makes no representation or warranty, express or implied, to investors in the
ETRACS ETNs or any member of the public regarding the ability of any data
supplied by Wells Fargo or any Index to track financial instruments comprising
the Index or any trading market and no guarantee of performance of the ETRACS
Wells Fargo Business Development Company Index, ETRACS Wells Fargo MLP Index
or ETRACS 2xLeveraged Long Wells Fargo Business Development Company Index.
Wells Fargo & Company does not guarantee that the Index referenced by the
ETRACS ETNs has been accurately calculated and shall not have any liability
for any error in the calculation. Wells Fargo's only relationship to UBS AG is
the licensing of certain intellectual property rights relating to the Index as
well as trademarks and trade names of Wells Fargo and of the data supplied by
Wells Fargo that is determined, composed, compiled and calculated by Wells
Fargo or a third party index calculator, without regard to the ETRACS Wells
Fargo Business Development Company Index, ETRACS Wells Fargo MLP Index or
ETRACS 2xLeveraged Long Wells Fargo Business Development Company Index. Wells
Fargo has no obligation to take into consideration the ETRACS Wells Fargo
Business Development Company Index, ETRACS Wells Fargo MLP Index, ETRACS
2xLeveraged Long Wells Fargo Business Development Company Index or investors
in the ETRACS ETNs when determining, composing, compiling or calculating the
data. Wells Fargo has no obligation or liability in connection with the
issuance, listing, registration, distribution, administration, trading or
redemption or settlement by the issuer or otherwise of the ETRACS Wells Fargo
Business Development Company Index, ETRACS Wells Fargo MLP Index or ETRACS
2xLeveraged Long Wells Fargo Business Development Company Index. WELLS FARGO
DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR OF ANY
DATA SUPPLIED BY IT OR ANY DATA INCLUDED THEREIN. WELLS FARGO MAKES NO
WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY UBS AG AND THE
ETRACS WELLS FARGO BUSINESS DEVELOPMENT COMPANY INDEX, ETRACS WELLS FARGO MLP
INDEX, OR ETRACS 2XLEVERAGED LONG WELLS FARGO BUSINESS DEVELOPMENT COMPANY
INDEX OR ANY OTHER PERSON OR ENTITY FROM THE USE OF INDEX OR OF THE DATA
SUPPLIED BY WELLS FARGO OR ANY DATA INCLUDED THEREIN. WELLS FARGO MAKES NO
EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE
INDEX AND THE DATA SUPPLIED BY WELLS FARGO OR ANY DATA INCLUDED THEREIN.
WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL WELLS FARGO HAVE ANY
LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES
(INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

Neither the ETRACS Monthly Pay 2xLeveraged Dow Jones International Real Estate
ETN nor the ETRACS Monthly Pay 2xLeveraged Dow Jones Select Dividend Index ETN
are sponsored, endorsed, sold or promoted by Dow Jones, CME or their
respective affiliates. Dow Jones, CME and their respective affiliates make no
representation or warranty, express or implied, to the owners of the ETRACS
Monthly Pay 2xLeveraged Dow Jones International Real Estate ETN, the ETRACS
Monthly Pay 2xLeveraged Dow Jones Select Dividend Index ETN or any member of
the public regarding the advisability of trading in the Product(s). Dow
Jones', CME’s and their respective affiliates’ only relationship to the
Licensee is the licensing of certain trademarks and trade names of Dow Jones,
the Dow Jones Global ex-U.S. Select Real Estate Securities Index, and the Dow
Jones U.S. Select Dividend Index which are determined, composed and calculated
by CME without regard to UBS AG, the ETRACS Monthly Pay 2xLeveraged Dow Jones
International Real Estate ETN or the ETRACS Monthly Pay 2xLeveraged Dow Jones
Select Dividend Index ETN. Dow Jones and CME have no obligation to take the
needs of UBS AG or the owners of the ETRACS Monthly Pay 2xLeveraged Dow Jones
International Real Estate ETN or the ETRACS Monthly Pay 2xLeveraged Dow Jones
Select Dividend Index ETN into consideration in determining, composing or
calculating “Dow Jones Global ex-U.S. Select Real Estate Securities Index^SM”
or the “Dow Jones U.S. Select Dividend Index^SM”. Dow Jones, CME and their
respective affiliates are not responsible for and have not participated in the
determination of the timing of, prices at, or quantities of the ETRACS Monthly
Pay 2xLeveraged Dow Jones International Real Estate ETN or the ETRACS Monthly
Pay 2xLeveraged Dow Jones Select Dividend Index ETN to be sold or in the
determination or calculation of the equation by which the ETRACS Monthly Pay
2xLeveraged Dow Jones International Real Estate ETN or the ETRACS Monthly Pay
2xLeveraged Dow Jones Select Dividend Index ETN are to be converted into cash.
Dow Jones, CME and their respective affiliates have no obligation or liability
in connection with the administration, marketing or trading of the ETRACS
Monthly Pay 2xLeveraged Dow Jones International Real Estate ETN or the ETRACS
Monthly Pay 2xLeveraged Dow Jones Select Dividend Index ETN. Notwithstanding
the foregoing, CME Group Inc. and its affiliates may independently issue
and/or sponsor financial products unrelated to the ETRACS Monthly Pay
2xLeveraged Dow Jones International Real Estate ETN or the ETRACS Monthly Pay
2xLeveraged Dow Jones Select Dividend Index ETN currently being issued by UBS
AG, but which may be similar to and competitive with the ETRACS Monthly Pay
2xLeveraged Dow Jones International Real Estate ETN or ETRACS Monthly Pay
2xLeveraged Dow Jones Select Dividend Index ETN.In addition, CME Group Inc.
and its affiliates may trade financial products which are linked to the
performance of the Dow Jones Global ex-U.S. Select Real Estate Securities
Index^SM or the Dow Jones U.S. Select Dividend Index^SM. It is possible that
this trading activity will affect the value of the Dow Jones Global ex-U.S.
Select Real Estate Securities Index^SM, the Dow Jones U.S. Select Dividend
Index^SM, the ETRACS Monthly Pay 2xLeveraged Dow Jones International Real
Estate ETN, or the ETRACS Monthly Pay 2xLeveraged Dow Jones Select Dividend
Index ETN. DOW JONES, CME AND THEIR RESPECTIVE AFFILIATES DO NOT GUARANTEE THE
ACCURACY AND/OR THE COMPLETENESS OF THE DOW JONES GLOBAL EX-U.S. SELECT REAL
ESTATE SECURITIES INDEX^SM, THE DOW JONES U.S. SELECT DIVIDEND INDEX^SM OR ANY
DATA INCLUDED THEREIN AND DOW JONES, CME AND THEIR RESPECTIVE AFFILIATES SHALL
HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. DOW
JONES, CME AND THEIR RESPECTIVE AFFILIATES MAKE NO WARRANTY, EXPRESS OR
IMPLIED, AS TO RESULTS TO BE OBTAINED BY UBS AG, OWNERS OF THE ETRACS MONTHLY
PAY 2XLEVERAGED DOW JONES INTERNATIONAL REAL ESTATE ETN, THE ETRACS MONTHLY
PAY 2XLEVERAGED DOW JONES SELECT DIVIDEND INDEX ETN, OR ANY OTHER PERSON OR
ENTITY FROM THE USE OF THE DOW JONES GLOBAL EX-U.S. SELECT REAL ESTATE
SECURITIES INDEX THE DOW JONES U.S. SELECT DIVIDEND INDEX^SM OR ANY DATA
INCLUDED THEREIN. DOW JONES, CME AND THEIR RESPECTIVE AFFILIATES MAKE NO
EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES, OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE
DOW JONES GLOBAL EX-U.S. SELECT REAL ESTATE SECURITIES INDEX^SM, THE DOW JONES
U.S. SELECT DIVIDEND INDEX^SM OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING
ANY OF THE FOREGOING, IN NO EVENT SHALL DOW JONES, CME OR THEIR RESPECTIVE
AFFILIATES HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE,
SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE
POSSIBILITY OF SUCH DAMAGES. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY
AGREEMENTS OR ARRANGEMENTS BETWEEN CME AND UBS AG, OTHER THAN THE LICENSORS OF
CME.

Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill
Companies, Inc. (“S&P”) and UBS AG have entered into a non-exclusive license
agreement providing for the license to UBS, and certain of its affiliates, in
exchange for a fee, of the right to use the S&P High Yield Dividend
Aristocrats® Index, in connection with securities, including the ETNs. The S&P
High Yield Dividend Aristocrats® Index is owned and published by S&P. The ETNs
are not sponsored, endorsed, sold or promoted by S&P or its third party
licensors. Neither S&P nor its third party licensors make any representation
or warranty, express or implied, to the owners of the ETNs or any member of
the public regarding the advisability of investing in securities generally or
in the ETNs particularly or the ability of the S&P High Yield Dividend
Aristocrats® Index to track general stock market performance. S&P’s and its
third party licensor’s only relationship to UBS AG is the licensing of certain
trademarks and trade names of S&P and the third party licensors and of the S&P
High Yield Dividend Aristocrats® Index which is determined, composed and
calculated by S&P or its third party licensors without regard to UBS AG or the
ETNs. S&P and its third party licensors have no obligation to take the needs
of UBS AG or the owners of the ETNs into consideration in determining,
composing or calculating the S&P High Yield Dividend Aristocrats® Index.
Neither S&P nor its third party licensors is responsible for and has not
participated in the determination of the prices and amount of the ETNs or the
timing of the issuance or sale of the ETNs or in the determination or
calculation of the equation by which the ETNs is to be converted into cash.
S&P has no obligation or liability in connection with the administration,
marketing or trading of the ETNs. NEITHER S&P, ITS AFFILIATES NOR THEIR THIRD
PARTY LICENSORS GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS
OF THE S&P HIGH YIELD DIVIDEND ARISTOCRATS® INDEX OR ANY DATA INCLUDED THEREIN
OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN
COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO.
S&P, ITS AFFILIATES AND THEIR THIRD PARTY LICENSORS SHALL NOT BE SUBJECT TO
ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN. S&P
MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES
OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO
THE MARKS, THE S&P HIGH YIELD DIVIDEND ARISTOCRATS® INDEX OR ANY DATA INCLUDED
THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL
S&P, ITS AFFILIATES OR THEIR THIRD PARTY LICENSORS BE LIABLE FOR ANY INDIRECT,
SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT
LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF
THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN
CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE.

The ETRACS Monthly Pay 2xLeveraged Mortgage REIT ETN (“ETN”) is not sponsored,
endorsed, sold or promoted by Market Vectors Index Solutions GmbH (“Licensor”)
and Licensor makes no representation or warranty, express or implied, to the
owners of the ETN or any member of the public regarding the advisability of
investing in securities generally or in the ETN particularly or the ability of
the Market Vectors® Global Mortgage REITs Index to track the performance of
the mortgage REIT market.

Market Vectors® Global Mortgage REITs Index (the “Index”) is the exclusive
property of Market Vectors Index Solutions GmbH, which has contracted with
Structured Solutions AG to maintain and calculate the Index. Structured
Solutions AG uses its best efforts to ensure that the Index is calculated
correctly. Irrespective of its obligations towards the Market Vectors Index
Solutions GmbH, Structured Solutions AG has no obligation to point out errors
in the Index to third parties including but not limited to investors and/or
financial intermediaries of the financial instrument. The ETN is not
sponsored, promoted, sold or supported in any other manner by Structured
Solutions AG nor does Structured Solutions AG offer any express or implicit
guarantee or assurance either with regard to the results of using the Index
and/or Index trade mark or the Index Price at any time or in any other
respect. Neither publication of the Index by Structured Solutions AG nor the
licensing of the Index or Index trade mark for the purpose of use in
connection with the financial instrument constitutes a recommendation by
Structured Solutions AG to invest capital in said financial instrument nor
does it in any way represent an assurance or opinion of Structured Solutions
AG with regard to any investment in this financial instrument. Structured
Solutions AG is not responsible for fulfilling the legal requirements
concerning the accuracy and completeness of the financial instrument’s
prospectus.

The ETN is not sponsored, endorsed, sold or promoted by Van Eck Associates
Corporation (“Van Eck”). Van Eck makes no representation or warranty, express
or implied, nor accepts any responsibility, regarding the accuracy or
completeness of this Informational Material, or the advisability of investing
in securities or financial instruments, or in the ETN.

VAN ECK AND ITS AFFILIATES DO NOT GUARANTEE THE ACCURACY AND/OR COMPLETENESS
OF THE INDEX OF ANY DATA INCLUDED THEREIN AND SHALL NOT HAVE ANY LIABILITY FOR
ANY ERRORS, OMISSIONS, OR INTERRUPTIONS, AND MAKES NO WARRANTY, EXPRESS OR
IMPLIED, AS TO RESULTS TO BE OBTAINED BY OWNERS OF, ETN, OR ANY OTHER PERSON
OR ENTITY FROM THE USE OF THE ETN. WITHOUT LIMITING ANY OF THE FOREGOING, IN
NO EVENT SHALL VAN ECK OR ANY OF ITS AFFILIATES HAVE ANY LIABILITY FOR ANY
LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR
LOSSES, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.

The NYSE® Diversified High Income Index is a service mark of NYSE Euronext or
its affiliates (“NYSE Euronext”) and has been licensed for use by UBS AG in
connection with the ETNs. The ETNs are not sponsored, endorsed, sold or
promoted by NYSE Euronext. NYSE Euronext makes no representations or
warranties regarding the ETNs or the ability of the Index to track the general
stock market performance.

NYSE EURONEXT MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY
DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. IN NO EVENT
SHALL NYSE EURONEXT HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR
CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE
POSSIBILITY OF SUCH DAMAGES.

“ISE High Income™”, “ISE™®” and “International Securities Exchange®” are
trademarks of International Securities Exchange, LLC and have been licensed
for use for certain purposes by UBS Securities LLC and its affiliates (“UBS”).
UBS AG’s ETRACS based on the ISE High Income™ Index are not sponsored,
endorsed, sold or promoted by ISE, and ISE makes no representation regarding
the advisability of trading in such products.

The Securities are not sponsored, endorsed, sold or promoted by ISE. ISE makes
no representation or warranty, express or implied, to the owners of the
Securities or any member of the public regarding the advisability of trading
in the Securities. ISE’s only relationship to UBS is the licensing of certain
trademarks and trade names of ISE and of the Index, which is determined,
composed and calculated by ISE without regard to UBS or the Securities. ISE
has no obligation to take the needs of UBS or the owners of the Securities
into consideration in determining, composing or calculating the Index. ISE is
not responsible for and has not participated in the determination of the
timing of, prices at, or quantities of the Securities to be listed or in the
determination or calculation of the equation by which the Securities are to be
converted into cash. ISE has no obligation or liability in connection with the
administration, marketing or trading of the Securities.

ISE DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR
ANY DATA INCLUDED THEREIN AND ISE SHALL HAVE NO LIABILITY FOR ANY ERRORS,
OMISSIONS, OR INTERRUPTIONS THEREIN. ISE MAKES NO WARRANTY, EXPRESS OR
IMPLIED, AS TO RESULTS TO BE OBTAINED BY UBS, OWNERS OF THE SECURITIES, OR ANY
OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN.
ISE MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL
WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH
RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE
FOREGOING, IN NO EVENT SHALL ISE HAVE ANY LIABILITY FOR ANY LOST PROFITS OR
INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS),
EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. THERE ARE NO THIRD PARTY
BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN ISE AND UBS.

UBS specifically prohibits the redistribution or reproduction of this material
in whole or in part without the prior written permission of UBS and UBS
accepts no liability whatsoever for the actions of third parties in this
respect. © UBS 2014. The key symbol, UBS and ETRACS are among the registered
and unregistered trademarks of UBS. The “Dow Jones Global ex-U.S. Select Real
Estate Securities Index^SM” and the “Dow Jones U.S. Select Dividend Index^SM”
are products of Dow Jones Indexes and marketing names and licensed trademarks
of CME Indexes, and have been licensed for use. “Dow Jones®”, “Dow Jones
Global ex-U.S. Select Real Estate Securities Index^SM”,“ Dow Jones U.S. Select
Dividend Index^SM” and “Dow Jones Indexes” are service marks of Dow Jones
Trademark Holdings, LLC (“Dow Jones”) and have been licensed for use for
certain purposes by UBS AG.“S&P®”, “Standard & Poor’s®”, “S&P 500®”, “S&P
500® Dividend Aristocrats®” and “Dividend Aristocrats®” are trademarks of
Standard & Poor’s Financial Services LLC and have been licensed for use by
UBS. The Securities are not sponsored, endorsed, sold or promoted by S&P and
S&P makes no representation regarding the advisability of investing in the
Securities. Other marks may be trademarks of their respective owners. All
rights reserved.

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Notes to Editors

UBS draws on its 150-year heritage to serve private, institutional and
corporate clients worldwide, as well as retail clients in Switzerland. Its
business strategy is centered on its pre-eminent global wealth management
businesses and its leading universal bank in Switzerland. Together with a
client-focused Investment Bank and a strong, well-diversified Global Asset
Management business, UBS will expand its premier wealth management franchise
and drive further growth across the Group. UBS is present in all major
financial centers worldwide. It has offices in more than 50 countries, with
about 35% of its employees working in the Americas, 36% in Switzerland, 17% in
the rest of Europe, the Middle East and Africa and 12% in Asia Pacific. UBS
employs about 60,000 people around the world. Its shares are listed on the SIX
Swiss Exchange and the New York Stock Exchange (NYSE).

Contact:

UBS
Judi Flynn-Echeverria, + 1 917-902 9726
Megan Stinson, + 1 212-713 1302
 
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