Disclaimer

UBS has filed a registration statement (including a prospectus, as supplemented by a prospectus supplement for each offering of ETRACS) with the Securities and Exchange Commission (the "SEC") for the offerings 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 offerings 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 and accompanying prospectus by calling toll-free (1-877-387-2275).

You should refer to the applicable ETRACS prospectus supplement and accompanying prospectus and should consult with your legal, tax and financial advisors prior to deciding whether to invest in the ETRACS. In the event of any inconsistency between this website and the prospectus supplement for a particular offering of ETRACS, you should rely on the prospectus supplement in evaluating that offering. Please review Legal considerations and Privacy policy for additional important legal information and the terms and conditions governing use of this website.

The information on the ETRACS offered in this website is not, and is not intended to be, a complete discussion of all relevant, material information. If you are considering an investment in one or more ETRACS products, you should carefully read the relevant prospectus supplement and accompanying prospectus for the particular offering prior to making a purchase. The information on the ETRACS does not constitute a specific recommendation to buy any security. Information relating to the investment opportunities presented in this website do not take into account the investment objectives, financial situation or particular needs of any specific person.

The content of this website has been prepared based upon sources, materials and systems believed to be reliable and accurate and are provided to you on an “as is” basis. Any content relating to a specific issuance of any ETRACS contained on any page throughout this website, is subject to change or cancellation without prior notice. It is your responsibility to verify any information contained in this website before making an investment decision.

The use and access of these web pages, or any other linked web sites provided by UBS AG and/or any subsidiary, affiliate or branch thereof (together, "UBS"), and any content herein, including posted documents, (collectively, these "Materials") are subject to this disclaimer and any other posted restrictions. The products and/or services described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. In the event of any contradiction or inconsistency between this Disclaimer and the Terms of Use applicable to the UBS website (www.ubs.com), the terms set out in this Disclaimer shall prevail.

Except as otherwise specified herein, these Materials are distributed by UBS AG.

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Nothing in the Materials constitutes investment advice and any recommendations that may be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. The report is published for information purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Unless specifically stated otherwise, all price information is indicative only. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the Materials, nor are they a complete statement of the securities, markets or developments referred to herein. The Materials should not be regarded by recipients as a substitute for the exercise of their own judgement. Any opinions are subject to change without notice and may differ or be contrary to opinions expressed by other divisions of UBS as a result of using different assumptions and criteria. UBS is not under any obligation to update or keep current the information contained herein.

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The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Options, derivative products and futures are not suitable for all investors, and trading in these products is considered risky. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any products mentioned in the Materials. Clients wishing to effect transactions should contact their local sales representative.

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Additional terms specific to ETRACS ETNs

Selected Risk Considerations
An investment in ETRACS involves risks, including possible loss of some or all of your principal investment. The brief statement set forth below does not disclose all of the risks related to an investment in one or more offerings of ETRACS. For a comprehensive list of risk factors associated with each offering of ETRACS, please refer to the prospectus supplement and accompanying prospectus for the particular offering of ETRACS in which you are considering an investment. Prior to investing in the ETRACS, investors should ensure that they fully understand the terms and conditions, including related risks and any legal, tax and accounting considerations, for the particular offering of ETRACS in which they are considering an investment.

The return on the ETRACS at maturity or upon early redemption, which may be positive or negative, is directly linked to the performance of the particular underlying index, which is based on a variety of market and economic factors, interest rates in the markets and economic, financial, political, regulatory, judicial or other events that affect the markets generally.

The ETRACS are not secured debt and are riskier than ordinary unsecured debt securities. Unlike ordinary debt securities, the return on the ETRACS is linked to the performance of a particular underlying index. The trading price of the ETRACS may vary considerably, due, among other things, to fluctuations in the price of the assets that make up the relevant underlying index and other events that are difficult to predict and beyond UBS' control. Investing in the ETRACS is not equivalent to investing directly in the index components or the particular underlying index itself.

The market value of the ETRACS may fluctuate. Therefore, investors may sustain a significant loss if they sell the securities in the secondary market. A number of factors (for example, volatility of the underlying index, general political, economic or other events, and the creditworthiness of UBS), many of which are beyond UBS' control and which interact in complex ways, will influence the market value of the ETRACS. Investors should expect that, generally, the level of the particular underlying index will affect the market value of the ETRACS more than any other factor.

Moreover, a trading market for one or more of the ETRACS may not develop. Although certain affiliates of UBS my engage in limited purchase and resale transactions in the ETRACS, they are not required to do so and may stop at any time. UBS is not required to maintain any listing for the ETRACS on any exchange.

The fees paid by investors in the ETRACS, which accrue daily, diminish the potential return on the ETRACS and thus their market value. If the level of the particular underlying index decreases or does not increase significantly so as to offset the effect of these fees, investors will receive less than their principal at maturity or upon early redemption and could lose up to 100% of the original principal amount. The fees will have a similar negative impact on any return realized by selling the ETRACS in the secondary market.

The underlying index components of some ETRACS may be concentrated in a specific sector. The investment may therefore carry risks similar to a concentrated investment in a limited number of industries or sectors. In particular, the index components for ETRACS linked to an underlying commodities futures index are concentrated in the commodities sector in general, and may be concentrated in one particular commodities sub-sector, in particular (for example, energy, agriculture or industrial metals). Trading in futures contracts associated with index commodities is speculative and can be extremely volatile. Accordingly, investment in ETRACS linked to a commodities futures index will increase a portfolio's exposure to fluctuations in the commodity sectors underlying the index.

ETRACS may be sold throughout the day on the relevant exchange through any brokerage account. There are restrictions on the minimum principal balance of ETRACS that an investor may redeem directly with UBS as specified in the applicable prospectus supplement or other relevant offering document.

Investors may not be permitted to elect to redeem the ETRACS for a limited period following the initial issue date for the particular ETRACS you purchase. Accordingly, investors' ability to liquidate the ETRACS may be limited prior to this date. Investors will not be able to rescind an election to redeem the ETRACS after the redemption notice is received by UBS and will be exposed to market risk in the event market conditions change between that time that UBS receives the election and the time that the amount payable upon redemption is determined on the applicable valuation date.

UBS may have the right to elect to redeem all of the outstanding ETRACS relating to a particular index subject to the satisfaction of certain conditions to be specified in the applicable prospectus supplement.

ETRACS may be sold throughout the day on the relevant exchange through any brokerage account. There are restrictions on the minimum principal balance of ETRACS that you may redeem directly with UBS as specified in the applicable prospectus supplement or other relevant offering document.

You may not be permitted to elect to redeem your ETRACS for a limited period following the initial issue date for the particular ETRACS you purchase. Accordingly, your ability to liquidate your ETRACS may be limited prior to this date. Investors will not be able to rescind their election to redeem your ETRACS after a redemption notice is received by UBS and will be exposed to market risk in the event market conditions change between that time that UBS receives the election and the time that the amount payable upon redemption is determined on the applicable valuation date.

UBS may have the right to elect to redeem all, but not less than all, of the outstanding ETRACS relating to a particular index subject to the satisfaction of certain conditions to be specified in the applicable prospectus supplement.

Disclaimer of Warranty and Limitation of Liability
UBS AG AND ITS AFFILIATES DO NOT GUARANTEE THE QUALITY, ACCURACY AND/OR THE COMPLETENESS OF THE WEBSITE OR ANY DATA INCLUDED THEREIN AND SHALL NOT HAVE ANY LIABILITY FOR ANY DATA INCLUDED THEREIN OR FOR ANY ERRORS, OR OMISSIONS. UBS AG AND ITS AFFILIATES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND TO THE EXTENT PERMITTED BY LAW HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE WEBSITE OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE EXTENT PERMITTED BY LAW, UBS AG AND ITS AFFILIATES DISCLAIM ANY LIABILITY FOR ANY PUNITIVE, INDIRECT, SPECIAL, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.

Bloomberg – UBS Commodity Index

“Bloomberg®” and “ Bloomberg Commodity Index Total Return ” are service marks of Bloomberg Finance L.P. and its affiliates (collectively, “Bloomberg”) and have been licensed for use for certain purposes by UBS AG and its affiliates (collectively, "UBS"). Bloomberg is not affiliated with UBS, and does not approve, endorse, review, or recommend the ETRACS Bloomberg Commodity Index Total Return ETN. Neither Bloomberg nor UBS guarantees the timeliness, accurateness, or completeness of any data or information relating to the Bloomberg Commodity Total Return Index. UBS assumes sole responsibility for this marketing material, which has not been reviewed by Bloomberg.

S-Network Composite Closed-End Fund Index^SM

The S-Network Composite Closed-End Fund Index is a service mark of S-Network Global Indexes, Inc. (“S-Network”) and its use is granted under a license from S-Network. S-Network does not guarantee the accuracy and/or completeness of the S-Network Composite Closed-End Fund Index or any data included therein, and S-Network shall have no liability for any errors, omissions, interruptions, or defects therein. S-Network makes no warranty, express or implied, representations or promises, as to results to be obtained by UBS AG, or any other person or entity from the use of the S-Network Composite Closed-End Fund Index or any data included therein. S-Network makes no express or implied warranties, representations or promises, regarding the originality, merchantability, suitability, non-infringement, or fitness for a particular purpose or use with respect to the S-Network Composite Closed-End Fund Index or any data included therein. Without limiting any of the foregoing, in no event shall S-Network have any liability for any direct, indirect, special, incidental, punitive, consequential, or other damages (including lost profits), even if notified of the possibility of such damages.

Alerian

Alerian MLP Index,, Alerian MLP Infrastructure Index, , Alerian Natural Gas MLP Index, Alerian Midstream Energy Index, Alerian Midstream Energy Dividend Index, AMZ, AMZI , ANGI, AMDA, and AEDW are trademarks of Alerian and their use is granted under a license from Alerian.

MVIS® US Business Development Companies Index

The ETRACS MVIS Business Development Companies Index ETN and the ETRACS Quarterly Pay 1.5x Leveraged MVIS BDC Index ETN (“ETNs”) are 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 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 MVIS US Business Development Companies Index to track the performance of the US BDC market. The ETNs are 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 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 MVIS US Business Development Companies Index to track the performance of the US BDC market.

S&P High Yield Dividend Aristocrats® Index

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.

“Dividend Aristocrats®” is a trademark 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.

MVIS® Global Mortgage REITs Index

The ETRACS Monthly Pay 1.5xLeveraged Mortgage REIT ETN is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH (“Licensor”) and Licensor makes no representation or warranty, express or implied, to the owners of the ETRACS Monthly Pay 1.5xLeveraged Mortgage REIT or any member of the public regarding the advisability of investing in securities generally or in the ETRACS Monthly Pay 1.5xLeveraged Mortgage REIT particularly or the ability of the MVIS® Global Mortgage REITs Index to track the performance of the mortgage REIT market.

MVIS® Global Mortgage REITs Index (the “Index”) is the exclusive property of MV 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 MV 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 ETRACS Monthly Pay 1.5xLeveraged Mortgage REIT 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.

ETRACS Monthly Pay 1.5xLeveraged Mortgage REIT 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 ETRACS Monthly Pay 1.5xLeveraged Mortgage REIT 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, ETRACS Monthly Pay 1.5xLeveraged Mortgage REIT ETN, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE ETRACS Monthly Pay 1.5xLeveraged Mortgage REIT 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.

NYSE Pickens Core Midstream Index

Source ICE Data Indices, LLC, is used with permission. “NYSE®” is a service/trade mark of ICE Data Indices, LLC or its affiliates and has been licensed, along with the NYSE® Pickens Core MidstreamTM Index (“Index”) for use by UBS AG in connection with ETRACS NYSE® Pickens Core MidstreamTM Index ETN (the “Product”). Neither UBS AG nor the Product, as applicable, is sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Product particularly, the Trust or the ability of the Index to track general market performance. Past performance of an Index is not an indicator of or a guarantee of future results.

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Solactive

Solactive US High Dividend Low Volatility Index, Solactive US Small Cap High Dividend Index and Solactive Preferred Stock ETF Index

The financial instrument is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive 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. The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards the Issuer, Solactive 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. Neither publication of the Index by Solactive 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 Solactive AG to invest capital in said financial instrument nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this financial instrument.