Nominal Capital Protection. 1 S&P ASX 200 INDEX AS51 Index 2 HANG SENG INDEX HSI Index 3 MSCI TAIWAN TAMSCI

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1 Product Descrpton Product Detals Underlyng (Quanto USD) Captal Protected Certfcate Asan Indces, Growth; wth Nomnal Captal Protecton. Portfolo of Indces: Underlyng Bloomberg Tcket 1 S&P ASX 200 INDEX AS51 Index 2 HANG SENG INDEX HSI Index 3 MSCI TAIWAN TAMSCI Strke Prce Product Type Captal Protected Certfcate Prncpal Amount SEK 20,000,000 ndcatve Trade Date 16 May 2012 Fxng Date 17 May 2012 Nomnal Amount per Certfcate (NA) SEK 10,000 Partcpaton(P) 200% ndcatve Issue Prce 110% (percentage quotaton) Redempton At Redempton Date each Certfcate wll pay out an amount based on followng payout formula: NA + NA x FX x P x Max(0;Performance ) Where: Performance s: Underlyng End Underlyng Underlyng Start Start FX s : FX FX End Start Where: FX Start, quoted as SEK per 1 USD, s targeted to be the md fxng on Bloomberg page WMCO at 4pm GMT on the Bankng Day mmedately precedng the Fxng Date. FX End, quoted as SEK per 1 USD, s targeted to be the md fxng on Bloomberg page WMCO at 4pm GMT on the frst Bankng Day mmedately followng the Maturty Date. Underlyng Start s closng level of Underlyng as of the Fxng Date. Underlyng End s the arthmetc average of the closng levels of Underlyng on the Observaton Dates Maturty payout profle Securty Identfcaton Codes Automatc cash settlement at Redempton Date ISIN: SE

2 Lstng Type of offerng: WKN: UB6D6N Valor: Lstng wll be appled for; however no guarantee s gven that ths wll be successful. Exchange: NASDAQ OMX Stockholm AB Publc Offerng Dates Subscrpton Perod 2 Aprl 2012 untl and ncludng 11 May 2012 (17:30 Stockholm tme) Issue Date 31 May 2012 Fxng Date 17 May 2012 Payment Date 31 May 2012 Observaton Dates The 17 th calendar day of every month from and ncludng 17 May 2016 up to and ncludng 17 May 2017 (13 Observaton Dates n total). If such day s not an Underlyng Calculaton Date for any Underlyng, the mmedately succeedng Underlyng Calculaton Date for the affected Underlyng s deemed to be the relevant Observaton Date. If no Underlyng Calculaton Date has occurred wthn eght, n the Calculaton Agent s assessment, customary tradng days the eghth customary tradng day from the Observaton Date shall be deemed the new Observaton Date for the affected Underlyng. Maturty Date (Fnal Observaton Date) 17 May 2017 Redempton Date 10 Bankng Days after the Maturty Date (2 June 2017) Busness Day Conventon Bankng Day means London, New York, Frankfurt and Stockholm busness days. General Informaton Issuer UBS AG, Jersey Branch Ratng Aa3 / A / A Lead Manager UBS Lmted, London Tradng TBC Sales Restrctons U.S.A; U.S Persons / U.K. Clearng Euroclear Sweden AB Publc Offer Sweden Governng Law German Law Contact person UBS Mårten Grebäck Carl Fredrk Pollack Ths product does not represent a partcpaton n any of the collectve nvestment schemes pursuant to Art. 7 ss of the Swss Federal Act on Collectve Investment Schemes (CISA) and thus s not subject to the supervson of the Swss Fnancal Market Supervsory Authorty (FINMA). Therefore, nvestors n ths product are not elgble for the specfc nvestor protecton under the CISA. The Product s not sponsored, endorsed, sold or promoted by Standard & Poor's, a dvson of The McGraw-Hll Companes, Inc. ( S&P ) or the Australan Securtes Exchange ( ASX ). S&P and ASX make no representaton, condton or warranty, express or mpled, to the owners of the Product or any member of the publc regardng the advsablty of nvestng n securtes generally or n the Product partcularly or the ablty of the S&P/ASX 200 Index to track general stock market performance. S&P s only relatonshp to the Lcensee s the lcensng of certan trademarks and trade names of S&P and the S&P/ASX 200 Index, whch s determned, composed and calculated by S&P wthout 2

3 regard to the Lcensee or the Product. S&P has no oblgaton to take the needs of the Lcensee or the owners of the Product nto consderaton n determnng, composng or calculatng the S&P/ASX 200 Index. S&P s not responsble for and have not partcpated n the determnaton of the tmng of, prces at, or quanttes of the Product to be ssued or n the determnaton or calculaton of the equaton by whch the Product s to be converted nto cash. S&P and ASX have no oblgaton or lablty n connecton wth the admnstraton, marketng or tradng of the Product. S&P SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE S&P INDEXES FROM SOURCES THAT S&P CONSIDERS RELIABLE, BUT S&P ACCEPTS NO RESPONSIBILITY FOR, AND SHALL HAVE NO LIABILITY FOR, ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. S&P AND ASX DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P INDEXES OR ANY DATA INCLUDED THEREIN. S&P AND ASX MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE RESULTS TO BE OBTAINED BY ANY PERSON OR ENTITY FROM THE USE OF THE S&P INDEXES OR ANY DATA INCLUDED THEREIN. S&P AND ASX MAKE NO EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIM ALL CONDITIONS AND WARRANTIES IMPLIED BY STATUTE, GENERAL LAW OR CUSTOM WITH RESPECT TO THE S&P INDEXES OR ANY DATA INCLUDED THEREIN EXCEPT ANY IMPLIED CONDITION OR WARRANTY THE EXCLUSION OF WHICH WOULD CONTRAVENE ANY STATUTE OR CAUSE ANY PART OF THIS SECTION TO BE VOID. The Hang Seng Index (the Index(es) ) s/are publshed and compled by Hang Seng Indexes Company Lmted pursuant to a lcence from Hang Seng Data Servces Lmted. The mark(s) and name(s) Hang Seng Index are propretary to Hang Seng Data Servces Lmted. Hang Seng Indexes Company Lmted and Hang Seng Data Servces Lmted have agreed to the use of, and reference to, the Index(es) by UBS AG n connecton wth UBS Captal Protected Certfcates (the Product ), BUT NEITHER HANG SENG INDEXES COMPANY LIMITED NOR HANG SENG DATA SERVICES LIMITED WARRANTS OR REPRESENTS OR GUARANTEES TO ANY BROKER OR HOLDER OF THE PRODUCT OR ANY OTHER PERSON () THE ACCURACY OR COMPLETENESS OF ANY OF THE INDEX(ES) AND ITS COMPUTATION OR ANY INFORMATION RELATED THERETO; OR () THE FITNESS OR SUITABILITY FOR ANY PURPOSE OF ANY OF THE INDEX(ES) OR ANY COMPONENT OR DATA COMPRISED IN IT; OR () THE RESULTS WHICH MAY BE OBTAINED BY ANY PERSON FROM THE USE OF ANY OF THE INDEX(ES) OR ANY COMPONENT OR DATA COMPRISED IN IT FOR ANY PURPOSE, AND NO WARRANTY OR REPRESENTATION OR GUARANTEE OF ANY KIND WHATSOEVER RELATING TO ANY OF THE INDEX(ES) IS GIVEN OR MAY BE IMPLIED. The process and bass of computaton and complaton of any of the Index(es) and any of the related formula or formulae, consttuent stocks and factors may at any tme be changed or altered by Hang Seng Indexes Company Lmted wthout notce. TO THE EXTENT PERMITTED BY APPLICABLE LAW, NO RESPONSIBILITY OR LIABILITY IS ACCEPTED BY HANG SENG INDEXES COMPANY LIMITED OR HANG SENG DATA SERVICES LIMITED () IN RESPECT OF THE USE OF AND/OR REFERENCE TO ANY OF THE INDEX(ES) BY UBS AG IN CONNECTION WITH THE PRODUCT; OR () FOR ANY INACCURACIES, OMISSIONS, MISTAKES OR ERRORS OF HANG SENG INDEXES COMPANY LIMITED IN THE COMPUTATION OF ANY OF THE INDEX(ES); OR () FOR ANY INACCURACIES, OMISSIONS, MISTAKES, ERRORS OR INCOMPLETENESS OF ANY INFORMATION USED IN CONNECTION WITH THE COMPUTATION OF ANY OF THE INDEX(ES) WHICH IS SUPPLIED BY ANY OTHER PERSON; OR (v) FOR ANY ECONOMIC OR OTHER LOSS WHICH MAY BE DIRECTLY OR INDIRECTLY SUSTAINED BY ANY BROKER OR HOLDER OF THE PRODUCT OR ANY OTHER PERSON DEALING WITH THE PRODUCT AS A RESULT OF ANY OF THE AFORESAID, AND NO CLAIMS, ACTIONS OR LEGAL PROCEEDINGS MAY BE BROUGHT AGAINST HANG SENG INDEXES COMPANY LIMITED AND/OR HANG SENG DATA SERVICES LIMITED n connecton wth the Product n any manner whatsoever by any broker, holder or other person dealng wth the Product. Any broker, holder or other person dealng wth the Product does so therefore n full knowledge of ths dsclamer and can place no relance whatsoever on Hang Seng Indexes Company Lmted and Hang Seng Data Servces Lmted. For the avodance of doubt, ths dsclamer does not create any contractual or quas-contractual relatonshp between any broker, holder or other person and Hang Seng Indexes Company Lmted and/or Hang Seng Data Servces Lmted and must not be construed to have created such relatonshp. THIS FINANCIAL PRODUCT IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. ("MSCI"), ANY AFFILIATE OF MSCI OR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX. THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE 3

4 SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY LICENSEE. NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OF THIS FINANCIAL PRODUCT OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN FINANCIAL SECURITIES GENERALLY OR IN THIS FINANCIAL PRODUCT PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THIS FINANCIAL PRODUCT OR THE ISSUER OR OWNER OF THIS FINANCIAL PRODUCT. NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUERS OR OWNERS OF THIS FINANCIAL PRODUCT INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES. NEITHER MSCI, ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THIS FINANCIAL PRODUCT TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY WHICH THIS FINANCIAL PRODUCT IS REDEEMABLE FOR CASH. NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, THE MAKING OR COMPILING ANY MSCI INDEX HAS ANY OBLIGATION OR LIABILITY TO THE OWNERS OF THIS FINANCIAL PRODUCT IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THIS FINANCIAL PRODUCT. ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES WHICH MSCI CONSIDERS RELIABLE, NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO MAKING OR COMPILING ANY MSCI INDEX WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, LICENSEE'S CUSTOMERS OR COUNTERPARTIES, ISSUERS OF THE FINANCIAL SECURITIES, OWNERS OF THE FINANCIAL SECURITIES, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND MSCI, ANY OF ITS AFFILIATES AND ANY OTHER PARTY INVOLVED IN, OR RELATED TO MAKING OR COMPILING ANY MSCI INDEX HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO ANY MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL MSCI, ANY OF ITS AFFILIATES OR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. No purchaser, seller or holder of ths securty, or any other person or entty, should use or refer to any MSCI trade name, trademark or servce mark to sponsor, endorse, market or promote ths product wthout frst contactng MSCI to determne whether MSCI's permsson s requred. Under no crcumstances may any person or entty clam any afflaton wth MSCI wthout the pror wrtten permsson of MSCI. Sellng Restrctons Any Products purchased by any person for resale may not be offered n any jursdcton n crcumstances whch would result n the Issuer beng oblged to regster any further documentaton relatng to ths Product n such jursdcton. 4

5 The restrctons lsted below must not be taken as defntve gudance as to whether ths Product can be sold n a jursdcton. Addtonal restrctons on offerng, sellng or holdng of ths Product may apply n other jursdctons. Investors n ths Product should seek specfc advce before on-sellng ths Product. Europe - Any publc offer of ths Product wthn an EEA jursdcton (EU member states plus Norway, Iceland and Lechtensten) shall only be possble f complant wth the requrements of the EUPD and wth the law of that jursdcton. If the prospectus ether does not qualfy as a prospectus publshed n accordance wth the requrements of the EUPD or s not fled wth or notfed to the relevant Fnancal Supervsory Authorty, ths Product may not be offered or sold n EEA jursdctons other than 1) n mnmum denomnatons of, or total consderaton per nvestor of at least, EUR 50,000 (or equvalent n other currences), provded that the offer s only beng made n one or more EEA jursdcton that wll not, before the end of the offer perod for the Securtes, have mplemented the provson under the Drectve 2010/73/EU (the PD Amendng Drectve ) that ncreases ths mnmum denomnaton (or total consderaton per nvestor) to EUR 100,000; or 2) only to Qualfed Investors; and/or (aggregated for all dstrbutors) to less than 100 or, f the relevant EEA jursdcton has mplemented the relevant provson of the 2010 PD Amendng Drectve, 150 natural or legal persons that are not Qualfed Investors per EEA jursdcton. "Qualfed Investors" are persons or enttes as defned n the Prospectus Drectve. For nformaton on publc offerng n EEA jursdctons please see under secton General Informaton above. Hong Kong Each purchaser has represented and agreed that t has not ssued or had n ts possesson for the purposes of ssue, and wll not ssue or have n ts possesson for the purposes of ssue, whether n Hong Kong or elsewhere, any advertsement, nvtaton or document relatng to the Products, whch s drected at, or the contents of whch are lkely to be accessed or read by, the publc of Hong Kong (except f permtted to do so under the securtes laws of Hong Kong) other than wth respect to Products whch are or are ntended to be dsposed of only to persons outsde Hong Kong or only to professonal nvestors as defned n the Securtes and Futures Ordnance (Cap. 571) of Hong Kong and any rules made under that Ordnance. The contents of ths document have not been revewed by any regulatory authorty n Hong Kong. Investors are advsed to exercse cauton n relaton to any offer. If an nvestor s n any doubt about any of the contents of ths document, the nvestor should obtan ndependent professonal advce. Ths s a structured product whch nvolves dervatves. Do not nvest n t unless you fully understand and are wllng to assume the rsks assocated wth t. Sngapore - Ths document has not been regstered as a prospectus wth the Monetary Authorty of Sngapore. Accordngly, ths document and any other document or materal n connecton wth the offer or sale, or nvtaton for subscrpton or purchase, of ths Product may not be crculated or dstrbuted, nor may ths Product be offered or sold, or be made the subject of an nvtaton for subscrpton or purchase, whether drectly or ndrectly, to persons n Sngapore other than () to an nsttutonal nvestor under Secton 274 of the Securtes and Futures Act (Cap. 289) of Sngapore ("SFA"), () to a relevant person pursuant to Secton 275(1), or any person pursuant to Secton 275(1A) of the SFA, and n accordance wth the condtons specfed n Secton 275, of the SFA or () otherwse pursuant to, and n accordance wth the condtons of, any other applcable provson of the SFA. Where ths Product s subscrbed or purchased under Secton 275 of the SFA by a relevant person whch s: (a) a corporaton (whch s not an accredted nvestor (as defned n Secton 4A of the SFA)) the sole busness of whch s to hold nvestments and the entre share captal of whch s owned by one or more ndvduals, each of whom s an accredted nvestor; or (b) a trust (where the trustee s not an accredted nvestor) whose sole purpose s to hold nvestments and each benefcary of the trust s an ndvdual who s an accredted nvestor, securtes (as defned n Secton 239(1) of the SFA) of that corporaton or the benefcares' rghts and nterest (howsoever descrbed) n that trust shall not be transferred wthn sx months after that corporaton or that trust has acqured the securtes pursuant of an offer made under Secton 275 of the SFA except: 5

6 (1) to an nsttutonal nvestor or to a relevant person defned n Secton 275(2) of the SFA, or to any person arsng from an offer referred to n Secton 275(1A) or Secton 276 (4)()(B) of the SFA; (2) where no consderaton s or wll be gven for the transfer; (3) where the transfer s by operaton of law; or (4) as specfed n Secton 276 (7) of the SFA. UK For the purpose of non-dscretonary accounts, ths Product should not be sold wth a consderaton of less than EUR 100,000 or equvalent. USA - Ths Product may not be sold or offered wthn the Unted States or to U.S. persons. Ths nformaton s communcated by UBS AG and/or ts afflates ("UBS"). UBS may from tme to tme, as prncpal or agent, have postons n, or may buy or sell, or make a market n any securtes, currences, fnancal nstruments or other assets underlyng the transacton to whch the termsheet relates. UBS may provde nvestment bankng and other servces to and/or have offcers who serve as drectors of the companes referred to n ths term sheet. UBS's tradng and/or hedgng actvtes related to ths transacton may have an mpact on the prce of the underlyng asset and may affect the lkelhood that any relevant barrer s crossed. UBS has polces and procedures desgned to mnmse the rsk that offcers and employees are nfluenced by any conflctng nterest or duty and that confdental nformaton s mproperly dsclosed or made avalable. In certan crcumstances UBS sells these notes to dealers and other fnancal nsttutons at a dscount to the ssue prce or rebates to them for ther own account some proporton of the ssue prce. Further nformaton s avalable on request. Structured transactons are complex and may nvolve a hgh rsk of loss. Pror to enterng nto a transacton you should consult wth your own legal, regulatory, tax, fnancal and accountng advsors to the extent you consder t necessary, and make your own nvestment, hedgng and tradng decsons (ncludng decsons regardng the sutablty of ths transacton) based upon your own judgement and advce from those advsers you consder necessary. Save as otherwse expressly agreed n wrtng, UBS s not actng as your fnancal advser or fducary n any transacton. Ths document s for nformaton purposes only and should not be construed as an offer, personal recommendaton or solctaton to conclude a transacton and should not be treated as gvng nvestment advce. The terms of any nvestment wll be exclusvely subject to the detaled provsons, ncludng rsk consderatons, contaned n the Informaton Memorandum, Prospectus or other ssuer documentaton for the ssue of the Notes (the "Prospectus"). UBS makes no representaton or warranty relatng to any nformaton heren whch s derved from ndependent sources. Ths term sheet shall not be coped or reproduced wthout UBS's pror wrtten permsson. No acton has been or wll be taken n any jursdcton that would permt a publc offerng of the securtes descrbed heren, save where explctly stated n the Prospectus. The securtes must be sold n accordance wth all applcable sellng restrctons n the jursdctons n whch they are sold. 6