New Issue: UBS prices $110,000 trigger return optimization securities on Vale

New York, Dec. 15 – UBS AG, London Branch priced $110,000 of trigger return optimization securities due Dec. 22, 2016 linked to the American Depositary Receipts of Vale SA, according to a 424B2 filing with the Securities and Exchange Commission.

If Vale stock closes above the initial price, the payout at maturity will be par plus five times any gain in the price of Vale ADRs, capped at 70.3%.

Investors will receive par if the ADR price falls by up to 30% and will be fully exposed from the initial level if the price dips below the 70% trigger level.

UBS Financial Services Inc. and UBS Investment Bank are the underwriters.

Issuer:	UBS AG, London Branch
Issue:	Trigger return optimization securities
Underlying stock:	Vale SA (NYSE: VALE)
Amount:	$110,000
Maturity:	Dec. 22, 2016
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus five times any gain in Vale ADRs, capped at 70.3%; par if ADR price drops by up to 30%; full exposure to losses if price falls below trigger level
Initial share price:	$6.86
Trigger level:	$4.80, 70% of initial level
Pricing date:	Dec. 15
Settlement date:	Dec. 18
Underwriters:	UBS Financial Services Inc. and UBS Investment Bank
Fees:	2%
Cusip:	90272U485

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