New Issue: UBS prices $1.06 million trigger step performance notes linked to Vanguard FTSE EM fund

By Susanna Moon

Chicago, July 31 – UBS AG, London Branch priced $1.06 million of 0% trigger step performance securities due July 31, 2018 linked to the Vanguard FTSE Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the fund finishes at or above its initial level, the payout at maturity will be par of $10 plus the greater of the return and the step return of 18.65%.

Investors will receive par if the fund falls by up to 20% and will be fully exposed to any losses if the fund finishes below the 80% trigger level.

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

Issuer:	UBS AG, London Branch
Issue:	Trigger step performance securities
Underlying fund:	Vanguard FTSE Emerging Markets ETF
Amount:	$1,063,000
Maturity:	July 31, 2018
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If fund gains, par plus greater of 18.65% and the return; par if fund falls by up to 20%; otherwise, full exposure to any losses
Initial share price:	$45.14
Trigger price:	$36.11, 80% of initial price
Pricing date:	July 28
Settlement date:	July 31
Agents:	UBS Financial Services Inc. and UBS Investment Bank
Fees:	3%
Cusip:	90273E340

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