Alternative/Hybrid

ETRACS S&P 500 Gold Hedged Index Total Return

ETRACS S&P 500 Gold Hedged Index is designed to track the performance of the S&P 500 Gold Hedged Index (the "Index"), less investor fees. The Index seeks to simulate the combined returns of investing equal dollar amounts in the S&P 500 Total Return Index and long positions in near-term exchange-traded COMEX gold futures contracts, and is rebalanced monthly. The ETN is designed to provide exposure to U.S. large-cap equities, as represented by the S&P 500 Total Return Index, along with a potential hedge against periodic declines in the value of the U.S. dollar, as expressed in the corresponding increases in the price of gold.

The Index was created in December 2009 and has no performance history prior to that date.

Market data
Returns

Index comparisons
Risk considerations

Product profile

Product Name	ETRACS S&P 500 Gold Hedged Index
Underlying Index	S&P 500 Gold Hedged Index (SPGL5UT)
Issuer	UBS AG
Ticker Symbol	SPGH
CUSIP	902641 661
Primary Exchange	NYSE Arca
Initial Trade Date	January 27, 2010
Maturity Date	January 30, 2040
Fee Amount (%)*	0.85% per annum accrued on a daily basis

* As of December 31, 2010. See 'Risk considerations' as well as the 'Important legal information specific to ETRACS ETNs' link below for more information

Market data

Closing Price	48.55	Volume	1,600
Net Change	-0.12	20 Day Volume Average	1,324.60
% Change	0.00	Shares Outstanding	110,000
High (52 week)	59.74	Market Cap	5,340,499.88
Low (52 week)	43.64	Daily Indicative Value	48.34
Indicative Intra-Month Leverage Factor	1.03
Updated on: June 19, 2013

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Returns

	Total return*	Annualized Return*	3 Month	1 Year
S&P 500 Total Return	35.57%	32.66%	18.62%	48.31%
Gold Spot	17.65%	16.30%	7.71%	29.52%
COMEX Gold Active Month Futures Contracts	15.69%	14.50%	7.70%	28.58%
S&P 500 Gold Hedged Index	16.80%	15.52%	10.27%	15.06%

*Since inception

Historical results for the period from December 12, 2006 through December 31, 2010.

Source: Standard & Poor's

Historical information presented is as of December 31, 2010 and is furnished as a matter of information only. Historical performance of the Index is not an indication of future performance. Future performance of the Index may differ significantly from pro forma and historical performance, either positively or negatively.

The ETRACS ETNs are subject to investor fees. As a result, the return on the ETNs will always be lower than the total return on a direct investment in the Index or the Index constituents.

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Index comparisons

The graph above illustrates the historical returns of the Index from December 12, 2006 through December 31, 2010 in comparison with three other measures: the S&P 500 Total Return Index, the COMEX Gold Active Month Futures Contracts, and the Spot Price of Gold.

Historical performance of the Index is not an indication of future performance. Future performance of the Index may differ significantly from historical performance, either positively or negatively.

The ETRACS ETNs are subject to investor fees. As a result, the return on the ETNs will always be lower than the total return on a direct investment in the Index or the Index constituents.

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Risk considerations

An investment in the ETRACS ETNs involves risks. Selected risks are summarized here, but we urge you to read the more detailed explanation of risks described under "Risk Factors" beginning on page S-12 in the prospectus supplement for the ETRACS ETNs (the "ETRACS Prospectus"). Capitalized terms used below but not defined herein shall have the meanings attributed to them in the ETRACS Prospectus.

You may lose some or all of your principal — The ETRACS ETNs are fully exposed to any decline in the level of the Index. You will lose some or all of your principal if the performance of the Index during the term of the ETRACS ETNs is not sufficiently positive to offset the cumulative effect of the Fee Amount applicable to your ETRACS ETNs. The Index is volatile and subject to a variety of market forces. The performance of the Index is therefore unpredictable. Gold prices may change unpredictably, affecting the prices of the exchange-traded gold futures contracts and, consequently, the value of the ETRACS ETNs.
Limited performance history — The return on the ETRACS ETNs is linked to the performance of the Index, which was introduced in December 2009. As a result, the Index has a limited performance history, and it is uncertain how the Index will perform. In addition, while the Index is intended to represent a benchmark for an investment strategy that seeks to simulate the combined returns of an investment in the S&P 500 Total Return Index and exchange-traded gold futures contracts, the methodology used to achieve this benchmarking has a limited history in its application. It therefore cannot be determined at this point whether, or the extent to which, the Index will serve as an adequate benchmark for the combined performance of the S&P 500 Total Return Index and the gold market.
Market risk — The return on the ETRACS ETNs, which may be positive or negative, is directly linked to the performance of the Index, which is based on the return on the S&P 500 Total Return Index and exchange-traded gold futures contracts, and which, in turn, is affected by 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.
Credit of UBS — The ETRACS ETNs are senior unsecured debt obligations of the issuer, UBS, and are not, either directly or indirectly, an obligation of any third party. Any payment to be made on the ETRACS ETNs depends on the ability of UBS to satisfy its obligations as they come due. As a result, the actual and perceived creditworthiness of UBS may affect the market value of the ETRACS ETNs and, in the event UBS were to default on its obligations, you may not receive any amounts owed to you under the terms of the ETRACS ETNs.
Potential over-concentration in a particular commodity — There is only one commodity – gold – underlying the futures contracts included in the Index. An investment in the ETRACS ETNs will increase your portfolio's exposure to fluctuations in the gold markets.
A trading market for the ETRACS ETNs may not develop — Although the ETRACS ETNs are listed on NYSE Arca, a trading market for the ETRACS ETNs may not develop. Certain affiliates of UBS may engage in limited purchase and resale transactions in the ETRACS ETNs, although they are not required to and may stop at any time. We are not required to maintain any listing of the ETRACS ETNs on NYSE Arca or any other exchange. In addition, we are not obliged to, and may not, sell the full aggregate principal amount of the ETRACS ETNs. We may suspend or cease sales of the ETRACS ETNs at any time, at our discretion.
No interest payments from the ETRACS ETNs — You will not receive any interest payments on the ETRACS ETNs.
Minimum Redemption Amount — You must elect to redeem at least 50,000 ETRACS ETNs for UBS to repurchase your ETRACS ETNs, unless we determine otherwise or your broker or other financial intermediary bundles your ETRACS ETNs for redemption with those of other investors to reach this minimum requirement.
Uncertain tax treatment — Significant aspects of the tax treatment of the ETRACS ETNs are uncertain. You should consult your own tax advisor about your own tax situation.
Redemption Upon Early Termination Event — The ETRACS ETNs will be redeemed early if the indicative value is at or below $5.00 per ETRACS ETN. In that event, you will receive an Early Termination Amount that will be significantly less than the principal amount of your ETRACS ETNs, may be below $5.00 per ETRACS ETN and may be zero (a total loss of your principal).
UBS's Call Right — UBS may elect to redeem all outstanding ETRACS ETNs at any time as described under ''Specific Terms of the Securities — UBS's Call Right'' beginning on page S-39 of the ETRACS Prospectus. If UBS exercises its Call Right, the Redemption Amount may be less than the principal amount of your ETRACS ETNs.

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