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UBS Announces Consent Solicitation Regarding Exchange Traded Note Linked To The UBS Bloomberg Constant Maturity Commodity Index Total Return Due 2038: UCI

Stocks in this article: UBS UCI

UBS AG announced today that it has launched a consent solicitation (the “Consent Solicitation”) for its Exchange Traded Access Securities (ETRACS) linked to the UBS Bloomberg Constant Maturity Commodity Index Total Return due 2038, CUSIP No. 902641778 (the “Securities”). The Securities trade on the NYSE Arca under the ticker symbol “UCI”.

Subject to the terms and conditions set forth in the Consent Solicitation Statement dated October 16, 2012 (the “Statement”) and the accompanying Letter of Transmittal (the “Letter of Transmittal”), UBS AG (“UBS”) is soliciting consents (“Consents”) to the proposed amendment (the “Proposed Amendment”) of the Indenture from each person in whose name Securities were registered at 5:00 p.m., New York City time, on October 15, 2012 (the “Record Date”), or their duly designated proxies, including persons who held Securities through The Depository Trust Company as of the Record Date (“DTC Participants” and, together with registered holders as of the Record Date, the “Holders”).

Pursuant to the terms of the Securities, UBS has the right to redeem all, but not less than all, outstanding Securities on any “Trading Day” (as defined in the Securities) on or after April 4, 2013, provided that the aggregate principal amount of the Securities outstanding must be less than $10,000,000 on the fifth Trading Day prior to the applicable “Call Settlement Date” (as defined in the Securities). Also, pursuant to the terms of the Securities, the “Fee Amount” is currently an amount equal to 0.65% per annum calculated on a daily basis.

The Proposed Amendment would give UBS the right, on or after April 4, 2013, to redeem all, but not less than all, outstanding Securities, without regard to the amount of Securities outstanding. If UBS receives the Requisite Consents (as defined below) to make such change to the redemption provision of the Securities and enters into the Supplemental Indenture (as defined in the Statement), then UBS will also reduce the Fee Amount of the Securities applicable to the period beginning on the day after such Supplemental Indenture is entered into and continuing until the “Maturity Date” (as defined in the Securities) from an amount equal to 0.65% per annum to an amount equal to 0.55% per annum, calculated on a daily basis.

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