UBS Investment Bank - E-TRACS Comparisons

About E-TRACS

Exchange Traded Notes (ETNs) are senior, unsecured, unsubordinated debt securities that are designed to track the total return of a specific market index, less investor fees, and provide investors with exposure to the total returns of various market indices, including indices linked to stocks, bonds, commodities, and currencies.

UBS Exchange Traded Access Securities (UBS E-TRACS) belong to an innovative class of investment products offering easy access to markets and strategies that may not be readily available to individual investors. After their initial offering, UBS E-TRACS ETNs can be bought and sold through a broker or financial advisor on a US securities exchange. ETNs are not equities or index funds, but they do share several characteristics with those products.

	ETN	ETF	Mutual Fund
Type of Security	Debt Securities	Registered Investment Companies	Registered Investment Companies
Liquidity	Daily on exchange	Daily on exchange	Daily (close of business) at net asset value
Tax	Tax reporting intended in year of sale, maturity or repurchase by the issuer	Yearly 1099 tax reporting	Yearly 1099 tax reporting
Registration	Securities Act of 1933	Investment Company Act of 1940	Investment Company Act of 1940
Investor ownership	Senior, unsecured debt of the ETN issuer	Equity stake in a portfolio of securities	Equity stake in a portfolio of securities
Principal Risk	Market and issuer risk	Market risk	Market risk
Short Sales	Yes, subject to lending availability	Yes, subject to lending availability	Not available
Voting Rights	None	Yes	Yes

Important legal and regulatory information:
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An investment in the E-TRACS involves risks, including the potential loss of all or a portion of your principal investment. For a detailed description of the main risks, see "Risk Factors" in the applicable prospectus supplement and the accompanying prospectus.

UBS has filed a registration statement (including a prospectus, as supplemented by a prospectus supplement for each offering of UBS E-TRACS) with the Securities and Exchange Commission (the "SEC") for the offerings to which this communication relates. Before you invest, you should read these documents and any other documents that UBS has filed with the SEC for more complete information about UBS and the offerings to which this communication relates. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you can request the prospectus and any applicable prospectus supplement by calling toll-free (1-800-722-7370).

Products and services in this web site may not be available for residents of certain jurisdictions. Please consult the restrictions relating to the product or service in question for further information. Activities with respect to US securities are conducted through UBS Securities LLC, a US broker dealer. Member of SIPC.

For information as to which entity provides the services in each jurisdiction, click here.

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