The information in this Preliminary Prospectus Supplement and the Prospectus (collectively, the “Offering Documents”) is not complete and may be changed. We may not sell these Warrants, until the Offering Documents are delivered in final form. The Offering Documents are not an offer to sell these Warrants, and we are not soliciting offers to buy these Warrants, in any State where the offer or sale is not permitted.

		PRELIMINARY PROSPECTUS SUPPLEMENT Filed Pursuant to Rule 424(b)(2) Registration Statement No. 333-178960 Dated October 24, 2014   Subject to Completion

[•] Call Spread Warrants Linked to an Equally Weighted Basket of Equities
UBS AG [•] Call Spread Warrants linked to an Equally Weighted Basket of Equities due November 13, 2015

The call spread warrants (the “Warrants”) are warrants issued by UBS whose return is linked to the performance of an equally weighted basket of equities (the “basket”). The Warrants are European-style cash-settled call warrants, entitling you to receive a cash payment, if any, based on the amount by which the level of the basket on the expiration date (the “basket ending level”) is above the level of the basket on the trade date (the “basket starting level”), subject to the maximum basket return as discussed below. The Warrants may only be exercised on the expiration date. The Warrants will be automatically exercised on the expiration date under the conditions described below. The Warrants will not be exercised and will expire worthless if the basket ending level is equal to or less than the basket starting level. Investing in the Warrants involves a high degree of risk, including the possibility that the Warrants will expire worthless.

Issuer:		UBS AG, London Branch (“UBS”).
Term:		54 Weeks.
Warrant Description:		European-style, cash-settled call warrants (the “Warrants”), each linked to the performance of an equally weighted basket of equities.
Basket:		The basket will be composed of fifteen equities (each, a “basket equity” and, together, the “basket equities”). The weighting, ticker symbol and basket equity starting price for each basket equity is as follows:

Basket Equity

Bloomberg Ticker

Basket Equity Weight

Basket Equity Starting Price

Cabot Oil & Gas Corporation

COG UN

1/15

$•

Continental Resources, Inc.

CLR UN

1/15

$•

Cummins Inc.

CMI UN

1/15

$•

Eastman Chemical Company

EMN UN

1/15

$•

Enterprise Products Partners L.P.

EPD UN

1/15

$•

EOG Resources, Inc.

EOG UN

1/15

$•

Halliburton Company

HAL UN

1/15

$•

LyondellBasell Industries N.V.

LYB UN

1/15

$•

MarkWest Energy Partners, L.P.

MWE UN

1/15

$•

National Oilwell Varco, Inc.

NOV UN

1/15

$•

Nucor Corporation

NUE UN

1/15

$•

Pioneer Natural Resources Company

PXD UN

1/15

$•

Plains All American Pipeline, L.P.

PAA UN

1/15

$•

Schlumberger Limited

SLB UN

1/15

$•

Weatherford International plc

WFT UN

1/15

$•

Trade Date:		October 24, 2014, or if such day is not a trading day, the following trading day, subject to postponement in the event of the occurrence of a market disruption event as described herein.
Settlement Date:		October 29, 2014 (on or around the third business day following the trade date), or if such day is not a business day, the following business day, subject to postponement in the event of the occurrence of a market disruption event as described herein.
Expiration Date:		November 9, 2015, or if such day is not a trading day, the following trading day, subject to postponement in the event of the occurrence of a market disruption event as described herein.
Cash Settlement Payment Date:		November 13, 2015 (on or around the third business day following the expiration date), or if such day is not a business day, the following business day, subject to postponement in the event of the occurrence of a market disruption event as described herein.
Premium/Initial Investment:		$47.00 per Warrant, representing 4.70% of the notional amount per Warrant (references to “initial investment” in this prospectus supplement shall also refer to the “premium”).
Notional Amount:		$1,000.00 per Warrant.

TABLE OF CONTENTS

Cash Settlement Amount:		For each Warrant:
		If the basket ending level is greater than the basket starting level, the Warrants will be automatically exercised. UBS will pay the cash settlement amount on the cash settlement payment date per Warrant, calculated as follows:
		Cash Settlement Amount = Notional Amount × the lesser of (i) Basket Return and (ii) Maximum Basket Return
		If the basket ending level is equal to or less than the basket starting level, the Warrants will not be exercised and will expire worthless on the expiration date.
Basket Return:		The quotient, expressed as a percentage, of (i) the basket ending level minus the basket starting level divided by (ii) the basket starting level. Expressed as a formula:
		Basket Ending Level – Basket Starting Level Basket Starting Level
Maximum Basket Return:		10%
Basket Starting Level:		Set equal to 100 on the trade date.
Basket Ending Level:		The product of (i) the basket starting level multiplied by (ii) the sum of one and the weighted performance of the basket equities on the expiration date, as determined by the calculation agent. The weighted performance for each basket equity is the basket equity return for such basket equity multiplied by the basket equity weighting.
Basket Equity Return:		With respect to each basket equity, the quotient, expressed as a percentage, of (i) the basket equity ending price minus the basket equity starting price divided by (ii) the basket equity starting price. Expressed as a formula:
		Basket Equity Ending Price – Basket Equity Starting Price Basket Equity Starting Price
Basket Equity Starting Price:		With respect to each basket equity, the closing price for such basket equity on the trade date, as determined by the calculation agent, as may be adjusted in the case of antidilution and reorganization events as described under “General Terms of the Warrants — Antidilution Adjustments” and “— Reorganization Events”.
Basket Equity Ending Price:		With respect to each basket equity, the closing price for such basket equity on the expiration date, as determined by the calculation agent, as may be adjusted in the case of antidilution and reorganization events as described under “General Terms of the Warrants — Antidilution Adjustments” and “— Reorganization Events”.
Trading Day:		For each basket equity, a business day, as determined by the calculation agent, on which trading is generally conducted on the primary U.S. exchange or market on which such basket equity is listed or admitted for trading. With respect to a basket equity issued by a non-U.S. issuer that is listed or admitted for trading on a non-U.S. exchange or market, a day, as determined by the calculation agent, on which trading is generally conducted on the primary non U.S. exchange or market on which such instrument is listed or admitted for trading.
Automatic Exercise:		The Warrants will be automatically exercised on the expiration date if the basket ending level is greater than the basket starting level. (You do not have the right to exercise your Warrants prior to the expiration date.)
Payment upon Automatic Exercise:		If the Warrants are automatically exercised, you will receive for each Warrant you own, the cash settlement amount on the cash settlement payment date.
Minimum Purchase Requirement:		22 Warrants and increments of 1 thereafter.
Options Approved Account:		In order to purchase the Warrants, you must have an options-approved account in which you are approved to purchase call options.
No Listing:		The Warrants will not be listed or displayed on any securities exchange or electronic communications network.
Calculation Agent:		UBS Securities LLC
CUSIP Number:		90274B634
ISIN Number:		US90274B6341

The basket return must be greater than 4.70% for you to receive a positive return on your initial investment. If the basket return is positive but less than 4.70%, the cash settlement amount will be less than the premium paid on the Warrants and you will lose part of your initial investment in the Warrants. If the basket ending level is equal to or less than the basket starting level, the Warrants will expire worthless and you will lose all of your initial investment in the Warrants. Investing in the Warrants involves a high degree of risk, including the possibility that the Warrants will expire worthless.

TABLE OF CONTENTS

The return potential of the Warrants is limited by the maximum basket return. Therefore, you will not benefit from any positive basket return in excess of an amount that exceeds the maximum basket return.

Any payment on the Warrants is subject to the creditworthiness of UBS. If UBS were to default on its payment obligations, you may not receive any amounts owed to you under the Warrants and you could lose all of your initial investment. See “Risk Factors” beginning on page S-10 for risks related to an investment in the Warrants.

Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these Warrants or passed upon the adequacy or accuracy of this preliminary prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.

The Warrants are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.

Issue Price to Public

Underwriting Discount

Proceeds to UBS AG

Per Warrant

$47.00

$3.00

$44.00

Total

$•

$•

$•

J.P. Morgan Placement Agent		UBS Investment Bank

Preliminary Prospectus Supplement dated October 23, 2014

TABLE OF CONTENTS

UBS has filed a registration statement (including a prospectus) with the Securities and Exchange Commission, or SEC, for the offering for which this prospectus supplement relates. Before you invest, you should read the prospectus dated January 11, 2012 titled “Debt Securities and Warrants”, relating to our Warrants and any other documents that UBS has filed with the SEC for more complete information about UBS. You may obtain these documents for free from the SEC Website at www.sec.gov. Our Central Index Key, or CIK, on the SEC Website is 0001114446. Alternatively, UBS will arrange to send you these documents if you so request by calling toll-free 1-877-387-2275.

You may access these documents on the SEC website at www.sec.gov as follows:

http://www.sec.gov/Archives/edgar/data/1114446/000119312512008669/d279364d424b3.htm

You should rely only on the information incorporated by reference or provided in this prospectus supplement or the accompanying prospectus. We have not authorized anyone to provide you with different information. We are not making an offer of these Warrants in any state where the offer is not permitted. You should not assume that the information in this prospectus supplement is accurate as of any date other than the date on the front of the document.

UBS reserves the right to change the terms of, or reject any offer to purchase, the Warrants prior to their issuance. In the event of any changes to the terms of the Warrants, UBS will notify you and you will be asked to accept such changes in connection with your purchase. You may also choose to reject such changes in which case UBS may reject your offer to purchase.

TABLE OF CONTENTS

TABLE OF CONTENTS

Prospectus Supplement

Prospectus Supplement Summary			S-1
Risk Factors			S-10
Description of the Basket			S-17
The Basket Equities			S-18
General Terms of the Warrants			S-48
Use of Proceeds and Hedging			S-58
Supplemental U.S. Tax Considerations			S-59
ERISA Considerations			S-63
Supplemental Plan of Distribution (Conflicts of Interest); Secondary Markets (if any)			S-64

Prospectus

Introduction			1
Cautionary Note Regarding Forward-Looking Information			3
Incorporation of Information About UBS AG			4
Where You Can Find More Information			5
Presentation of Financial Information			6
Limitations on Enforcements of U.S. Laws Against UBS AG, Its Management and Others			6
UBS			7
Use of Proceeds			9
Description of Debt Securities We May Offer			10
Description of Warrants We May Offer			30
Legal Ownership and Book-Entry Issuance			45
Considerations Relating to Indexed Securities			50
Considerations Relating to Securities Denominated or Payable in or Linked to a Non-U.S. Dollar Currency			53
U.S. Tax Considerations			55
Tax Considerations Under the Laws of Switzerland			66
Benefit Plan Investor Considerations			68
Plan of Distribution			70
Conflicts of Interest			72
Validity of the Securities			73
Experts			73

TABLE OF CONTENTS

The following is a summary of some of the key features of the Warrants, as well as a discussion of factors you should consider before purchasing the Warrants. The information in this section is qualified in its entirety by the more detailed explanations set forth elsewhere in this prospectus supplement and in the accompanying prospectus. Please note that references to “UBS,” “we,” “our” and “us” refer only to UBS AG and not its consolidated subsidiaries. Also, references to the “accompanying prospectus” mean the accompanying prospectus, dated January 11, 2012.

What are the Warrants?

The call spread warrants (the “Warrants”) are warrants issued by UBS whose return is linked to the performance of an equally weighted basket of equities (the “basket”) comprised of fifteen equally weighted equity securities, as specified on the cover of this preliminary prospectus supplement (each, a “basket equity” and, together, the “basket equities”) measured at the trade date relative to the expiration date. For further information concerning the basket, see “Description of the Basket” on page S-17.

The Warrants are European-style cash-settled call warrants, each linked to the performance of the basket, entitling you to receive a cash payment, if any, based on the amount by which the level of the basket on the expiration date (the “basket ending level”) is above the level of the basket on the trade date (the “basket starting level”), subject to the maximum basket return. The Warrants may only be exercised on the expiration date. The Warrants will be automatically exercised on the expiration date under the conditions described below. The Warrants will not be exercised and will expire worthless if the basket ending level is equal to or less than the basket starting level.

The basket return must be greater than 4.70% for you to receive a positive return on your initial investment. If the basket return is positive but less than 4.70%, the cash settlement amount will be less than the premium paid on the Warrants and you will lose part of your initial investment in the Warrants. If the basket ending level is equal to or less than the basket starting level, the Warrants will expire worthless and you will lose all of your initial investment in the Warrants. If the basket return is positive and greater than the maximum basket return, the cash settlement amount on the expiration date is capped and may be less than the return you would have received if you owned the basket equities. Investing in the Warrants involves a high degree of risk, including the possibility that the Warrants will expire worthless.

Payment to Holders of the Warrants — Cash Settlement Amount

On the expiration date:

Cash Settlement Amount = Notional Amount × the lesser of (i) Basket Return and (ii) Maximum Basket Return

As a result, you will lose all of your initial investment and will not receive any cash payment upon expiration.

The “premium” or “initial investment” will be $47.00 per Warrant representing 4.70% of the notional amount per Warrant.

The “notional amount” is $1,000.00 per Warrant.

The “basket return” is the quotient, expressed as a percentage of (i) the basket ending level minus the basket starting level divided by (ii) the basket starting level. Expressed as a formula:

Basket Return =		Basket Ending Level - Basket Starting Level Basket Starting Level

The “basket starting level” will be set equal to 100 on the trade date.

The “basket ending level” will equal the product of (i) the basket starting level multiplied by (ii) the sum of one and the weighted performance of the basket equities on the expiration date, as determined by the calculation agent. The weighted performance for each basket equity is the basket equity return for such basket equity multiplied by the basket equity weighting, calculated as follows:

100 × [1 + (1/15 × Cabot Oil & Gas Corporation Basket Equity Return) + (1/15 × Continental Resources, Inc. Basket Equity Return) + (1/15 × Cummins Inc. Basket Equity Return) + (1/15 × Eastman Chemical Company Basket Equity Return) + (1/15 × Enterprise Products Partners L.P. Basket Equity Return) + (1/15 × EOG Resources, Inc. Basket Equity Return) + (1/15 × Halliburton Company Basket Equity Return) + (1/15 × LyondellBasell Industries N.V. Basket Equity Return) + (1/15 × MarkWest Energy Partners, L.P. Basket Equity Return) + (1/15 × National Oilwell Varco, Inc. Basket Equity Return) + (1/15 × Nucor Corporation Basket Equity Return) + (1/15 × Pioneer Natural Resources Company Basket Equity Return)+ (1/15 × Plains All American Pipeline, L.P. Basket Equity Return) + (1/15 × Schlumberger Limited Basket Equity Return) + (1/15 × Weatherford International plc Basket Equity Return)]

TABLE OF CONTENTS

For each basket equity, the applicable “basket equity return” will be the quotient, expressed as a percentage, of (i) the basket equity ending price minus the basket equity starting price divided by (ii) the basket equity starting price. Expressed as a formula:

Basket Equity Return =		Basket Equity Ending Price - Basket Equity Starting Price Basket Equity Starting Price

For each basket equity, the “basket equity starting price” will equal the closing price for such basket equity on the trade date, as determined by the calculation agent, as may be adjusted in the case of antidilution and reorganization events as described under “General Terms of the Warrants — Antidilution Adjustments” and “— Reorganization Events”.

For each basket equity, the “basket equity ending price” will equal the closing price for such basket equity on the expiration date, as determined by the calculation agent, as may be adjusted in the case of antidilution and reorganization events as described under “General Terms of the Warrants — Antidilution Adjustments” and “— Reorganization Events”.

The “trade date” will be October 24, 2014, or if such day is not a trading day, the following trading day, subject to postponement in the event of the occurrence of a market disruption event as described herein.

The “settlement date” will be October 29, 2014 (which is on or around the third business day following the expiration date), or if such day is not a business day, the following business day, subject to postponement in the event of the occurrence of a market disruption event as described herein.

The “maximum basket return” is 10%.

The “expiration date” will be November 9, 2015, or if such day is not a trading day, the following trading day, subject to postponement in the event of the occurrence of a market disruption event as described herein.

The “cash settlement payment date” will be November 13, 2015 (which is on or around the third business day following the expiration date), or if such day is not a business day, the following business day, subject to postponement in the event of the occurrence of a market disruption event as described herein.

UBS Securities LLC will serve as the calculation agent. For more specific information on the calculation agent, see “General Terms of the Warrants — Role of Calculation Agent.”

The Warrants are unsubordinated, unsecured contractual obligations of UBS and will rank equally with all of our other unsecured contractual obligations and unsecured and unsubordinated debt obligations.

For more specific information about the Warrants, including the calculation of the cash settlement amount, if any, see “— What are the steps to calculate the cash settlement amount?” beginning on page S-6, “— Hypothetical examples of how the Warrants perform upon Expiration” beginning on page S-7, and “General Terms of the Warrants” beginning on page S-48.

Investing in the Warrants involves significant risks. The basket return must be greater than 4.70% for you to receive a positive return on your initial investment. If the basket return is positive but less than 4.70%, the cash settlement amount will be less than the premium paid on the Warrants and you will lose part of your initial investment in the Warrants. If the basket ending level is equal to or less than the basket starting level, the Warrants will expire worthless and you will lose all of your initial investment in the Warrants. Investing in the Warrants involves a high degree of risk, including the possibility that the Warrants will expire worthless. You may lose some or all of your initial investment.

The return potential of the Warrants is limited by the maximum basket return. Therefore, you will not benefit from any positive basket return in excess of an amount that exceeds the maximum basket return.

Any payment on the Warrants, including any repayment of your initial investment, is subject to the creditworthiness of UBS. If UBS were to default on its payment obligations, you may not receive any amounts owed to you under the Warrants and you could lose all of your initial investment.

Selected Purchase Considerations

TABLE OF CONTENTS

What are some of the risks of the Warrants?

An investment in the Warrants involves significant risks. Some of these risks are summarized here, but we urge you to read the more detailed explanation of risks in “Risk Factors” beginning on page S-10.

TABLE OF CONTENTS

Furthermore, the return on a direct investment in the basket equities would depend primarily upon the relative appreciation or depreciation of such basket equities during the term of the Warrants, and not on (i) whether the basket ending level is greater than the basket starting level, (ii) whether the basket return is sufficiently positive such that the cash settlement amount at expiration offsets the premium paid on the Warrant so that you receive a positive return on your Warrant or (iii) whether the basket return is equal to or less than the maximum basket return.

TABLE OF CONTENTS

The Warrants generally may be a suitable investment for you if:

The Warrants generally may not be a suitable investment for you if:

TABLE OF CONTENTS

The suitability considerations identified above are not exhaustive. Whether or not the Warrants are a suitable investment for you will depend on your individual circumstances, and you should reach an investment decision only after you and your investment, legal, tax, accounting, and other advisors have carefully considered the suitability of an investment in the Warrants in light of your particular circumstances. You should also review carefully the “Risk Factors” beginning on page S-10 of this prospectus supplement.

What are the steps to calculate the cash settlement amount?

Set forth below is an explanation of the steps necessary to calculate the cash settlement amount.

Step 1: Calculate each Basket Equity Return for each Basket Equity

For each basket equity, the basket equity return is the quotient, expressed as a percentage, of (i) the basket equity ending price minus the basket equity starting price divided by (ii) the basket equity starting price. Expressed as a formula:

Basket Equity Return =		Basket Equity Ending Price - Basket Equity Starting Price Basket Equity Starting Price

Step 2: Calculate the Basket Ending Level

The basket ending level is the product of (i) the basket starting level multiplied by (ii) the sum of one and the weighted performance of the basket equities on the expiration date. The weighted performance for each basket equity is the basket equity return for such basket equity multiplied by the basket equity weighting, calculated as follows:

100 × [1 + (1/15 × Cabot Oil & Gas Corporation Basket Equity Return) + (1/15 × Continental Resources, Inc. Basket Equity Return) + (1/15 × Cummins Inc. Basket Equity Return) + (1/15 × Eastman Chemical Company Basket Equity Return) + (1/15 × Enterprise Products Partners L.P. Basket Equity Return) + (1/15 × EOG Resources, Inc. Basket Equity Return) + (1/15 × Halliburton Company Basket Equity Return) + (1/15 × LyondellBasell Industries N.V. Basket Equity Return) + (1/15 × MarkWest Energy Partners, L.P. Basket Equity Return) + (1/15 × National Oilwell Varco, Inc. Basket Equity Return) + (1/15 × Nucor Corporation Basket Equity Return) + (1/15 × Pioneer Natural Resources Company Basket Equity Return)+ (1/15 × Plains All American Pipeline, L.P. Basket Equity Return) + (1/15 × Schlumberger Limited Basket Equity Return) + (1/15 × Weatherford International plc Basket Equity Return)]

Step 3: Calculate the Basket Return

The basket return is the quotient, expressed as a percentage, of (i) the basket ending level minus the basket starting level divided by (ii) the basket starting level. Expressed as a formula:

Basket Return =		Basket Ending Level - Basket Starting Level Basket Starting Level

Step 4: Calculate the Cash Settlement Amount

On the expiration date:

Cash Settlement Amount = Notional Amount × the lesser of (i) Basket Return and (ii) Maximum Basket Return

As a result, you will lose all of your initial investment and will not receive any cash payment upon expiration.

Investing in the Warrants involves significant risks. The basket return must be greater than 4.70% for you to receive a positive return on your initial investment. If the basket return is positive but less than 4.70%, the cash settlement amount will be less than the premium paid on the Warrants and you will lose part of your initial investment in the Warrants. If the basket ending level is equal to or less than the basket starting level, the Warrants will expire worthless and you will lose all of your initial investment in the Warrants. Investing in the Warrants involves a high degree of risk, including the possibility that the Warrants will expire worthless. You may lose some or all of your initial investment.

The return potential of the Warrants is limited by the maximum basket return. Therefore, you will not benefit from any positive basket return in excess of an amount that exceeds the maximum basket return.

Any payment on the Warrants, including any repayment of your initial investment, is subject to the creditworthiness of UBS. If UBS were to default on its payment obligations, you may not receive any amounts owed to you under the Warrants and you could lose all of your initial investment.

TABLE OF CONTENTS

Hypothetical examples of how the Warrants perform upon Expiration

The examples below are provided for illustrative purposes only and are purely hypothetical. They do not purport to be representative of every possible scenario concerning increases or decreases in the level of the basket relative to the basket starting level. We cannot predict the basket ending level or the basket equity return of any basket equity. You should not take these examples as an indication or assurance of the expected performance of the basket or any basket equity. The actual terms for the Warrants will be set on the trade date.

Assumptions for Hypothetical Examples and Hypothetical Return Profile:

Term:		54 weeks
Premium:		$47.00 per Warrant, representing 4.70% of the notional amount per Warrant.
Notional Amount:		$1,000.00 per Warrant.
Automatic Exercise:		If the basket ending level is greater than the basket starting level, the Warrants will be automatically exercised on the expiration date. If the basket ending level is equal to or less than the basket starting level, the Warrants will expire worthless and you will not receive any cash payment upon expiration.
Payment upon Automatic Exercise:		If the Warrants are automatically exercised, you will receive the cash settlement amount per Warrant, where:
		Cash Settlement Amount = Notional Amount × the lesser of (i) Basket Return           and (ii) Maximum Basket Return   Basket Return =   Basket Ending Level – Basket Starting Level Basket Starting Level
Maximum Basket Return		10%
Basket Starting Level:		100
Basket Ending Level:		The product of (i) the basket starting level multiplied by (ii) the sum of one and the weighted performance of the basket equities on the expiration date. Example 1: The basket return is 17.00% This example illustrates the calculation of the hypothetical basket return for the basket with the following assumptions on the expiration date:
Basket Equity		Basket Equity Weight		Basket Equity Return
Basket Equity A		1/3		12%
Basket Equity B		1/3		30%
Basket Equity C		1/3		9%

Given the above assumptions, the basket ending level would be calculated as follows:

Basket Ending Level = 100 × (1 + (1/3 × 12%) + (1/3 × 30%) + (1/3 × 9%)) = 117

The basket return would then be calculated as follows:

Basket Return  =   Basket Ending Level – Basket Starting Level Basket Starting Level   =		117 – 100 100   =  17%

This example illustrates that a 17.00% basket return, which is greater than the maximum basket return, will result in a cash settlement amount of $100.00 for each Warrant and a corresponding total return on your initial investment in the Warrants of approximately 112.77%.

Because the basket ending level is greater than the basket starting level, your Warrant will be automatically exercised and, because the basket return is greater than the maximum basket return, your payment upon expiration will be calculated as:

Cash Settlement Amount  = Notional Amount × the lesser of (i) Basket Return and (ii) Maximum Return
           = Notional Amount × the lesser of (i) 17.00% and (ii) 10.00%
   = $1,000.00 × 10.00% = $100.00                

Investor receives $100.00 on the cash settlement payment date for each Warrant (a 112.77% total return).

Example 2: The basket return is 6.00%.

The basket ending level is 106 on the expiration date, a 6.00% increase from the basket starting level of 100.

This example illustrates that a 6.00% basket return, which is less than the maximum basket return, will result in a cash settlement amount of $60.00 for each Warrant and a corresponding total return on your initial investment in the Warrants of approximately 27.66%.

TABLE OF CONTENTS

Because the basket ending level is greater than the basket starting level, your Warrant will be automatically exercised and, because the basket return is less than the maximum basket return, your payment upon expiration will be calculated as:

Cash Settlement Amount = Notional Amount × the lesser of (i) Basket Return and (ii) Maximum Basket Return
  = Notional Amount × the lesser of (i) 6.00% and (ii) 10.00%
= $1,000.00 × 6.00% = $60.00                       

Investor receives $60.00 on the cash settlement payment date for each Warrant (a 27.66% total return).

Example 3: The basket return is -30.00%

The basket ending level is 70 on the expiration date, a 30.00% decrease from the basket starting level of 100.

This example illustrates that a -30.00% basket return will result in a payment of $0.00 for each Warrant. Because the basket ending level is less than the basket starting level, the Warrants will not be exercised and your payment upon expiration will be $0.00 (Warrant expires worthless). Therefore, the loss on your initial investment in the Warrants will be 100.00% (a total loss of your initial investment).

Investor receives $0.00 for each Warrant at expiration (a total loss of your initial investment).

Example 4: The basket return is 4.70%

The basket ending level is 104.70 on the expiration date, a 4.70% increase from the basket starting level of 100.

This example illustrates that a 4.70% basket return, which is less than the maximum basket return, will constitute a break-even level under the assumptions governing this example. As a result, the corresponding cash settlement amount will be equal to the premium per Warrant. Therefore, the total return on your initial investment in the Warrants will be 0.00%.

Because the basket ending level is greater than the basket starting level, your Warrant will be automatically exercised and, because the basket return is less than the maximum basket return, your payment upon expiration will be calculated as:

Cash Settlement Amount = Notional Amount × the lesser of (i) Basket Return and (ii) Maximum Basket Return
  = Notional Amount × the lesser of (i) 4.70% and (ii) 10.00%
 = $1,000.00 × 4.70% = $47.00                       

However, because the basket return is equal to 4.70%, which results in a cash settlement amount equal to the premium paid per Warrant, you will not receive a positive return on your investment.

Investor receives $47.00 on the cash settlement payment date for each Warrant (a 0.00% total return).

Example 5: The basket return is 3.00%

The basket ending level is 103 on the expiration date, a 3.00% increase from the basket starting level of 100.

This example illustrates that a 3.00% basket return, which is less than the maximum basket return, will result in a cash settlement amount of $30.00 for each Warrant and a corresponding loss on your initial investment in the Warrants of approximately 36.17%. Although the basket ending level exceeds the basket starting level, the basket did not appreciate by more than 4.70%, which is the minimum basket return sufficient to offset the premium paid on the Warrants.

Because the basket ending level is greater than the basket starting level, your Warrant will be automatically exercised and, because the basket return is less than the maximum basket return, your payment upon expiration will be calculated as:

Cash Settlement Amount = Notional Amount × the lesser of (i) Basket Return and (ii) Maximum Basket Return
  = Notional Amount × the lesser of (i) 3.00% and (ii) 10.00%
 = $1,000.00 × 3.00% = $30.00                       

However, because the basket return is less than 4.70%, the cash settlement amount does not offset the premium paid on the Warrants and you will lose part of your investment.

Investor receives $30.00 on the cash settlement payment date for each Warrant (a 36.17% loss).

Example 6: The basket return is 0.00%

The basket ending level is 100 on the expiration date, a 0.00% increase from the basket starting level of 100.

This example illustrates that a 0.00% flat return of the basket over the term of the Warrants will result in a payment of $0.00 for each Warrant. Because the basket ending level is equal to the basket starting level, the Warrants will not be exercised and your payment upon expiration will be $0.00 (Warrant expires worthless). Therefore, the loss on your initial investment in the Warrants will be 100.00% (a total loss of your initial investment).

Investor receives $0.00 for each Warrant at expiration (a total loss of your initial investment).

Accordingly, if the basket return is zero or negative, you will lose all of your initial investment.

TABLE OF CONTENTS

Any table, chart or calculation showing hypothetical payment amounts in this prospectus supplement is provided for purposes of illustration only. It should not be viewed as an indication or prediction of future investment results. Rather, it is intended merely to illustrate the impact that various hypothetical basket ending levels of the basket on the expiration date, could have on your payment on the cash settlement payment date, as calculated in the manner described herein. Such hypothetical table, chart or calculation is based on levels for the basket that may not be achieved on the expiration date and on assumptions regarding terms of the Warrants that will not be set until the trade date.

As calculated herein, the hypothetical payment amounts on your Warrants on the cash settlement payment date may bear little or no relationship to the actual market value of your Warrants on that date or at any other time, including any time over the term of the Warrants that you might wish to sell your Warrants. In addition, you should not view the hypothetical payment amounts as an indication of the possible financial return on an investment in your Warrants, since the financial return will be affected by various factors, including taxes, which the hypothetical information does not take into account. Moreover, whatever the financial return on your Warrants might be, it may bear little relation to — and may be much less than — the financial return that you might achieve were you to invest directly in the basket equities. The factors listed under “Risk Factors — Owning the Warrants is not the same as Owning the Basket Equities”, among others, may cause the financial return on your Warrants to differ from the financial return you would receive by investing directly in the basket equities.

We describe various risk factors that may affect the market value of the Warrants, and the unpredictable nature of that market value, under “Risk Factors” beginning on page S-10 of this prospectus supplement.

We cannot predict the levels of the basket during the term of your Warrants or, therefore, whether the basket ending level will be greater than the basket starting level. Moreover, the assumptions we make in connection with any hypothetical information herein may not reflect actual events. Consequently, that information may give little or no indication of the payment amount (if any) that will be delivered in respect of your Warrants on the cash settlement payment date, nor should it be viewed as an indication of the financial return on your Warrants or of how that return might compare to the financial return if you were to invest directly in the basket equities.

54 Week Basket Return		Warrant Value at Expiration				Gain/Loss on Warrant				Warrant Total Return
40.00%			100.00				53.00				112.77 %
35.00%			100.00				53.00				112.77%
30.00%			100.00				53.00				112.77%
25.00%			100.00				53.00				112.77%
20.00%			100.00				53.00				112.77%
15.00%			100.00				53.00				112.77%
10.00%			100.00				53.00				112.77%
8.00%			80.00				33.00				70.21%
6.00%			60.00				13.00				27.66%
4.70%			47.00				0.00				0.00%
3.00%			30.00				-17.00				-36.17%
2.00%			20.00				-27.00				-57.45%
0.00%			0.00				-50.00				-100.00%
-5.00%			0.00				-50.00				-100.00%
-10.00%			0.00				-50.00				-100.00%
-15.00%			0.00				-50.00				-100.00%
-20.00%			0.00				-50.00				-100.00%
-25.00%			0.00				-50.00				-100.00%
-30.00%			0.00				-50.00				-100.00%
-35.00%			0.00				-50.00				-100.00%
-40.00%			0.00				-50.00				-100.00%
-45.00%			0.00				-50.00				-100.00%
-50.00%			0.00				-50.00				-100.00%

TABLE OF CONTENTS

The return on the Warrants, if any, is linked to the performance of the basket equities and will depend on whether the basket ending level is greater than, equal to or less than the basket starting level. If the basket ending level for the Warrants is equal to or less than the basket starting level, you will lose all of your initial investment in the Warrants. Investing in the Warrants is not equivalent to investing directly in the basket equities themselves, for a variety of reasons, including because (1) you will only earn a positive return on your investment if the basket return is greater than 4.70%, (2) the return on the Warrants is limited by the maximum basket return, (3) the leveraged nature of the Warrants and (4) you will not receive, and the Warrants do not take into consideration, any dividends or distributions paid on the basket equities. For other significant reasons, see “Risk Factors — Owning the Warrants is not the same as owning the basket equities” below. This section describes the most significant risks relating to the Warrants. We urge you to read the following information about these risks, together with the other information in this prospectus supplement and the accompanying prospectus before investing in the Warrants.

The Warrants are long-term options and do not guarantee any return of your initial investment. You may lose some or all of your initial investment in the Warrants.

The Warrants are leveraged investments that involve a high degree of risk, which may result in the Warrants expiring worthless. Your Warrants will be automatically exercised or expire worthless on the expiration date and are not exercisable at your option. The Warrants will be “in-the-money”, i.e., you will get back at least some of your initial investment, only if the basket ending level is greater than the basket starting level. If the basket ending level is equal to or less than the basket starting level, the Warrants will expire worthless and you will lose all of your initial investment in the Warrants.

If the basket ending level is greater than the basket starting level (i.e. the Warrants are in-the-money), but the basket return is less than 4.70%, you will receive a cash settlement amount that is less than the premium and will, therefore, lose part of your initial investment in the Warrants. You will not receive a cash settlement amount upon expiration in excess of the premium, and therefore a positive return on your initial investment, unless the basket return is greater than 4.70%. Accordingly, to get back your initial investment (a 0% return), the level of the basket must increase by at least 4.70%. You should therefore be prepared to lose some or all of your initial investment in the Warrants.

If the basket return is positive and greater than the maximum basket return, the cash settlement amount on the expiration date is capped and may be less than the return you would have received if you owned the basket equities.

See “Prospectus Supplement Summary — What are the steps to calculate the cash settlement amount?” beginning on page S-6 and “General Terms of the Warrants — Payment to Holders of the Warrants — Cash Settlement Amount” beginning on page S-48 for a description of how the cash settlement amount will be calculated.

Your growth potential is limited.

The Warrants do not offer full participation in the positive appreciation of the basket. The Warrants allow for participation in any positive basket return only up to the predetermined maximum basket return. In no event will the cash settlement amount on your Warrants be greater than an amount equal to the notional amount multiplied by the maximum basket return. Because the cash settlement amount on the Warrants is capped, you will not benefit from a positive basket return in excess of an amount equal to the predetermined maximum basket return. As a result, the return on an investment in the Warrants may be less than the return on a hypothetical direct investment in the basket or the basket equities.

The Warrants are not standardized options issued by the Options Clearing Corporation.

The Warrants are not standardized options of the type issued by the OCC, a clearing agency regulated by the SEC. For example, unlike purchasers of OCC standardized options who have the credit benefits of guarantees and margin and collateral deposits by OCC clearing members to protect the OCC from a clearing member’s failure, purchasers of the Warrants must look solely to UBS for performance of its obligations to pay the cash settlement amount, if any, upon expiration of the Warrants. Further, the market for the Warrants is not expected to be as liquid as the market for OCC standardized options.

The Warrants are unsubordinated, unsecured contractual obligations of UBS and will rank equally with all of our other unsecured contractual obligations and unsecured and unsubordinated debt.

The Warrants are linked to an equally weighted basket of equities and changes in the prices of the basket equities may offset each other.

The Warrants are linked to the performance of an equally weighted basket of equities. While the prices of some basket equities may increase over the term of the Warrants, the prices of other basket equities may increase by less during the term of the Warrants and may even decline. Therefore, increases in the prices of one or more basket equities may be offset by lesser increases or decreases in the prices of one or more of the other basket equities when determining whether the basket ending level is equal to or less than the basket starting level, any may result in a basket return equal to or less than zero. Accordingly, the performance of the basket will be based on the aggregate appreciation or depreciation of the basket equities taken as a whole.

The Warrants are subject to increased market risk of the basket.

The return on the Warrants, which may be positive or negative, is directly linked to the weighted performance of the basket equities. The price of each basket equity can rise or fall sharply due to factors specific to that basket equity and the issuer of such basket

TABLE OF CONTENTS

equity (the “basket equity issuer”), such as stock price volatility, earnings, financial conditions, corporate, industry and regulatory developments, management changes and decisions and other events, as well as general market factors, such as general stock market volatility and prices, interest rates and economic and political conditions. In addition, the Warrants have an increased sensitivity to market risk. Because your investment in the Warrants provides for leveraged exposure to the basket, changes in the prices of the basket equities (both positive and negative) will have a greater impact on the value of the Warrants prior to the expiration date, and the cash settlement amount, if any, on your Warrants on the expiration date.

No assurance that the investment view implicit in the Warrants will be successful.

It is impossible to predict whether and the extent to which the level of the basket will rise or fall. There can be no assurance that the basket ending level will rise above the basket starting level. The basket ending level will be influenced by complex and interrelated political, economic, financial and other factors that affect the basket equity issuers. You should be willing to accept the risks associated with the relevant markets tracked by the basket and the basket equities, and the risk of losing some or all of your initial investment.

Any payment on the Warrants is subject to the creditworthiness of UBS.

The Warrants are unsubordinated, unsecured contractual 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 Warrants, including any repayment of your initial investment, 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 Warrants 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 Warrants and you could lose all of your initial investment.

The time remaining to the expiration date may adversely affect the market price of the Warrants.

You will lose all of your initial investment if the level of the basket fails to increase over the term of the Warrants. This risk reflects the nature of a warrant as an asset which tends to decline in value over time (generally referred to as time decay) and which may be worthless when it expires if the warrant is “out-of-the-money” (i.e., the basket ending level is equal to or less than the basket starting level), which could occur if the level of the basket fails to increase over the term of the Warrants. Assuming all other factors that may affect the price of a Warrant are held constant, the more a Warrant is out-of-the-money and the shorter its remaining time to expiration, the greater the risk that the Warrants will expire worthless and you will lose all of your initial investment. Therefore, the market value of the Warrants is likely to reflect the extent of the rise or decline in the level of the basket in connection with the time remaining to the expiration date.

The Warrants are suitable only for investors with options-approved accounts.

We are requiring that Warrants be sold only to investors with options-approved accounts approved for the purchase of call options. Investors considering purchasing the Warrants should be experienced with respect to options and options transactions and reach an investment decision only after carefully considering, with their advisors, the suitability of the Warrants in light of their particular circumstances.

Owning the Warrants is not the same as owning the basket equities.

The return on your Warrants will not reflect the return you would realize if you actually owned the basket equities and held such investments for a similar period because:

Even if the level of the basket is greater than the basket starting level during the term of the Warrants, the market value of the Warrants may not increase by the same amount because of other factors, such as time to expiration, the level of the basket relative to the basket starting level, the capped return created by the maximum basket return, the volatility of the basket equities, the

TABLE OF CONTENTS

correlation among the basket equities, dividends paid on the basket equities, interest rates in the market, possible time decay toward expiration, as well as our perceived creditworthiness. For these reasons, among others, it is also possible for the level of the basket to increase while the market value of the Warrants declines.

The formula for calculating the cash settlement amount does not take into account all developments in the basket equities.

Changes in the level of the basket during the term of the Warrants before the expiration date may not be reflected in the calculation of the amount payable, if any, upon the cash settlement payment date of the Warrants. As a result, you may lose some or all of your initial investment even if the level of the basket has risen at certain times during the term of the Warrants before falling to a level below the breakeven level (the level to which the basket must appreciate before investors will receive a cash settlement amount sufficient to offset their initial investment) of the Warrant or below the basket starting level on the expiration date.

The calculation agent can postpone the determination of the basket ending level and therefore the cash settlement payment date if a market disruption event occurs on the expiration date.

The determination of the basket ending level may be postponed if the calculation agent determines that a market disruption event has occurred or is continuing on the expiration date with respect to a basket equity. If such a postponement occurs, then the calculation agent will instead use the basket equity ending price of the affected basket equity on the first trading day after that day on which no market disruption event occurs or is continuing. In no event, however, will the expiration date for the Warrants be postponed by more than eight trading days. As a result, the cash settlement payment date for the Warrants could also be postponed, although not by more than eight trading days.

If the expiration date is postponed to the last possible day, but a market disruption event occurs or is continuing on such last possible day, that day will nevertheless be the expiration date on which the basket ending level will be determined by the calculation agent. In such an event, the calculation agent will make an estimate of the basket equity ending price for the affected basket equity that would have prevailed in the absence of the market disruption event. See “General Terms of the Warrants — Market Disruption Event” beginning on page S-50.

A market disruption event for a particular basket equity will not necessarily be a market disruption event for any other basket equity included in the basket.

The calculation agent may also postpone the determination of the basket equity starting price for any basket equity on the trade date if it determines that a market disruption event has occurred or is continuing with respect to a basket equity on that date. If the trade date is postponed, the calculation agent may adjust the expiration date and cash settlement payment date to ensure that the stated term of the Warrants remains the same.

You have limited protection in the case of antidilution and reorganization events.

For antidilution and reorganization events affecting a basket equity, the calculation agent may adjust the basket equity starting price and/or basket equity ending price, as applicable, of the affected basket equity and any other term of the Warrants. However, the calculation agent is not required to adjust the terms of the Warrants for every corporate event that could affect a basket equity. For example, the calculation agent is not required to make any adjustments if a basket equity issuer or anyone else makes a partial tender offer or a partial exchange offer with respect to a basket equity. An event that does not require the calculation agent to make an adjustment may materially and adversely affect the value of the Warrants. In addition, the calculation agent will make all determinations and calculations concerning any such adjustment and may make any such adjustment, determination or calculation in a manner that differs from, or that is in addition to, the manner described herein as necessary to achieve an equitable result. You should refer to “General Terms of the Securities — Antidilution Adjustments” beginning on page PS-51, “— Reorganization Events” on page PS-53 and “— Role of Calculation Agent” on page PS-56 for a description of the items that the calculation agent is responsible for determining.

In some circumstances, your cash settlement amount may be based on securities issued by a different issuer and not on the original basket equities.

Reorganization Events:  If a basket equity is subject to certain reorganization events relating to the respective basket equity issuer, where such issuer is not the surviving entity, your cash settlement amount may be based on the equity security of a successor to the respective basket equity issuer in combination with any cash or any other assets distributed to holders of the applicable basket equity in such reorganization event, which may include securities issued by a non-U.S. company and quoted and traded in a non-U.S. currency. If any basket equity issuer becomes subject to (i) a reorganization event (as defined herein) and the relevant distribution property (as defined herein) consists solely of cash or (ii) a merger or consolidation with UBS or any of its affiliates, the calculation agent may select a substitute security as defined below under “General Terms of the Securities — Reorganization Events” to replace the affected basket equity. The occurrence of these reorganization events and the consequent adjustments may materially and adversely affect the value of the Warrants. We describe the specific reorganization events that may lead to these adjustments and the procedures for selecting distribution property or a substitute security in “General Terms of the Securities — Reorganization Events”. The calculation agent will make any such adjustments in order to achieve an equitable result.

ADRs:  If a basket equity is an American depositary receipt (an “ADR”) and the ADR is no longer listed or admitted to trading on a U.S. securities exchange registered under the Exchange Act, nor included in the OTC Bulletin Board Service operated by FINRA, or if the ADR facility between the non-U.S. stock issuer and the ADR depositary is terminated for any reason, your cash settlement amount will be based on the local shares underlying that ADR (the “non-U.S. stock”). Such delisting of the ADRs or termination of

TABLE OF CONTENTS

the ADR facility and the consequent adjustments may materially and adversely affect the value of the Warrants. We describe such delisting of the ADRs or termination of the ADR facility and the consequent adjustments in “General Terms of the Securities — Delisting of ADRs or Termination of ADR Facility”.

Delisting, suspension or discontinuance:  If either a common stock or an ETF that is serving as a basket equity is delisted or trading is suspended, or the ETF is otherwise discontinued, your cash settlement amount may be based on a security issued by another company, or in the case of an ETF, a share of another ETF or a basket of securities, futures contracts, commodities or other assets. Such delisting or suspension of trading in a basket equity, or discontinuance of an ETF, and the consequent adjustments may materially and adversely affect the value of the Warrants. We describe such discontinuance, delisting or suspension of trading in a basket equity or ETF and the consequent adjustments in the sections of this product supplement called “General Terms of the Securities — Delisting or Suspension of Trading in a Basket Equity” and “— Delisting, Discontinuance or Modification of an ETF”, respectively.

There may not be an active trading market in the Warrants — Sales in the secondary market may result in significant losses.

You should be willing to hold your Warrants until the expiration date. There may be little or no secondary market for the Warrants. The Warrants will not be listed or displayed on any securities exchange or any electronic communications network. UBS Securities LLC and other affiliates of UBS may make a market for the Warrants, although they are not required to do so. UBS Securities LLC or any other affiliate of UBS may stop any such market-making activities at any time.

Furthermore, even if there is a secondary market for the Warrants, there may be times when Warrant prices will not maintain their customary or anticipated relationships to the basket equities. Changes in volatility, or other factors or conditions might adversely affect the liquidity, efficiency, continuity or even the orderliness of any secondary market for particular Warrants. Unusual events — such as market disruption events, including computer malfunction, fire or natural disaster or even extraordinary trading volume — may affect normal market operations. If trading is halted or suspended in one or more of the exchanges for basket equities (or listed options thereof), any secondary market making of the Warrants on that basket may also be halted.

If you sell your Warrants prior to the expiration date, you may have to do so at a substantial discount from the premium, and as a result, you may suffer substantial losses, even in cases where the level of the basket has risen since the trade date to the breakeven level of the Warrant. The potential returns described herein are possible only in the case that you hold your Warrants until the expiration date.

The market value of the Warrants may be influenced by unpredictable factors.

The market value of your Warrants may fluctuate between the date you purchase them and the expiration date, when the calculation agent will determine your cash settlement amount. Several factors, many of which are beyond our control, will influence the market value of the Warrants. We expect that generally the level of the basket on any day will affect the market value of the Warrants more than any other single factor. Other factors that may influence the market value of the Warrants include:

These factors interrelate in complex ways, and the effect of one factor on the market value of your Warrants may offset or enhance the effect of another factor.

The inclusion of commissions and compensation in the premium is likely to adversely affect secondary market prices.

Assuming no change in market conditions or any other relevant factors, the price, if any, at which UBS Securities LLC or its affiliates (or any third party market maker) are willing to purchase the Warrants in secondary market transactions will likely be lower than the premium, since the premium is likely to include, and secondary market prices are likely to exclude, commissions or other

TABLE OF CONTENTS

compensation paid with respect to, or embedded profit in, the Warrants. In addition, any such prices may differ from values determined by pricing models used by UBS Securities LLC or its affiliates, as a result of dealer discounts, mark-ups or other transactions.

The price at which UBS Securities LLC and its affiliates may offer to buy the Warrants in the secondary market (if any) may be greater than UBS’ valuation of the Warrants at that time, greater than any other secondary market prices provided by unaffiliated dealers (if any) and, depending on your broker, greater than the valuation provided on your customer account statements.

For a limited period of time following the issuance of the Warrants, UBS Securities LLC or its affiliates may offer to buy or sell such Warrants at a price that exceeds (i) our valuation of the Warrants at that time based on our internal pricing models, (ii) any secondary market prices provided by unaffiliated dealers (if any) and (iii) depending on your broker, the valuation provided on customer account statements. The price that UBS Securities LLC may initially offer to buy such Warrants following issuance will exceed the valuations indicated by our internal pricing models due to the inclusion for a limited period of time of the aggregate value of the underwriting discount, hedging costs, issuance costs and theoretical projected trading profit. The portion of such amounts included in our price will decline to zero on a straight line basis over a period ending no later than the date specified in the “Supplemental Plan of Distribution (Conflicts of Interest); Secondary Markets (if any)” section of the relevant final prospectus supplement. Thereafter, if UBS Securities LLC or an affiliate makes secondary markets in the Warrants, it will do so at prices that reflect our estimated value determined by reference to our internal pricing models at that time. The temporary positive differential relative to our internal pricing models arises from requests from and arrangements made by UBS Securities LLC with the selling agents of financial products of UBS such as the Warrants. As described above, UBS Securities LLC and its affiliates are not required to make a market for the Warrants and may stop making a market at any time. The price at which UBS Securities LLC or an affiliate may make secondary markets at any time (if at all) will also reflect its then current bid-ask spread for similar sized trades of options or warrants. Investors should inquire as to the valuation provided on customer account statements provided by unaffiliated dealers.

UBS and its affiliates have no affiliation with the basket equity issuers and are not responsible for their public disclosure of information, whether contained in SEC filings or otherwise.

We and our affiliates are not affiliated with any basket equity issuers and have no ability to control or predict their actions, including any corporate actions that could constitute an antidilution or reorganization event of the type that would require the calculation agent to adjust the basket equity starting price or basket equity ending price (and therefore the basket ending level and the cash settlement amount) and have no ability to control the public disclosure of these corporate actions or any events or circumstances affecting any basket equity issuer. The basket equity issuers are not involved in the offering of the Warrants in any way and have no obligation to consider your interests as holder of the Warrants in taking any corporate actions that might affect the market value of your Warrants or your cash settlement amount. The basket equity issuers may take actions that could adversely affect the market value of the Warrants.

The Warrants are unsecured debt obligations of UBS only and are not obligations of any basket equity issuer. No portion of the issue price you pay for the Warrants will go to any basket equity issuer.

We have derived the information about the basket equity issuers and the basket equities from publicly available information, without independent verification. UBS has not conducted any independent review or due diligence of any publicly available information with respect to any basket equity issuer or any basket equity. You, as an investor in the Warrants, should make your own independent investigation into the basket equities for your Warrants. We urge you to review financial and other information filed periodically by the basket equity issuers with the SEC.

Historical performance of the basket equities should not be taken as an indication of the future performance of the basket equities during the term of the Warrants.

The historical performance of the basket equities should not be taken as an indication of the future performance of the basket equities. As a result, it is impossible to predict whether the price of the basket equities will rise or fall. Market prices of the basket equities will be influenced by complex and interrelated political, economic, financial, judicial, force majeure and other factors that can affect the market prices of such basket equities.

An investment in the Warrants is subject to risks associated with non-U.S. markets.

The common stock of Weatherford, which is issued by an Irish issuer, involves risks associated with the home country of such non-U.S. company. The price of Weatherford’s common stock may be affected by political, economic, financial and social factors in the home country of Weatherford, including changes in such country’s government, economic and fiscal policies, currency exchange laws or other laws or restrictions.

An investment in the Warrants is subject to risks associated with the oil and gas sector.

The basket equities are concentrated in the oil and gas exploration and production industry. Companies in the oil and gas sector develop and produce crude oil and natural gas and provide drilling and other energy resources production and distribution related services. Stock prices for these types or companies are affected by supply and demand both for their specific product or service and for energy products in general. The price of oil and gas, exploration and production spending, government regulation, world events

TABLE OF CONTENTS

and economic conditions will likewise affect the performance of these companies. Correspondingly, securities of companies in the energy field are subject to swift price and supply fluctuations caused by events relating to international politics, energy conservation, the success of exploration projects, and tax and other governmental regulatory policies. Weak demand for the companies’ products or services or for energy products and services in general, as well as negative developments in these and other areas, would adversely impact the performance of the basket. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies also may be at risk for environmental damage claims.

If a basket equity is an ADR, the value of the ADRs may not completely track the price of the non-U.S. stock represented by such ADRs.

If a basket equity is an ADR, you should be aware that, although the trading characteristics and valuations of the ADRs will usually mirror the characteristics and valuations of the non-U.S. stock represented by that ADR, the value of an ADR upon which an offering of the Warrants is based may not completely track the value of the non-U.S. stock represented by such ADR. Moreover, the terms and conditions of depositary facilities may result in less liquidity or lower market value of the ADRs than for the non-U.S. stock. Since holders of the ADRs may surrender the ADRs to take delivery of and trade the non-U.S. stock (a characteristic that allows investors in ADRs to take advantage of price differentials between different markets), an illiquid market for the non-U.S. stock generally will result in an illiquid market for the ADRs representing such non-U.S. stock.

If a basket equity is an ADR, the market price of such ADRs and the trading price of the Warrants linked to such ADRs will be affected by conditions in the markets where those ADRs principally trade.

Although the market price of an ADR upon which an offering of the Warrants is based is not directly tied to the trading price of the non-U.S. stock in the non-U.S. markets where such non-U.S. stock principally trades, the trading price of ADRs is generally expected to track the U.S. dollar value of the currency of the country where the non-U.S. stock principally trades and the trading price of such non-U.S. stock on the markets where that non-U.S. stock principally trades. This means that the trading value of any ADR upon which an offering of the Warrants is based is expected to be affected by the exchange rates between the U.S. dollar and the currency of the country where the non-U.S. stock principally trades and by factors affecting the markets where such non-U.S. stock principally trades.

There are important differences between the rights of holders of ADRs and the rights of holders of the non-U.S. stock.

If a basket equity is an ADR, you should be aware that your Warrants are linked to the ADRs and not the non-U.S. stock represented by such ADRs, and there exist important differences between the rights of holders of an ADR and the non-U.S. stock such ADR represents. Each ADR is a security evidenced by an American depositary receipt that represents a specified number of shares of the non-U.S. stock. Generally, an ADR is issued under a deposit agreement, which sets forth the rights and responsibilities of the depositary, the non-U.S. stock issuer and holders of the ADRs, which may be different from the rights of holders of the non-U.S. stock. For example, the non-U.S. stock issuer may make distributions in respect of the non-U.S. stock that are not passed on to the holders of its ADRs. Any such differences between the rights of holders of the ADRs and holders of the non-U.S. stock may be significant and may materially and adversely affect the market value of your Warrants.

Trading and other transactions by UBS or its affiliates in the basket equities, futures, options, exchange-traded funds or other derivative products on such basket equities may impair the market value of the Warrants.

As described below under “Use of Proceeds and Hedging” on page S-58, UBS or its affiliates may hedge their obligations under the Warrants by purchasing the basket equities, futures or options on the basket equities, or exchange-traded funds or other derivative instruments with returns linked or related to changes in the performance of the basket equities, and they may adjust these hedges by, among other things, purchasing or selling the basket equities, futures, options, or exchange-traded funds or other derivative instruments with returns linked or related to changes in the performance of the basket equities at any time. Although they are not expected to, any of these hedging activities may adversely affect the market prices of such basket equities and/or the price of the basket equities and, therefore, the cash settlement amount and the market value of the Warrants. It is possible that UBS or its affiliates could receive substantial returns from these hedging activities while the market value of the Warrants declines. No holder of the Warrants will have any rights or interest in our hedging activity or any positions we may take in connection with our hedging activity.

UBS or its affiliates may also engage in trading in the basket equities and other investments relating to the basket equities on a regular basis as part of our general broker-dealer and other businesses, for proprietary accounts, for other accounts under management or to facilitate transactions for customers, including block transactions. Any of these activities could adversely affect the market prices of the basket equities and, therefore, the cash settlement amount and the market value of the Warrants. UBS or its affiliates may also issue or underwrite other securities or financial or derivative instruments with returns linked or related to changes in the performance of any basket equities. By introducing competing products into the marketplace in this manner, UBS or its affiliates could adversely affect the market value of, and your return on, the Warrants.

UBS Securities LLC and other affiliates of UBS, as well as other third parties, may also make a secondary market in the Warrants, although they are not obligated to do so. As market makers, trading of the Warrants may cause UBS Securities LLC or other affiliates of UBS, as well as other third parties, to be long or short the Warrants in their inventory. The supply and demand for the Warrants, including inventory positions of market makers, may affect the secondary market price for the Warrants.

TABLE OF CONTENTS

The business activities of UBS or its affiliates may create conflicts of interest.

As noted above, UBS and its affiliates expect to engage in trading activities related to the basket equities that are not for the account of holders of the Warrants or on their behalf. These trading activities may present a conflict between the holders’ interest in the Warrants and the interests UBS and its affiliates will have in their proprietary accounts, in facilitating transactions, including block trades and options and other derivatives transactions for their customers and in accounts under their management. These trading activities, if they influence the price of the basket equities, could be adverse to the interests of the holders of the Warrants.

UBS and its affiliates may, at present or in the future, engage in business with the basket equity issuers, including making loans to or providing advisory services to those companies. These services could include investment banking and merger and acquisition advisory services. These activities may present a conflict between the obligations of UBS or another affiliate of UBS and the interests of holders of the Warrants as beneficial owners of the Warrants. Any of these activities by UBS, UBS Securities LLC or other affiliates may affect the market prices of the basket equities and, therefore, the cash settlement amount and the market value of the Warrants.

We and our affiliates may have published research, expressed opinions or provided recommendations that are inconsistent with investing in or holding the Warrants and may do so in the future. Any such research, opinions or recommendations could affect the price of the basket equities or the market value of, and the return on, the Warrants.

UBS and its affiliates publish research from time to time on financial markets and other matters that may influence the value of the Warrants, or express opinions or provide recommendations that are inconsistent with purchasing or holding the Warrants. UBS and its affiliates may have published research or other opinions that call into question the investment view implicit in your Warrants. Any research, opinions or recommendations expressed by UBS or its affiliates may not be consistent with each other and may be modified from time to time without notice. Investors should make their own independent investigation of the merits of investing in the Warrants and the basket equities.

There are potential conflicts of interest between you and the calculation agent.

Our affiliate, UBS Securities LLC, will serve as the calculation agent. UBS Securities LLC will, among other things, decide the basket equity starting price, basket equity ending price, basket equity returns, basket ending level, cash settlement amount, if any, due on the cash settlement payment date. We may change the calculation agent after the original issue date of the Warrants without notice. For a fuller description of the calculation agent’s role, see “General Terms of the Warrants — Role of Calculation Agent”. The calculation agent will exercise its judgment when performing its functions. For example, the calculation agent may have to determine whether a market disruption event affecting the basket equities has occurred or is continuing on the expiration date. This determination may, in turn, depend on the calculation agent’s judgment as to whether the event has materially interfered with our ability or the ability of any of our affiliates to unwind hedge positions. See “Use of Proceeds and Hedging”. Since this determination by the calculation agent may affect the cash settlement amount, the calculation agent may have a conflict of interest if it needs to make any such decision. Furthermore, as UBS determines the economic terms of the Warrants, including the premium, and such terms include hedging costs, issuance costs and projected profits, the Warrants represent a package of economic terms. There are other potential conflicts of interest insofar as an investor could potentially get better economic terms if that investor entered into exchange-traded and/or OTC derivatives or other instruments with third parties, assuming that such instruments were available and the investor had the ability to assemble and enter into such instruments.

Affiliates of UBS may act as agent or dealer in connection with the sale of the Warrants.

UBS and its affiliates act in various capacities with respect to the Warrants. We and our affiliates may act as a principal, agent or dealer in connection with the sale of the Warrants. Such affiliates, including the sales representatives, will derive compensation from the distribution of the Warrants and such compensation may serve as an incentive to sell these Warrants instead of other investments. We may pay dealer compensation to any of our affiliates acting as agents or dealers in connection with the distribution of the Warrants. Furthermore, given that UBS Securities LLC’s and its affiliates’ temporarily maintain a market making premium, it may have the effect of discouraging UBS Securities LLC’s and its affiliates from recommending sale of your Warrants in the secondary market.

Under certain circumstances, the Swiss Financial Market Supervisory Authority (“FINMA”) has the power to take actions that may adversely affect the Warrants.

Pursuant to article 25 et seq. of the Swiss Banking Act, FINMA has broad statutory powers to take measures and actions in relation to UBS if it (i) is overindebted, (ii) has serious liquidity problems or (iii) fails to fulfill the applicable capital adequacy provisions after expiration of a deadline set by FINMA. If one of these prerequisites is met, the Swiss Banking Act grants significant discretion to FINMA to open restructuring proceedings or liquidation (bankruptcy) proceedings in respect of, and/or impose protective measures in relation to, UBS. In particular, a broad variety of protective measures may be imposed by FINMA, including a bank moratorium or a maturity postponement, which measures may be ordered by FINMA either on a stand-alone basis or in connection with restructuring or liquidation proceedings. In a restructuring proceeding, the resolution plan may, among other things, (a) provide for the transfer of UBS’s assets or a portion thereof, together with debts and other liabilities, and contracts of UBS, to another entity, (b) provide for the conversion of UBS’s debt and/or other obligations, including its obligations under the Warrants, into equity, and/or (c) potentially provide for haircuts on obligations of UBS, including its obligations under the Warrants. Although no precedent exists, if one or more measures under the revised regime were imposed, such measures may have a material adverse effect on the terms and market value of the Warrants and/or the ability of UBS to make payments thereunder.

TABLE OF CONTENTS

Significant aspects of the tax treatment of the Warrants are uncertain.

Significant aspects of the tax treatment of the Warrants are uncertain. We do not plan to request a ruling from the Internal Revenue Service regarding the tax treatment of the Warrants, and the Internal Revenue Service or a court may not agree with the tax treatment described in this prospectus supplement. Please read carefully the section entitled “Supplemental U.S. Tax Considerations” beginning on page S-64 of this prospectus supplement and the section “U.S. Tax Considerations” in the accompanying prospectus. You should consult your tax advisor about your own tax situation.

In addition, the Internal Revenue Service (“IRS”) has announced in IRS Notice 2008-2 that it and the Treasury Department are considering whether holders of prepaid forward or certain other financial contracts should be required to accrue income during the term of the transaction, even if such contracts are not otherwise treated as indebtedness for U.S. federal income tax purposes and solicited comments with respect to the appropriate methodology, scope and other tax issues associated with such transactions, including appropriate transition and effective dates. Legislation has also been introduced that, if it had been enacted, could have affected the tax treatment of derivative contracts. Although neither IRS Notice 2008-2 nor proposed legislation would by their terms apply to contracts that are treated as options for U.S. income tax purposes, future legislation or IRS guidance could change current law treatment of such options, perhaps retroactively. In the event that any such treatment is adopted, a U.S. holder may be required to accrue ordinary income over the term of the Warrants.

In 2013, the House Ways and Means Committee released in draft form certain proposed legislation relating to financial instruments. If enacted, the effect of this legislation generally would be to require instruments such as the Warrants to be marked to market on an annual basis with the all gains and losses to be treated as ordinary, subject to certain exceptions. It is not possible to predict whether a similar or identical bill will be enacted in the future, or whether any such bill would affect the tax treatment of your Warrants. You are urged to consult your tax advisor regarding the draft legislation and its possible impact on you.

The call spread warrants (the “Warrants”) are warrants issued by UBS whose return is linked to the performance of an equally weighted basket of equities. The basket equities, their ticker symbol, weightings and the basket equity starting price for each basket are as follows:

Basket Equities

Bloomberg Ticker

Basket Equity Weight

Basket Equity Starting Price

Cabot Oil & Gas Corporation

COG UN

1/15

$•

Continental Resources, Inc.

CLR UN

1/15

$•

Cummins Inc.

CMI UN

1/15

$•

Eastman Chemical Company

EMN UN

1/15

$•

Enterprise Products Partners L.P.

EPD UN

1/15

$•

EOG Resources, Inc.

EOG UN

1/15

$•

Halliburton Company

HAL UN

1/15

$•

LyondellBasell Industries N.V.

LYB UN

1/15

$•

MarkWest Energy Partners, L.P.

MWE UN

1/15

$•

National Oilwell Varco, Inc.

NOV UN

1/15

$•

Nucor Corporation

NUE UN

1/15

$•

Pioneer Natural Resources Company

PXD UN

1/15

$•

Plains All American Pipeline, L.P.

PAA UN

1/15

$•

Schlumberger Limited

SLB UN

1/15

$•

Weatherford International plc

WFT UN

1/15

$•

For further information concerning the basket equities, see “The Basket Equities” beginning on page S-18.

Information from outside sources is not incorporated by reference in, and should not be considered part of, this preliminary prospectus supplement. UBS has not conducted any independent review or due diligence of any publicly available information with respect to the basket equities.

TABLE OF CONTENTS

According to publicly available information, Cabot Oil & Gas Corporation (“Cabot”) is an independent oil and gas company engaged in the development, exploitation and exploration of oil and gas properties. Cabot’s assets are concentrated in areas with known hydrocarbon resources, which are conducive to multi-well, repeatable drilling programs. Operations are conducted in one segment, natural gas and oil development, exploitation and exploration, exclusively in the United States. These operations are primarily conducted in Appalachia, east and south Texas and Oklahoma. In these regions, Cabot operates a number of gas gathering and transmission pipeline systems, made up of approximately 3,105 miles of pipeline with interconnects to three interstate transmission systems and five local distribution companies and end users. Information filed by Cabot with the SEC under the Exchange Act can be located by reference to its SEC file number: 001-10447, or its CIK Code: 0000858470. Cabot’s website is http://www.cabotog.com. Cabot’s common stock is listed on the New York Stock Exchange under the ticker symbol “COG.”

The closing price of the basket equity has fluctuated in the past and may, in the future, experience significant fluctuations. Any historical upward or downward trend in the closing price of the basket equity during any period shown below is not an indication that the basket equity is more or less likely to increase or decrease at any time during the life of your Warrants. The following table sets forth the quarterly high and low closing prices for the basket equity, based on daily closing prices, as reported by Bloomberg Professional^® service (“Bloomberg”). The closing price of the basket equity on October 22, 2014 was $30.49. The actual basket equity starting price will be determined on the trade date. Past performance of the basket equity is not indicative of the future performance of the basket equity.

Quarter Begin		Quarter End				Quarterly High				Quarterly Low				Quarterly Close
1/4/2010			3/31/2010				$11.56				$9.10				$9.20
4/1/2010			6/30/2010				$10.13				$7.58				$7.83
7/1/2010			9/30/2010				$8.40				$6.75				$7.53
10/1/2010			12/31/2010				$9.46				$7.07				$9.46
1/3/2011			3/31/2011				$13.35				$9.36				$13.24
4/1/2011			6/30/2011				$16.58				$12.74				$16.58
7/1/2011			9/30/2011				$19.28				$14.83				$15.48
10/3/2011			12/30/2011				$22.15				$14.65				$18.98
1/3/2012			3/30/2012				$20.68				$15.13				$15.59
4/2/2012			6/29/2012				$20.62				$14.77				$19.70
7/2/2012			9/28/2012				$22.93				$19.49				$22.45
10/1/2012			12/31/2012				$25.54				$21.47				$24.87
1/2/2013			3/28/2013				$34.13				$23.77				$33.81
4/1/2013			6/28/2013				$36.25				$31.77				$35.51
7/1/2013			9/30/2013				$39.93				$34.79				$37.32
10/1/2013			12/31/2013				$38.93				$32.63				$38.76
1/2/2014			3/31/2014				$41.61				$32.24				$33.88
4/1/2014			6/30/2014				$39.40				$32.41				$34.14
7/1/2014			9/30/2014				$35.20				$31.43				$32.69
10/1/2014*			10/22/2014*				$31.81				$28.48				$30.49

TABLE OF CONTENTS

The graph below illustrates the performance of the basket equity from January 3, 2000 through October 22, 2014, based on information from Bloomberg. Past performance of the basket equity is not indicative of the future performance of the basket equity.

TABLE OF CONTENTS

According to publicly available information, Continental Resources, Inc. (“Continental Resources”) is an independent crude oil and natural gas exploration and production company focused on the exploration and production of onshore oil-prone plays in the United States. Continental Resources concentrates its leasehold and production strategies in North, South and East regions of the United States. On August 18, 2014, Continental Resources announced a two-for-one stock split. Continental Resources’ common stock began trading on the splitadjusted basis on September 11, 2014. Information filed by Continental Resources with the SEC under the Exchange Act can be located by reference to its SEC file number: 001-32886, or its CIK Code: 0000732834. Continental Resources’ website is http://www.contres.com. Continental Resources’ common stock is listed on the New York Stock Exchange under the ticker symbol “CLR.”

The closing price of the basket equity has fluctuated in the past and may, in the future, experience significant fluctuations. Any historical upward or downward trend in the closing price of the basket equity during any period shown below is not an indication that the basket equity is more or less likely to increase or decrease at any time during the life of your Warrants. The following table sets forth the quarterly high and low closing prices for the basket equity, based on daily closing prices, as reported by Bloomberg. The closing prices have been adjusted by Bloomberg for corporate actions such as equity splits, public offerings, mergers and acquisitions, spin-offs, extraordinary dividends, delistings and bankruptcy. UBS has not undertaken an independent review or due diligence of any publicly available information obtained from Bloomberg. The closing price of the basket equity on October 22, 2014 was $55.81. The actual basket equity starting price will be determined on the trade date. Past performance of the basket equity is not indicative of the future performance of the basket equity.

Quarter Begin		Quarter End				Quarterly High				Quarterly Low				Quarterly Close
1/4/2010			3/31/2010				$23.09				$18.68				$21.28
4/1/2010			6/30/2010				$25.95				$20.61				$22.31
7/1/2010			9/30/2010				$24.20				$19.91				$23.18
10/1/2010			12/31/2010				$29.56				$22.99				$29.43
1/3/2011			3/31/2011				$36.06				$28.70				$35.74
4/1/2011			6/30/2011				$36.04				$29.49				$32.46
7/1/2011			9/30/2011				$35.64				$24.01				$24.19
10/3/2011			12/30/2011				$35.83				$22.72				$33.36
1/3/2012			3/30/2012				$47.47				$34.93				$42.91
4/2/2012			6/29/2012				$45.50				$31.32				$33.31
7/2/2012			9/28/2012				$41.56				$31.29				$38.45
10/1/2012			12/31/2012				$39.86				$33.94				$36.75
1/2/2013			3/28/2013				$46.35				$38.02				$43.47
4/1/2013			6/28/2013				$44.32				$36.54				$43.03
7/1/2013			9/30/2013				$53.68				$43.82				$53.63
10/1/2013			12/31/2013				$60.50				$50.73				$56.26
1/2/2014			3/31/2014				$62.84				$52.34				$62.14
4/1/2014			6/30/2014				$79.02				$61.43				$79.02
7/1/2014			9/30/2014				$80.65				$66.48				$66.48
10/1/2014*			10/22/2014*				$64.52				$52.74				$55.81

TABLE OF CONTENTS

The graph below illustrates the performance of the basket equity from January 2, 2008 through October 22, 2014, based on information from Bloomberg. Past performance of the basket equity is not indicative of the future performance of the basket equity.

TABLE OF CONTENTS

According to publicly available information, Cummins Inc. (“Cummins”) designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products, including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems and electric power generation systems. Cummins sells its products to original equipment manufacturers, distributors and customers globally. Cummins operates in four business segments: Engine segment, Components segment, Power Generation segment and the Distribution segment. The Engine segment is engaged in manufacturing and marketing a range of diesel and natural gas-powered engines under the Cummins brand name, as well as certain customer brand names. The Components segment is engaged in supplying products which complement the Engine segment, including aftertreatment systems, turbochargers, filtration products and fuel systems for commercial diesel applications. The Power Generation segment is engaged in designing and manufacturing the components that make up power generation systems, including controls, alternators, transfer switches and switchgear. The Distribution segment consists of Cummins-owned and joint venture distributors that service and distribute the full range of products and services to end-users. Information filed by Cummins with the SEC under the Exchange Act can be located by reference to its SEC file number: 001-04949, or its CIK Code: 0000026172. Cummins’ website is http://www.cummins.com. Cummins’ common stock is listed on the New York Stock Exchange under the ticker symbol “CMI.”

The closing price of the basket equity has fluctuated in the past and may, in the future, experience significant fluctuations. Any historical upward or downward trend in the closing price of the basket equity during any period shown below is not an indication that the basket equity is more or less likely to increase or decrease at any time during the life of your Warrants. The following table sets forth the quarterly high and low closing prices for the basket equity, based on daily closing prices, as reported by Bloomberg. The closing price of the basket equity on October 22, 2014 was $132.00. The actual basket equity starting price will be determined on the trade date. Past performance of the basket equity is not indicative of the future performance of the basket equity.

Quarter Begin		Quarter End				Quarterly High				Quarterly Low				Quarterly Close
1/4/2010			3/31/2010				$63.08				$45.16				$61.95
4/1/2010			6/30/2010				$75.79				$62.34				$65.13
7/1/2010			9/30/2010				$91.30				$63.57				$90.58
10/1/2010			12/31/2010				$111.25				$88.10				$110.01
1/3/2011			3/31/2011				$113.85				$97.55				$109.62
4/1/2011			6/30/2011				$120.18				$92.44				$103.49
7/1/2011			9/30/2011				$110.82				$79.91				$81.66
10/3/2011			12/30/2011				$103.39				$81.01				$88.02
1/3/2012			3/30/2012				$128.00				$91.05				$120.04
4/2/2012			6/29/2012				$121.71				$89.65				$96.91
7/2/2012			9/28/2012				$103.19				$83.53				$92.21
10/1/2012			12/31/2012				$108.67				$86.49				$108.35
1/2/2013			3/28/2013				$120.38				$110.59				$115.81
4/1/2013			6/28/2013				$119.63				$103.66				$108.46
7/1/2013			9/30/2013				$135.25				$108.90				$132.87
10/1/2013			12/31/2013				$140.97				$125.44				$140.97
1/2/2014			3/31/2014				$148.99				$123.70				$148.99
4/1/2014			6/30/2014				$160.55				$141.76				$154.29
7/1/2014			9/30/2014				$157.75				$131.98				$131.98
10/1/2014*			10/22/2014*				$136.13				$124.95				$132.00

TABLE OF CONTENTS

The graph below illustrates the performance of the basket equity from January 3, 2000 through October 22, 2014, based on information from Bloomberg. Past performance of the basket equity is not indicative of the future performance of the basket equity.

TABLE OF CONTENTS

According to publicly available information, Eastman Chemical Company (“Eastman”) is a specialty chemical company that produces a range of advanced materials, chemicals, and fibers found in everyday products. Eastman’s products and operations are managed and reported in five reporting segments: Additives & Functional Products (“AFP”), Adhesives & Plasticizers (“A&P”), Advanced Materials (“AM”), Fibers, and Specialty Fluids & Intermediates (“SFI”). In the AFP segment, Eastman manufactures chemicals for products in the coatings and tires industries in transportation, building and construction, durable goods, and consumables markets. In the A&P segment, Eastman manufactures adhesives resins and plasticizers which are used in the manufacture of products sold into the consumables, building and construction, health and wellness, industrial chemicals and processing, and durable goods markets. In the AM segment, Eastman produces and markets specialty copolyesters, cellulose esters, interlayers, and aftermarket window film products that possess differentiated performance properties for value-added end uses in transportation, consumables, building and construction, durable goods, and health and wellness products. In the Fibers segment, Eastman manufactures and sells Estron^TM acetate tow and Estrobond^TM triacetin plasticizers for use primarily in the manufacture of cigarette filters; Estron^TM natural (undyed) and Chromspun^TM solution-dyed acetate yarns for use in apparel, home furnishings, and industrial fabrics; and cellulose acetate flake and acetyl raw materials for other acetate fiber producers. The SFI segment leverages large scale and vertical integration from the acetyl and olefins streams and proprietary manufacturing technology for specialty fluids to manufacture diversified products. Information filed by Eastman with the SEC under the Exchange Act can be located by reference to its SEC file number: 001-12626, or its CIK Code: 0000915389. Eastman’s website is http://http://www.eastman.com. Eastman’s common stock is listed on the New York Stock Exchange under the ticker symbol “EMN.”

The closing price of the basket equity has fluctuated in the past and may, in the future, experience significant fluctuations. Any historical upward or downward trend in the closing price of the basket equity during any period shown below is not an indication that the basket equity is more or less likely to increase or decrease at any time during the life of your Warrants. The following table sets forth the quarterly high and low closing prices for the basket equity, based on daily closing prices, as reported by Bloomberg. The closing price of the basket equity on October 22, 2014 was $77.63. The actual basket equity starting price will be determined on the trade date. Past performance of the basket equity is not indicative of the future performance of the basket equity.

Quarter Begin		Quarter End				Quarterly High				Quarterly Low				Quarterly Close
1/4/2010			3/31/2010				$32.18				$28.27				$31.84
4/1/2010			6/30/2010				$35.56				$26.68				$26.68
7/1/2010			9/30/2010				$37.00				$25.82				$37.00
10/1/2010			12/31/2010				$42.04				$37.04				$42.04
1/3/2011			3/31/2011				$49.66				$42.68				$49.66
4/1/2011			6/30/2011				$54.08				$47.51				$51.04
7/1/2011			9/30/2011				$52.84				$33.31				$34.27
10/3/2011			12/30/2011				$41.92				$34.23				$39.06
1/3/2012			3/30/2012				$54.96				$40.09				$51.69
4/2/2012			6/29/2012				$54.39				$43.26				$50.37
7/2/2012			9/28/2012				$58.64				$47.47				$57.01
10/1/2012			12/31/2012				$68.05				$53.65				$68.05
1/2/2013			3/28/2013				$74.78				$68.00				$69.87
4/1/2013			6/28/2013				$73.95				$64.06				$70.01
7/1/2013			9/30/2013				$82.49				$70.71				$77.90
10/1/2013			12/31/2013				$82.60				$72.67				$80.70
1/2/2014			3/31/2014				$87.97				$74.38				$86.21
4/1/2014			6/30/2014				$90.20				$83.92				$87.35
7/1/2014			9/30/2014				$88.71				$78.46				$80.89
10/1/2014*			10/22/2014*				$79.46				$71.49				$77.63

TABLE OF CONTENTS

The graph below illustrates the performance of the basket equity from January 3, 2000 through October 22, 2014, based on information from Bloomberg. Past performance of the basket equity is not indicative of the future performance of the basket equity.

TABLE OF CONTENTS

According to publicly available information, Enterprise Products Partners L.P. (“Enterprise”) owns and operates natural gas liquids (“NGLs”) related businesses of Enterprise Products Company (EPCO). Enterprise is a provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, petro chemicals and refined products. Enterprise operates in five business segments: NGL Pipelines & Services, Onshore Natural Gas Pipelines & Services, Onshore Crude Oil Pipelines & Services, Offshore Pipelines & Services and Petrochemical & Refined Products Services. The NGL Pipelines & Services business segment includes natural gas processing plants, related NGL marketing activities and NGL import and LPG export terminal operations. The Onshore Natural Gas Pipelines & Services business segment includes onshore natural gas pipeline systems, which provide for the gathering and transportation of natural gas in Colorado, Louisiana, New Mexico, Texas and Wyoming. The Onshore Crude Oil Pipelines & Services business segment includes onshore crude oil pipelines, crude oil storage terminals located in Oklahoma, Texas, and its crude oil marketing activities. The Offshore Pipelines & Services business segment serves active drilling and development regions, including deep-water production fields, in the northern Gulf of Mexico offshore Texas, Louisiana, Mississippi and Alabama. The Petrochemical & Refined Products Services business segment consists of propylene fractionation plants, pipelines and related marketing activities; a butane isomerization facility and related pipeline system; octane enhancement and isobutylene production facilities; refined products pipelines, including its Products Pipeline System, and marine transportation and other services. Information filed by Enterprise with the SEC under the Exchange Act can be located by reference to its SEC file number: 001-14323, or its CIK Code: 0001061219. Enterprise’s website is http://www.enterpriseproducts.com. Enterprise’s common stock is listed on the New York Stock Exchange under the ticker symbol “EPD.”

The closing price of the basket equity has fluctuated in the past and may, in the future, experience significant fluctuations. Any historical upward or downward trend in the closing price of the basket equity during any period shown below is not an indication that the basket equity is more or less likely to increase or decrease at any time during the life of your Warrants. The following table sets forth the quarterly high and low closing prices for the basket equity, based on daily closing prices, as reported by Bloomberg. The closing price of the basket equity on October 22, 2014 was $38.02. The actual basket equity starting price will be determined on the trade date. Past performance of the basket equity is not indicative of the future performance of the basket equity.

Quarter Begin		Quarter End				Quarterly High				Quarterly Low				Quarterly Close
1/4/2010			3/31/2010				$17.29				$15.17				$17.29
4/1/2010			6/30/2010				$18.33				$15.84				$17.69
7/1/2010			9/30/2010				$19.84				$17.38				$19.84
10/1/2010			12/31/2010				$22.15				$19.92				$20.81
1/3/2011			3/31/2011				$22.00				$19.76				$21.53
4/1/2011			6/30/2011				$21.91				$19.80				$21.61
7/1/2011			9/30/2011				$21.86				$18.75				$20.08
10/3/2011			12/30/2011				$23.21				$19.99				$23.19
1/3/2012			3/30/2012				$26.23				$23.29				$25.24
4/2/2012			6/29/2012				$26.34				$23.12				$25.62
7/2/2012			9/28/2012				$27.35				$25.70				$26.80
10/1/2012			12/31/2012				$27.44				$24.41				$25.04
1/2/2013			3/28/2013				$30.15				$25.93				$30.15
4/1/2013			6/28/2013				$31.55				$29.00				$31.08
7/1/2013			9/30/2013				$32.47				$28.95				$30.52
10/1/2013			12/31/2013				$33.15				$29.64				$33.15
1/2/2014			3/31/2014				$34.68				$31.84				$34.68
4/1/2014			6/30/2014				$39.15				$35.00				$39.15
7/1/2014			9/30/2014				$41.11				$36.65				$40.30
10/1/2014*			10/22/2014*				$39.62				$34.05				$38.02

TABLE OF CONTENTS

The graph below illustrates the performance of the basket equity from January 3, 2000 through October 22, 2014, based on information from Bloomberg. Past performance of the basket equity is not indicative of the future performance of the basket equity.

TABLE OF CONTENTS

According to publicly available information, EOG Resources, Inc. (“EOG”) explores for, develops, produces and markets crude oil and natural gas primarily in major producing basins in the United States of America, Canada, The Republic of Trinidad and Tobago, the United Kingdom, The People’s Republic of China, the Argentine Republic and other international areas. EOG’s operations are all crude oil and natural gas exploration and production related. EOG’s operations are focused in the United States and Canada, with a current focus on crude oil and, to a lesser extent, liquids-rich natural gas plays. Substantially all of EOG’s wellhead crude oil and condensate and natural gas liquids are sold under various terms and arrangements based on prevailing market prices. EOG competes with major integrated oil and gas companies, government-affiliated oil and gas companies and other independent oil and gas companies for the acquisition of licenses and leases, properties and reserves and access to the facilities, equipment, materials, services and employees and other contract personnel (including geologists, geophysicists, engineers and other specialists) required to explore for, develop, produce, market and transport crude oil and natural gas. Information filed by EOG with the SEC under the Exchange Act can be located by reference to its SEC file number: 001-09743, or its CIK Code: 0000821189. EOG’s website is http://www.eogresources.com. EOG’s common stock is listed on the New York Stock Exchange under the ticker symbol “EOG.”

The closing price of the basket equity has fluctuated in the past and may, in the future, experience significant fluctuations. Any historical upward or downward trend in the closing price of the basket equity during any period shown below is not an indication that the basket equity is more or less likely to increase or decrease at any time during the life of your Warrants. The following table sets forth the quarterly high and low closing prices for the basket equity, based on daily closing prices, as reported by Bloomberg. The closing price of the basket equity on October 22, 2014 was $92.07. The actual basket equity starting price will be determined on the trade date. Past performance of the basket equity is not indicative of the future performance of the basket equity.

Quarter Begin		Quarter End				Quarterly High				Quarterly Low				Quarterly Close
1/4/2010			3/31/2010				$50.19				$44.12				$46.47
4/1/2010			6/30/2010				$56.86				$47.79				$49.19
7/1/2010			9/30/2010				$53.41				$43.31				$46.49
10/1/2010			12/31/2010				$50.67				$44.15				$45.71
1/3/2011			3/31/2011				$59.84				$46.07				$59.26
4/1/2011			6/30/2011				$59.20				$49.14				$52.28
7/1/2011			9/30/2011				$53.29				$35.51				$35.51
10/3/2011			12/30/2011				$52.45				$34.21				$49.26
1/3/2012			3/30/2012				$58.81				$50.73				$55.55
4/2/2012			6/29/2012				$56.78				$41.98				$45.06
7/2/2012			9/28/2012				$58.81				$44.47				$56.03
10/1/2012			12/31/2012				$62.19				$54.39				$60.40
1/2/2013			3/28/2013				$67.05				$60.89				$64.04
4/1/2013			6/28/2013				$68.95				$56.72				$65.84
7/1/2013			9/30/2013				$86.05				$67.66				$84.64
10/1/2013			12/31/2013				$92.58				$78.13				$83.92
1/2/2014			3/31/2014				$98.58				$80.87				$98.09
4/1/2014			6/30/2014				$117.98				$97.06				$116.86
7/1/2014			9/30/2014				$117.10				$99.02				$99.02
10/1/2014*			10/22/2014*				$97.06				$83.76				$92.07

TABLE OF CONTENTS

The graph below illustrates the performance of the basket equity from January 3, 2000 through October 22, 2014, based on information from Bloomberg. Past performance of the basket equity is not indicative of the future performance of the basket equity.

TABLE OF CONTENTS

According to publicly available information, Halliburton Company (“Halliburton”) provides services and products to customers in the energy industry related to the exploration, development, and production of oil and natural gas. Halliburton serves oil and natural gas companies worldwide and operates under two segments: the Completion and Production segment and the Drilling and Evaluation segment. The Completion and Production segment delivers cementing, stimulation, intervention, pressure control, specialty chemicals, artificial lift, and completion services. The segment consists of Production Enhancement, Cementing, Completion Tools, Halliburton Boots & Coots, Multi-Chem, and Halliburton Artificial Lift. Halliburton’s Drilling and Evaluation segment provides field and reservoir modeling, drilling, evaluation and precise wellbore placement services. The segment consists of Drill Bits and Services, Wireline and Perforating, Testing and Subsea, Baroid, Sperry Drilling, Landmark Software and Services, and Consulting and Project Management. The business operations of its divisions are organized in four primary geographic regions: North America, Latin America, Europe/Africa/CIS and Middle East/Asia. Information filed by Halliburton with the SEC under the Exchange Act can be located by reference to its SEC file number: 001-03492, or its CIK Code: 0000045012. Halliburton’s website is http://www.halliburton.com. Halliburton’s common stock is listed on the New York Stock Exchange under the ticker symbol “HAL.”

The closing price of the basket equity has fluctuated in the past and may, in the future, experience significant fluctuations. Any historical upward or downward trend in the closing price of the basket equity during any period shown below is not an indication that the basket equity is more or less likely to increase or decrease at any time during the life of your Warrants. The following table sets forth the quarterly high and low closing prices for the basket equity, based on daily closing prices, as reported by Bloomberg. The closing price of the basket equity on October 22, 2014 was $54.43. The actual basket equity starting price will be determined on the trade date. Past performance of the basket equity is not indicative of the future performance of the basket equity.

Quarter Begin		Quarter End				Quarterly High				Quarterly Low				Quarterly Close
1/4/2010			3/31/2010				$34.60				$28.10				$30.13
4/1/2010			6/30/2010				$34.96				$21.15				$24.55
7/1/2010			9/30/2010				$33.40				$24.98				$33.07
10/1/2010			12/31/2010				$41.15				$31.40				$40.83
1/3/2011			3/31/2011				$49.84				$38.17				$49.84
4/1/2011			6/30/2011				$51.00				$45.33				$51.00
7/1/2011			9/30/2011				$57.27				$30.52				$30.52
10/3/2011			12/30/2011				$39.13				$28.68				$34.51
1/3/2012			3/30/2012				$38.51				$32.48				$33.19
4/2/2012			6/29/2012				$35.03				$26.70				$28.39
7/2/2012			9/28/2012				$37.44				$28.36				$33.69
10/1/2012			12/31/2012				$35.65				$29.95				$34.69
1/2/2013			3/28/2013				$43.32				$35.71				$40.41
4/1/2013			6/28/2013				$45.55				$37.21				$41.72
7/1/2013			9/30/2013				$50.32				$42.45				$48.15
10/1/2013			12/31/2013				$56.26				$48.40				$50.75
1/2/2014			3/31/2014				$59.46				$48.20				$58.89
4/1/2014			6/30/2014				$71.01				$57.36				$71.01
7/1/2014			9/30/2014				$74.02				$63.66				$64.51
10/1/2014*			10/22/2014*				$62.47				$49.63				$54.43

TABLE OF CONTENTS

The graph below illustrates the performance of the basket equity from January 3, 2000 through October 22, 2014, based on information from Bloomberg. Past performance of the basket equity is not indicative of the future performance of the basket equity.

TABLE OF CONTENTS

According to publicly available information, LyondellBasell Industries N.V. (“LyondellBasell”) is a global, independent chemical company. LyondellBasell’s chemicals businesses consist primarily of large processing plants that convert large volumes of liquid and gaseous hydrocarbon feedstock into plastic resins and other chemicals. These plastics and chemicals are used to manufacture a wide range of products including food packaging, home furnishings, automotive components, paints and coatings. LyondellBasell’s refining business processes crude oil into fuels such as gasoline, diesel and jet fuel. Operations are conducted in five business segments: Olefins and Polyolefins — Americas (“O&P — Americas”), Olefins and Polyolefins — Europe, Asia, International (“O&P — EAI”), Intermediates and Derivatives (“I&D”), Refining and Technology. The O&P — Americas segment produces and markets olefins, including ethylene and ethylene co-products, and polyolefins. The O&P — EAI segment produces and markets olefins, including ethylene and ethylene co-products, polyolefins and polypropylene compounds. The I&D segment produces and markets propylene oxide and its co-products and derivatives, acetyls, ethanol, ethylene oxide and its derivatives, and oxyfuels. The Refining segment refines heavy, high-sulfur crude oil on the U.S. Gulf Coast. The Technology segment develops and licenses chemical and polyolefin process technologies and manufactures and sells polyolefin catalysts. Information filed by LyondellBasell with the SEC under the Exchange Act can be located by reference to its SEC file number: 001-34726, or its CIK code: 0001489393. LyondellBasell’s website is http://www.lyondellbasell.com. LyondellBasell’s common stock is listed on the New York Stock Exchange under the ticker symbol “LYB.”

The closing price of the basket equity has fluctuated in the past and may, in the future, experience significant fluctuations. Any historical upward or downward trend in the closing price of the basket equity during any period shown below is not an indication that the basket equity is more or less likely to increase or decrease at any time during the life of your Warrants. The following table sets forth the quarterly high and low closing prices for the basket equity, based on daily closing prices, as reported by Bloomberg. The closing price of the basket equity on October 22, 2014 was $93.48. The actual basket equity starting price will be determined on the trade date. Past performance of the basket equity is not indicative of the future performance of the basket equity.

Quarter Begin		Quarter End				Quarterly High				Quarterly Low				Quarterly Close
10/14/2010*			12/31/2010*				$34.40				$26.00				$34.40
1/3/2011			3/31/2011				$40.90				$34.56				$39.55
4/1/2011			6/30/2011				$45.62				$36.56				$38.52
7/1/2011			9/30/2011				$41.23				$24.43				$24.43
10/3/2011			12/30/2011				$36.08				$24.10				$32.49
1/3/2012			3/30/2012				$46.01				$33.47				$43.65
4/2/2012			6/29/2012				$45.73				$36.76				$40.27
7/2/2012			9/28/2012				$53.42				$39.62				$51.66
10/1/2012			12/31/2012				$57.09				$45.41				$57.09
1/2/2013			3/28/2013				$65.42				$56.84				$63.29
4/1/2013			6/28/2013				$68.81				$55.51				$66.26
7/1/2013			9/30/2013				$74.01				$65.41				$73.23
10/1/2013			12/31/2013				$80.28				$72.73				$80.28
1/2/2014			3/31/2014				$91.06				$75.74				$88.94
4/1/2014			6/30/2014				$100.72				$87.04				$97.65
7/1/2014			9/30/2014				$114.59				$97.68				$108.66
10/1/2014**			10/22/2014**				$105.00				$85.39				$93.48

TABLE OF CONTENTS

The graph below illustrates the performance of the basket equity from October 14, 2010 through October 22, 2014, based on information from Bloomberg. Past performance of the basket equity is not indicative of the future performance of the basket equity.

TABLE OF CONTENTS

According to publicly available information, MarkWest Energy Partners, L.P. (“MarkWest Energy”) is engaged in the gathering, processing and transportation of natural gas; the gathering, transportation, fractionation, storage and marketing of natural gas liquids (“NGLs”); and the gathering and transportation of crude oil. MarkWest Energy conducts its operations in four operating segments: Marcellus, Utica, Northeast and Southwest. The Marcellus segment provides natural gas midstream services in southwestern Pennsylvania and northern West Virginia through MarkWest Energy’s wholly owned subsidiary, MarkWest Liberty Midstream. The Utica segmet provides gathering, processing, fractionation and marketing services in the Utica Shale in eastern Ohio. The Northeast segment includes Kentucky, southern West Virginia, and Michigan, which includes the Kenova, Boldman, Cobb, Kermit and Langley natural gas processing complexes, a NGL pipeline and the Siloam fractionation facility. The Southwest segment includes Texas and Oklahoma, and Other Southwest. Information filed by MarkWest Energy with the SEC under the Exchange Act can be located by reference to its SEC file number: 001-31239, or its CIK Code: 0001166036. MarkWest Energy’s website is http://www.markwest.com. MarkWest Energy’s common units are listed on the New York Stock Exchange under the ticker symbol “MWE.”

The closing price of the basket equity has fluctuated in the past and may, in the future, experience significant fluctuations. Any historical upward or downward trend in the closing price of the basket equity during any period shown below is not an indication that the basket equity is more or less likely to increase or decrease at any time during the life of your Warrants. The following table sets forth the quarterly high and low closing prices for the basket equity, based on daily closing prices, as reported by Bloomberg. The closing price of the basket equity on October 22, 2014 was $69.85. The actual basket equity starting price will be determined on the trade date. Past performance of the basket equity is not indicative of the future performance of the basket equity.

Quarter Begin		Quarter End				Quarterly High				Quarterly Low				Quarterly Close
1/4/2010			3/31/2010				$31.76				$27.06				$30.65
4/1/2010			6/30/2010				$33.29				$27.21				$32.72
7/1/2010			9/30/2010				$36.79				$31.81				$35.92
10/1/2010			12/31/2010				$43.31				$36.13				$43.31
1/3/2011			3/31/2011				$48.47				$41.62				$48.47
4/1/2011			6/30/2011				$51.53				$42.95				$48.24
7/1/2011			9/30/2011				$49.67				$40.88				$45.95
10/3/2011			12/30/2011				$56.11				$44.90				$55.06
1/3/2012			3/30/2012				$61.52				$54.17				$58.45
4/2/2012			6/29/2012				$60.15				$45.66				$49.31
7/2/2012			9/28/2012				$54.84				$50.36				$54.42
10/1/2012			12/31/2012				$55.82				$46.50				$51.01
1/2/2013			3/28/2013				$61.12				$52.60				$60.75
4/1/2013			6/28/2013				$69.40				$57.69				$66.85
7/1/2013			9/30/2013				$72.23				$65.81				$72.23
10/1/2013			12/31/2013				$75.35				$62.95				$66.13
1/2/2014			3/31/2014				$72.75				$63.65				$65.32
4/1/2014			6/30/2014				$71.58				$61.95				$71.58
7/1/2014			9/30/2014				$80.09				$68.55				$76.82
10/1/2014*			10/22/2014*				$75.72				$65.91				$69.85

TABLE OF CONTENTS

The graph below illustrates the performance of the basket equity from January 2, 2008 through October 22, 2014, based on information from Bloomberg. Past performance of the basket equity is not indicative of the future performance of the basket equity.

TABLE OF CONTENTS

According to publicly available information, National Oilwell Varco, Inc. (“NOV”) is a provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry. NOV conducts its operations through three business segments: Rig Technology, Petroleum Services & Supplies and Distribution & Transmission. NOV’s Rig Technology segment designs, manufactures, sells and services complete systems for the drilling, completion, and servicing of oil and gas wells. This segment offers equipment that automates complex well construction and management operations, such as offshore and onshore drilling rigs; derricks; pipe lifting, racking, rotating and assembly systems; rig instrumentation systems; blowout preventers; coiled tubing equipment and pressure pumping units; well workover rigs; wireline winches; wireline trucks; cranes; flexible pipe for offshore production applications; and turret mooring systems and other products for floating production, storage and offloading vessels and other offshore vessels and terminals. NOV’s Petroleum Services & Supplies segment provides a variety of consumable goods and services used to drill, complete, remediate and workover oil and gas wells and service drill pipe, tubing, casing, flowlines and other oilfield tubular goods. This segment manufactures, rents and sells a variety of products and equipment used to perform drilling operations, including drill pipe, wired drill pipe, transfer pumps, valves, solids control systems, drilling motors, drilling fluids, drill bits, reamers and other downhole tools, and mud pump consumables. NOV’s Distribution & Transmission segment provides pipe, maintenance, repair and operating supplies and spare parts to drill sites and production locations, pipeline operations, processing plants, and industrial facilities worldwide. Information filed by NOV with the SEC under the Exchange Act can be located by reference to its SEC file number: 001-12317, or its CIK Code: 0001021860. NOV’s website is http://www.nov.com. NOV’s common stock is listed on the New York Stock Exchange under the ticker symbol “NOV.”

The closing price of the basket equity has fluctuated in the past and may, in the future, experience significant fluctuations. Any historical upward or downward trend in the closing price of the basket equity during any period shown below is not an indication that the basket equity is more or less likely to increase or decrease at any time during the life of your Warrants. The following table sets forth the quarterly high and low closing prices for the basket equity, based on daily closing prices, as reported by Bloomberg. The closing price of the basket equity on October 22, 2014 was $71.44. The actual basket equity starting price will be determined on the trade date. Past performance of the basket equity is not indicative of the future performance of the basket equity.

Quarter Begin		Quarter End				Quarterly High				Quarterly Low				Quarterly Close
1/4/2010			3/31/2010				$42.86				$35.98				$36.57
4/1/2010			6/30/2010				$41.86				$29.76				$29.80
7/1/2010			9/30/2010				$40.42				$29.96				$40.08
10/1/2010			12/31/2010				$60.61				$39.60				$60.61
1/3/2011			3/31/2011				$74.13				$57.43				$71.44
4/1/2011			6/30/2011				$73.41				$58.94				$70.48
7/1/2011			9/30/2011				$75.08				$46.16				$46.16
10/3/2011			12/30/2011				$68.25				$45.27				$61.27
1/3/2012			3/30/2012				$78.57				$63.76				$71.62
4/2/2012			6/29/2012				$72.70				$54.07				$58.07
7/2/2012			9/28/2012				$76.45				$58.04				$72.20
10/1/2012			12/31/2012				$73.93				$58.46				$61.60
1/2/2013			3/28/2013				$66.82				$59.71				$63.76
4/1/2013			6/28/2013				$64.50				$57.80				$62.09
7/1/2013			9/30/2013				$71.94				$62.54				$70.39
10/1/2013			12/31/2013				$75.97				$70.09				$71.67
1/2/2014			3/31/2014				$71.93				$65.82				$70.18
4/1/2014			6/30/2014				$82.63				$69.56				$82.35
7/1/2014			9/30/2014				$86.43				$76.10				$76.10
10/1/2014*			10/22/2014*				$74.54				$68.05				$71.44

TABLE OF CONTENTS

The graph below illustrates the performance of the basket equity from January 3, 2000 through October 22, 2014, based on information from Bloomberg. Past performance of the basket equity is not indicative of the future performance of the basket equity.

TABLE OF CONTENTS

According to publicly available information, Nucor Corporation and its affiliates (“Nucor”) are manufacturers of steel and steel products. Nucor also produces direct reduced iron (“DRI”) for use in Nucor’s steel mills and processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron (“HBI”) and DRI. Nucor’s operations include several international trading companies that buy and sell steel and steel products. Nucor operates in three business segments: Steel Mills, Steel Products and Raw Materials. Nucor’s Steel Mills segment produces and distributes sheet steel, plate steel, structural steel and bar steel. The Steel Products segment produces steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, steel grating and expanded metal, and wire and wire mesh. Through the Raw Materials segment, Nucor produces DRI; brokers ferrous and nonferrous metals, pig iron, HBI and DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap metal. Information filed by Nucor with the SEC under the Exchange Act can be located by reference to its SEC file number: 001-04119, or its CIK Code: 0000073309. Nucor’s website is http://www.nucor.com. Nucor’s common stock is listed on the New York Stock Exchange under the ticker symbol “NUE.”

The closing price of the basket equity has fluctuated in the past and may, in the future, experience significant fluctuations. Any historical upward or downward trend in the closing price of the basket equity during any period shown below is not an indication that the basket equity is more or less likely to increase or decrease at any time during the life of your Warrants. The following table sets forth the quarterly high and low closing prices for the basket equity, based on daily closing prices, as reported by Bloomberg. The closing price of the basket equity on October 22, 2014 was $51.71. The actual basket equity starting price will be determined on the trade date. Past performance of the basket equity is not indicative of the future performance of the basket equity.

Quarter Begin		Quarter End				Quarterly High				Quarterly Low				Quarterly Close
1/4/2010			3/31/2010				$49.93				$39.50				$45.38
4/1/2010			6/30/2010				$47.67				$38.28				$38.28
7/1/2010			9/30/2010				$40.66				$36.38				$38.20
10/1/2010			12/31/2010				$44.58				$37.50				$43.82
1/3/2011			3/31/2011				$48.88				$43.75				$46.02
4/1/2011			6/30/2011				$47.64				$39.45				$41.22
7/1/2011			9/30/2011				$41.57				$31.25				$31.64
10/3/2011			12/30/2011				$41.17				$30.91				$39.57
1/3/2012			3/30/2012				$45.41				$40.52				$42.95
4/2/2012			6/29/2012				$43.49				$34.39				$37.90
7/2/2012			9/28/2012				$40.76				$36.82				$38.26
10/1/2012			12/31/2012				$43.97				$37.82				$43.18
1/2/2013			3/28/2013				$48.23				$43.71				$46.15
4/1/2013			6/28/2013				$47.10				$42.23				$43.32
7/1/2013			9/30/2013				$50.87				$43.55				$49.02
10/1/2013			12/31/2013				$54.62				$47.58				$53.38
1/2/2014			3/31/2014				$53.07				$46.62				$50.54
4/1/2014			6/30/2014				$53.16				$49.09				$49.25
7/1/2014			9/30/2014				$58.09				$49.15				$54.28
10/1/2014*			10/22/2014*				$52.83				$48.22				$51.71

TABLE OF CONTENTS

The graph below illustrates the performance of the basket equity from January 3, 2000 through October 22, 2014, based on information from Bloomberg. Past performance of the basket equity is not indicative of the future performance of the basket equity.

TABLE OF CONTENTS

According to publicly available information, Pioneer Natural Resources Company (“Pioneer”) is an independent oil and gas exploration and production company with operations in the United States. Pioneer is a holding company whose assets consist of direct and indirect ownership interests in, and whose business is conducted substantially through, its subsidiaries. Pioneer explores for, develops and produces oil and gas reserves. Pioneer sells homogenous oil, natural gas liquid and gas units. Pioneer has one reportable operating segment, which is oil and gas exploration and production. Information filed by Pioneer with the SEC under the Exchange Act can be located by reference to its SEC file number: 001-13425, or its CIK Code: 0001038357. Pioneer’s website is http://www.pxd.com. Pioneer’s common stock is listed on the New York Stock Exchange under the ticker symbol “PXD.”

The closing price of the basket equity has fluctuated in the past and may, in the future, experience significant fluctuations. Any historical upward or downward trend in the closing price of the basket equity during any period shown below is not an indication that the basket equity is more or less likely to increase or decrease at any time during the life of your Warrants. The following table sets forth the quarterly high and low closing prices for the basket equity, based on daily closing prices, as reported by Bloomberg. The closing price of the basket equity on October 22, 2014 was $178.99. The actual basket equity starting price will be determined on the trade date. Past performance of the basket equity is not indicative of the future performance of the basket equity.

Quarter Begin		Quarter End				Quarterly High				Quarterly Low				Quarterly Close
1/4/2010			3/31/2010				$56.32				$43.62				$56.32
4/1/2010			6/30/2010				$71.66				$56.40				$59.45
7/1/2010			9/30/2010				$66.89				$55.84				$65.03
10/1/2010			12/31/2010				$87.53				$65.56				$86.82
1/3/2011			3/31/2011				$102.86				$87.52				$101.92
4/1/2011			6/30/2011				$104.66				$83.66				$89.57
7/1/2011			9/30/2011				$99.53				$65.77				$65.77
10/3/2011			12/30/2011				$94.54				$61.82				$89.48
1/3/2012			3/30/2012				$116.24				$92.63				$111.59
4/2/2012			6/29/2012				$116.16				$78.78				$88.21
7/2/2012			9/28/2012				$113.16				$82.80				$104.40
10/1/2012			12/31/2012				$109.34				$101.65				$106.59
1/2/2013			3/28/2013				$132.45				$109.75				$124.25
4/1/2013			6/28/2013				$154.65				$110.17				$144.75
7/1/2013			9/30/2013				$188.80				$148.73				$188.80
10/1/2013			12/31/2013				$224.95				$176.43				$184.07
1/2/2014			3/31/2014				$204.51				$164.78				$187.14
4/1/2014			6/30/2014				$233.07				$181.60				$229.81
7/1/2014			9/30/2014				$232.28				$194.69				$196.97
10/1/2014*			10/22/2014*				$189.82				$164.78				$178.99