Microsoft word - final terms_ch0260315137_11112014.docx

FINAL TERMS
dated 11 November 2014 in connection with the Base Prospectus dated 23 June 2014 (as supplemented from time to time) UBS AG, London Branch
(the London branch of UBS AG) for the issue of 300 (indicative) UBS Gearing Certificates
ISIN CH0260315137
linked to shares
These final terms (the "Final Terms") have been prepared for the purpose of Article 5 (4) of the
Prospectus Directive and provide additional information to the base prospectus dated 23 June 2014, as
supplemented from time to time (the "Base Prospectus", together with the Final Terms, the
"Prospectus") that was prepared in accordance with the Financial Instruments Trading Act (SFS
1991:980). Terms used herein shall be deemed to be defined as such for the purposes of the Conditions
(the "Conditions") set forth in the Base Prospectus.

These Final Terms must be read in conjunction with the Base Prospectus, including all
information incorporated by reference therein and any supplement(s) thereto. Full information
on the Issuer and the offer of the Securities is only available on the basis of the combination of
these Final Terms and the Base Prospectus, as supplemented from time to time. However, a
summary of the individual issue of the Securities is annexed to these Final Terms. The Base Prospectus, any supplement to the Base Prospectus and these Final Terms are available for viewing at www.ubs.com/keyinvest or a successor address. Copies may be obtained during normal business hours at the registered offices of the Issuer. TABLE OF CONTENTS
OVERVIEW ON THE SECURITY STRUCTURE
PART A – PRODUCT TERMS
PART B – OFFERING AND SALE
I. Offering for Sale and Issue Price II. Subscription, Purchase and Delivery of the Securities PART C – OTHER INFORMATION
I. Listing and Trading II. Commissions paid by the Issuer III. Rating IV. Consent to Use of Prospectus V. Indication of Yield VI. Other information about the Securities PART D – COUNTRY SPECIFIC INFORMATION
PART E – INFORMATION ABOUT THE UNDERLYING
ANNEX TO THE FINAL TERMS: ISSUE SPECIFIC SUMMARY
Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 OVERVIEW ON THE SECURITY STRUCTURE

UBS Gearing Securities
UBS Gearing Securities allow Securityholders to participate in the positive development of the Underlying(s). Conversely, Securityholders in UBS Gearing Securities may also participate in the negative development of the Underlying(s), as the UBS Gearing Securities may provide downside risk potential as specified in the applicable Product Terms. UBS Gearing Securities may also allow Securityholders to participate in the positive development of the Underlying relative to another Underlying. Conversely, Securityholders in UBS Gearing Securities may participate in the negative development of the Underlying relative to another Underlying. Securityholders receive on the Maturity Date a Redemption Amount in the Redemption Currency, the amount of which depends on the Reference Price or the Settlement Price of the Underlying(s), as specified in the relevant Product Terms. The Redemption Amount is typically calculated by multiplying the Nominal Amount or such other amount as specified in the applicable Product Terms with the relevant performance of the Underlying(s), thereafter multiplied by the Participation Factor, the Leverage Factor or the Multiplier, but may also take other factors into account, as specified in the applicable Product Terms. The Redemption Amount may be determined by reference to the performance of one or more Underlying(s), as specified in the relevant Product Terms. Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 PART A – PRODUCT TERMS
The following "Product Terms" of the Securities shall, for the relevant Securities, complete and put in
concrete terms the General Conditions for the purposes of such Securities. A version of these Product Terms as completed and put in concrete terms for the specific issue will be contained in the applicable Final Terms and must be read in conjunction with the General Conditions. The Product Terms are composed of Key Terms and Definitions of the Securities
Special Conditions of the Securities

Product Terms and General Conditions together constitute the "Conditions" of the relevant Securities.
Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 Part 1: Product Terms: Key Terms and Definitions of the Securities

The Securities use the following definitions and have, subject to an adjustment according to the
Conditions of the Securities, the following key terms, both as described below in alphabetical order. The
following does not represent a comprehensive description of the Securities, and is subject to and should
be read in conjunction with the Conditions of the Securities. The following use of the symbol "*" in the
Key Terms and Definitions of the Securities indicates that the relevant determination will be made by the
Calculation Agent or the Issuer, as the case may be, and will be published without undue delay thereafter
in accordance with the applicable legal requirements of the relevant jurisdiction.

A.
Additional Termination Additional Termination Event means in relation to a share used as the
Underlying any of the following events: The Issuer obtains knowledge about the intention to discontinue permanently the quotation of the shares of the Company on the Relevant Exchange due to a merger or a new company formation, due to a transformation of the Company into a legal form without shares, or due to any other comparable reason, in particular as a result of a delisting of the Company. insolvency proceeding or any other similar proceeding under the jurisdiction applicable to and governing the Company is initiated with respect to the assets of the Company. shares of the Company, which in the Issuer's opinion, results in a significant impact on the liquidity of such shares in the market. Offer to the shareholders of the Company pursuant to the German Stock Corporation Act (Aktiengesetz), the German Law regulating the Transformation of Companies (Umwandlungsgesetz) or any other similar proceeding under the jurisdiction applicable to and governing the Company to convert existing shares of the Company to cash settlement, to Securities other than shares or rights, which are not quoted on a stock exchange and/or in a trading system. Banking Day:
The Banking Day means each day on which the banks in Oslo, Norway, are open for business and the Clearing System settles securities dealings. CA Rules:
CA Rules means (i) the Norway Securities Register Act (Lov av 5. juli 2002 nr. 64 om registrering av finansielle instrumenter) as well as (ii) any regulation and operating procedure applicable to and/or issued by the Clearing System. Clearing System:
Clearing System means VPS ASA, P.O. Box 4, NO-0051 Oslo, Norway, in its capacity as central securities depository under the Norway Securities Register Act (Lov av 5. Juli 2002 nr. 64 om registrering av finansielle instrumenter) or any successor in this capacity. Expiration Date:
The Expiration Date means 11 December 2017.
Fixing Date:
The Fixing Date means 11 December 2014. If this day is not an Underlying Calculation Date in relation to an Underlying(i) the immediately succeeding Underlying Calculation Date is Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 deemed to be the Fixing Date in relation to all Underlyings. In the case of abbreviation or extension of the Subscription Period the Fixing Date may be changed accordingly. Fixing Time:
The Fixing Time equals the time of the official determination of the closing price of the respective Underlying(i). Governing Law:
German law governed Securities. Any reference to reasonable discretion in the Conditions shall be construed as references to reasonable discretion in accordance with § 315 BGB or §§ 315, 317 BGB, as the case may be. Initial Payment Date:
The Initial Payment Date means 29 December 2014. In the case of abbreviation or extension of the Subscription Period the Initial Payment Date may be changed accordingly. Issue Date:
The Issue Date means 29 December 2014. In the case of abbreviation or extension of the Subscription Period the Issue Date may be changed accordingly. The Issuer means UBS AG, Bahnhofstrasse 45, 8001 Zurich, Switzerland, and Aeschenvorstadt 1, 4051 Basel, Switzerland, acting through its London Branch, 1 Finsbury Avenue, London EC2M 2PP, United Kingdom. Manager:
The Manager means UBS Limited, 1 Finsbury Avenue, London EC2M 2PP, Maturity Date:
The Maturity Date means the tenth Banking Day (i) after the final Valuation Date, and (ii) in the case of a Termination by the Issuer in accordance with § 8 of the Conditions of the Securities, after the Termination Date. Minimum Trading Size:
The Minimum Trading Size equals 1 Security.
Nominal Amount:
The Nominal Amount per Security equals NOK 100,000.00. Observation Date:
The Observation Date means each 11th day of a calendar month, beginning on 12 June 2017 (including) (Observation Date(i=1)) and ending on the Expiration Date (including) (Observation Date(i=7)). The term "Observation Date" shall also refer to all Observation Dates(i=1) to (i=7). If one of these days is not an Underlying Calculation Date in relation to an Underlying(i), the immediately succeeding Underlying Calculation Date is Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 deemed to be the relevant Observation Date in relation to all Underlyings.
Participation Factor:
The Participation Factor equals 100 % (indicative).
The Participation Factor will be fixed on the Fixing Date.* Paying Agent:
The Paying Agent means UBS Limited c/o UBS Bockenheimer Landstrasse 2–4, 60306 Frankfurt am Main, Federal Republic of Germany. The term "Paying Agent" shall also refer to all Paying Agents including the Principal Paying Agent. Price of the Underlying:
The Price of the Underlying means the official closing price of the Underlying(i) as determined on the Relevant Exchange. Principal Paying Agent:
The Principal Paying Agent means UBS Limited c/o UBS Deutschland AG, Bockenheimer Landstrasse 2-4, 60306 Frankfurt am Main, Federal Republic The Redemption Currency means Norwegian Krona ("NOK").
Relevant Exchange:
The Relevant Exchange means New York Stock Exchange. Relevant Futures and The Relevant Futures and Options Exchange means the futures and options
Options Exchange:
exchange(s), on which futures and option contracts on the Underlying are primarily traded, as determined by the Calculation Agent. Securities:
Securities means the UBS Gearing Certificates issued by the Issuer in the Issue Size with the following product features: Participation Factor: Multiplication Factor: Reverse Structure: Express Structure: Thresholds / Limits: Relevant Underlying: Physical Delivery: Stop Loss / Knock Out: Currency Conversion: Capital Protection: No pre-defined term: Minimum Exercise Size: Securityholder's Termination Consideration of Components: Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 Issuer's Call Right Investor's Put Right The Securities are being issued in uncertificated and dematerialised form to be registered in book-entry form at the Clearing System (also the
"Norwegian Securities") and will not be represented by definitive
Security Identification
ISIN: CH0260315137, Valor: 26031513 Settlement Cycle:
The Settlement Cycle means the number of business days following a trade in the Underlying on the Relevant Exchange in which settlement will customarily occur according to the rules of the Relevant Exchange. Settlement Price:
The Settlement Price of the Underlying(i) equals the arithmetical average of the Prices of the Underlying(i) on each of the Observation Dates(i) as determined by the Calculation Agent at the Valuation Time (one (1) unit of
the Underlying Currency equals one (1) unit NOK, "Quanto NOK").
The Strike of the Underlying(i) equals the Price of the respective Underlying(i) at the Fixing Time on the Fixing Date (one (1) unit of the Underlying
Currency equals one (1) unit NOK, "Quanto NOK").
The Strike of the Underlying(i) will be fixed at the Fixing Time on the Fixing Date.* Term of the Securities:
The Term of the Securities means the period, commencing on the Issue Date and ending on the Expiration Date at the Valuation Time. Termination Amount:
The Termination Amount equals an amount in the Redemption Currency, which is determined by the Calculation Agent at its reasonable discretion and considering the then prevailing Price of the Underlying as the fair market price of a Security at the occurrence of the termination of the The Underlying(i=1) equals the share of McDonald's (ISIN US5801351017, Bloomberg: MCD UN), the Underlying(i=2) equals the share of The Procter & Gamble Company (ISIN US7427181091, Bloomberg: PG UN), the Underlying(i=3) equals the share of AT&T Inc. (ISIN US00206R1023, Bloomberg: T UN), the Underlying(i=4) equals the share of Wal-Mart (ISIN US9311421039, Bloomberg: WMT UN), the Underlying(i=5) equals the share of Johnson (ISIN US4781601046, Bloomberg: JNJ UN), the Underlying(i=6) equals the share of The Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 (ISIN US1912161007, Bloomberg: KO UN), the Underlying(i=7) equals the share of Kellogg (ISIN US4878361082, Bloomberg: K UN), the Underlying(i=8) equals the share of Kimberly-Clark Corporation (ISIN US4943681035, Bloomberg: KMB UN), the Underlying(i=9) equals the share of Colgate-Palmolive (ISIN US1941621039, Bloomberg: CL UN), and the Underlying(i=10) equals the share of General (ISIN US3703341046, Bloomberg: GIS UN). The term "Underlying" shall also refer to all Underlyings(i=1) to (i=10). To avoid currency fluctuations in relation to the respective Underlying(i) that is denominated in a currency other than the Redemption Currency, the Price of the Underlying is expressed on a quanto NOK basis, i.e. the currency relating to the Underlying is considered according to amount as a NOK price without conversion in relation to the Price of the Underlying or the Settlement Price (one (1) unit of the Underlying Currency equals one (1)
unit NOK, "Quanto NOK").
Underlying Calculation
The Underlying Calculation Date means each day, on which the Relevant Exchange is open for trading and the Price of the Underlying is determined in accordance with the relevant rules. Underlying Currency:
The Underlying Currency in relation to each Underlying(i) means US Dollar
("USD").

One (1) unit of the Underlying Currency equals one (1) unit NOK, "Quanto
Valuation Date:
The Valuation Date means the relevant Observation Date(i). Valuation Time:
The Valuation Time equals the time of official determination of the closing price of the respective Underlying(i). Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014
Part 2: Product Terms: Special Conditions of the Securities
Security Right
(1) Security Right of the Securityholders
The Issuer hereby warrants to the Securityholder (§ 4 (2)) of each (1) Security relating to the Price of the Underlyings in accordance with these Conditions that such Securityholder shall have the right
(the "Security Right") to receive the Settlement Amount (§ 1 (2)) commercially rounded to two
decimal places (the "Redemption Amount").
(2) Settlement Amount
"Settlement Amount" will be determined as follows:
Nominal Amount x Participation Factor x Performance where the "Performance" is calculated in accordance with the following formula:

Where:
"Settlement Price(i)" equals the Settlement Price of the Underlying(i), and
"Strike(i)" equals the Strike of the Underlying(i).
(3) Determinations and Calculations in connection with the Security Right
Any determination and calculation in connection with the Security Right, in particular the calculation of the Redemption Amount, will be made by the Calculation Agent (§ 12). Determinations and calculations made in this respect by the Calculation Agent shall (save in the case of manifest error) be final, conclusive and binding on the Issuer and the Securityholders. (Intentionally left blank) (Intentionally left blank) Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 PART B – OFFERING AND SALE
I. Offering for Sale and Issue Price
Offering for Sale and Issue Price:
The UBS Gearing Certificates (the "Securities", and each a
"Security") are issued by the Issuer in the Issue Size.
It has been agreed that, on or after the respective Issue Date of the Securities, the Manager may purchase Securities and shall place the Securities for sale at the Issue Price under terms subject to change in the Public Offer Jurisdictions (as defined in "IV. Consent to Use of Prospectus" below). The Issue Price was fixed at the Start of the public offer of the Securities (as defined in "II. Subscription, Purchase and Delivery of the Securities" below). After closing of the Subscription Period (as defined in "II. Subscription, Purchase and Delivery of the Securities" below) the selling price will then be adjusted on a continual basis to reflect the prevailing market situation. The Manager shall be responsible for coordinating the entire Securities offering.
Issue Size:
The Issue Size means 300 Securities (indicative). The Issue Size will be fixed at the end of the Subscription
Aggregate Amount of the Issue:
Issue Price x Issue Size.

Issue Date:
The Issue Date means 29 December 2014. In the case of abbreviation or extension of the Subscription Period the Issue Date may be changed accordingly.
Issue Price:
The Issue Price equals NOK 10,500.00.

Manager:
The Manager means UBS Limited, 1 Finsbury Avenue, London EC2M 2PP, United Kingdom.
Type and form of the Securities:

Clearing system:
VPS ASA, Postboks 4, NO-0051 Oslo, Norway
ISIN-code:
The Securities have the following ISIN: CH0260315137.
Currency:
The currency of the Securities is Norwegian Krona ("NOK").
Conflicting Interests:
Save for the Manager regarding its fees, as far as the Issuer is aware, no person involved in the issue of the Securities has an interest material to the offer. Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014
II. Subscription, Purchase and Delivery of the Securities

Subscription, Purchase and
The Securities may be subscribed from the Manager during Delivery of the Securities:
normal banking hours during the Subscription Period. The Issue Price per Security is payable on the Initial Payment Date. The Issuer reserves the right to earlier close or to extend the Subscription Period if market conditions so require. After the Initial Payment Date, the appropriate number of Securities shall be credited to the investor's account in accordance with the rules of the corresponding Clearing System. If the Subscription Period is shortened or extended, the Initial Payment Date may also be brought forward or postponed.
Subscription Period:
11 November 2014 until 5 December 2014 (17:30 hrs local time The Issuer reserves the right to earlier close or to extend the Subscription Period by giving notice to the investors if market conditions so require.
Start of the public offer of the 11 November 2014 in Norway
Securities:

Initial Payment Date:
The Initial Payment Date means 29 December 2014. In the case of abbreviation or extension of the Subscription Period the Initial Payment Date may be changed accordingly. Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 PART C – OTHER INFORMATION
I. Listing and Trading

Listing and Trading
It is not intended to apply for inclusion of the Securities to trading on a securities exchange.
II. Commissions paid by the Issuer
Commissions paid by the Issuer The Issuer may grant sales and recurring commissions to
distributors related to the amount/number of placed or sold Securities as indicated in (i) to (iv). Sales commissions are paid out of the issue proceeds as a one-off payment; alternatively the Issuer may grant an agio on the issue price (excl. the offering premium) to the distributor. Recurring commissions are paid regularly depending on the respective securities volume. If UBS acts as Issuer and distributor the relevant commissions are internally booked in favour of the distributing organisational unit. (i) Underwriting and/or
placing fee:
(ii) Selling commission:
(iii) Listing Commission:
(iv) Other:
Fee of up to 2.50 %, paid upfront.
III. Rating

Ratings:
The Securities have not been rated.

IV. Consent to Use of Prospectus

The Issuer consents to the use of the Base Prospectus together with the relevant Final Terms in
connection with a public offer (a "Public Offer") of any relevant Securities by any financial intermediary
which is authorised to make such offers under the Markets in Financial Instruments Directive (Directive
2004/39/EC) (each an "Authorised Offeror") on the following basis:
the relevant Public Offer must occur during the Offer Period specified below; the relevant Public Offer may only be made in a Public Offer Jurisdiction specified below; the relevant Authorised Offeror must be authorised to make such offers in the relevant Public Offer Jurisdiction under the Markets in Financial Instruments Directive (Directive 2004/39/EC) and if any Authorised Offeror ceases to be so authorised then the above consent of the Issuer shall thereupon terminate. Offer Period:
Subscription Period (as defined in "II. Subscription, Purchase and Delivery of the Securities" above) Public Offer Jurisdiction:
Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 V. Indication of Yield

Yield:
VI. Other information about the Securities
The issuance of Securities under the Base Prospectus from time to time has been authorised by applicable corporate authorisations. Procedure for redemption of As specified in § 1 of the Conditions of the Securities Part 2:
Securities:
Product Terms: Special Conditions of the Securities of these Final Disturbing events that affect the As specified in § 11 of the General Conditions of the Securities of
the Base Prospectus dated 23 June 2014. Adjustment rules for taking into As specified in § 6 (b) of the General Conditions of the Securities
account events that affect the of the Base Prospectus dated 23 June 2014.
Explanation of how the
As specified in the section OVERVIEW ON THE SECURITY Underlyings affect the Securities: STRUCTURE of these Final Terms.
Paying Agent:
The Paying Agent means UBS Limited c/o UBS Deutschland AG, Bockenheimer Landstrasse 2–4, 60306 Frankfurt am Main, Federal Republic of Germany. The term "Paying Agent" shall also refer to all Paying Agents including the Principal Paying Agent. Calculation Agent:
UBS AG, Bahnhofstrasse 45, 8001 Zurich, Switzerland, and Aeschenvorstadt 1, 4051 Basle, Switzerland, acting through its London Branch, 1 Finsbury Avenue, London EC2M 2PP, United Information from third parties:
Applicable, where the Final Terms contain information obtained from third parties, such information was reproduced accurately, and to the best knowledge of the Issuer - as far as it is able to ascertain from information provided or published by such third party - no facts have been omitted which would render the reproduced information inaccurate or misleading. Information after the Issue Date: The Issuer does not intend to give information about the Securities
after the Issue Date. Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 PART D – COUNTRY SPECIFIC INFORMATION
Additional Paying Agent(s) (if
Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 PART E – INFORMATION ABOUT THE UNDERLYING


McDonald's Corporation (ISIN US5801351017)
McDonald's Corporation operates and franchises fast-food restaurants worldwide. The company's franchised and company operated fast food restaurants offer a variety of low price fast foods in locations around the world. Further information as well as information about the past and the further performance and the volatility of the Underlying can be obtained from the internet page www.mcdonalds.com.
The Procter & Gamble Company (ISIN US7427181091)
The Procter & Gamble Company manufactures and markets consumer products in countries throughout the world. The company provides products in the laundry and cleaning, paper, beauty care, food and beverage, and health care segments. The company's products are sold primarily through mass merchandisers, grocery stores, membership club stores, drug stores, and neighborhood stores. Further information as well as information about the past and the further performance and the volatility of the Underlying can be obtained from the internet page www.pg.com.
AT&T Inc. (ISIN US00206R1023)
AT&T Inc. is a communications holding company. The company, through its subsidiaries and affiliates, provides local and long-distance phone service, wireless and data communications, Internet access and messaging, IP-based and satellite television, security services, telecommunications equipment, and directory advertising and publishing. Further information as well as information about the past and the further performance and the volatility of the Underlying can be obtained from the internet page www.att.com.
Wal-Mart Stores, Inc. (ISIN US9311421039)
Wal-Mart Stores, Inc. operates discount stores, supercenters, and neighborhood markets. The company's discount stores and supercenters offer merchandise such as apparel, housewares, small appliances, electronics, and hardware. Walmart's markets offer a full-line supermarket and a limited assortment of general merchandise. The company operates nationally and internationally. Further information as well as information about the past and the further performance and the volatility of the Underlying can be obtained from the internet page www.walmart.com.
Johnson & Johnson (ISIN US4781601046)
Johnson & Johnson manufactures health care products and provides related services for the consumer, pharmaceutical, and medical devices and diagnostics markets. The company sells products such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around the world. Further information as well as information about the past and the further performance and the volatility of the Underlying can be obtained from the internet page www.jnj.com.
The Coca-Cola Company (ISIN US1912161007)
The Coca-Cola Company manufactures, markets, and distributes soft drink concentrates and syrups. The company also distributes and markets juice and juice-drink products. The Coca-Cola Company distributes its products to retailers and wholesalers in the United States and internationally. Further information as well as information about the past and the further performance and the volatility of the Underlying can be obtained from the internet page www.coca-cola.com. Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 Kellogg Company (ISIN US4878361082)
Kellogg Company manufactures and markets ready-to-eat cereal and other convenience foods. The company's products include cereals, cookies, crackers, toaster pastries, cereal bars, fruit snacks, frozen waffles and veggie foods. Kellogg Company markets its products in the United States, Canada, and other countries throughout the world. Further information as well as information about the past and the further performance and the volatility of the Underlying can be obtained from the internet page www.kelloggcompany.com.
Kimberly-Clark Corporation (ISIN US4943681035)
Kimberly-Clark Corporation is a global health and hygiene company that manufactures and provides consumer products. The company's products include diapers, tissues, paper towels, incontinence care products, surgical gowns, and disposable face masks. Its products are sold in countries around the world. Further information as well as information about the past and the further performance and the volatility of the Underlying can be obtained from the internet page www.kimberly-clark.com.
Colgate-Palmolive Company (ISIN US1941621039)
Colgate-Palmolive Company is a consumer products company that markets its products throughout the world. The company's products include toothpaste, toothbrushes, shampoos, deodorants, bar and liquid soaps, dishwashing liquid, and laundry products, as wel as pet nutrition products for cats and dogs. Further information as well as information about the past and the further performance and the volatility of the Underlying can be obtained from the internet page www.colgate.com.

General Mills, Inc. (ISIN US3703341046)
General Mills, Inc. manufactures and markets branded and packaged consumer foods worldwide. The company also supplies branded and unbranded food products to the foodservice and commercial baking Further information as well as information about the past and the further performance and the volatility of the Underlying can be obtained from the internet page www.generalmills.com. Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014
ANNEX TO THE FINAL TERMS: ISSUE SPECIFIC SUMMARY
This summary relates to UBS Gearing Certificates described in the final terms (the "Final Terms") to which
this summary is annexed. This summary contains that information from the summary set out in the Base
Prospectus which is relevant to the Securities together with the relevant information from the Final Terms.
Words and expressions defined in the Final Terms and the Base Prospectus have the same meanings in this
summary.
Summaries are made up of disclosure requirements known as "Elements". These elements are numbered
in Sections A – E (A.1 – E.7). This Summary contains all the Elements required to be included in a summary for this type of securities and Issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the Elements. Even though an Element may be required to be inserted in the summary because of the type of securities and Issuer, it is possible that no relevant information can be given regarding the Element. In this case a short description of the Element is included in the summary with the mention of "not applicable". Section A – Introduction and warnings
A.1 Warning. This
Summary should be read as an introduction to the Base
Prospectus. Any decision to invest in the Securities should be based
on consideration of the Base Prospectus as a whole by the investor.
Potential investors should be aware that where a claim relating to the information contained in the Base Prospectus is brought before a court, the plaintiff investor might, under the national legislation of the respective European Economic Area member state, have to bear the costs of translating the document before the legal proceedings are initiated. UBS AG in its capacity as Issuer who is responsible for the summary including the translation thereof can be held liable, but only if the summary is misleading, inaccurate or inconsistent when read together with the other parts of the Base Prospectus or it does not provide, when read together with the other parts of the Base Prospectus, all required key information. Consent to use
The Issuer consents to the use of the Base Prospectus together with the of Prospectus.
relevant Final Terms in connection with a public offer of the Securities (the
"Public Offer") by any financial intermediary which is authorised to make
such offers under the Markets in Financial Instruments Directive (Directive
2004/39/EC) (each an "Authorised Offeror") on the following basis:
(a) the relevant Public Offer must occur during the Subscription Period (the "Offer Period");
the relevant Public Offer may only be made in Norway (the "Public
Offer Jurisdiction");
the relevant Authorised Offeror must be authorised to make such offers in the relevant Public Offer Jurisdiction under the Markets in Financial Instruments Directive (Directive 2004/39/EC) and if any Authorised Offeror ceases to be so authorised then the above consent of the Issuer shall thereupon terminate. Authorised Offerors will provide information to investors on the
terms and conditions of the Public Offer of the Securities at the time
such Public Offer is made by the Authorised Offeror to the investor.
Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 Section B – Issuer
The legal and commercial name of the Issuer is UBS AG ("Issuer" or "UBS
commercial name AG"; together with its subsidiaries, "UBS", "UBS Group" or the
"Group").
Domicile, legal UBS AG's two registered offices and principal places of business are: form, legislation Bahnhofstrasse 45, CH-8001 Zurich, Switzerland; and Aeschenvorstadt 1, and country of CH-4051 Basel, Switzerland. UBS AG is entered in the Commercial incorporation of Registers of Canton Zurich and Canton Basel-City under the registration number CHE-101.329.561. UBS AG is incorporated in Switzerland and operates under the Swiss Code of Obligations and Swiss Federal Banking Law as an Aktiengesellschaft. A description of Trend Information
any known trends affecting the issuer As stated in the outlook statement presented in UBS AG's second quarter or the industries in 2014 report, including unaudited consolidated financial statements of UBS which it operates. Group and issued on 29 July 2014, at the start of the third quarter of 2014, many of the underlying challenges and geopolitical issues that UBS has previously highlighted remain. The mixed outlook for global growth, the absence of sustained and credible improvements to unresolved issues in Europe, continuing US fiscal and monetary policy issues, increasing geopolitical instability and the seasonal decline in activity levels traditionally associated with the summer holiday season would make improvements in prevailing market conditions unlikely. Despite these ongoing challenges, UBS will continue to execute on its strategy in order to ensure the firm's long-term success and to deliver sustainable returns for shareholders. Description of the UBS AG is the parent company of the Group. Neither the business divisions Group and the of UBS nor the Corporate Center are separate legal entities. Currently, they issuer's position primarily operate out of UBS AG, through its branches worldwide. within the group. Businesses also operate through local subsidiaries where necessary or UBS has announced that it intends to establish a group holding company through a share for share exchange offer, which is expected to commence in the third quarter of 2014, subject to regulatory approvals. UBS has also announced that it intends to establish a banking subsidiary in Switzerland in mid-2015. The scope of this future subsidiary's business will include the Retail & Corporate business division and the Swiss-booked business within the Wealth Management business division. In the UK, and in consultation with the UK and Swiss regulators, in May 2014 UBS Limited, UBS's UK bank subsidiary, implemented a modified business operating model under which UBS Limited bears and retains a greater degree of risk and reward in its business activities. This principally involves: UBS Limited retaining and managing credit risk as well as some market and other risks, UBS Limited taking a more independent role in managing its funding and liquidity requirements and an increase in UBS Limited's total regulatory capital. In the US, UBS will comply with new rules for banks under the Dodd-Frank Wall Street Reform and Consumer Protection Act that will require an intermediate holding company to own all of its operations other than US branches of UBS AG by 1 July 2016. As a result, UBS will designate an intermediate holding company to hold all US subsidiaries of UBS. Profit forecast or Not applicable; no profit forecast or estimate is included in this Prospectus.
Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 Qualifications in Not applicable. The auditor's reports on the audited historical financial the audit report. information are unqualified. Selected historical UBS AG derived the following selected consolidated financial data from (i) its annual report 2013 containing the audited consolidated financial statements of UBS Group, as well as additional unaudited consolidated financial data, as of or for the fiscal year ended 31 December 2013 (including comparative figures for the fiscal years ended 31 December 2012 and 2011), (ii) its report for the second quarter 2014, containing unaudited consolidated financial statements, as well as additional unaudited consolidated financial data, as of or for the six months ended 30 June 2014 (from which comparative figures as of or for the six months ended 30 June 2013 have been derived). UBS's consolidated financial statements were prepared in accordance with International Financial
Reporting Standards ("IFRS") issued by the International Accounting
Standards Board ("IASB") and stated in Swiss francs (CHF).
Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 As of or for the six months As of or for the year ended CHF million, except where indicated 30.6.14 30.6.13 31.12.13 31.12.12 unaudited audited, indicated Group results
Operating income Operating expenses Operating profit / (loss) before tax Net profit / (loss) attributable to UBS shareholders Diluted earnings per share (CHF) 0.48 Key performance indicators
Profitability
Return on equity (RoE) (%) 1 7.6 Return on assets, gross (%) 2 2.9 Cost / income ratio (%) 3 82.0 Net profit growth (%) 4 10.0 Net new money growth for combined wealth management businesses (%) 5
Resources
Common equity tier 1 capital ratio (fully applied, %) 6, 7 Swiss SRB leverage ratio (phase-in, %) 8 5.3 Additional information
Return on tangible equity (%) 9 8.8 Return on risk-weighted assets, gross (%) 10 12.5 Resources
1,018,374* 11 1,259,797 1,416,962 Equity attributable to UBS shareholders Common equity tier 1 capital (fully applied) 7 30,590 Common equity tier 1 capital (phase-in) 7 41,858 Risk-weighted assets (fully applied) 7 226,736 Risk-weighted assets (phase-in) 7 229,908 Common equity tier 1 capital ratio (phase-in, %) 6, 7 18.2 Total capital ratio (fully applied, %) 7 18.1 Total capital ratio (phase-in, %) 7 23.9 Swiss SRB leverage ratio (ful y applied, %) 8 4.2 Swiss SRB leverage ratio denominator (fully applied) 12 1,020,247* 1,206,214* Swiss SRB leverage ratio denominator (phase-in) 12 986,577 Invested assets (CHF billion) 13 2,507 Personnel (full-time equivalents) Market capitalization Total book value per share (CHF) Tangible book value per share (CHF) 1 Net profit / loss attributable to UBS shareholders (annualized as applicable) / average equity attributable to UBS
shareholders. 2 Operating income before credit loss (expense) or recovery (annualized as applicable) / average total
assets. 3 Operating expenses / operating income before credit loss (expense) or recovery. 4 Change in net profit
attributable to UBS shareholders from continuing operations between current and comparison periods / net profit
attributable to UBS shareholders from continuing operations of comparison period. Not meaningful and not included if
either the reporting period or the comparison period is a loss period. 5 Combined Wealth Management's and Wealth
Management Americas' net new money for the period (annualized as applicable) / invested assets at the beginning of
the period. 6 Common equity tier 1 capital / risk-weighted assets. 7 Based on the Basel III framework as applicable to
Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 Swiss systemically relevant banks (SRB), which became effective in Switzerland on 1 January 2013. The information
provided on a fully applied basis entirely reflects the effects of the new capital deductions and the phase out of
ineligible capital instruments. The information provided on a phase-in basis gradually reflects those effects during the
transition period. Numbers for 31 December 2012 are on a pro-forma basis. Information for 31 December 2011 is not
available. 8 Swiss SRB Basel III common equity tier 1 capital and loss-absorbing capital / total adjusted exposure (leverage
ratio denominator). The Swiss SRB leverage ratio came into force on 1 January 2013. Numbers for 31 December 2012
are on a pro-forma basis. Information for 31 December 2011 is not available. 9 Net profit / loss attributable to UBS
shareholders before amortization and impairment of goodwill and intangible assets (annualized as applicable) / average
equity attributable to UBS shareholders less average goodwill and intangible assets. 10 Operating income before credit
loss (expense) or recovery (annualized as applicable) / average risk-weighted assets. Based on Basel III risk-weighted
assets (phase-in) for 2014 and 2013, on Basel 2.5 risk-weighted assets for 2012 and on Basel II risk-weighted assets for
2011. 11 On 1 January 2014, UBS adopted Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32,
Financial Instruments: Presentation). The prior period balance sheet as of 31 December 2013 was restated to reflect the
effects of adopting these amendments to IAS 32. 12 The leverage ratio denominator is also referred to as "total adjusted
exposure" and is calculated in accordance with the Swiss SRB leverage ratio requirements. Data represents the average
of the total adjusted exposure at the end of the three months preceding the end of the reporting period. Numbers for
31 December 2012 are on a pro-forma basis. Information for 31 December 2011 is not available. 13 Group invested
assets includes invested assets for Retail & Corporate.
Material adverse There has been no material adverse change in the prospects of UBS AG or change statement. UBS Group since 31 December 2013. There has been no significant change in the financial or trading position of UBS Group or of UBS AG since 30 June 2014. Not applicable, no recent events particular to UBS AG have occurred, which are to a material extent relevant to the evaluation of UBS AG's solvency. Dependence upon UBS AG is the parent company of the UBS Group. As such, to a certain extent, it is dependent on certain of its subsidiaries. within the group. Issuer's principal UBS AG with its subsidiaries draws on its 150-year heritage to serve private, institutional and corporate clients worldwide, as well as retail clients in Switzerland. UBS' business strategy is centered on its (in UBS' opinion) pre- eminent global wealth management businesses and its (in UBS' opinion) leading universal bank in Switzerland, completed by its Global Asset Management business complemented and its Investment Bank, with a focus on capital efficiency and businesses that offer (in UBS' opinion) a superior structural growth and profitability outlook. Headquartered in Zurich and Basel, Switzerland, UBS has offices in more than 50 countries, including all major financial centers. According to Article 2 of the Articles of Association of UBS AG, dated
7 May 2014 ("Articles of Association"), the purpose of UBS AG is the
operation of a bank. Its scope of operations extends to all types of banking, financial, advisory, trading and service activities in Switzerland Direct or indirect The following are the most recent notifications of holdings in UBS AG's shareholdings or share capital filed in accordance with the Swiss Federal Act on Stock Exchanges and Securities Trading of 24 March 1995, as amended, based agreements of the on UBS AG's registered share capital at the time of the disclosure: (i) 18 September 2013, Government of Singapore Investment Corp disclosed a change of its corporate name to GIC Private Limited and a holding of 6.40%; (ii) 30 September 2011, Norges Bank (the Central Bank of Norway), 3.04%; (iii) 17 December 2009, BlackRock Inc., New York, As of 30 June 2014, the following shareholders (acting in their own name or in their capacity as nominees for other investors or beneficial owners) were registered in the share register with 3% or more of the total share capital of UBS AG: Chase Nominees Ltd., London (11.39%); GIC Private Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 Limited, Singapore (6.39%); the US securities clearing organization DTC (Cede & Co.) New York, "The Depository Trust Company" (6.39%); and Nortrust Nominees Ltd., London (3.65%). Section C – Securities
Type and the class Type and Form of Securities
of the securities, The Securities are certificates. The Securities are issued in uncertificated and dematerialised book-entry form, and are registered for clearing through VPS ASA ("VPS").
The Securities have the following ISIN: CH0260315137. Currency of the The currency of the Securities is Norwegian Krona ("NOK") (the
"Redemption Currency").
Restrictions on the Each Security is transferable in accordance with applicable law and any free transferability rules and procedures for the time being of any Clearing System through of the securities. whose books such Security is transferred. Rights attached to Governing law of the Securities
The Securities will be governed by German law ("German law governed
including ranking Securities").
and limitations to The legal effects of the registration of the Securities with the relevant Clearing System are governed by the laws of the jurisdiction of the Clearing
Rights attached to the Securities
The Securities provide, subject to the Conditions of the Securities, Securityholders, at maturity or upon exercise, with a claim for payment of the Redemption Amount in the Redemption Currency and/or delivery of the Physical Underlying in the relevant number.
Limitation of the rights attached to the Securities
Under the conditions set out in the Conditions, the Issuer is entitled to terminate the Securities and to make certain adjustments to the
Status of the Securities
The Securities will constitute direct, unsecured and unsubordinated obligations of the Issuer, ranking pari passu among themselves and with all other present and future unsecured and unsubordinated obligations of the Issuer, other than obligations preferred by mandatory provisions of law. Not applicable; the Issuer does not intend to apply for listing of the regulated market or other equivalent Influence of the The value of the Securities during their term depends on the performance underlying on the of the Underlying. In case the price of the Underlying increases, also the value of the Securities (disregarding any special features of the Securities) is likely to increase. In particular, the Redemption Amount, if any, to be received by the Securityholder upon exercise of the Securities depends on the performance of the Underlying. Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 The following features are examples describing the dependency of the value of the Securities from the Underlying:
UBS Gearing Securities
UBS Gearing Securities allow Securityholders to participate in the positive development of the Underlying(s). Conversely, Securityholders in UBS Gearing Securities may also participate in the negative development of the Underlying(s), as the UBS Gearing Securities may provide downside risk potential as specified in the applicable Product Terms. UBS Gearing Securities may also allow Securityholders to participate in the positive development of the Underlying relative to another Underlying. Conversely, Securityholders in UBS Gearing Securities may participate in the negative development of the Underlying relative to another Underlying. Securityholders receive on the Maturity Date a Redemption Amount in the Redemption Currency, the amount of which depends on the Reference Price or the Settlement Price of the Underlying(s), as specified in the relevant Product Terms. The Redemption Amount is typically calculated by multiplying the Nominal Amount or such other amount as specified in the applicable Product Terms with the relevant performance of the Underlying(s), thereafter multiplied by the Participation Factor, the Leverage Factor or the Multiplier, but may also take other factors into account, as specified in the applicable Product Terms. The Redemption Amount may be determined by reference to the performance of one or more Underlying(s), as specified in the relevant
The following descriptions of several performance structures might
be used for the Securities described in the section above

Underlyings
Securities can either depend on one single Underlying, a basket of Underlyings, the best performing Underlying(s), the worst performing Underlying(s) or a combination of those. Basket performances are calculated as the weighted average of the performances of the individual The weightings can either be predefined or be defined during the life of the product depending on certain conditions. Weights can for example depend on the relative performance of the Underlyings or the realised volatility of the Underlying(s). Performances The performance or levels of the Underlying(s) can be measured in various Usually the performance is measured as the final level of the Underlying(s) as a percentage of the initial level of the Underlying(s). However the final level and / or the initial level can also either be defined as the average / maximum / minimum level of the Underlying(s) observed within a certain period. The initial level does not necessarily need to be observed on the strike date of the product but can also be observed during the life of the Performance can also be measured as the relative performance of one or more Underlying(s) relative to the performance of one or more different Performances can also have a pre-defined or a variable and/or conditional cap. This means Securityholders accept a limitation of earning potential Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 ("Cap") and may only participate in possible price increases (or decreases)
of the Underlying(s) until a certain level is reached and no further. Additionally performances can also have a pre-defined or a variable and/or conditional floor. This means Securityholders will have a minimum of
earning potential ("Floor") and may only negatively participate in possible
price decreases (or increases) of the Underlying(s) until a certain level is reached and no further. Products can have barriers that are activated as soon as certain conditions are met. Usually these barriers represent certain levels to be reached by the Underlying(s) on certain observation dates. Barriers can either be triggered by Underlying(s), performances or other measures reaching certain predefined levels. Some barriers are only triggered if more than one condition is met. Barriers can either be defined to be observed only on certain dates or Barriers either lead to the removal (Kick–Out) or addition (Kick-In) of certain features of the Securities. Features which are added or removed are for example coupons, participations or Underlying(s). Stop Loss / Knock Out Feature If the relevant Product Terms specify that Stop Loss / Knock Out Event applies, then the Securities may be terminated and redeemed early upon the occurrence of a Stop Loss / Knock Out Event. Investment Strategies Performance can be defined as the hypothetical performance of a certain predefined investment strategy. This can for example be a strategy that invests into the Underlying(s) only on certain predefined dates. Another example would be a strategy that invests into the Underlying(s) dependent on the realised volatility, performance, momentum or other metric of the Underlying(s) level over the life of the product. Bearish / Bullish / Variable Participation Rate Participation is usually proportional with a certain rate (which can itself be dependent on certain pre-conditions for example the performance of one or more Underlying(s)) and can be either negative or positive. Currency Conversion The payoff can either be in the currency of the Underlying(s) or a different payoff currency. The currency exchange rate to be used to determine the final payoff can either be pre-defined (quanto feature) or variable. Coupons / Other Proceeds If the relevant Product Terms specify unconditional Coupon or other proceeds to apply, the Securityholder is entitled to receive payment of the relevant Coupon or other proceeds. If the relevant Product Terms specify conditional Coupon or other proceeds to apply, the Securityholder is entitled to receive payment of the relevant Coupon or other proceeds provided that relevant conditions are met. If in case of a conditional Coupon or other proceeds these requirements are not met, no Coupon or other proceeds are paid. During their term products can therefore generate regular income. Most products however do not generate unconditional income e.g. dividends or Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 Capital Protection Only if the product feature "Capital Protection" is specified to be applicable in the relevant Product Terms, the Settlement Amount is, in any case, at least equal to the capital protected Minimum Amount. Physical or Cash Settlement Only if the product feature "Physical Settlement" is specified to be applicable in the relevant Product Terms, the Product is possibly settled physically. Otherwise the settlement occurs in cash payment. The settlement can depend on the performance of the Underlying(s). Issuer's Call Right If the product feature Issuer's Call Right is specified to be applicable in the relevant Product Terms, the Issuer has a right to call the Securities for early redemption by giving notice to that effect on certain pre-defined dates. The redemption value can either be pre-defined or dependent on the Underlying(s) level, certain dates or other parameters. Investor's Put Right If the product feature Investor's Put Right is specified to be applicable in the relevant Product Terms, the Securityholder has the right to put the Securities for early redemption. The redemption value can either be predefined or dependent on the Underlying(s) level, certain dates or other Maturity Date: 27 December 2017 maturity date, the Expiration Date: 11 December 2017 exercise date or Payments shall, in all cases subject to any applicable fiscal or other laws and procedure of the regulations in the place of payment or other laws and regulations to which the Issuer agrees to be subject, be made in accordance with the relevant CA Rules to the relevant Clearing System or the relevant intermediary or to its order for credit to the accounts of the relevant account holders of the Clearing System or the relevant intermediary. The Issuer shall be discharged from its redemption obligations or any other payment or delivery obligations under the Conditions of the Securities by payment and/or delivery to the Clearing System in the manner described A description of Securityholders will receive on the relevant Maturity Date payment of the how the return on Redemption Amount. securities takes Exercise price or Settlement Price Type of Underlying:
The underlying may consist of shares (including a certificate representing information on the shares), an Index, a currency exchange rate, a precious metal, a underlying can be commodity, an interest rate, a non-equity security, a fund unit, a futures contract (if applicable, including determination of the Relevant Expiration Months), a reference rate, a basket comprising the aforementioned assets, Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 and a portfolio comprising the aforementioned assets. Type of Underlying is shares. Information about the past and the further performance of the Underlyings and their volatility can be obtained on the web-site of: McDonald's Corporation (www.mcdonalds.com) The Procter & Gamble Company (www.pg.com) AT&T Inc. (www.att.com) Wal-Mart Stores, Inc. (www.walmart.com) Johnson & Johnson (www.jnj.com) The Coca-Cola Company (www.coca-cola.com) Kellogg Company (www.kelloggcompany.com) Kimberly-Clark Corporation (www.kimberly-clark.com) Colgate-Palmolive Company (www.colgate.com) General Mills, Inc. (www.generalmills.com) Section D – Risks
Key information on The Securities entail an issuer risk, also referred to as debtor risk or credit the key risks that is risk for prospective investors. An issuer risk is the risk that UBS AG becomes temporarily or permanently unable to meet its obligations under individual to the the Securities.
General insolvency risk
Each investor bears the general risk that the financial situation of the Issuer could deteriorate. The debt or derivative securities of the Issuer will constitute immediate, unsecured and unsubordinated obligations of the Issuer, which, in particular in the case of insolvency of the Issuer, rank pari passu with each other and all other current and future unsecured and unsubordinated obligations of the Issuer, with the exception of those that have priority due to mandatory statutory provisions. The Issuer's obligations relating to the Securities are not protected by any statutory or voluntary
deposit guarantee system or compensation scheme. In the event of
insolvency of the Issuer, investors may thus experience a total loss
of their investment in the Securities.
UBS as Issuer is subject to various risks within its business activities. Such risks comprise in particular the following types of risks, where all of these risks might have adverse effects on the value of the Securities: • Effect of downgrading of the Issuer's rating - The general assessment of the Issuer's creditworthiness may affect the value of the Securities. As a result, any downgrading of the Issuer's rating by a rating agency may have a negative impact on the value of the Securities. • Regulatory and legislative changes may adversely affect UBS's business and ability to execute its strategic plans. The planned and potential regulatory and legislative developments in Switzerland and in other jurisdictions in which UBS has operations may have a material adverse effect on UBS' ability to execute its strategic plans, on the profitability or viability of certain business lines globally or in particular locations, and in some cases on UBS' ability to compete with other financial institutions. They are likely to be costly to implement and could also have a negative impact on UBS' legal structure or business model, potentially generating capital inefficiencies and resulting in an impact on UBS' profitability. • UBS' capital strength is important in supporting its strategy, client Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 franchise and competitive position. Any increase in risk-weighted assets or reduction in eligible capital could materially reduce UBS' capital ratios. Additionally, UBS is subject to a minimum leverage ratio requirement for Swiss SRB, which under certain circumstances could constrain UBS' business activities even if UBS is able to satisfy other risk-based capital requirements. • UBS may not be successful in completing the execution of its announced strategic plans, or its plans may be delayed or the effects of its plans may differ from those intended. UBS is also exposed to possible outflows of client assets in its asset-gathering businesses and to changes affecting the profitability of its Wealth Management business division, and may not be successful in implementing changes in its businesses to meet changing market, regulatory and other • Material legal and regulatory risks arise in the conduct of UBS's business. UBS is subject to a large number of claims, disputes, legal proceedings and government investigations and expects that its ongoing business activities will continue to give rise to such matters in the future. The extent of UBS's financial exposure to these and other matters could be material and could substantially exceed the level of provisions that UBS has established for litigation, regulatory and similar • Operational risks, including those arising from process error, failed execution, unauthorized trading, fraud, system failures, cyber-attacks, breaches of information security and failure of security and physical protection, may affect UBS's business. If UBS' internal controls fail or prove ineffective in identifying and remedying such risks UBS could suffer operational failures that might result in material losses. • UBS's reputation is critical to the success of its business. Reputational damage could have a material adverse effect on UBS's operational results and financial conditions and on UBS' ability to achieve its strategic goals and financial targets. • Performance in the financial services industry is affected by market conditions and the macroeconomic climate. An economic downturn, continued low interest rates or weak or stagnant economic growth in UBS's core markets, or a severe financial crisis can negatively affect UBS's revenues and ultimately its capital base. • UBS holds legacy and other risk positions, including positions related to real estate in various countries that may be adversely affected by conditions in the financial markets; legacy risk positions may be difficult to liquidate as the continued illiquidity and complexity of many of them could make it difficult to sell or otherwise exit these positions. • UBS's global presence subjects it to risk from currency fluctuations which have an effect on UBS' reported income and expenses, and other reported figures such as other comprehensive income, invested assets, balance sheet assets, risk-weighted assets and tier 1 capital. • UBS is dependent upon its risk management and control processes to avoid or limit potential losses in its counterparty credit and trading businesses and could suffer losses if, for example, it does not fully identify the risks in its portfolio or if its assessment of the risks identified or its response to negative trends proves to be untimely, inadequate, insufficient or incorrect. Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 • Valuations of certain positions rely on models; models have inherent limitations and may use inputs which have no observable source; different assumptions and inputs would generate different results, and these differences could have a significant impact on UBS' financial • Liquidity and funding management are critical to UBS's ongoing performance. The volume of UBS' funding sources or the availability of types of funding required could change due to, among other things, general market disruptions, widening credit spreads, changes in capital and liquidity requirements or reductions in UBS' credit ratings, which could also influence the cost of funding. • UBS might be unable to identify or capture revenue or competitive opportunities, or retain and attract qualified employees. UBS's competitive strength and market position could be eroded if UBS is unable to identify market trends and developments, does not respond to them by devising and implementing adequate business strategies, adequately developing or updating technology, particularly in the trading businesses, or is unable to attract or retain the qualified people needed to carry them out. • UBS's financial results may be negatively affected by changes to accounting standards. Changes to IFRS or interpretations thereof may cause UBS's future reported results and financial position to differ from current expectations. Such changes may also affect UBS's regulatory capital and ratios. • UBS's financial results may be negatively affected by changes to assumptions supporting the value of its goodwill. If assumptions in future periods deviate from the current outlook, the value of UBS's goodwill may become impaired in the future, giving rise to losses in the income statement. • The effect of taxes on UBS's financial results is significantly influenced by reassessments of its deferred tax assets. UBS' full year effective tax rate could change significantly on the basis of such reassessments. Key information on The purchase of Securities is associated with certain risks. The Issuer
the risks that are expressly points out that the description of the risks associated with
an investment in the Securities describes only the key risks which
individual to the were known to the Issuer at the date of the Base Prospectus.
Potential investors of the Securities should recognise that the Securities constitute a risk investment which can lead to a total loss of their investment in the Securities. Securityholders will incur a loss, if the amount received in accordance with the Conditions of the Securities is below the purchase price of the Securities (including the transaction costs). Any investor bears the risk of the Issuer's financial situation worsening and the potential subsequent inability of the Issuer to pay its obligations under the Securities. Potential investors must therefore be prepared and able to sustain a partial or even a total loss of the invested capital. Any investors interested in purchasing the Securities should assess their financial situation, to ensure that they are in a position to bear the risks of loss connected with the Securities. There are risks associated with the Securities offered in the Base Prospectus which potential investors should consider carefully and be aware of before making a decision to invest in the Securities, including but not limited to Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 The complexity of the Securities – The redemption structure for the Securities is sometimes complex and may contain mathematical formulas or relations that, for an investor, may be difficult to understand and compare with other investment options. It should be noted that the relationship between risk and return can be difficult to evaluate. Securities where the nominal amount isn't protected – The nominal amount for some of the Securities is not capital protected, as specified in the Final Terms. For those Securities there is no product feature that guarantees that the redemption amount will be equal to or exceed the Pricing of structured Securities - The pricing of structured Securities is usually determined by the Issuer, and not on negotiated terms. Shares as underlying(s) – Securities with shares as underlying(s) are not sponsored or promoted by the issuer of such shares. The issuer of such shares has no obligation to consider the interest for the Securityholders why measures taken by an issuer of such shares could adversely affect the market value of the Securities. A Securityholder is not entitled to receive payments or dividends to the same extent as a holder of the underlying Index as underlying(s) – Securities based on indices as underlying(s) may result in a less redemption amount compared to an investment directly in the underlying(s). The investor of an index may add, remove, or replace components or make methodological changes that may affect the level of such index and in that way also have influence on the return payable to investors in the Securities. Commodity as the underlying(s) – Trading with commodities is speculative and can be extremely volatile as commodity prices are affected by factors that are unpredictable, such as changes in the relationship between supply and demand, weather patterns and government policies. Commodity contracts may be traded directly between market participants "over-the- counter" in trade centers that are subject to minimal or no substantive regulation. This increases the risks associated with liquidity and historical price of the relevant contracts. Securities that are linked to future contracts for commodities may provide a different return than Securities that are linked to the relevant physical commodity, as the price of a future contract for a commodity generally includes a premium or a discount to the current price of the underlying commodity. Exposure to basket of underlying(s) - Securities where the underlying(s) is composed of a basket of underlying(s), investors bear the risk of change in value for each component in the basket. Where there is a high level of interdependence between the individual underlying(s) in the basket, a change in the value development of the components in the basket may exaggerate the value development of the Securities. Additionally, a small basket or a basket composed of differently weighted components makes the whole basket vulnerable to changes in the value of any of the underlying basket components. Any calculation or value related to a basket composed of a mixture of "best of" or "worst of" components may give results that to a large extent differ from results where all the components in the basket are taken into account. Automatic early redemption - Some types of Securities may be automatically redeemed prior to its Maturity Date if certain conditions are met. In some cases this may result in a total or partial loss of the Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 Warrants - The price of the underlying(s) has an impact on the price of the warrants and may lead to a greater profit or loss on the investment compared to if the investment had been made directly in the underlying(s). Warrants have a leverage effect compared to an investment directly in the underlying(s), i.e. a change of the value of the underlying(s) may result in an increased change in the value of the Warrant. This means that the risk of investing in Warrants is larger than investing directly in the underlying(s). Warrants may expire worthless. Certain Warrants may include more complicated performance structures than customary Warrants and equals those applicable for Certificates; hence the risks applicable for Certificates may also be applicable for those Warrants. Risks associated with Certificates - If the underlying(s) becomes worthless (for example, if the company that provides the underlying(s) is bankrupt), the Certificate also becomes worthless. The value of a Certificate may also be affected by exchange rate fluctuations - if the underlying(s) is denominated in a currency other than the currency of the denomination certificate. An investor should note that the entire amount invested in a Security may be lost. In case the Certificate is designed to provide a return in a declining market (sell or short) an increase in value of the underlying(s) results in a reduction of value in the certificate. During the term of the Certificate the value is affected by changes in volatility, price and dividends, the underlying(s) and the market interest rate changes. If the Certificate contains a Barrier level, this may mean that the redemption amount is less than the nominal amount or loss of the right of specific return. Other risks associated with the Securities may be, inter alia, changes in interest rates, currency fluctuations, if the Issuer has a right to redeem the Securities in advance, the complexity of the Securities, fluctuations in the relevant index, other underlying(s), the financial market and if the redemption amount is dependent on conditions other than the Issuer's There are also certain risks related to Securities in general, such as modifications, exceptions and changes of law. Some of the risks are attributable to circumstances beyond the Issuer's control, such as the existence of an efficient secondary market, the stability of the relevant clearing systems and winding up systems, and the economic situation and development in the world. This summary of certain risks is only a short summary of certain significant risks and it is not a comprehensive description of all risk factors that are attributable to the Securities. Investors should carefully review and consider the risks as well as other information described in the Base Prospectus. An investment in relatively complex Securities is consistent with a higher risk than investing in less complex Securities. Especially, in some cases, Investors may lose their entire investment or part thereof.
Potential conflicts of interest
The Issuer and affiliated companies may participate in transactions related to the Securities in some way, for their own account or for account of a client. Such transactions may not serve to benefit the Securityholders and may have a positive or negative effect on the value of the Underlying, and consequently on the value of the Securities. Furthermore, companies affiliated with the Issuer may become counterparties in hedging transactions relating to obligations of the Issuer stemming from the Securities. As a result, conflicts of interest can arise between companies affiliated with the Issuer, as well as between these companies and investors, in relation to obligations regarding the calculation of the price of the Securities and other associated determinations. In addition, the Issuer Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 and its affiliates may act in other capacities with regard to the Securities, such as calculation agent, paying agent and administrative agent and/or Growth of the value of the underlying(s) - With structured Securities the investors' right to return and sometimes repayment of the nominal amount depends on the current yield structure and the underlying assets and their growth of value. The value of Securities is affected by the value of the underlying assets at certain times during the term of the Securities, the fluctuations of the prices on the underlying assets, the expectations about future volatility, market interest rates and expected dividends on the underlying assets. Fluctuations of currency - When the underlying(s) is denominated in a currency other than the currency of the Security, currency fluctuations may affect the return on the instruments. The exchange rates for foreign currencies may be affected by complex political and economic factors, including the relative inflation rates, balance of payments between countries, the size of the government budget surplus or deficit and monetary, fiscal and or trade policy that is followed by the relevant currencies governments. Currency fluctuations may affect the value or level of the underlying assets in complex ways. In case of currency fluctuations the value or level of the underlying assets will vary and the value or level of the Securities may decrease. If the value or level of one or more underlying(s) is issued in a currency other than the currency in which the Securities are issued, investors may be exposed to an increased risk attributable to exchange rates for foreign currencies. Former exchange rates for foreign currencies are not necessarily indications of future exchange rates for foreign currencies.
General risks related to the Securities

Termination and Early Redemption at the option of the Issuer
Potential investors in the Securities should furthermore be aware that the Issuer is, pursuant to the Conditions of the Securities, under certain circumstances, entitled to terminate and redeem the Securities in total prior to the scheduled Maturity Date. In this case the Securityholder is in accordance with the Conditions of the Securities entitled to demand the payment of a redemption amount in relation to this early redemption. However, the Securityholder is not entitled to request any further payments on the Securities after the relevant termination date. Furthermore, the Termination Amount, if any, payable in the case of an early redemption of the Securities by the Issuer can be considerably below the amount, which would be payable at the scheduled end of the term of the Securities. The Securityholder, therefore, bears the risk of not participating in the performance of the Underlying to the expected extent and during the expected period. In the case of a termination of the Securities by the Issuer, the Securityholder bears the risk of a reinvestment, i.e. the investor bears the risk that it will have to re-invest the Termination Amount, if any, paid by the Issuer in the case of termination at market conditions, which are less favourable than those prevailing at the time of the acquisition of the
Adverse impact of adjustments of the Security Right
It cannot be excluded that certain events occur or certain measures are taken (by parties other than the Issuer) in relation to the Underlying, which potentially lead to changes to the Underlying or result in the underlying concept of the Underlying being changed, so-called Potential Adjustment Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 Events. In the case of the occurrence of a Potential Adjustment Event, the Issuer shall be entitled to effect adjustments according to the Conditions of the Securities to account for these events or measures. These adjustments might have a negative impact on the value of the Securities.
Trading in the Securities / Illiquidity
It is not possible to predict if and to what extent a secondary market may develop in the Securities or at what price the Securities will trade in the secondary market or whether such market will be liquid or illiquid. Applications will be or have been made to the Security Exchange(s) specified for admission or listing of the Securities. If the Securities are admitted or listed, any such admission or listing may be terminated by the Security Exchange(s) or the Issuer before the scheduled Maturity Date for the relevant Securities. The fact that the Securities are admitted to trading or listed does not necessarily denote greater liquidity than if this were not the case. If the Securities are not listed or traded on any exchange, pricing information for the Securities may be more difficult to obtain and the liquidity of the Securities may be adversely affected. The liquidity of the Securities may also be affected by restrictions on the purchase and sale of the Securities in some jurisdictions. Additionally, the Issuer has the right (but no obligation) to purchase Securities at any time and at any price in the open market or by tender or private agreement. Any Securities so purchased may be held or resold or surrendered for cancellation. In addition, it cannot be excluded that the number of Securities actually issued and purchased by investors is less than the intended Issue Size of the Securities. Consequently, there is the risk that due to the low volume of Securities actually issued the liquidity of the Securities is lower than if all Securities were issued and purchased by investors. The Manager intends, under normal market conditions, to provide bid and offer prices for the Securities of an issue on a regular basis. However, the Manager makes no firm commitment to the Issuer to provide liquidity by means of bid and offer prices for the Securities, and assumes no legal obligation to quote any such prices or with respect to the level or determination of such prices. Potential investors therefore should not rely on the ability to sell Securities at a specific time or at a specific price.
Borrowed funds
If the purchase of Securities is financed by borrowed funds and investors' expectations are not met, they not only suffer the loss incurred under the Securities, but in addition also have to pay interest on and repay the loan. This produces a substantial increase in investors' risk of loss. Investors of Securities should never rely on being able to redeem and pay interest on the loan through gains from a Securities transaction. Rather, before financing the purchase of a Security with borrowed funds, the investors' financial situations should be assessed, as to their ability to pay interest on or redeem the loan immediately, even if they incur losses instead of the
Taxation in relation to the Securities
Potential investors should be aware that they may be required to pay taxes or other documentary charges or duties in accordance with the laws and practices of the country where the Securities are transferred or other jurisdictions. In some jurisdictions, no official statements of the tax authorities or court decisions may be available for innovative financial instruments such as the Securities. Potential investors are advised not to rely upon the tax summary contained in the Base Prospectus but to ask for their own tax adviser's advice on their individual taxation with respect to the acquisition, sale and redemption of the Securities. Only these advisors Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 are in a position to duly consider the specific situation of the potential
Payments under the Securities may be subject to U.S. withholdings
Investors in the Securities should be aware that payments under the Securities may under certain circumstances be subject to a U.S.
I. Payments under the Securities may be subject to U.S. withholding
under the US Tax Code
Section 871(m) of the US Tax Code requires withholding (up to 30%, depending on whether a treaty applies) on certain financial instruments (such as, e.g. the Securities) to the extent that the payments or deemed payments on the financial instruments are contingent upon or determined by reference to U.S.-source dividends. Under proposed U.S. Treasury Department regulations (if finalised in their current form), certain payments or deemed payments with respect to certain equity-linked instruments
("specified ELIs") that reference U.S. stocks may be treated as dividend
equivalents ("dividend equivalents") which are subject to U.S.
withholding tax at a rate of 30% (or lower treaty rate). Under these proposed regulations, withholding may be required even in the absence of any actual dividend-related payment or adjustment made pursuant to the Conditions of the Securities. In case, e.g. (but not limited to) of an Underlying or, as the case may be, a Basket Component, providing for dividends from sources within the United States, it is possible that these rules could apply to the Securities. If adopted in their current form, the proposed regulations may impose a withholding tax on payments or deemed payments made on the Securities on or after 1 January 2016 that are treated as dividend equivalents for Securities acquired on or after 5 March 2014. However, under a recent
notice of the U.S. Internal Revenue Service ("IRS") announced that it and
the Treasury Department intend that final Treasury regulations will provide that "specified ELIs" will exclude equity-linked instruments issued prior to 90 days after the date such final Treasury regulations are published. Accordingly, the Issuer generally expects that Securityholders (other than US Securityholders) should not be subject to tax under Section 871(m). However, it is possible that such withholding tax could apply to the Securities under these proposed rules if, for example, a Securityholder (other than a U.S. Securityholder) enters into certain subsequent transactions in respect of the Underlying or, as the case may be, a Basket Component. If an amount in respect of such U.S. withholding tax were to be deducted or withheld from payments on the Securities, none of the Issuer, any paying agent or any other person would, pursuant to the Conditions of the Securities, be required to pay additional amounts as a result of the deduction or withholding of such tax.
Securityholders should, consequently, be aware that payments
under the Securities may under certain circumstances be subject to
U.S. withholding tax and should consult with their tax advisors
regarding the application of Section 871(m) of the US Tax Code and
the regulations thereunder in respect of their acquisition and
ownership of the Securities.

II. Payments under the Securities may be subject to U.S. withholding
under FATCA
The Foreign Account Tax Compliance Act ("FATCA") imposes a 30% U.S.
withholding tax on payments of U.S. source interest, dividends and certain other passive income beginning 1 July 2014, and on the gross proceeds from the sale or other disposition of certain assets and on certain "passthru payments" attributable to such income or proceeds beginning 1 January Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 2017, made to certain foreign financial institutions (including most foreign hedge funds, private equity funds and other investment vehicles) unless the payee foreign financial institution agrees to disclose the identity of any U.S. individuals and certain U.S. entities that directly or indirectly maintain an account with, or hold debt or equity interests in, such institution (or the relevant affiliate) and to annually report certain information about such account or interest directly, or indirectly, to the IRS. FATCA also requires withholding agents making certain payments to certain non-financial foreign entities that fail to disclose the name, address, and taxpayer identification number of any substantial direct or indirect U.S. owners of such entity to withhold a 30% tax on such payments. Accordingly, the Issuer and other foreign financial institutions may be required under FATCA to report certain account information directly to the IRS (or to a non-U.S. governmental authority under a relevant Intergovernmental Agreement entered into between the U.S. and such non-U.S. country that will pass such information on to the IRS) regarding the holders of the Securities. Moreover, the Issuer may be required to withhold on a portion of payments made on the Securities to holders who (i) fail to provide the relevant information, or (ii) foreign financial institutions who fail to comply with FATCA.
Securityholders holding their Securities through a foreign financial
institution or other foreign entity should be aware that a portion of
any payments under the Securities made after 30 June 2014 may be
subject to 30% withholding tax under FATCA. If an amount in
respect of such withholding tax under FATCA were to be deducted
or withheld from payments on the Securities, none of the Issuer,
any paying agent or any other person would, pursuant to the
Conditions of the Securities, be required to pay additional amounts
as a result of the deduction or withholding of such tax.
Securityholders should, consequently, be aware that payments
under the Securities may under certain circumstances be subject to
U.S. withholding under FATCA and should consult with their tax
advisors regarding the application of withholding tax under FATCA
in respect of their acquisition and ownership of the Securities.

Changes in Taxation in relation to the Securities
The considerations concerning the taxation of the Securities set forth in the Base Prospectus reflect the opinion of the Issuer on the basis of the legal situation identifiable as of the date hereof. However, a different tax treatment by the fiscal authorities and tax courts cannot be excluded. Each investor should seek the advice of his or her personal tax consultant before deciding whether to purchase the Securities. Neither the Issuer nor the Manager assumes any responsibility vis-à-vis the Securityholders for the tax consequences of an investment in the Securities. Risk warning to the Even when the Securities are capital protected at maturity to the extent of the Minimum Amount and, hence, the risk of a loss is initially limited, each investors may lose investor in the Securities bears the risk of the Issuer's financial situation the value of their worsening. Potential investors must therefore be prepared and able to entire investment sustain a partial or even a total loss of their entire investment. Any
investors interested in purchasing the Securities should assess their financial
situation, to ensure that they are in a position to bear the risk of loss
connected with the Securities. Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014 Section E – Offer
Reasons for the Not applicable. Reasons for the offer and use of proceeds are not different offer and use of from making profit and/or hedging certain risks. It has been agreed that, on or after the respective Issue Date of the conditions of the Securities, the Manager may purchase Securities and shall place the Securities for sale at the Issue Price under terms subject to change in the Public Offer Jurisdictions during the Subscription Period (as defined below). The Issue Price was fixed at the Start of the public offer of the Securities. After closing of the Subscription Period the selling price will be adjusted on a continual basis to reflect the prevailing market situation. The Securities may be subscribed from the Manager during normal banking 11 November 2014 "Subscription Period"). The Issue Price per Security is payable on
29 December 2014 (the "Initial Payment Date").
The Issuer reserves the right to earlier close or to extend the Subscription Period if market conditions so require. After the Initial Payment Date, the appropriate number of Securities shall be credited to the investor's account in accordance with the rules of the corresponding Clearing System. If the Subscription Period is shortened or extended, the Initial Payment Date may also be brought forward or Interest that is Save for the Manager regarding its fees, as far as the Issuer is aware, no material to the person involved in the issue of the Securities has an interest material to the issue/offer incl. Estimated expenses Not applicable investor by the Neither the relevant Issuer nor the Manager charges the investors in the Securities any expenses in connection with the issue of the Securities. Final Terms dated 11 November 2014 to the Base Prospectus dated 23 June 2014

Source: https://www.garantum.no/globalassets/produkter/2014-emissioner/2014-december-norge/final-terms/2090/final-terms_ch0260315137_11112014.pdf