CapLaw-2012-45

On 17 August 2012, UBS AG, acting through its Stamford Branch issued USD 2,000,000,000 7.625% Tier 2 Subordinated Notes with a maturity of 10 years (Notes). The Notes constitute a loss-absorbing instrument, providing for a full write-down, if UBS AG’s CET 1 capital falls below 5% of its risk-weighted assets, and qualify both as tier…