UBS Group AG

Capital/Financing Update • May 23, 2013

FINAL TERMS

The Final Terms dated 22 May 2013

UBS AG, acting through its Jersey Branch

Issue of USD 20,000,000.00 Zero Coupon Callable Note due 22 May 2043 issued under the Euro Note Programme

PART A - CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base Prospectus dated 27 June 2012, the Base Prospectus Supplement dated 30 August 2012, the Base Prospectus Supplement dated 08 November 2012, the Base Prospectus Supplement dated 03 January 2013, the Base Prospectus Supplement dated 18 February 2013, the Base Prospectus Supplement dated 25 March 2013, the Base Prospectus Supplement dated 17 May 2013 and any Base Prospectus Supplements dated thereafter but prior to the Issue Date of the Notes which together constitute a base prospectus for the purposes of the Prospectus Directive (Directive 2003/71/EC) (the "Prospectus Directive"). This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with such Base Prospectus as so supplemented.

Full information on the Issuer and the offer of the Notes described herein is only available on the basis of the combination of these Final Terms and the Base Prospectus. The Base Prospectus and the supplemental Base Prospectus are available for viewing at the website of the Irish Competent Authority (www.centralbank.ie) and copies may be obtained from the offices of the Paying Agents, The Bank of New York Mellon, acting through its London Branch, One Canada Square, London E14 5AL, The Bank of New York Mellon (Luxembourg) S.A., Vertigo Building - Polaris, 2-4 rue Eugène Ruppert, L-2453, Luxembourg and The Bank of New York Mellon (Ireland) Limited, 4th Floor, Hanover Building, Windmill Lane, Dublin 2, Ireland.

An investment in the Notes is subject to the credit risk of UBS AG and the actual and perceived creditworthiness of UBS AG may affect the market value of the Notes.

Any Notes purchased by any person for resale may not be offered in any jurisdiction in circumstances that would result in the Issuer being obliged to register any further prospectus or corresponding document relating to the Notes in that jurisdiction.

No secondary market for the Notes currently exists, nor is one likely to develop. Noteholders should have the ability and intent to hold the Notes until their Maturity Date.

The Notes have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws in the United States and are being offered and sold outside the United States to non-US persons (as such terms are defined in Regulation S under the Securities Act ("Regulation S")) in reliance on the exemption from registration provided pursuant to Regulation S. Notes sold in reliance on Regulation S will initially be represented by one or more permanent

$-1-$

global notes in registered form without interest coupons (each, a "Regulation S Global Note"), deposited with or on behalf of a common depository for Euroclear or Clearstream. Beneficial interests in a Regulation S Global Note may be held only through Euroclear or Clearstream, except in the limited circumstances described in the Base Prospectus. Investors may hold their interests in a Regulation S Global Note directly through Euroclear or Clearstream, if they are participants in such systems, or indirectly through organizations which are participants in such systems.

1.	Issuer:		UBS AG, acting through its Jersey Branch
2.	(i)	Series Number:	11553/2013
	(ii)	Tranche Number:	1
3.	Currency or Currencies:		United States Dollars ("USD")
4.	Aggregate Nominal Amount:		USD 20,000,000.00
5.	Issue Price:		100 per cent. of the Aggregate Nominal Amount
Specified Denominations: (i) USD 100,000.00 6.
	(ii)	Calculation Amount:	USD 100,000.00
7.	Issue Date:		22 May 2013
8.	Maturity Date:		22 May 2043, subject to adjustment in accordance with the Modified Following Business Day Convention
9.	Interest Basis:		Zero Coupon
10.	Redemption/Payment Basis:		Redemption at 379.945333 per cent. of the Aggregate Nominal Amount, subject to paragraph 22 below.
11.	Change of Interest or Redemption Payment Basis:		Not Applicable
12.		Put/Call Options:	Issuer Call
			(further particulars specified in paragraph 22 below)
13.		Status of the Notes:	Senior
14.		Method of distribution:	Non-syndicated
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
	15. Fixed Rate Note Provisions:		Not Applicable

1. Floating Rate Note Provisions: Not Applicable

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17.	Zero Coupon Note Provisions:	Applicable
	(i) Amortisation Yield	4.55 per cent. per annum
	(ii) Reference Price	In respect of each Note, USD 100,000 per Calculation Amount
	Any other formula/basis of Not Applicable (111) determining amount payable:
18.	Index/Credit-Linked Note Provisions:	Not Applicable
19.	Dual Currency Note Provisions:	Not Applicable

PROVISIONS RELATING TO REDEMPTION

20.	Redemption Amount:	379.945333 per cent. of the Aggregate Nominal Amount, unless the Issuer exercises its Optional Redemption (Call) in accordance with paragraph 22 below, in which case the Notes will be redeemed at the Optional Redemption Amount (as defined in paragraph 24 below).
21.	Tax Redemption Amount:	If the Notes are redeemed as a result of the Issuer being required to pay Additional Amounts, then the Tax Redemption Amount is the fair market value of the Note (excluding any coupon) on the fifth day before the early redemption date (as selected by the Calculation Agent), less the cost of unwinding any underlying related hedging arrangements, all as determined by the Calculation Agent in its absolute discretion. The notice provisions of Condition 7(b) of the Base Prospectus apply to these Notes.
22.	Optional Redemption (Call):	The Issuer may exercise its option to redeem the Notes, in whole but not in part, at the Optional Redemption Amount on any of the Optional Redemption Dates from and including 22 May 2014 up to and including 22 May 2042 as set out in the table in paragraph 25 below, upon giving written notice at least five (5) Business Days prior to the Optional Redemption Date to the Programme's Issuing and Paying Agent.
23.	Optional Redemption (Put):	Not Applicable
24.	Optional Redemption Amount:	As set out in the table in paragraph 25 below

1. Optional Redemption Date:

As set out in the table below, each date subject to adjustment in accordance with the Modified Following Business Day Convention.

Optional Redemption Date	Optional Redemption Amount	Call Price (%)
22 May 2014	20,910,000.00	104.550000
22 May 2015	21,861,405.00	109.307025
22 May 2016	22,856,098.93	114.280495

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22 May 2017	23,896,051.43	119.480257
22 May 2018	24,983,321.77	124.916609
22 May 2019	26,120,062.91	130.600315
22 May 2020	27,308,525.77	136.542629
22 May 2021	28,551,063.69	142.755318
22 May 2022	29,850,137.09	149.250685
22 May 2023	31,208,318.33	156.041592
22 May 2024	32,628,296.81	163.141484
22 May 2025	34,112,884.32	170.564422
22 May 2026	35,665,020.56	178.325103
22 May 2027	37,287,778.99	186.438895
22 May 2028	38,984,372.93	194.921865
22 May 2029	40,758,161.90	203.790810
22 May 2030	42,612,658.27	213.063291
22 May 2031	44,551,534.22	222.757671
22 May 2032	46,578,629.03	232.893145
22 May 2033	48,697,956.65	243.489783
22 May 2034	50,913,713.68	254.568568
22 May 2035	53,230,287.65	266.151438
22 May 2036	55,652,265.74	278.261329
22 May 2037	58,184,443.83	290.922219
22 May 2038	60,831,836.02	304.159180
22 May 2039	63,599,684.56	317.998423
22 May 2040	66,493,470.21	332.467351
22 May 2041	69,518,923.10	347.594616
22 May 2042	72,682,034.10	363.410171

• 1. Minimum/Higher Redemption Not Applicable Amount:
• 1. Other Redemption details: Not Applicable
• Final Redemption Amount of each USD 379,945.333 28. Note:
• 1. Early Redemption Amount As set out in the Conditions

GENERAL PROVISIONS APPLICABLE TO THE NOTES

1. Form of Notes:

Registered Notes:

Unrestricted Global Note registered in the name of a nominee for a

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common depositary for Euroclear and Clearstream, Luxembourg.

1. New Global Note Form:

No

1. Business Days:

London and New York

• 1. Talons for future Coupons or No Receipts to be attached to Definitive Notes (and dates on which such Talons mature):
• 1. Details relating to Partly Paid Notes: Not Applicable amount of each payment comprising the Issue Price and date on which each payment is to be made and consequences (if any) of failure to pay, including any right of the Issuer to forfeit the Notes and interest due on late payment:
• 1. Redenomination applicable: No
• Exchangeability applicable: 36. No
• 1. Other final special Not Applicable terms or conditions:

DISTRIBUTION

$38.$ (i) If syndicated, names and Not Applicable addresses of the Managers and underwriting commitments:

$(ii)$ Date of Subscription Not Applicable Agreement:

• (iii) Stabilising Manager (if any): Not Applicable
• 1. If non-syndicated, name and address UBS Limited of Dealer: 1 Finsbury Avenue London EC2M 2PP
• 1. Total commission and concession: Not Applicable
• 1. U.S. Selling Restrictions: Regulation S related restrictions apply

The tax treatment of the Notes is uncertain. Therefore, if you are a US taxpayer that is not a US person (as defined under Regulation S under the U.S. Securities Act) you are urged to consult with your own tax

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advisors to determine the appropriate characterization of this Note for US federal income tax purposes. Please contact UBS for any additional information that you may require in making your determination.

42. Non-exempt Offer:

1. Additional selling restrictions:

Any Notes purchased by any person for resale may not be offered in any jurisdiction in circumstances which would result in the Issuer being obliged to register any further prospectus or corresponding document relating to the Notes in such jurisdiction.

Noteholders are advised to read the selling restrictions described more fully in the Base Prospectus regarding UBS' Euro Note Programme. The restrictions listed below must not be taken as definitive guidance as to whether this note can be sold in a jurisdiction. Noteholders should seek specific advice before onselling a Note.

USA

Not Applicable

The Notes may not be sold or offered within the United States or to U.S. persons

Taiwan

The Notes may not be sold, offered or issued to Taiwan resident investors or in Taiwan unless they are made available, (i) outside Taiwan for purchase outside Taiwan by such investors and/or (ii) in Taiwan, (A) in the case of Notes which are a "structured product" as defined in the Regulation Governing Offshore Structured Products of the Republic of China ("OSP Regulation") through bank trust departments, licensed securities brokers and/or insurance company investment linked insurance policies pursuant to the OSP Regulation or (B) in the case of Notes which are not "structured products" under the OSP Regulation, through properly licensed Taiwan intermediaries (including the non-discretionary monetary trust of licensed banks in Taiwan acting as trustees) in such manner as complies with Taiwan law and regulation and/or (iii) in such other manner as may be permitted in accordance with Taiwan laws and regulations.

LISTING AND ADMISSION TO TRADING APPLICATION

These Final Terms comprise the final terms required for the Notes described herein to be admitted to the Official List of the UK Financial Conduct Authority and admitted to trading on the regulated market of the London Stock Exchange pursuant to the Euro Note Programme of UBS AG

RESPONSIBILITY

The Issuer accepts responsibility for the information contained in these Final Terms.

GOVERNING LAW

English law

PLACE OF JURISDICTION

England

Signed on behalf of the Issuer:

Maa By: ....... . . . . . . . . . . . .

Duly authorised

ull. By: $\ldots$

. . . . . . . . . . . . Duly authorised

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PART B - OTHER INFORMATION

$1.$ LISTING

i. Listing:

ii. Admission to Trading:

London

Application will be made for the Notes to be admitted to the Official List of the UK Financial Conduct Authority and admitted to trading on the regulated market of the London Stock Exchange. No assurance can be given that such an application to list the Notes will be accepted.

2. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

Save as discussed in "Selling Restrictions", so far as the Issuer is aware, no person involved in the issue of the Notes has an interest material to the offer.

REASONS FOR THE OFFER $3.$

The net proceeds of the issue of each Series of Notes will be used by the Issuer for its general corporate purposes or towards meeting the general financing requirements of the UBS Group, in each case, outside Switzerland.

FIXED RATE NOTES ONLY - YIELD $\overline{4}$ .

Indication of yield:

Not Applicable

5. FLOATING RATE NOTES - HISTORIC INTEREST RATES

Not Applicable

OPERATIONAL INFORMATION 6.

ISIN Code:	XS0932861387
Common Code:	093286138
Swiss Valor	21034440
Intended to be held in a manner which would allow No Eurosystem eligibility:
Any clearing system(s) other than Euroclear Bank Not Applicable S.A./N.V. and Clearstream Banking Société Anonyme and the Depositary Trust Company and the relevant $identification number(s)$ :
Delivery:	Delivery Against Payment
Additional Paying Agent:	Not Applicable