Final Term Sheet

29 April 2008

Renewable Opportunity Note with Contingent Coupon (ROC)

12 Months USD denominated Note linked to iShares Asia Trust iShares
FTSE/Xinhua A50 China Tracker (R29040803CM)
This is a non-exhaustive summary of the key characteristics and the primary risks associated with this product. For full risk
disclosure and information on including terms and conditions applicable to this Product, investors should rely on the Information
Memorandum / Offering Circular, which is available on request.
PRODUCT DESCRIPTION
This Renewable Opportunity Note with Contingent Coupon (ROC with Bonus Coupon) is a USD-denominated note and has a
maximum tenor of 12 months.
It has a total of 12 Autocall (i.e. early redemption) observation dates (Autocall Observation Dates) which occur monthly. If, on
an Autocall Observation Date the performance of iShares Asia Trust iShares FTSE/Xinhua A50 China Tracker is equal to or
greater than the specified Callable Level (the Autocall Event), the investment terminates and the note will be redeemed at
100.00% plus 30.50% *1/12 multiplied by the number of monthly periods which have passed prior to the occurrence of the
Autocall Event.
If no Autocall Event occurs by maturity, the investor will receive an amount computed as follows:
* if iShares Asia Trust iShares FTSE/Xinhua A50 China Tracker has never closed below the KI Price (KI) during the note tenor,
client will receive an amount equivalent to 100.00% investment amount plus a bonus coupon of 30.50% in cash
* if iShares Asia Trust iShares FTSE/Xinhua A50 China Tracker has ever closed below the KI during the note tenor (the KI
Event) and the closing price of iShares Asia Trust iShares FTSE/Xinhua A50 China Tracker at maturity is less than 89.00% of
the initial price on the trade date, client will be obliged to take delivery of the stock at initial price. Computation of the quantity
of stock to be delivered will be affected by the foreign exchange rate at maturity. (Client will suffer principal loss in this case)
Benefits
* Potential high return of 30.50% per year
* If neither the Autocall Event nor the KI Event has occurred, the note will be redeemed at 100% plus 30.50% Bonus coupon
Risks
* This Note is NOT principal protected. In the event that the autocall event does not happen and the KI barrier is triggered, client
will take delivery of the stock at initial spot. The number of shares to be delivered will be investment amount divided by initial
spot price and multiplied by FX rate on the valuation date. Odd shares will be settled in cash.
* You bear the risk of default of the Issuer
* Reinvestment risk if the note is early redeemed
* Foreign exchange risk if there is physical delivery of the Underlying as the Underlying and the notes are not denominated in the
same currency.

Terms and conditions

Issuer:

UBS AG acting through its London branch

Issuer Credit Rating (long term):

AA- Standard & Poors / Aa1 Moodys. For the avoidance of doubt, this is the long term
credit rating of the Issuer and the Notes are not rated.

Instrument:

Structured Notes

Trade Date:

April 29, 2008

Settlement Date:

May 13, 2008

Scheduled Fixing Date:

May 13, 2009

Maturity Date:

Scheduled Fixing Date, provided that if that date is not a Scheduled Trading Day, the

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Final Term Sheet

29 April 2008

Renewable Opportunity Note with Contingent Coupon (ROC)

12 Months USD denominated Note linked to iShares Asia Trust iShares
FTSE/Xinhua A50 China Tracker (R29040803CM)
next following Scheduled Trading Day shall be the Maturity Date, subject to the
provisions under Effects of Disrupted Day.
Business Day:

A day (excluding a Saturday and Sunday) on which banks and foreign exchange markets
are open for business in New York.

Redemption Date:

Maturity Date + 5 Business Days (which is currently expected to be May 20, 2009) or
Maturity Date + 5 Scheduled Trading Days if physical settlement (which is currently
expected to be May 20, 2009])

Issue Amount:

USD 4,000,000

Denomination of Notes:

USD 50,000

Minimum Transfer Amount:

USD 100,000

Issue Price:

100%

Share:
Issuer of Share (with Reuters Code)

Initial Price

Kick-In Barrier Price

(55% of the Initial Price)

iShares Asia Trust - iShares FTSE/Xinhua

A50 China Tracker (2823.HK)

HKD 18.52

HKD10.1860

Number of Shares per

Note if physical delivery
at Maturity (Nl)
USD50,000 x FX final/
Initial Price

"FXfinal" means the exchange rate (expressed as the number of the local currency in which the Share is traded on the relevant
Exchange per USD) on the Maturity Date (if it is not a business day in New York and the city in connection with the local
currency for the Share in respect of which banks and foreign exchange markets are scheduled to open for business, the next
following business day) which appears on the relevant page (i.e. USDHKD CURNCY) of the Bloomberg Screen as of
8:00pm, Tokyo time on that day as determined by the Calculation Agent in its absolute discretion, or if the relevant page or if
the relevant rate is not displayed at such time on such date, such exchange rate for such date as determined by the Calculation
Agent in its sole and absolute discretion.
Exchange:

The Stock Exchange of Hong Kong Limited or its successors (if any)

Related Exchange:

The principal exchange on which options and/or futures contracts relating to the Share
are traded or quoted, as determined by the Calculation Agent from time to time.

Scheduled Trading Day:

A day on which each Exchange and each Related Exchange are scheduled to be open
for their respective regular trading sessions.

Closing Price:

Means, in respect of a Scheduled Trading Day, the official closing price of the Share as
published by the Exchange for that day, subject to the provisions under Effects of
Disrupted Day, or if such price is not published for whatever reason other than as a
result of the occurrence of Disrupted Day, the value of the Share as of the actual
closing time of the Exchange on that Scheduled Trading Day in the good faith
estimation of the Calculation Agent.

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Final Term Sheet

29 April 2008

Renewable Opportunity Note with Contingent Coupon (ROC)

12 Months USD denominated Note linked to iShares Asia Trust iShares
FTSE/Xinhua A50 China Tracker (R29040803CM)
Mandatory
Dates:

Early

Redemption

On each monthly anniversary of the Settlement Date up to and excluding the

Scheduled Fixing Date, which are expected to be June 13, 2008, July 14, 2008,
August 13, 2008, September 16, 2008, October 13, 2008, November 13, 2008,
December 15, 2008, January 13, 2009, February 13, 2009, March 13, 2009, April 14,
2009 provided that if any such date is not a Scheduled Trading Day, then the next
following Scheduled Trading Day, subject to the provisions under Effects of Disrupted
Day.

Mandatory
Provision:

Early

Redemption

If the Closing Price of the Share on a Mandatory Early Redemption Date is at or above
the Callable Price in respect of that Mandatory Early Redemption Date, each ELN will
be mandatorily early redeemed at the Mandatory Early Redemption Amount
(calculated to 2 decimal places, 0.005 being rounded upwards) in respect of that
Mandatory Early Redemption Date on the 5th Business Day after that Mandatory Early
Redemption Date (the Mandatory Early Redemption Payment Date), and the Issuer
shall have no further obligations under the Notes.
Mandatory Early
Redemption Date
1st Mandatory Early
Redemption Date
2nd Mandatory Early
Redemption Date
3rd Mandatory Early
Redemption Date
4th Mandatory Early
Redemption Date
5th Mandatory Early
Redemption Date
6th Mandatory Early
Redemption Date
7th Mandatory Early
Redemption Date
8th Mandatory Early
Redemption Date
9th Mandatory Early
Redemption Date
10th Mandatory Early
Redemption Date
11th Mandatory Early
Redemption Date

Kick-In Event:

Mandatory Early
Redemption Amount
102.5417% of
18.5200, 100% of Initial Price
Denomination
105.0833% of
18.3348, 99% of Initial Price
Denomination
107.6250% of
18.1496, 98% of Initial Price
Denomination
110.1667% of
17.9644, 97% of Initial Price
Denomination
112.7083% of
17.7792, 96% of Initial Price
Denomination
115.2500% of
17.5940, 95% of Initial Price
Denomination
117.7917% of
17.4088, 94% of Initial Price
Denomination
120.3333% of
17.2236, 93% of Initial Price
Denomination
122.8750% of
17.0384, 92% of Initial Price
Denomination
125.4167% of
16.8532, 91% of Initial Price
Denomination
127.9583% of
16.6680, 90% of Initial Price
Denomination
Callable Price

A Kick-In Event shall be deemed to occur, if on any Scheduled Trading Day during the
period from but excluding the Trade Date to and including the Maturity Date, the
Closing Price of the Share is at or below the Kick-In Barrier Price.
For the avoidance of doubt, for the purpose of determining whether a Kick-in Event
has occurred, if any Scheduled Trading Day during the period from and excluding the
Trade Date to and excluding the Maturity Date is a Disrupted Day, such Scheduled
Trading Day shall be discarded for the purpose of determining whether a Kick-in Event
has occurred.

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Final Term Sheet

29 April 2008

Renewable Opportunity Note with Contingent Coupon (ROC)

12 Months USD denominated Note linked to iShares Asia Trust iShares
FTSE/Xinhua A50 China Tracker (R29040803CM)
Redemption at Maturity

Depending on whether a Kick-In Event has occurred and the Closing Price of the Share
as of the Maturity Date, each ELN shall be redeemed according to either (1) or (2) or
(3) below (each, a Redemption Property)calculated to 2 decimal places, 0.005 being
rounded upwards:
1.

If the Closing Price of the Share as of the Maturity Date is at or above 89% of the
Initial Price, each ELN will be redeemed at USD 50,000 x (100% + Bonus
Coupon).

Otherwise,
2.

If the Closing Price of the Share as of the Maturity Date is below 89% of the the
Initial Price and a Kick-in Event has not occurred, each ELN will be redeemed at
USD 50,000 x (100% + Bonus Coupon).

Otherwise,
3.
If the Closing Price of the Share as of the Maturity Date is below 89% of the
Initial Price and a Kick-in Event has occurred, each ELN will be converted into the Nl
number of Shares.
Where:
Bonus Coupon = 30.5%
Investors should note that, where the Notes are to be physically redeemed, the
number of Shares to be delivered will be rounded down to the nearest whole number
of Shares (on a per Note basis), and the cash amount in respect of the amount
rounded off will be paid to the Holder, being the quantity of Shares rounded off times
the Closing Price of the Share as of the Maturity Date, converted into the prevailing
exchange rate, as determined by the Calculation Agent.
Notwithstanding (3) above, please also note that the Issuer is entitled to cash settle all
or any of the Shares as more particularly set out in the terms and conditions of the
Global Security.
Cash settlement in USD or physical delivery of Shares

Settlement:
Adjustments
Events:

Disrupted Day:

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and

Extraordinary

If the Calculation Agent determines that an event has occurred which has a diluting,
concentrative or any other effect on the Shares, then following each such event, the
Calculation Agent shall determine any corresponding adjustments to the conditions
(including, without limitation, adjusting the Initial Price, Callable Price, Kick-in Barrier
Price, replacing the Share with another share and/or other securities and/or assets, Nl
number of Shares per Note if physical delivery at maturity, or the Redemption Property
or Mandatory Early Redemption Amount), which in the sole discretion of the
Calculation Agent is appropriate to account for the diluting, concentrative or other
effect of the relevant event and which adjustments shall be effective as of the date
determined by the Calculation Agent.
Means a Scheduled Trading Day on which the Exchange or Related Exchange fails to
open for trading during its regular trading session or on which there is, during the one
hour prior to the actual closing time of the Exchange or Related Exchange, material
trading or exchange disruption or there is an early closure of the Exchange or Related

Final Term Sheet

29 April 2008

Renewable Opportunity Note with Contingent Coupon (ROC)

12 Months USD denominated Note linked to iShares Asia Trust iShares
FTSE/Xinhua A50 China Tracker (R29040803CM)
Exchange with less than one hour (which shall exclude, where relevant, any time
period when the Exchange or Related Exchange is closed between the end of the
morning trading session and the start of the afternoon trading session) notice (till the
actual time of closure or the deadline for inputting orders to execute trades at the
closing time of the Exchange or Related Exchange), all as set out in the 2002 ISDA
Equity Derivatives Definitions.
Effects of Disrupted Day:

If the Maturity Date or a Mandatory Early Redemption Date is a Disrupted Day for the
Shares, then the Maturity Date or the relevant Mandatory Early Redemption Date shall
be the first succeeding Scheduled Trading Day which is not a Disrupted Day, unless
each of the 8 Scheduled Trading Days immediately following the day originally
scheduled to be the Maturity Date or the relevant Mandatory Early Redemption Date is
th
a Disrupted Day, in which case that 8 Scheduled Trading Day shall be the Maturity
Date or the relevant Mandatory Early Redemption Date, notwithstanding the fact that
it is a Disrupted Day, and the Calculation Agent shall determine the Closing Price of
the Shares based on its good faith estimate of the value of the Shares as of the closing
th
time of the Exchange on that 8 Scheduled Trading Day.

Market Making:

The Notes are not listed, traded or publicly quoted on any stock exchange or quotation
system. The Issuer or its affiliates may from time to time, whether upon request or
otherwise, offer to purchase Notes from existing holders or to sell Notes, at such price
and in such quantity as determined in the absolute discretion of the offeror provided
that the amount of Notes to be purchased must not be less than the Minimum
Transfer Amount. The Issuer or its affiliates are under no obligation to make such offer
to sell or purchase, and if made, may be withdrawn at any time without notice. Any
offer to sell or purchase by the Issuer or its affiliates or actual sales and purchases
made pursuant to the offers do not assure the existence or continuance of a liquid
secondary market for the Notes, and the Issuer or its affiliates may discontinue such
activities at any time.

Limited Recourse Provisions :

The parties acknowledge and agree that to the extent the Issuer (or its affiliates) enter
into securities or futures or derivatives transaction(s) (Hedge Transactions) with any
party in the local jurisdiction, including, without limitation, an entity affiliated, related to
or controlled by the Issuer (Hedge Counterparty) to hedge these Notes and the
Hedge Counterparty for such transactions fails or delays for any reason (including a
default by the local exchange or clearinghouse) to make any payment, delivery or
distribution with respect to a Hedge Transaction, then the Issuers obligation to pay
any amounts due hereunder shall be reduced and/or delayed accordingly.

Further Issues

The Issuer may, from time to time without the consent of the Holder, issue further
securities having the same terms and conditions as the Note so as to form a single
series and be fungible with the Note.

Clearing Systems:

Euroclear and Clearstream

Listing:

None

Form:

The Notes will be issued in registered form and represented by a permanent global
security (the Global Security). The Global Security will be deposited with a common
depositary of the Clearing Systems. Copies of the form of the Global Security
containing the terms and conditions of the Notes are available on request from UBS
AG, Hong Kong Branch.

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Final Term Sheet

29 April 2008

Renewable Opportunity Note with Contingent Coupon (ROC)

12 Months USD denominated Note linked to iShares Asia Trust iShares
FTSE/Xinhua A50 China Tracker (R29040803CM)
Sales Restrictions:

No action has been or will be taken by the Issuer that would permit a public offering of
the Notes or possession or distribution of any offering material in relation to the Notes
in any jurisdiction where action for that purpose is required. No offer, sale or delivery
of the Notes, or distribution or publication of any offering material relating to the
Notes, may be made in or from any jurisdiction except in circumstances which will
result in compliance with any applicable laws and regulations and will not impose any
obligations on the Issuer.
Note 1- USA Selling Restrictions.
The Notes have not been and will not be registered under the U.S. Securities Act of
1933 (the Act) and are subject to US tax law requirements. Accordingly the Notes
may not be sold or offered within the United States or to U.S. persons except pursuant
to an exemption from or a transaction not subject to the registration requirements of
the Act. The foregoing shall not, however, prohibit sales to U.S. offices of UBS AG.
Note 2 - Hong Kong Selling Restrictions.
The Notes have not been offered and sold, and each purchaser represents and agrees
that it will not offer and sell the Notes in Hong Kong, by means of any document, other
than to persons whose ordinary business is to buy and sell shares or debentures,
whether as principal or agent, or in circumstances which do not constitute an offer to
the public within the meaning of the Companies Ordinance (Cap. 32) of Hong Kong or
to professional investors within the meaning of the Securities and Futures
Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance, or in
other circumstances which do not result in the document being a prospectus within
the meaning of the Companies Ordinance. In relation to the issue of the Notes, each
purchaser represents and agrees that it has not issued and will not issue any
advertisement, invitation or document relating to the Notes, whether in Hong Kong or
elsewhere, which is directed at, or the contents of which are likely to be accessed or
read by, the public in Hong Kong (except if permitted to do so under the securities
laws of Hong Kong) other than with respect to Notes which are or are intended to be
disposed of only to persons outside Hong Kong or only to professional investors
within the meaning of the Securities and Futures Ordinance (Cap. 571) of Hong Kong
and any rules made thereunder.
Note 3 Singapore Selling Restrictions.
The term Sheet and/or information memorandum of the Notes have not been
registered as a prospectus with the Monetary Authority of Singapore under the
Securities and Futures Act (Cap. 289) of Singapore ("SFA"). Accordingly, the term
Sheet and/or information memorandum and any other document or material in
connection with the offer or sale, or invitation for subscription or purchase, of the
Notes may not be circulated or distributed, nor may the Notes be offered or sold, or be
made the subject of an invitation for subscription or purchase, whether directly or
indirectly, to the public or any member of the public in Singapore other than (i) to an
institutional investor specified in Section 274 of the SFA, (ii) to a relevant person, or
any person pursuant to Section 275(1A), and in accordance with the conditions,
specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance
with the conditions of, any other applicable provision of the SFA.
In the event where the Notes are subscribed or purchased under Section 275 by a
relevant person which is:
(a)
a corporation (which is not an accredited investor) the sole business of which
is to hold investment and the entire share capital of which is owned by one or
more individuals, each of whom is an accredited investor; or
(b)
a trust (where the trustee is not an accredited investor) whose sole purpose
is to hold investments and each beneficiary is an accredited investor;
then the shares, debentures and units of shares and debentures of that corporation or
the beneficiaries' rights and interest in that trust shall not be transferable for six

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Final Term Sheet

29 April 2008

Renewable Opportunity Note with Contingent Coupon (ROC)

12 Months USD denominated Note linked to iShares Asia Trust iShares
FTSE/Xinhua A50 China Tracker (R29040803CM)
months after that corporation or that trust has acquired the Notes under Section 275
except:
(1)

(2)

to an institutional investor under Section 274 of the SFA or to a relevant

person, or any person pursuant to Section 275(1A), and in accordance with
the conditions, specified in Section 275 of the SFA;
where no consideration is given for the transfer; or

(3)

by operation of law.

Listing:

None

Governing Law:

English law

Calculation Agent:

UBS AG London Branch

7 of 8

Final Term Sheet

29 April 2008

Renewable Opportunity Note with Contingent Coupon (ROC)

12 Months USD denominated Note linked to iShares Asia Trust iShares
FTSE/Xinhua A50 China Tracker (R29040803CM)
IMPORTANT NOTICE:
This document and the information memorandum/offering circular have not been reviewed by any regulatory authority in
Singapore and Hong Kong. You are advised to exercise caution in relation to the investment contained herein.
In Hong Kong, the investment may not be offered or sold other than to persons who are professional investors within the
meaning of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and any rules made thereunder.
In Singapore, this document and the information memorandum/offering circular have not been registered as a prospectus with
the Monetary Authority of Singapore. Accordingly, this document and any other document in connection with the investment
may not be distributed, nor may the investment be offered or sold whether directly or indirectly, to persons in Singapore other
than to a relevant person (including an accredited investor) and in accordance with the conditions, specified in Section 275 of
the SFA
The investment may not be offered or sold within the United States or to US persons.
This document does not constitute an offer, or an invitation or a recommendation to enter into any transaction. All prices are
indicative and dependent upon market conditions. Deutsche Bank AG (DB) have sent you this term sheet in its capacity as a
potential counterparty acting at arms length. DB is not acting as your financial advisor or in a fiduciary capacity in unless
otherwise expressly agreed by DB in writing. Before entering into any transaction you should take steps to ensure that you
understand the transaction and have made an independent assessment of the appropriateness of the transaction in the light of
your own objectives and circumstances, including the possible risks and benefits of entering into such a transaction. If you are
in any doubt about any of the contents of this document and the information memorandum, you should obtain independent
professional advice. You agree that DB shall not in any way be responsible for any resulting loss. DB is willing to enter into a
transaction with you because DB understands that you have sufficient knowledge, experience and professional advice to make
your own evaluation of the merits and risks of a transaction of this type and you are not relying on DB nor any of the companies
in the Deutsche Bank group for information, advice or recommendations of any sort other than the factual terms of the
transaction. DB or any member of the Deutsche Bank group may have a long or short position in any investment or related
investment.
Acknowledgement
I/We hereby acknowledge that I/we have read and fully understood all applicable terms and conditions of the product
and its inherent risk and hereby agree to be bound thereby.
DB Account No.

Security Number:

Investment Amount:

R29040803CM

For Individuals:
Signed by:
Name:
Date:
For Corporation or Trust:
Signed By:
Name:
For and on behalf of:
Designation:
Date:

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