Filed under Rule 433
File Nos. 333-132747, 333-
132747-05 and 333-132747-10
May 9, 2006
FINAL TERM SHEET
UBS AG
US$1,000,000,000
UBS PREFERRED FUNDING TRUST V
6.243% Noncumulative Trust Preferred Securities
representing a corresponding amount of
6.243% Noncumulative Company Preferred Securities of
UBS PREFERRED FUNDING COMPANY LLC V
guaranteed on a subordinated basis by UBS AG
<Table>
Issuer: UBS Preferred Funding Trust V
Issue: Perpetual Subordinated Step-Up Preferred Securities
Rating: A1/AA-/AA [(S/S/S)]*
Amount: $1,000,000,000
Spread: UST10yr + 112bps
Maturity: Perpetual; but redeemable at the issuer's option on May 15,
2016 and on each interest payment date thereafter
Initial Public Offering Price: 100% per Trust Preferred Security
Proceeds to Trust V: $1,000,000,000
Distributions: Subject to rights to defer distributions,
6.243% per annum until May 15, 2016 (payable semi-annually in
arrears); thereafter, 1.615% plus 3-month LIBOR per annum (payable
quarterly)
Distribution Payment Dates: May 15 and November 15 of each year beginning November 15, 2006
and until May 15, 2016; thereafter, August 15, November 15,
February 15 and May 15 of each year
Minimum Denominations: $75,000 X $1,000
Optional Redemption: On or after May 15, 2016
Early Redemption: Tax and regulatory events
Make Whole Call: T + .50%
Books: UBS Securities LLC
Co-Leads: Citigroup
Banc of America Securities LLC
JPMorgan
Wachovia Securities
Barclays Capital
RBS Greenwich Capital
Lloyds TSB
Danske Bank A/S
ING
HSBC
Co-Managers:
SunTrust Robinson Humphrey
Wells Fargo Securities
Morgan Keegan & Company, Inc.
Caylon Securities (USA)
Bayerische Landesbank
WestLB AG
Enskilda Securites
KeyBanc Capital Markets
Standard Chartered Bank
Merrill Lynch & Co.
Morgan Stanley
Goldman, Sachs & Co.
Fortis Securities LLC
Landesbank Baden-Wurttemberg
Settlement Date: May 12, 2006 (T+3)
Format: SEC Registered
Listing: NYSE
</Table>
*An explanation of the significance of ratings may be obtained from the rating
agencies. Generally, rating agencies base their ratings on such material and
information, and such of their own investigations, studies and assumptions, as
they deem appropriate. The rating of the capital securities should be evaluated
independently from similar ratings of other securities. A credit rating of a
security is not a recommendation to buy, sell or hold securities and may be
subject to review, revision, suspension, reduction or withdrawal at any time by
the assigning rating agency.
THE ISSUER HAS FILED A REGISTRATION STATEMENT (INCLUDING A PROSPECTUS) WITH THE
SEC FOR THE OFFERING TO WHICH THIS COMMUNICATION RELATES. BEFORE YOU INVEST, YOU
SHOULD READ THE PROSPECTUS IN THAT REGISTRATION STATEMENT AND OTHER DOCUMENTS
THE ISSUER HAS FILED WITH THE SEC FOR MORE COMPLETE INFORMATION ABOUT THE ISSUER
AND THIS OFFERING. YOU MAY GET THESE DOCUMENTS FOR FREE BY VISITING EDGAR ON THE
SEC WEBSITE AT WWW.SEC.GOV. ALTERNATIVELY, THE ISSUER, ANY UNDERWRITER OR ANY
DEALER PARTICIPATING IN THE OFFERING WILL ARRANGE TO SEND YOU THE PROSPECTUS,
ANY PROSPECTUS SUPPLEMENT OR FREE WRITING PROSPECTUS FOR THIS OFFERING IF YOU
REQUEST IT BY CALLING TOLL FREE 1-888-722-9555 EXT 1088 OR THROUGH YOUR USUAL
CONTACT AT UBS SECURITIES LLC.
ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR AFTER THIS MESSAGE ARE NOT
APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR
OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION
BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.
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