STMT of Eligibility of Warrant Trustee for UBS AG



Exhibit 1.		A copy of the Articles of Association of the Trustee now in effect, incorporated herein by reference to Exhibit 1 of Form T-1, Document 6 of Registration No. 333-84320.

Exhibit 2.		A copy of the certificate of authority of the Trustee to commence business, incorporated herein by reference to Exhibit 2 of Form T-1, Document 6 of Registration No. 333-84320.

Exhibit 3.		A copy of the certificate of authority of the Trustee to exercise corporate trust powers, incorporated herein by reference to Exhibit 3 of Form T-1, Document 6 of Registration No. 333-84320.

Exhibit 4.		A copy of the existing bylaws of the Trustee, as now in effect, incorporated herein by reference to Exhibit 4 of Form T-1, Document 6 of Registration No. 333-113995.

Exhibit 5.		Not applicable.

Exhibit 6.		The consent of the Trustee required by Section 321(b) of the Trust Indenture Act of 1939, incorporated herein by reference to Exhibit 6 of Form T-1, Document 6 of Registration No. 333-84320.

Exhibit 7.		Report of Condition of the Trustee as of September 30, 2011, published pursuant to law or the requirements of its supervising or examining authority, attached as Exhibit 7.

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the Trustee, U.S. BANK TRUST NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility and qualification to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of New York, State of New York on the 9th day of January, 2012.


Switzerland		98-0186363
(State or other jurisdiction of incorporation or organization)		(I. R. S. Employer Identification No.)

Bahnhofstrasse 45, CH-8001 Zurich, Switzerland and
Aeschenvorstadt 1, CH-4051 Basel, Switzerland
(Address of principal executive offices)		(Zip Code)


U.S. BANK TRUST NATIONAL ASSOCIATION

By:		/s/ Caroline Lee
Name:		Caroline Lee
Title:		Assistant Vice President


ASSETS
1. Cash and balances due from depository institutions (from Schedule RC-A):
a. Noninterest-bearing balances and currency and coin (1)			12,699
b. Interest-bearing balances (2)			522,460
2. Securities:
a. Held-to-maturity securities (from Schedule RC-B, column A)			0
b. Available-for-sale securities (from Schedule RC-B, column D)			0
3. Federal funds sold and securities purchased under agreements to resell:
a. Federal funds sold			0
b. Securities purchased under agreements to resell (3)			0
4. Loans and lease financing receivables (from Schedule RC-C):
a. Loans and leases held for sale			0
b. Loans and leases, net of unearned income			0
c. LESS: Allowance for loan and lease losses			0
d. Loans and leases, net of unearned income and allowance (item 4.b minus 4.c)			0
5. Trading assets (from Schedule RC-D)			0
6. Premises and fixed assets (including capitalized leases)			325
7. Other real estate owned (from Schedule RC-M)			0
8. Investments in unconsolidated subsidiaries and associated companies			0
9. Direct and indirect investments in real estate ventures			0
10. Intangible assets:
a. Goodwill			16,000
b. Other intangible assets (from Schedule RC-M)			3,275
11. Other assets (from Schedule RC-F)			22,126
12. Total assets (sum of items 1 through 11)			576,885

(1) Includes cash items in process of collection and unposted debits.
(2) Includes time certificates of deposit not held for trading.
(3) Includes all securities resale agreements, regardless of maturity.

LIABILITIES
13. Deposits:
a. In domestic offices (sum of totals of columns A and C from Schedule RC-E, part I)			0
(1) Noninterest-bearing (1)			0
(2) Interest-bearing			0
b. Not applicable
14. Federal funds purchased and securities sold under agreements to repurchase:
a. Federal funds purchased (2)			0
b. Securities sold under agreements to repurchase (3)			0
15. Trading liabilities (from Schedule RC-D)			0
16. Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases) (from Schedule RC-M)			0
17. and 18. Not applicable
19. Subordinated notes and debentures (4)			0
20. Other liabilities (from Schedule RC-G)			17,922
21. Total liabilities (sum of items 13 through 20)			17,922
22. Not applicable

EQUITY CAPITAL
Bank Equity Captal
23. Perpetual preferred stock and related surplus			0
24. Common stock			1,000
25. Surplus (excludes all surplus related to preferred stock)			466,570
26. a. Retained earnings			91,394
b. Accumulated other comprehensive income (5)			0
c. Other equity capital components (6)			0
27. a. Total bank equity capital (sum of items 23 through 26.c)			558,964
b. Noncontrolling (minority) interests in consolidated subsidiaries			0
28. Total equity capital (sum of items 27.a and 27.b)			558,964
29. Total liabilities and equity capital (sum of items 21 and 28)			576,866