Exhibit 4.4


 


UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AS DEFINED
HEREIN) TO UBS AG OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE
DEPOSITARY, HAS AN INTEREST HEREIN.


 


TRANSFERS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, AND ONLY WITH
THE PRIOR WRITTEN CONSENT OF UBS AG.


 


AUCTION
RATE SECURITIES RIGHTS CERTIFICATE


 


UBS AG


 


Series B-2


 


                           Auction
Rate Securities Rights Relating to $                


in
Related Auction Rate Certificates


 


THIS CERTIFIES THAT                                             is the owner of                      Auction
Rate Securities Rights, Series B-2, relating to $                        
in related auction rate certificates or such greater or lesser amount as is
indicated on Schedule I hereto.


 


THE AUCTION RATE
SECURITIES RIGHTS REPRESENTED BY THIS CERTIFICATE ARE BEING ISSUED PURSUANT TO
THE PROSPECTUS, DATED OCTOBER 7, 2008 (THE “PROSPECTUS”), OF UBS AG RELATING TO
THE SERIES OF AUCTION RATE SECURITIES RIGHTS IDENTIFIED ABOVE AND INCLUDED AS PART OF
THE REGISTRATION STATEMENT ON FORM F-3 OF UBS AG FILED WITH THE U.S. SECURITIES
AND EXCHANGE COMMISSION ON OCTOBER 7, 2008. THE PROSPECTUS CONTAINS A
DESCRIPTION OF THE SETTLEMENT PURSUANT TO WHICH THIS CERTIFICATE IS BEING
ISSUED. CAPITALIZED TERMS USED AND NOT OTHERWISE DEFINED HEREIN ARE USED AS
DEFINED IN THE PROSPECTUS.


 


Each ARS Right
represented by this Certificate entitles the beneficial owner thereof to sell
to UBS AG, at any time from January 2, 2009 to January 4, 2011, ARS that
are auction rate certificates that are eligible pursuant to the terms of the
Settlement (“Eligible ARS”) with an aggregate principal amount of $1.00 per such
Eligible ARS for each ARS Right.  As
consideration for the issuance of the ARS Rights, each beneficial owner of an
ARS Right has granted to UBS AG the discretion to purchase from such beneficial
owner, at any time from the business day following the date on 


 

















 


which each such owner opts
into the Settlement to January 4, 2011, any or all of the Eligible ARS to
which such beneficial owner’s ARS Rights relate for a price equal to $1.00 per
such Eligible ARS for each ARS Right.


 


This Certificate is registered
in the name of [UBS Securities LLC] [UBS Financial Services, Inc.] (the “Depositary”)on
behalf of the beneficial owners of the ARS Rights represented hereby.  Ownership of beneficial interests in the ARS
Rights represented by this Certificate will be effected only through records
maintained at the Depositary.  This
Certificate will not be exchangeable for definitive ARS Rights registered in
the name of a beneficial owner of ARS Rights unless the Depositary is unwilling
or unable to continue to so act and a successor is not appointed by UBS AG
within 90 days or UBS AG elects to issue definitive ARS Rights.  Definitive ARS Rights of this series will be
issued in denominations of 1,000 ARS Rgihts, relating to $1,000 principal
amount in related auction rate certificates, and integral multiples
thereof.  If definitive ARS Rights are
issued, UBS AG will maintain in the Borough of Manhattan, New York City, one or
more offices or agencies where definitive ARS Rights may be presented for
performance and where replacement certificates representing ARS Rights may be
obtained for definitive ARS Rights that have been lost or mutilated.  Beneficial owners of ARS Rights will not be charged
a fee for any exchange of such definitive ARS Rights; provided,
however, that UBS AG may require payment
of a sum sufficient to cover any tax or other governmental charge payable in
connection therewith.


 


The ARS Rights represented
by this Certificate are contractual obligations of UBS AG and are senior in
right of payment to the ordinary shares, par value CHF0.10 per share, of UBS
AG.


 


This Certificate may be
transferred in whole and not in part and only with the prior written consent of
UBS AG.  The ARS Rights represented by
this Certificate may not be transferred, sold, assigned, pledged, hypothecated
or otherwise disposed of by the beneficial owner thereof.


 


This Certificate shall be
governed by and construed in accordance with the laws of the State of New York
(without giving effect to the principles thereof relating to conflicts of law
except Section 5-1401 of the New York General Obligations Law).


 

















 


IN WITNESS WHEREOF, UBS
AG has caused this Certificate to be executed by its duly authorized officers
this          day of               ,
2008.


 


 


	
   

  	
  UBS AG

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  



 

















 


SCHEDULE
I


 


SCHEDULE OF
INCREASES OR DECREASES


 


The initial number of ARS Rights, Series B-2, represented
by this Certificate is                         
rights, relating to auction rate certificates in an aggregate principal amount
of $                  .  The following increases or decreases in the amount
of ARS Rights represented by this Certificate have been made:


 


	
  Date of Increase

  or Decrease

  	
   

  	
  Amount
  of

  Decrease in

  Number of 

  ARS Rights

  	
   

  	
  Amount
  of

  Increase in

  Number of

  ARS Rights

  	
   

  	
  Number of

  ARS Rights

  Following Such

  Increase or

  Decrease

  	
   

  	
  Signature
  of

  Authorized

  Officer