Bond UBG 0% ( CH1114375202 ) in EUR

UBG

100 % ⇌

Switzerland

CH1114375202 ( in EUR )

02/06/2031

Prospectus brochure of the bond UBS CH1114375202 en EUR 0%, maturity 02/06/2031

1 000 EUR

30 000 EUR

UBS is a Swiss multinational financial services company providing investment banking, wealth management, and asset management services globally.

The Bond issued by UBG ( Switzerland ) , in EUR, with the ISIN code CH1114375202, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Bond maturity is 02/06/2031

Securities Note
dated 17 November 2023

for the offer, continued offer, increase of the issue size or, as the case may be, of the aggregate nominal
amount or, as the case may be, the listing on a regulated or another equivalent market

of

Certificates Linked to a Notional Reference Portfolio

of

UBS AG
(a corporation limited by shares established under the laws of Switzerland)

which may also be acting through its Jersey branch:

UBS AG, Jersey Branch
(the Jersey branch of UBS AG)

or through its London branch:

UBS AG, London Branch
(the London branch of UBS AG)

This document including any supplements approved by the Federal Financial Services Supervisory Authority
(Bundesanstalt für Finanzdienstleistungsaufsicht  "BaFin") in respect hereof and published by UBS AG
constitutes a securities note (the "Securities Note") and, together with the registration document of UBS AG
dated 16 August 2023, as supplemented from time to time (as approved by BaFin, the "Registration
Document"), constitutes a base prospectus (the "Base Prospectus" or the "Prospectus") according to Article
8 (1) and Article 10 (1) of the Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14
June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on
a regulated market, and repealing Directive 2003/71/EC (the "Prospectus Regulation").
This Securities Note contains information relating to certificates linked to a notional reference portfolio (including
reference portfolios composed by UBS AG (the "Issuer" or "UBS AG"), UBS Group AG, which is the holding
company of UBS AG, or any of UBS Group AG's subsidiaries (together, the "UBS Group")) governed by either
German, English or Swiss law (the "Securities", and each a "Security") which may be issued from time to time
by the Issuer, which may also be acting through its Jersey branch ("UBS AG, Jersey Branch") or its London
branch ("UBS AG, London Branch").

UBS AG
Securities Note

2
This Securities Note will expire at the end of 17 November 2024. The obligation of the Issuer to supplement this
Securities Note in the event of significant new factors, material mistakes or material inaccuracies does not apply
when the Securities Note is no longer valid.
In this document, unless otherwise specified, references to a "Member State" are references to a Member State
of the European Economic Area ("EEA"), references to "EUR" or "euro" are to the currency introduced at the
start of the third stage of European economic and monetary union, and as defined in Article 2 of Council
Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro, as amended, references to "CHF"
are to Swiss francs and references to "U.S. dollars" are to United States dollars.
IMPORTANT EEA RETAIL INVESTORS - If the Final Terms in respect of any Securities includes a legend entitled
"Prohibition of Sales to EEA Retail Investors", the Securities are not intended to be offered, sold or otherwise
made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA.
For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point
(11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); (ii) a customer within the meaning of
Directive (EU) 2016/97 (the "Insurance Distribution Directive"), where that customer would not qualify as a
professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in
Regulation (EU) 2017/1129. Consequently no key information document required by Regulation (EU) No
1286/2014 (the "PRIIPs Regulation") for offering or selling the Securities or otherwise making them available
to retail investors in the EEA has been prepared and therefore offering or selling the Securities or otherwise
making them available to any retail investor in the EEA may be unlawful under the PRIIPS Regulation.
The Base Prospectus was included as a foreign prospectus, which is deemed approved also in
Switzerland pursuant to article 54 para. 2 of the Swiss Federal Act on Financial Services ("FinSA"), by
SIX Exchange Regulation Ltd. as Reviewing Body in the list of approved prospectuses and deposited
with it and published pursuant to article 64 FinSA. The Base Prospectus will also be deposited with SIX
Exchange Regulation Ltd. as Reviewing Body and published pursuant to article 64 FinSA.
THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE UNITED STATES SECURITIES
AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION IN THE UNITED STATES OR ANY
OTHER U.S. REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED
UPON OR ENDORSED THE MERITS OF THE OFFERING OF THE SECURITIES OR THE ACCURACY OR THE
ADEQUACY OF THE BASE PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENCE IN THE UNITED STATES.
THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR WITH ANY SECURITIES
REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES AND ARE
BEING SOLD PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. THE SECURITIES MAY INCLUDE SECURITIES IN BEARER FORM THAT ARE SUBJECT TO
U.S. TAX LAW REQUIREMENTS. TRADING IN THE SECURITIES HAS NOT BEEN APPROVED BY THE UNITED
STATES SECURITIES AND EXCHANGE COMMISSION. SUBJECT TO CERTAIN EXCEPTIONS, THE
SECURITIES MAY NOT BE OFFERED, SOLD OR, IN THE CASE OF BEARER SECURITIES, DELIVERED WITHIN
THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT ("REGULATION S")). SEE "SUBSCRIPTION AND SALE".
Potential investors in the Securities are explicitly reminded that an investment in Securities entails financial risks.
Holders of Securities run the risk of losing all or part of the amount invested by them in the Securities. All potential
investors in Securities are, therefore, advised to study the full contents of the Base Prospectus, in particular the
risk factors, and the relevant Final Terms.

UBS AG
Securities Note

3
TABLE OF CONTENTS
Page:
A. GENERAL DESCRIPTION OF THE PROGRAMME ....................................................................................... 8
1.
General Description of the Base Prospectus .......................................................................................... 8
2.
General Description of the Securities .................................................................................................... 8
3.
General Description of the offer of the Securities ............................................................................... 10
4.
General Description of the Admission of the Securities to Trading ...................................................... 10
B. RISK FACTORS (IN THE ENGLISH LANGUAGE) ....................................................................................... 12
I.
MATERIAL RISKS RELATING TO THE SECURITIES .......................................................................... 12
1.
Material risks related to the rank and characteristics of the Securities in the case of a failure
of the Issuer .......................................................................................................................... 12
1.1
Securityholders are exposed to the risk of a bail-in ................................................... 12
1.2
No statutory or voluntary deposit guarantee scheme ................................................ 13
2.
Material risks related to the Conditions of the Securities and, in particular, the redemption
profile of the Securities .......................................................................................................... 13
2.1
Specific risks with respect to the redemption profile of the Securities ....................... 13
(1)
Specific risks with respect to Reference Portfolio Tracker Certificates ........... 13
(2)
Specific risks with respect to Reference Portfolio Tracker Certificates (with
minimum redemption amount) ................................................................... 13
(3)
Specific risks with respect to Target List Tracker Certificates ........................ 14
(4)
Specific risks with respect to Target List Tracker Certificates (with minimum
redemption amount) ................................................................................... 15
2.2
Specific risks related to early termination of the Securities ........................................ 16
2.3
Specific risks related to reinvestment following the termination and early
redemption of the Securities..................................................................................... 17
2.4
Specific risks in connection with converting values into the Redemption Currency .... 17
2.5
Specific risks related to extension of the term of the Securities ................................. 17
2.6
Specific risks related to Market Disruption and Unwind Disruption in respect of the
Securities .................................................................................................................. 17
2.7
Specific risks related to adjustments of the Reference Portfolio Level or the
Conditions of the Securities by the Issuer and the Calculation Agent ........................ 18
2.8
Specific risks related to the substitution of the Issuer ................................................ 18
2.9
Specific risks related to determinations by the Calculation Agent ............................. 19
2.10
Specific risks related to a potential restructuring of the Issuer's business .................. 19
3.
Material risks in connection with investing in, holding and selling the Securities .................... 20
3.1
Specific risks related to the market price of the Securities ......................................... 20
3.2
Specific risks related to the illiquidity of the Securities .............................................. 21
3.3
Specific risks related to potential conflicts of interest of the Issuer and its affiliates ... 22
3.4
Specific risks related to hedging transactions entered into by Securityholders ........... 23
3.5
Specific risks related to the unwinding of hedging transactions entered into by the
Issuer ........................................................................................................................ 23
3.6
Specific risks related to US withholding tax ............................................................... 24
3.7
Specific risks in connection with ESG Classification ................................................... 25
3.8
Specific risks related to the "leverage" feature of the Securities ............................... 26
3.9
Specific risks related to the combination of the "leverage" feature with the
"Trigger Event" feature on the Securities ................................................................. 27
3.10
Specific risks arising from the involvement of Clearing Systems in transfer,
payments and communication ................................................................................. 27
4.
Risks related to Securities using distributed ledger technology ............................................... 28
4.1
Convertibility by the Issuer ........................................................................................ 28
4.2
Risks of software weaknesses ................................................................................... 28
4.3
Legal and regulatory risk .......................................................................................... 28
4.4
Risks associated with uncertain regulations and enforcement actions by securities
and financial authorities ........................................................................................... 28
4.5
Risk of mining attacks and forks ............................................................................... 29
4.6
Transfer restrictions .................................................................................................. 29
4.7
Transfers subject to legal uncertainty ........................................................................ 29
4.8
Risks related to the distributed ledger technology..................................................... 29
UBS AG
Securities Note

4
4.9
Risk of loss or theft of the digital tokens ................................................................... 30
4.10
The complete trading history of each digital wallet will be available to the general
public and it may be possible for members of the public to determine the identity
of the Securityholders ............................................................................................... 30
4.11
Unanticipated risks ................................................................................................... 30
II.
MATERIAL RISKS RELATING TO THE REFERENCE PORTFOLIO AND THE REFERENCE PORTFOLIO
CONSTITUENTS ................................................................................................................................ 30
5.
Material risks in connection with the Reference Portfolio ....................................................... 30
5.1
Risk of fluctuations in the Reference Portfolio Level .................................................. 31
5.2
Uncertainty about future performance; limited historic data ..................................... 31
5.3
Specific risks related to lack of direct correlation between the performance of
underlyings, individual Reference Portfolio Constituents and the overall
performance of the Reference Portfolio .................................................................... 31
5.4
Specific risks related to Securityholders having no recourse to the Reference
Portfolio Components .............................................................................................. 32
5.5
Specific risks related to fees deducted from the Reference Portfolio Level ................. 32
5.6
Specific risks related to the Reference Portfolio not being a recognised index ........... 32
5.7
Specific risks related to the composition and management of the Reference
Portfolio ................................................................................................................... 33
5.8
Currency risks contained in the Reference Portfolio .................................................. 35
5.9
Specific risks related to information about Reference Portfolio Constituents
obtained from public sources ................................................................................... 35
5.10
Specific risks related to Reference Portfolio Constituents subject to emerging
market jurisdictions .................................................................................................. 35
5.11
Specific risks associated with the regulation and reform of benchmarks ................... 36
6.
Material risks in connection with specific Reference Portfolio Constituents comprising the
Reference Portfolio ................................................................................................................ 37
6.1
Specific risks related to Stock Constituents and Equity Option Constituents ............. 37
6.2
Specific risks related to Bond Constituents and Securitised Product Constituents ...... 39
6.3
Specific risks related to Precious Metal Constituents and Commodity Constituents .. 39
6.4
Specific risks related to Total Return Index Constituents, Excess Return Index
Constituents and Excess Return Strategy Constituents .............................................. 40
6.5
Specific risks related to UBS Risk Premia Index Constituents ..................................... 43
6.6
Specific risks related to Fund Constituents ................................................................ 44
6.7
Specific risks related to ETF Constituents .................................................................. 46
6.8
Specific risks related to Futures Constituents ............................................................ 49
6.9
Specific risks related to FX Forward Constituents and FX Option Constituents .......... 50
6.10
Specific risks related to Credit Default Swap Constituents ........................................ 50
6.11
Specific risks related to Synthetic Currency Account Constituents ............................. 51
6.12
Specific risks related to short Stock Constituents, Total Return Index Constituents,
Excess Return Index Constituents and ETF Constituents ............................................ 51
C. RISK FACTORS (IN THE GERMAN LANGUAGE) ....................................................................................... 53
I.
WESENTLICHE RISIKEN IM HINBLICK AUF DIE WERTPAPIERE ...................................................... 53
1.
Wesentliche Risiken im Hinblick auf den Rang und die Eigenschaften der Wertpapiere im
Falle einer Insolvenz der Emittentin ........................................................................................ 53
1.1
Wertpapiergläubiger sind dem Risiko eines Bail-In ausgesetzt ................................... 53
1.2
Keine gesetzliche oder freiwillige Einlagensicherung ................................................. 54
2.
Wesentliche Risiken im Zusammenhang mit den Bedingungen der Wertpapiere und
insbesondere dem Tilgungsprofil der Wertpapiere ................................................................. 54
2.1
Spezifische Risiken im Zusammenhang mit dem Tilgungsprofil der Wertpapiere ....... 54
(1)
Spezifische Risiken betreffend Referenz-Portfolio Tracker Wertpapiere ........ 54
(2)
Spezifische Risiken betreffend Referenz-Portfolio Tracker Wertpapiere (mit
Mindestrückzahlungsbetrag) ....................................................................... 55
(3)
Spezifische Risiken betreffend Target List Tracker Zertifikate ........................ 56
(4)
Spezifische Risiken betreffend Target List Tracker Zertifikate (mit
Mindestrückzahlungsbetrag) ....................................................................... 56
2.2
Spezifische Risiken im Zusammenhang mit der vorzeitigen Kündigung der
Wertpapiere ............................................................................................................. 57
2.3
Spezifische Risiken im Zusammenhang mit Wiederanlagen nach der Kündigung
und vorzeitigen Rückzahlung der Wertpapiere ......................................................... 58
UBS AG
Securities Note

5
2.4
Spezifische Risiken im Zusammenhang mit der Umrechnung von Werten in die
Auszahlungswährung ............................................................................................... 58
2.5
Spezifische Risiken im Zusammenhang mit der Verlängerung der Laufzeit der
Wertpapiere ............................................................................................................. 59
2.6
Spezifische Risiken im Zusammenhang mit Marktstörung und Auflösungsstörung
bezüglich der Wertpapiere ....................................................................................... 59
2.7
Spezifische Risiken im Zusammenhang mit Anpassungen des Referenz-Portfolio-
Levels oder der Bedingungen der Wertpapiere durch die Emittentin und die
Berechnungsstelle .................................................................................................... 60
2.8
Spezifische Risiken im Zusammenhang mit der Ersetzung der Emittentin .................. 60
2.9
Spezifische Risiken im Zusammenhang mit Festlegungen durch die
Berechnungsstelle .................................................................................................... 61
2.10
Spezifische Risiken im Zusammenhang mit einer potenziellen Umstrukturierung der
Emittentin ................................................................................................................ 61
3.
Wesentliche Risiken im Zusammenhang mit Anlagen in die Wertpapiere, sowie dem Halten
und Verkauf der Wertpapiere ................................................................................................ 62
3.1
Spezifische Risiken im Zusammenhang mit dem Marktpreis der Wertpapiere ........... 62
3.2
Spezifische Risiken im Zusammenhang mit der fehlenden Liquidität der
Wertpapiere ............................................................................................................. 63
3.3
Spezifische Risiken im Zusammenhang mit potenziellen Interessenkonflikten der
Emittentin und ihrer verbundenen Unternehmen...................................................... 64
3.4
Spezifische Risiken im Zusammenhang mit Absicherungsgeschäften der
Wertpapiergläubiger ................................................................................................ 65
3.5
Spezifische Risiken im Zusammenhang mit der Auflösung von
Absicherungsgeschäften der Emittentin .................................................................... 66
3.6
Spezifische Risiken im Zusammenhang mit US-Quellensteuer ................................... 66
3.7
Spezifische Risiken in Verbindung mit einer ESG-Klassifizierung ................................ 68
3.8
Spezifische Risiken im Zusammenhang mit dem Merkmal "Leverage"-Effekt der
Wertpapiere ............................................................................................................. 69
3.9
Spezifische Risiken im Zusammenhang mit der Kombination aus dem Merkmal
"Leverage"-Effekt mit dem Merkmal "Auslösendes Ereignis" (Trigger Event) für die
Wertpapiere ............................................................................................................. 70
3.10
Spezifische Risiken im Zusammenhang mit der Einschaltung von Clearingsystemen
in Transfer, Zahlungen und Kommunikation ............................................................. 71
4.
Risikofaktoren im Zusammenhang mit Wertpapieren, welche die Distributed-Ledger-
Technologie nutzen ............................................................................................................... 71
4.1
Konvertierbarkeit durch die Emittentin ..................................................................... 71
4.2
Risiken von Software-Schwächen ............................................................................. 71
4.3
Rechtliche und regulatorische Risiken ....................................................................... 71
4.4
Risiken im Zusammenhang mit unsicheren Regulierungen und
Durchsetzungsmaßnahmen von Wertpapier- und Finanzaufsichtsbehörden ............. 72
4.5
Risiko von Mining-Angriffen und Forks ..................................................................... 72
4.6
Übertragungsbeschränkungen ................................................................................. 72
4.7
Übertragungen unterliegen rechtlicher Unsicherheit ................................................. 72
4.8
Risiken im Zusammenhang mit der Distributed-Ledger-Technologie ......................... 73
4.9
Risiko des Verlusts oder Diebstahls der digitalen Token ............................................ 73
4.10
Die Handelstransaktionen jedes digitalen Wallets können der Öffentlichkeit
zugänglich und die Identität der Wertpapiergläubiger bestimmbar sein .................... 73
4.11
Unvorhergesehene Risiken........................................................................................ 74
II.
WESENTLICHE RISIKEN IM HINBLICK AUF DAS REFERENZ-PORTFOLIO UND DIE REFERENZ-
PORTFOLIO-BESTANDTEILE ............................................................................................................ 74
5.
Wesentliche Risiken im Zusammenhang mit dem Referenz-Portfolio ...................................... 74
5.1
Risiko von Schwankungen des Referenz-Portfolio-Levels ........................................... 74
5.2
Unsicherheit über die zukünftige Wertentwicklung; begrenzte Daten für die
Vergangenheit ......................................................................................................... 74
5.3
Spezifische Risiken im Zusammenhang mit dem Fehlen einer unmittelbaren
Korrelation zwischen der Wertentwicklung der Basiswerte, einzelner Referenz-
Portfolio-Bestandteile und der Entwicklung des Referenz-Portfolios insgesamt ......... 75
5.4
Spezifische Risiken im Zusammenhang mit dem fehlenden Zugriff der
Wertpapiergläubiger auf die Referenz-Portfolio-Komponenten ................................. 76
5.5
Spezifische Risiken im Zusammenhang mit den vom Referenz-Portfolio-Level
abgezogenen Gebühren ........................................................................................... 76
UBS AG
Securities Note

6
5.6
Spezifische Risiken im Zusammenhang damit, dass das Referenz-Portfolio kein
anerkannter Index ist ................................................................................................ 76
5.7
Spezifische Risiken im Zusammenhang mit der Zusammensetzung und der
Verwaltung des Referenz-Portfolios .......................................................................... 76
5.8
Im Referenz-Portfolio enthaltenes Währungsrisiko .................................................... 79
5.9
Spezifische Risiken im Zusammenhang mit Informationen über Referenz-Portfolio-
Bestandteile aus öffentlichen Quellen ....................................................................... 79
5.10
Spezifische Risiken im Zusammenhang mit Referenz-Portfolio-Bestandteilen, die
Rechtsordnungen in Schwellenländern unterliegen .................................................. 79
5.11
Spezifische Risiken im Zusammenhang mit der Regulierung und Reform von
Benchmarks ............................................................................................................. 80
6.
Wesentliche Risiken im Zusammenhang mit spezifischen im Referenz-Portfolio enthaltenen
Referenz-Portfolio-Bestandteile.............................................................................................. 82
6.1
Spezifische Risiken im Zusammenhang mit Aktien-Bestandteilen und Equity Option-
Bestandteilen ........................................................................................................... 82
6.2
Spezifische Risiken im Zusammenhang mit Anleihe-Bestandteilen und Securitised
Product-Bestandteilen .............................................................................................. 83
6.3
Spezifische Risiken im Zusammenhang mit Edelmetall-Bestandteilen oder Rohstoff-
Bestandteilen ........................................................................................................... 84
6.4
Spezifische Risiken im Zusammenhang mit Total Return Index-Bestandteilen, Excess
Return Index-Bestandteilen und Excess Return Strategie-Bestandteilen ..................... 85
6.5
Spezifische Risiken im Zusammenhang mit UBS Risk Premia Index-Bestandteilen ...... 88
6.6
Spezifische Risiken im Zusammenhang mit Fonds-Bestandteilen ............................... 89
6.7
Spezifische Risiken im Zusammenhang mit ETF-Bestandteilen ................................... 91
6.8
Spezifische Risiken im Zusammenhang mit Futures-Bestandteilen ............................. 94
6.9
Spezifische Risiken im Zusammenhang mit FX Forward-Bestandteilen und FX
Option-Bestandteilen ................................................................................................ 96
6.10
Spezifische Risiken im Zusammenhang mit Credit Default Swap-Bestandteilen ......... 96
6.11
Spezifische Risiken im Zusammenhang mit Synthetischen Währungskonten-
Bestandteilen ........................................................................................................... 96
6.12
Spezifische Risiken im Zusammenhang mit Short-Positionen bei Aktien-
Bestandteilen, Total Return Index-Bestandteilen, Excess Return Index-Bestandteilen
und ETF-Bestandteilen .............................................................................................. 97
D. GENERAL INFORMATION ON THE BASE PROSPECTUS.......................................................................... 99
1.
Important Notice ................................................................................................................................ 99
2.
Responsibility Statement .................................................................................................................... 99
3.
Third Party Information .................................................................................................................... 100
4.
Consent to use the Prospectus ......................................................................................................... 100
E. GENERAL INFORMATION ON THE SECURITIES ..................................................................................... 102
1.
Types of Securities............................................................................................................................ 102
2.
Law governing the Securities ............................................................................................................ 103
3.
Status of the Securities ..................................................................................................................... 103
4.
Form of the Securities ...................................................................................................................... 103
5.
Clearing and Settlement of the Securities ......................................................................................... 107
6.
Further Information relating to the Securities ................................................................................... 110
7.
Listing or Trading of the Securities ................................................................................................... 111
8.
Issue Price; Offering of the Securities................................................................................................ 111
9.
Rating of the Securities .................................................................................................................... 112
10.
Maturity of the Securities; Issuer Extension Option ........................................................................... 112
11.
Termination Rights of the Issuer and the Securityholders; Automatic Early Termination .................... 112
12.
Functioning of the Securities and Dependency on the Reference Portfolio ........................................ 114
(1)
Reference Portfolio Tracker Certificates: .............................................................................. 114
(2)
Reference Portfolio Tracker Certificates (with minimum redemption amount): ..................... 115
(3)
Target List Tracker Certificates: ............................................................................................ 116
(4)
Target List Tracker Certificates (with minimum redemption amount): .................................. 116
F. CONDITIONS OF THE SECURITIES .......................................................................................................... 119
1.
Structure and Language of the Conditions of the Securities ............................................................. 119
2.
Product Terms* / Produktbedingungen* ............................................................................................ 122
UBS AG
Securities Note

7
Part 1: Product Terms: Key Terms and Definitions of the Securities ................................................... 123
Part 2: Product Terms: Special Conditions of the Securities ............................................................... 154
(1)
Reference Portfolio Tracker Certificates: .............................................................................. 154
(2)
Reference Portfolio Tracker Certificates (with minimum redemption amount): ..................... 162
(3)
Target List Tracker Certificates: ............................................................................................ 170
(4)
Target List Tracker Certificates (with minimum redemption amount): .................................. 175
3.
General Conditions of the Securities* / Allgemeine Bedingungen der Wertpapiere* .......................... 180
4.
Conditions of the Securities Incorporated by Reference .................................................................... 249
G. FORM OF FINAL TERMS ......................................................................................................................... 250
H. INFORMATION ABOUT THE UNDERLYING ........................................................................................... 265
1.
Information about the Captive Reference Portfolio ........................................................................... 266
2.
Information about the Target Reference Portfolio ............................................................................ 296
I. SUBSCRIPTION AND SALE ....................................................................................................................... 316
1.
Issue and Sale .................................................................................................................................. 316
2.
Selling Restrictions ........................................................................................................................... 316
J. IMPACT OF TAX LEGISLATION ON INCOME RECEIVED FROM THE SECURITIES ................................. 322
K. GENERAL INFORMATION ....................................................................................................................... 324
1.
Form of Document ........................................................................................................................... 324
2.
Publication ....................................................................................................................................... 324
3.
Authorisation ................................................................................................................................... 324
4.
Approval of the Base Prospectus and Notification ............................................................................ 324
5.
Offer of Securities to the Public; Listing of Securities on a regulated or another equivalent Market .. 325
6.
Reasons for the Offer and Use of Proceeds ...................................................................................... 326
7.
Information incorporated by Reference ............................................................................................ 326
8.
Availability of the Base Prospectus and other Documents ................................................................. 327
L. CONTINUED OFFERS TO THE PUBLIC..................................................................................................... 328
M. INDEX OF DEFINED TERMS ................................................................................................................... 331

UBS AG
Securities Note

General Description of the Programme
8
A. GENERAL DESCRIPTION OF THE PROGRAMME
1.
General Description of the Base Prospectus
This Securities Note has been approved by the Federal Financial Services Supervisory Authority (Bundesanstalt für
Finanzdienstleistungsaufsicht  "BaFin") as competent authority under the Prospectus Regulation.
This Securities Note together with the registration document of UBS AG dated 16 August 2023, as supplemented
from time to time (as approved by BaFin, the "Registration Document"), constitutes a base prospectus (the
"Base Prospectus" or the "Prospectus") according to Article 8 (1) and Article 10 (1) of the Regulation (EU)
2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published
when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive
2003/71/EC (the "Prospectus Regulation").
The validity of this Securities Note will expire on 17 November 2024. Whilst the Issuer will this supplement this
Securities Note in accordance with Article 23 of the Prospectus Regulation, such the obligation to supplement
the Securities Note in the event of significant new factors, material mistakes or material inaccuracies does not
apply when the Securities Note is no longer valid.

Under the Base Prospectus UBS AG (the "Issuer" or "UBS AG"), which may also be acting through its Jersey
branch ("UBS AG, Jersey Branch") or its London branch ("UBS AG, London Branch"), may, from time to time,
issue certificates linked to a notional reference portfolio governed by either German, English or Swiss law (the
"Securities", and each, a "Security").
In the context of any offer of Securities that is not made within an exemption from the requirement to publish a
prospectus under the Prospectus Regulation (a "Public Offer"), the Issuer has requested BaFin to provide a
certificate of approval in accordance with Article 25 of the Prospectus Regulation (the "EEA Passport") in
relation to the passporting of the Base Prospectus to the competent authorities of Liechtenstein, Luxembourg,
Austria, Sweden, Finland and the Netherlands (the "Host Member States"). The Issuer intends to offer the
Securities described in the Base Prospectus for sale to the public and/or apply for admission to trading of the
Securities in either the Federal Republic of Germany and/or one or more Host Member States, in each case, as
specified in the final terms (the "Final Terms") for any issue of Securities (each, a "Public Offer Jurisdiction").
The Base Prospectus contains all information which was known at the time the Base Prospectus has been
approved and contains placeholders and optional elements (options and additional options). This relates to
information which will only be specified by the Issuer upon issuance of the Securities.
For this purpose, the Issuer will in each case prepare the Final Terms for the Securities which will contain the
information that can only be specified at the time of the issuance of the Securities under the Base Prospectus.
The Final Terms will be prepared by completing the form of the Final Terms set out in section "G. FORM OF FINAL
TERMS" on page 250 et seq. of this Securities Note with the information that applies specifically to the relevant
Securities. In particular, this includes stating which of the optional elements with regard to the Securities apply.
In addition, the relevant placeholders contained in the Base Prospectus will be filled in with specific values (e.g.
dates, prices, rates).
2.
General Description of the Securities
Types of Securities
The following Securities are described in the Securities Note :
·
securities with a structured payment component which have a minimum redemption amount at
maturity linked to the performance of a notional reference portfolio actively managed by the
Reference Portfolio Advisor (also the "Reference Portfolio Tracker Certificates (with
minimum redemption amount)"),
·
securities with a structured payment component which have no minimum redemption amount
and are not capital protected at maturity linked to the performance of a notional reference
UBS AG
Securities Note

General Description of the Programme
9
portfolio actively managed by the Reference Portfolio Advisor (also the "Reference Portfolio
Tracker Certificates"),
·
securities with a structured payment component which have a minimum redemption amount at
maturity linked to the performance of a notional reference portfolio dynamically adjusted by the
Calculation Agent (also the "Target List Tracker Certificates (with minimum redemption
amount)"), and
·
securities with a structured payment component which have no minimum redemption amount
and are not capital protected at maturity linked to the performance of a notional reference
portfolio dynamically adjusted by the Calculation Agent (also the "Target List Tracker
Certificates").
The payout of the Securities is based on the performance of a notional reference portfolio, including reference
portfolios composed by the Issuer, UBS Group AG, which is the holding company of UBS AG, or any of UBS
Group AG's subsidiaries (together, the "UBS Group") , (the "Reference Portfolio") whose constituents may
comprise long and/or short positions in one or more of stocks, precious metals, commodities, exchange traded
funds, funds, futures, total return or excess return indices, equity options, FX forwards, FX options, credit default
swaps, bonds, securitised products and/or synthetic currency accounts and a cash position, in each case, as
specified in the relevant Final Terms.
The Reference Portfolio is a notional portfolio which has been created and is adjusted and calculated solely for
the purposes of being used as underlying of securities issued by the Issuer. There is no obligation on the Issuer
to purchase or hold any constituents of such Reference Portfolio and Securityholders have no rights in, or to
require delivery of, any such constituents at any time. References to any balancing, rebalancing, disposal,
acquisition or financing of a constituent of the Reference Portfolio have to be understood as reference to a
notional transaction and should not be construed as imposing any obligation on the Issuer or any of its affiliates
or subsidiaries, the Manager, the Calculation Agent or any person actually directly or indirectly, physically or
synthetically to acquire, dispose of or effect or take delivery of, or effect transactions in, any securities,
investments or other property, but are references to the change in the value of, or in notional amounts to be
determined for the purposes of calculating the value of, and relate solely to the calculation of the value of any
amounts payable in respect of the Securities.
Whilst the payout under the Securities is linked to the market value of the Reference Portfolio Components, the
Issuer is not obliged to invest the net proceeds of the issuance of the Securities in any Reference Portfolio
Components at any time; the net proceeds will be used for general business purposes of the Issuer only. The
Securityholders do not have any direct interests in, or beneficial ownership of, any Reference Portfolio
Component at any time.
In case the Securities are Reference Portfolio Tracker Certificates (with minimum redemption amount) or
Reference Portfolio Tracker Certificates, the Reference Portfolio will be composed and actively managed
by the Reference Portfolio Advisor (i.e., notionally rebalanced by the Reference Portfolio Advisor from
time to time in its reasonable discretion in accordance with the methodology specified in the applicable
Final Terms), although the Calculation Agent will be entitled to reject the inclusion of one or more
Reference Portfolio Components from time to time in accordance with the Conditions.
In case the Securities are Target List Tracker Certificates (with minimum redemption amount) or Target
List Tracker Certificates, the Reference Portfolio will be dynamically adjusted by the Calculation Agent
(i.e., notionally rebalanced by the Calculation Agent from time to time with a very limited exercise of
discretion and in accordance with the methodology specified in the applicable Final Terms) to replicate
a target list (the "Target List") composed and adjusted by the Target List Provider from time to time.
The applicable Final Terms will specify the name of the relevant Reference Portfolio (and, if applicable, the relevant
Target List) and will state where information on the relevant Reference Portfolio, in particular on its past and
future performance and on its volatility, can be obtained by electronic means, whether or not it can be obtained
free of charge and whether or not the Issuer intends to provide further information on the Reference Portfolio.
Securities may be issued in series (each a "Series") and Securities of each Series will all be subject to identical
terms (except, inter alia, for Issue Price, Issue Date, Issue Size and interest commencement date, which may or
may not be identical) whether as to currency, denomination, interest or maturity or otherwise.
UBS AG
Securities Note

General Description of the Programme
10
Law governing the Securities
The Securities issued by the Issuer are, as specified in the relevant Final Terms and save for the legal effects of
the registration of the Securities with the relevant Clearing System as described below, governed by German law
("German law governed Securities"), by English law ("English law governed Securities") or by Swiss law
("Swiss law governed Securities").
In case of Swedish Securities, Finnish Securities, Norwegian Securities, Danish Securities, Italian Securities and
French Securities, the legal effects of the registration of the Securities with the relevant Clearing System will be
governed by the laws of the Kingdom of Sweden, the Republic of Finland, the Kingdom of Norway, the Kingdom
of Denmark, the Republic of Italy or, as specified in the relevant Final Terms, France.
Maturity of the Securities; Issuer Extension Option
Subject to the Issuer Extension Option (as defined below), the Securities shall expire provided that the Securities
are not terminated or expired early in accordance with the Conditions of the Securities on the relevant expiration
date specified in the applicable Final Terms (the "Expiration Date").
Further, if specified in the applicable Final Terms, the Issuer is in accordance with the Conditions of the Securities
also entitled to extend, by giving notice to the Securityholders as specified in the applicable Final Terms prior to
the then existing Expiration Date the maturity of all then outstanding Securities for an additional period as
specified in the applicable Final Terms (the "Issuer Extension Option"). In case that the Issuer exercises the
Issuer Extension Option and unless a Securityholder rejects such Issuer Extension Option in relation to the
Securities held by it in accordance with the Conditions of the Securities, investors in the Securities will receive any
final payments under the Securities later than the date initially scheduled and stated at the Issue Date of the
Securities.
Taxation
Generally, income from the Securities is taxable for the Securityholders. Potential investors should therefore read
the notices regarding the taxation of the Securities in the section "J. IMPACT OF TAX LEGISLATION ON INCOME
RECEIVED FROM THE SECURITIES" on page 322 of this Securities Note.
Further information on the Securities can be found in the section "E. GENERAL INFORMATION ON THE
SECURITIES" on page 102 et seq. of this Securities Note.
3.
General Description of the offer of the Securities
It has been agreed that, on or after the respective Issue Date of the Securities, as specified in the relevant Final
Terms the Manager(s) shall underwrite the Securities by means of an underwriting agreement and shall place
them for sale under terms subject to change in the Public Offer Jurisdiction and during the period, if any, specified
for these purposes in the applicable Final Terms.
Further details of the offer and sale of the Securities, in particular the relevant issue price, the initial payment
date, the aggregate amount of the issue, the relevant issue size or aggregate nominal amount, as the case may
be, the relevant subscription period, if any, the relevant minimum investment amount, if any, information with
regard to the manner and date, in which the result of the offer are to be made public, if required, the relevant
name and address of the co-ordinator(s) of the offer, and the relevant conditions, if any, to which the offer of
the Securities is subject, with regard to each issue of Securities under the Base Prospectus will be specified in the
applicable Final Terms.
Further information on the offer of the Securities can be found in the section "E. GENERAL INFORMATION ON
THE SECURITIES E.8. Issue Price; Offering of the Securities" on page 111 et seq. of this Securities Note and in
the section "I. SUBSCRIPTION AND SALE" on page 316 et seq. of this Securities Note.
4.
General Description of the Admission of the Securities to Trading
Application may be made for admission of the Securities to trading on one or more stock exchanges or
multilateral trading facilities or markets, including but not limited to the Frankfurt Stock Exchange, the Stuttgart
Stock Exchange, Borsa Italiana S.p.A., the Official List of the Regulated Market of the Luxembourg Stock
Exchange, the Official Market of the Vienna Stock Exchange, the unofficial market of the Frankfurt Stock
UBS AG
Securities Note