Bond UBSL 10% ( US90270K5N57 ) in USD

Issuer UBSL
Market price 100 %  ▲ 
Country  Switzerland
ISIN code  US90270K5N57 ( in USD )
Interest rate 10% per year ( payment 2 times a year)
Maturity 30/03/2023 - Bond has expired



Prospectus brochure of the bond UBS (London Branch) US90270K5N57 in USD 10%, expired


Minimal amount 1 000 USD
Total amount 2 681 000 USD
Cusip 90270K5N5
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Detailed description UBS London Branch operates as a significant subsidiary of UBS Group AG, providing a wide range of investment banking, wealth management, and asset management services to clients in the UK and internationally.

The Bond issued by UBSL ( Switzerland ) , in USD, with the ISIN code US90270K5N57, pays a coupon of 10% per year.
The coupons are paid 2 times per year and the Bond maturity is 30/03/2023







424B2 1 ub54893947-424b2.htm FORM 424B2
PRICING SUPPLEMENT

Dated March 26, 2020
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-225551
(To Prospectus dated October 31, 2018
and Product Supplement dated October 31, 2018)

UBS AG $2,681,000 Trigger Autocallable Contingent Yield Notes
Linked to the least performing of the common stock of Apple Inc., the common stock of Amazon.com, Inc., the class C capital stock of Alphabet
Inc. and the common stock of Microsoft Corporation due March 30, 2023
I nve st m e nt De sc ript ion
UBS AG Trigger Autocallable Contingent Yield Notes (the "Notes") are unsubordinated, unsecured debt securities issued by UBS AG ("UBS" or the "issuer")
linked to the least performing of the common stock of Apple Inc., the common stock of Amazon.com, Inc., the class C capital stock of Alphabet Inc. and the
common stock of Microsoft Corporation (each, an "underlying asset" and together, the "underlying assets"). UBS will pay a contingent coupon on the coupon
payment date only if the closing level of each underlying asset on the applicable contingent coupon observation date (including the final valuation date) is
equal to or greater than its coupon barrier. Otherwise, no contingent coupon will be paid for the relevant coupon payment date. UBS will automatically call
the Notes early if the closing level of each underlying asset on any autocall observation date is equal to or greater than its call threshold level, which is a
level of each underlying asset equal to a percentage of its initial level, as indicated below. If the Notes are subject to an automatic call, UBS will pay on the
applicable coupon payment date following such autocall observation date (the "call settlement date") a cash payment per Note equal to your principal amount
plus the contingent coupon otherwise due, and no further payments will be owed to you under the Notes. If the Notes are not subject to an automatic call
and the closing level of each underlying asset on the final valuation date (the "final level") is equal to or greater than its downside threshold, UBS will pay you
a cash payment per Note equal to the principal amount. If, however, the Notes are not subject to an automatic call and the final level of any underlying asset
is less than its downside threshold, UBS will pay you a cash payment per Note that is less than the principal amount, if anything, resulting in a percentage
loss on your initial investment equal to the percentage decline in the least performing underlying asset from the trade date to the final valuation date (the
"underlying return") and, in extreme situations, you could lose all of your initial investment. The "least performing underlying asset" is the underlying asset
with the lowest underlying return as compared to any other underlying asset. I nve st ing in t he N ot e s involve s signific a nt risk s. Y ou m a y lose
a signific a nt port ion or a ll of your init ia l inve st m e nt a nd m a y not re c e ive a ny c ont inge nt c oupon during t he t e rm of t he
N ot e s. Y ou w ill be e x pose d t o t he m a rk e t risk of e a c h unde rlying a sse t on e a c h c ont inge nt c oupon obse rva t ion da t e
(inc luding t he fina l va lua t ion da t e ) a nd e a c h a ut oc a ll obse rva t ion da t e a nd a ny de c line in t he le ve l of one unde rlying a sse t
m a y ne ga t ive ly a ffe c t your re t urn a nd w ill not be offse t or m it iga t e d by a le sse r de c line or a ny pot e nt ia l inc re a se in t he le ve l
of a ny ot he r unde rlying a sse t . Ge ne ra lly, a highe r c ont inge nt c oupon ra t e on a N ot e is a ssoc ia t e d w it h a gre a t e r risk of loss
a nd a gre a t e r risk t ha t you w ill not re c e ive c ont inge nt c oupons ove r t he t e rm of t he N ot e s. T he c ont inge nt re pa ym e nt of
princ ipa l a pplie s only a t m a t urit y. Any pa ym e nt on t he N ot e s, inc luding a ny re pa ym e nt of princ ipa l, is subje c t t o t he
c re dit w ort hine ss of U BS. I f U BS w e re t o de fa ult on it s pa ym e nt obliga t ions you m a y not re c e ive a ny a m ount s ow e d t o you
unde r t he N ot e s a nd you c ould lose a ll of your init ia l inve st m e nt .
Fe a t ure s
K e y Da t e s
· Potential for Periodic Contingent Coupons -- UBS will pay a
Trade Date*
March 26, 2020
contingent coupon on a coupon payment date only if the closing level of
Settlement Date*
March 31, 2020
each underlying asset is equal to or greater than its coupon barrier on
Contingent Coupon
Monthly (see page 4)
the applicable contingent coupon observation date (including the final
Observation Dates**
valuation date). Otherwise, if the closing level of any underlying asset is
Autocall Observation
Quarterly (callable after 6 months) (see page 4)
less than its coupon barrier on the applicable contingent coupon
Dates**
observation date, no contingent coupon will be paid for the relevant
Final Valuation Date**
March 27, 2023
coupon payment date.
Maturity Date**
March 30, 2023
· Automatic Call Feature -- UBS will automatically call the Notes

and pay you the principal amount of your Notes plus the contingent
* We expect to deliver the Notes against payment on the third business
coupon otherwise due on the related coupon payment date if the closing
day following the trade date. Under Rule 15c6-1 of the Securities
level of each underlying asset is equal to or greater than its call threshold
Exchange Act of 1934, as amended (the "Exchange Act"), trades in the
level on any autocall observation date. If the Notes were previously
secondary market generally are required to settle in two business days
subject to an automatic call, no further payments will be owed to you
(T+2), unless the parties to a trade expressly agree
otherwise.
under the Notes.
Accordingly, purchasers who wish to trade the Notes in the secondary
· Contingent Repayment of Principal at Maturity w ith
market on any date prior to two business days before delivery of the
Pot e nt ia l for Full Dow nside M a rk e t Ex posure -- If the Notes
Notes will be required, by virtue of the fact that each Note initially will
have not been subject to an automatic call and the final level of each
settle in three business days (T+3), to specify alternative settlement
underlying asset is equal to or greater than its downside threshold, UBS
arrangements to prevent a failed settlement of the secondary market
will repay you the principal amount per Note at maturity. If, however, the
trade.
final level of any underlying asset is less than its downside threshold,
** Subject to postponement in the event of a market disruption event, as
UBS will pay you a cash payment per Note that is less than the principal
described in the accompanying product supplement.
amount, if anything, resulting in a percentage loss on your investment
equal to the underlying return of the least performing underlying asset.
The contingent repayment of principal applies only if you hold the Notes
to maturity. Any payment on the Notes including any repayment of
principal, is subject to the creditworthiness of UBS.
N ot ic e t o inve st ors: t he N ot e s a re signific a nt ly risk ie r t ha n c onve nt iona l de bt inst rum e nt s. T he issue r is not ne c e ssa rily
obliga t e d t o re pa y t he princ ipa l a m ount of t he N ot e s a t m a t urit y, a nd t he N ot e s m a y ha ve t he sa m e dow nside m a rk e t risk a s
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t he le a st pe rform ing unde rlying a sse t . T his m a rk e t risk is in a ddit ion t o t he c re dit risk inhe re nt in purc ha sing a de bt
obliga t ion of U BS. Y ou should not purc ha se t he N ot e s if you do not unde rst a nd or a re not c om fort a ble w it h t he signific a nt
risk s involve d in inve st ing in t he N ot e s.
Y ou should c a re fully c onside r t he risk s de sc ribe d unde r "K e y Risk s" be ginning on pa ge 5 a nd unde r "Risk Fa c t ors" be ginning
on pa ge PS-9 of t he a c c om pa nying produc t supple m e nt be fore purc ha sing a ny N ot e s. Eve nt s re la t ing t o a ny of t hose risk s, or
ot he r risk s a nd unc e rt a int ie s, c ould a dve rse ly a ffe c t t he m a rk e t va lue of, a nd t he re t urn on, your N ot e s. Y ou m a y lose a
signific a nt port ion or a ll of your init ia l inve st m e nt in t he N ot e s. T he N ot e s w ill not be list e d or displa ye d on a ny se c urit ie s
e x c ha nge or a ny e le c t ronic c om m unic a t ions ne t w ork .
N ot e Offe ring
These terms relate to the Notes we are offering.
Cont inge nt
Bloom be rg
Coupon
I nit ia l
Ca ll T hre shold
Dow nside
Coupon
U nde rlying Asse t
T ic k e r
Ra t e
Le ve ls
Le ve ls
T hre sholds
Ba rrie rs
CU SI P
I SI N
Common stock of Apple
AAPL
$258.44
$258.44, which is
$155.06, which is
$155.06, which is
Inc.
100.00% of the
60.00% of the
60.00% of the
Initial Level
Initial Level
Initial Level
Common stock of
AMZN
$1,955.49
$1,955.49, which is $1,173.29, which is $1,173.29, which
Amazon.com, Inc.
100.00% of the
60.00% of the
is 60.00% of the
90270K5N5 US90270K5N57
10.00% per
Initial Level
Initial Level
Initial Level
Class C capital stock of
GOOG
annum
$1,161.75
$1,161.75, which is $697.05, which is
$697.05, which is
Alphabet Inc.
100.00% of the
60.00% of the
60.00% of the
Initial Level
Initial Level
Initial Level
Common stock of
MSFT
$156.11
$156.11, which is
$93.67, which is
$93.67, which is


Microsoft Corporation
100.00% of the
60.00% of the
60.00% of the
Initial Level
Initial Level
Initial Level
The estimated initial value of the Notes as of the trade date is $925.30. The estimated initial value of the Notes was determined as of the close of the
relevant markets on the date hereof by reference to UBS' internal pricing models, inclusive of the internal funding rate. For more information about
secondary market offers and the estimated initial value of the Notes, see "Key Risks -- Fair value considerations" and "-- Limited or no secondary market
and secondary market price considerations" on page 6 of this supplement.
Se e "Addit iona l I nform a t ion a bout U BS a nd t he N ot e s" on pa ge ii. T he N ot e s w ill ha ve t he t e rm s se t fort h in the
a c c om pa nying produc t supple m e nt re la t ing t o t he N ot e s, da t e d Oc t obe r 3 1 , 2 0 1 8 , t he a c c om pa nying prospe c t us a nd t his
doc um e nt . N e it he r t he Se c urit ie s a nd Ex c ha nge Com m ission nor a ny ot he r re gula t ory body ha s a pprove d or disa pprove d of
t he se N ot e s or pa sse d upon t he a de qua c y or a c c ura c y of t his doc um e nt , t he a c c om pa nying produc t supple m e nt or t he
a c c om pa nying prospe c t us. Any re pre se nt a t ion t o t he c ont ra ry is a c rim ina l offe nse .
The Notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.
U nde rw rit ing
Offe ring of N ot e s
I ssue Pric e t o Public
Disc ount (1)(2)
Proc e e ds t o U BS AG(1)(2)

T ot a l
Pe r N ot e
T ot a l
Pe r N ot e
T ot a l
Pe r N ot e
Notes linked to the least performing of the common stock of
$2,681,000.00
$1,000.00
$87,132.50
$32.50
$2,593,867.50
$967.50
Apple Inc., the common stock of Amazon.com, Inc., the class
C capital stock of Alphabet Inc. and the common stock of
Microsoft Corporation
(1) Certain registered investment advisers or fee-based advisory accounts unaffiliated from UBS may have agreed to purchase Notes from a third-party
dealer at a purchase price of at least $967.50 per principal amount of the Notes, and any such third-party dealer, with respect to such sales, may
have agreed to forgo some or all of the underwriting discount.
(2) Our affiliate, UBS Securities LLC, will receive an underwriting discount of $32.50 per principal amount for each Note sold in this offering. UBS
Securities LLC has agreed to re-allow the full amount of this discount to one or more third-party dealers. Certain of such third-party dealers may
resell the Notes to other securities dealers at the issue price to the public less an underwriting discount up to the underwriting discount indicated in the
above table.
UBS Securities LLC
UBS Investment Bank


Addit iona l I nform a t ion a bout U BS a nd t he N ot e s
UBS has filed a registration statement (including a prospectus, as supplemented by a product supplement for the Notes) with the Securities and
Exchange Commission (the "SEC"), for the offering to which this document relates. Before you invest, you should read these documents and
any other documents related to the Notes that UBS has filed with the SEC for more complete information about UBS and this offering. You may
obtain these documents for free from the SEC website at www.sec.gov. Our Central Index Key,or CIK, on the SEC website is 0001114446.
Y ou m a y a c c e ss t he se doc um e nt s on t he SEC w e bsit e a t w w w .se c .gov a s follow s:
?
Market-Linked Securities product supplement dated October 31, 2018:
https://www.sec.gov/Archives/edgar/data/1114446/000091412118002085/ub47016353-424b2.htm
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?
Prospectus dated October 31, 2018:
https://www.sec.gov/Archives/edgar/data/1114446/000119312518314003/d612032d424b3.htm
References to "UBS", "we", "our" and "us" refer only to UBS AG and not to its consolidated subsidiaries. In this document, "Trigger Autocallable
Contingent Yield Notes" or the "Notes" refer to the Notes that are offered hereby. Also, references to the "accompanying product supplement" or
"Market-Linked Securities product supplement" mean the UBS product supplement, dated October 31, 2018 and references to the
"accompanying prospectus" mean the UBS prospectus, titled "Debt Securities and Warrants", dated October 31, 2018.
This document, together with the documents listed above, contains the terms of the Notes and supersedes all other prior or contemporaneous
oral statements as well as any other written materials including all other prior pricing terms, correspondence, trade ideas, structures for
implementation, sample structures, brochures or other educational materials of ours. You should carefully consider, among other things, the
matters set forth in "Key Risks" beginning on page 5 and in "Risk Factors" in the accompanying product supplement, as the Notes involve risks
not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisors before
deciding to invest in the Notes.
If there is any inconsistency between the terms of the Notes described in the accompanying prospectus, the accompanying product supplement
and this document, the following hierarchy will govern: first, this document; second, the accompanying product supplement; and last, the
accompanying prospectus.
UBS reserves the right to change the terms of, or reject any offer to purchase, the Notes prior to their issuance. In the event of any changes to
the terms of the Notes, UBS will notify you and you will be asked to accept such changes in connection with your purchase. You may also
choose to reject such changes in which case UBS may reject your offer to purchase.
ii

I nve st or Suit a bilit y
T he N ot e s m a y be suit a ble for you if:
T he N ot e s m a y not be suit a ble for you if:
· You fully understand and accept the risks inherent in an
· You do not fully understand or are unwilling to accept the risks
investment in the Notes, including the risk of loss of a significant
inherent in an investment in the Notes, including the risk of loss of
portion or all of your initial investment.
a significant portion or all of your initial investment.
· You understand and accept that an investment in the Notes is
· You do not understand or are unwilling to accept that an
linked to the performance of the least performing underlying asset
investment in the Notes is linked to the performance of the least
and not a basket of the underlying assets, that you will be exposed
performing underlying asset and not a basket of the underlying
to the individual market risk of each underlying asset on each
assets, that you will be exposed to the individual market risk of
autocall observation date, contingent coupon observation date,
each underlying asset on each autocall observation date,
and on the final valuation date and that you may lose a significant
contingent coupon observation date and on the final valuation date
portion or all of your initial investment if the closing level of any
and that you may lose a significant portion or all of your initial
underlying asset is less than its downside threshold on the final
investment if the closing level of any underlying asset is less than
valuation date.
its downside threshold on the final valuation date.
· You can tolerate a loss of a significant portion or all of your initial
· You require an investment designed to provide a full return of
investment and are willing to make an investment that may have
principal at maturity.
the same downside market risk as an investment in the least
· You cannot tolerate a loss of a significant portion or all of your
performing underlying asset.
initial investment or are unwilling to make an investment that may
· You are willing to receive no contingent coupons and believe the
have the same downside market risk as an investment in the least
closing level of each underlying asset will be equal to or greater
performing underlying asset.
than its coupon barrier on the specified contingent
coupon
· You are unwilling to receive no contingent coupons during the term
observation dates and the final level of each underlying asset will
of the Notes and believe that the closing level of at least one
be equal to or greater than its downside threshold on the final
underlying asset will decline during the term of the Notes and is
valuation date.
likely to be less than its coupon barrier on at least one contingent
· You can accept that the risks of each underlying asset are not
coupon observation date or that the final level of any underlying
mitigated by the performance of any other underlying asset and the
asset will be less than its downside threshold on the final valuation
risks of investing in securities with a return based on the
date.
performance of multiple underlying assets.
· You cannot accept that the risks of each underlying asset are not
· You understand and accept that you will not participate in any
mitigated by the performance of any other underlying asset or the
appreciation of any underlying asset and that your potential return
risks of investing in securities with a return based on the
is limited to any contingent coupons.
performance of multiple underlying assets.
· You can tolerate fluctuations in the price of the Notes prior to
· You seek an investment that participates in the full appreciation of
maturity that may be similar to or exceed the downside fluctuations
the levels of the underlying assets or that has unlimited return
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in the levels of the underlying assets.
potential.
· You are willing to invest in the Notes based on the contingent
· You cannot tolerate fluctuations in the price of the Notes prior to
coupon rate, call threshold levels, downside thresholds and
maturity that may be similar to or exceed the downside fluctuations
coupon barriers specified on the cover hereof.
in the levels of the underlying assets.
· You do not seek guaranteed current income from your investment
· You are unwilling to invest in the Notes based on the contingent
and are willing to forgo any dividends paid on the underlying
coupon rate, call threshold levels, downside thresholds or coupon
assets.
barriers specified on the cover hereof.
· You are willing to invest in Notes that may be subject to an
· You seek guaranteed current income from this investment or prefer
automatic call and you are otherwise willing to hold such Notes to
to receive any dividends paid on the underlying assets.
maturity and you accept that there may be little or no secondary
· You are unable or are unwilling to invest in Notes that may be
market for the Notes.
subject to an automatic call, you are otherwise unable or unwilling
· You understand and are willing to accept the single equity risks
to hold the Notes to maturity or you seek an investment for which
associated with the underlying assets.
there will be an active secondary market for the Notes.
· You are willing to assume the credit risk of UBS for all payments
· You do not understand or are unwilling to accept the single equity
under the Notes, and understand that if UBS defaults on its
risk associated with the underlying assets.
obligations you may not receive any amounts due to you including
· You are unwilling to assume the credit risk of UBS for all
any repayment of principal.
payments under the Notes, including any repayment of principal.
· You understand that the estimated initial value of the Notes
determined by our internal pricing models is lower than the issue
price and that should UBS Securities LLC or any affiliate make
secondary markets for the Notes, the price (not including their
customary bid-ask spreads) will temporarily exceed the internal
pricing model price.
T he suit a bilit y c onside ra t ions ide nt ifie d a bove a re not e x ha ust ive . Whe t he r or not t he N ot e s a re a suit a ble
inve st m e nt for you w ill de pe nd on your individua l c irc um st a nc e s a nd you should re a c h a n inve st m e nt de c ision only
a ft e r you a nd your inve st m e nt , le ga l, t a x , a c c ount ing a nd ot he r a dvisors ha ve c a re fully c onside re d t he suit a bilit y of
a n inve st m e nt in t he N ot e s in light of your pa rt ic ula r c irc um st a nc e s. Y ou should re vie w "I nform a t ion About t he
U nde rlying Asse t s " he re in for m ore inform a t ion on t he unde rlying a sse t s. Y ou should a lso re vie w c a re fully t he "K e y
Risk s" se c t ion he re in for risk s re la t e d t o a n inve st m e nt in t he N ot e s.
1

Fina l T e rm s
Issuer:
UBS AG London Branch
Payment at
I f t he N ot e s a re not subje c t t o a n
Maturity (per a ut om a t ic c a ll a nd t he fina l le ve l of e a c h
Principal
$1,000 per Note
Note):
unde rlying a sse t is e qua l t o or gre a t e r
Amount:
t ha n it s dow nside t hre shold, UBS will pay you
Term:
Approximately 3 years, unless subject to an automatic
a cash payment equal to:
call.
Principal Amount of $1,000
Underlying The common stock of Amazon.com, Inc., the class C
I f t he N ot e s a re not subje c t t o a n
Assets:
capital stock of Alphabet Inc. and the common stock of
a ut om a t ic c a ll a nd t he fina l le ve l of a ny
Microsoft Corporation
unde rlying a sse t is le ss t ha n it s dow nside
Contingent I f t he c losing le ve l of e a c h unde rlying a sse t
t hre shold, UBS will pay you a cash payment that is
Coupon
is e qua l t o or gre a t e r t ha n it s c oupon ba rrie r
less than the principal amount, if anything, equal to:
and
on a ny c ont inge nt c oupon obse rva t ion da t e
$1,000 ´ (1 + Underlying Return of the
Contingent (inc luding t he fina l va lua t ion da t e ), UBS will
Least Performing Underlying Asset)
Coupon
pay you the contingent coupon applicable to such
In such a case, you will suffer a percentage loss
Rate:
contingent coupon observation date on the related
on your initial investment equal to the underlying
coupon payment date.
return of the least performing underlying asset
I f t he c losing le ve l of a ny unde rlying a sse t
regardless of the underlying return of any other
is le ss t ha n it s c oupon ba rrie r on a ny
underlying asset and, in extreme situations, you
c ont inge nt c oupon obse rva t ion da t e
could lose all of your initial investment.
(inc luding t he fina l va lua t ion da t e ) , the
Least
The underlying asset with the lowest underlying
contingent coupon applicable to such contingent
Performing
return as compared to the other underlying assets.
coupon observation date will not accrue or be payable
Underlying
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and UBS will not make any payment to you on the
Asset:
relevant coupon payment date.
The contingent coupon is a fixed amount based upon
Underlying
For each underlying asset, the quotient, expressed
equal periodic installments at the contingent coupon
Return:
as a percentage, of the following formula:
rate, which is a per annum rate. The table below sets
Final Level ­ Initial Level
forth the contingent coupon rate and contingent coupon
Initial Level
for each Note that would be applicable to each
Call
For each underlying asset, a specified level of the
contingent coupon observation date on which the
Threshold
underlying asset that is less than its initial level, equal
closing level of each underlying asset is greater than or
Level:(1)
to a percentage of its initial level, as indicated on the
equal to its coupon barrier.
cover and as determined by the calculation agent.


Cont inge nt Coupon Ra t e
10.00%
Downside
For each underlying asset, a specified level of the

Cont inge nt Coupon
$8.3333
Threshold:(1) underlying asset that is less than its initial level, equal
to a percentage of its initial level, as indicated on the

Cont inge nt c oupons on t he N ot e s a re not
cover hereof.
gua ra nt e e d. U BS w ill not pa y you t he
c ont inge nt c oupon for a ny c ont inge nt
Coupon
For each underlying asset, a specified level of the
c oupon obse rva t ion da t e on w hic h t he
Barrier:(1)
underlying asset that is less than its initial level, equal
c losing le ve l of a ny unde rlying a sse t is le ss
to a percentage of the initial level, as indicated on the
t ha n it s c oupon ba rrie r.
cover hereof.

Automatic
UBS will automatically call the Notes if the closing level
Initial
The closing level of each underlying asset on the
Call
of each underlying asset on any autocall observation
Level:(1)
trade date, as indicated on the cover hereof.
Feature:
date is equal to or greater than its call threshold level.
Final
The closing level of each underlying asset on the
If the Notes are subject to an automatic call, UBS will
Level:(1)
final valuation date.
pay you on the corresponding coupon payment date
(1) As determined by the calculation agent and as may be adjusted in
(which will be the "call settlement date") a cash
the case of certain adjustment events as described under "General
payment per Note equal to your principal amount plus
Terms of the Securities -- Antidilution Adjustments for Securities
the contingent coupon otherwise due on such date.
Linked to an Underlying Equity or Equity Basket Asset" and "--
Following an automatic call, no further payments will be
Reorganization Events for Securities Linked to an Underlying Equity
made on the Notes.
or Equity Basket Asset" in the accompanying product supplement.
2

I nve st m e nt T im e line
The initial level of each underlying asset is
T ra de Da t e
observed and the final terms of the Notes are
set.
¯


Ea c h
If the closing level of each underlying asset
Cont inge nt
is equal to or greater than its coupon barrier
Coupon

on a contingent coupon observation date,
Obse rva t ion
UBS will pay you a contingent coupon on the
Da t e (M ont hly)
corresponding coupon payment date.
¯


If the closing level of each underlying asset is
Ea c h Aut oc a ll
equal to or greater than its call threshold level
Obse rva t ion
on any autocall observation date, the Notes will
Da t e (Qua rt e rly, be automatically called and UBS will pay you
be ginning a ft e r
on the call settlement date a cash payment per
6 m ont hs)
Note equal to $1,000 plus the contingent
coupon otherwise due on such date.
¯


I f t he N ot e s a re not subje c t t o a n
a ut om a t ic c a ll a nd t he fina l le ve l of
e a c h unde rlying a sse t is e qua l t o or
gre a t e r t ha n it s dow nside t hre shold,
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UBS will pay you a cash payment equal to:
Principal Amount of $1,000
I f t he N ot e s a re not subje c t t o a n
a ut om a t ic c a ll a nd t he fina l le ve l of
a ny unde rlying a sse t is le ss t ha n it s
dow nside t hre shold, UBS will pay you a
M a t urit y Da t e
cash payment that is less than the principal
amount, if anything, equal to:
$1,000 x (1+ Underlying Return of the
Least Performing Underlying Asset)
In such a case, you will suffer a percentage
loss on your initial investment equal to the
underlying return of the least performing
underlying asset regardless of the
underlying return of any other underlying
asset and, in extreme situations, you could
lose all of your initial investment.
I nve st ing in t he N ot e s involve s signific a nt risk s. Y ou m a y lose a signific a nt port ion or a ll of your init ia l inve st m e nt .
Any pa ym e nt on t he N ot e s, inc luding a ny re pa ym e nt of princ ipa l, is subje c t t o t he c re dit w ort hine ss of U BS. I f U BS
w e re t o de fa ult on it s pa ym e nt obliga t ions, you m a y not re c e ive a ny a m ount s ow e d t o you unde r t he N ot e s a nd you
c ould lose a ll of your init ia l inve st m e nt .
I f t he N ot e s a re not subje c t t o a n a ut om a t ic c a ll, you m a y lose a signific a nt port ion or a ll of your init ia l inve st m e nt .
Spe c ific a lly, if t he N ot e s a re not subje c t t o a n a ut om a t ic c a ll a nd t he fina l le ve l of a ny unde rlying a sse t is le ss t ha n
it s dow nside t hre shold, you w ill lose a pe rc e nt a ge of your princ ipa l a m ount e qua l t o t he unde rlying re t urn of t he
le a st pe rform ing unde rlying a sse t a nd, in e x t re m e sit ua t ions, you c ould lose a ll of your init ia l inve st m e nt .
Y ou w ill be e x pose d t o t he m a rk e t risk of e a c h unde rlying a sse t on e a c h a ut oc a ll obse rva t ion da t e , c ont inge nt
c oupon obse rva t ion da t e a nd on t he fina l va lua t ion da t e a nd a ny de c line in t he le ve l of one unde rlying a sse t m a y
ne ga t ive ly a ffe c t your re t urn a nd w ill not be offse t or m it iga t e d by a le sse r de c line or a ny pot e nt ia l inc re a se in t he
le ve l of a ny ot he r unde rlying a sse t .
3

Cont inge nt Coupon Obse rva t ion Da t e s,(1) Aut oc a ll Obse rva t ion Da t e s,(1) Coupon Pa ym e nt Da t e s(1)(2) a nd Pot e nt ia l
Ca ll Se t t le m e nt Da t e s(1)(2)
Cont inge nt Coupon
Cont inge nt Coupon
Obse rva t ion Da t e s
Coupon Pa ym e nt Da t e s
Obse rva t ion Da t e s
Coupon Pa ym e nt Da t e s
April 27, 2020
April 30, 2020
De c e m be r 2 7 , 2 0 2 1 *
De c e m be r 3 0 , 2 0 2 1 *
May 26, 2020
May 29, 2020
January 26, 2022
January 31, 2022
June 26, 2020
July 1, 2020
February 28, 2022
March 3, 2022
July 27, 2020
July 30, 2020
M a rc h 2 8 , 2 0 2 2 *
M a rc h 3 1 , 2 0 2 2 *
August 26, 2020
August 31, 2020
April 26, 2022
April 29, 2022
Se pt e m be r 2 8 , 2 0 2 0 *
Oc t obe r 1 , 2 0 2 0 *
May 26, 2022
June 1, 2022
October 26, 2020
October 29, 2020
J une 2 7 , 2 0 2 2 *
J une 3 0 , 2 0 2 2 *
November 27, 2020
December 2, 2020
July 26, 2022
July 29, 2022
De c e m be r 2 8 , 2 0 2 0 *
De c e m be r 3 1 , 2 0 2 0 *
August 26, 2022
August 31, 2022
January 26, 2021
January 29, 2021
Se pt e m be r 2 6 , 2 0 2 2 *
Se pt e m be r 2 9 , 2 0 2 2 *
February 26, 2021
March 3, 2021
October 26, 2022
October 31, 2022
M a rc h 2 6 , 2 0 2 1 *
M a rc h 3 1 , 2 0 2 1 *
November 28, 2022
December 1, 2022
April 26, 2021
April 29, 2021
De c e m be r 2 7 , 2 0 2 2 *
De c e m be r 3 0 , 2 0 2 2 *
May 26, 2021
June 1, 2021
January 26, 2023
January 31, 2023
J une 2 8 , 2 0 2 1 *
J uly 1 , 2 0 2 1 *
February 27, 2023
March 2, 2023
July 26, 2021
July 29, 2021
Final Valuation Date
Maturity Date
August 26, 2021
August 31, 2021


Se pt e m be r 2 7 , 2 0 2 1 *
Se pt e m be r 3 0 , 2 0 2 1 *


October 26, 2021
October 29, 2021


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November 26, 2021
December 1, 2021


*
T his da t e is a lso a n a ut oc a ll obse rva t ion da t e . T he N ot e s a re not c a lla ble unt il t he first pot e nt ia l c a ll se t t le m e nt
da t e , w hic h is Oc t obe r 1 , 2 0 2 0 .
(1)
Subject to the market disruption event provisions set forth in the accompanying product supplement.
(2)
3 business days following each contingent coupon observation date, except that the coupon payment date for the final valuation date is the
maturity date.
4

K e y Risk s
An inve st m e nt in t he N ot e s involve s signific a nt risk s. I nve st ing in t he N ot e s is not e quiva le nt t o inve st ing dire c t ly in
t he le a st pe rform ing unde rlying a sse t . Som e of t he risk s t ha t a pply t o t he N ot e s a re sum m a rize d be low , but w e urge
you t o re a d t he m ore de t a ile d e x pla na t ion of risk s re la t ing t o t he N ot e s in t he "Risk Fa c t ors" se c t ion of t he
a c c om pa nying produc t supple m e nt . We a lso urge you t o c onsult your inve st m e nt , le ga l, t a x , a c c ount ing a nd ot he r
a dvisors be fore you inve st in t he N ot e s.
· Risk of loss at maturity -- The Notes differ from ordinary debt securities in that UBS will not necessarily make periodic coupon
payments or repay the principal amount of the Notes at maturity. If the Notes are not subject to an automatic call and the final level of any
underlying asset is less than its downside threshold, you will lose a percentage of your principal amount equal to the underlying return of the
least performing underlying asset and, in extreme situations, you could lose all of your initial investment.
· The contingent repayment of principal applies only at maturity -- You should be willing to hold your Notes to maturity. If you
are able to sell your Notes prior to an automatic call or maturity in the secondary market, you may have to sell them at a loss relative to your
initial investment even if the level of each underlying asset is equal to or greater than its downside threshold. All payments on the Notes are
subject to the creditworthiness of UBS.
· You may not receive any contingent coupons w ith respect to your Notes -- UBS will not necessarily make periodic coupon
payments on the Notes. UBS will pay a contingent coupon for each contingent coupon observation date on which the closing level of each
underlying asset is equal to or greater than its coupon barrier. If the closing level of any underlying asset is less than its coupon barrier on any
contingent coupon observation date, UBS will not pay you the contingent coupon applicable to such contingent coupon observation date. If the
closing level of any underlying asset is less than its coupon barrier on each of the contingent coupon observation dates, UBS will not pay you
any contingent coupons during the term of, and you will not receive a positive return on, your Notes. Generally, this non-payment of the
contingent coupon coincides with a period of greater risk of principal loss on your Notes.
· Your potential return on the Notes is limited to the contingent coupons and you w ill not participate in any
a ppre c ia t ion of a ny unde rlying a sse t -- The return potential of the Notes is limited to the pre-specified contingent coupon rate,
regardless of any appreciation of any underlying asset. In addition, your return on the Notes will vary based on the number of contingent
coupon observation dates, if any, on which the requirements of the contingent coupon have been met prior to maturity or an automatic call.
Further, if the Notes are subject to an automatic call, you will not receive any contingent coupons or any other payment in respect of any
contingent coupon observation dates after the applicable call settlement date. Because the Notes may be subject to an automatic call as early
as the first potential call settlement date, the total return on the Notes could be less than if the Notes remained outstanding until maturity.
Furthermore, if the Notes are not subject to an automatic call, you may be subject to the decline of the least performing underlying asset even
though you cannot participate in any appreciation of any underlying asset. As a result, the return on an investment in the Notes could be less
than the return on a direct investment in any or all of the underlying assets. In addition, as an owner of the Notes, you will not have voting
rights or any other rights of a holder of any underlying asset.
· A higher contingent coupon rate or low er dow nside thresholds or coupon barriers may reflect greater expected
vola t ilit y of t he unde rlying a sse t s, a nd gre a t e r e x pe c t e d vola t ilit y ge ne ra lly indic a t e s a n inc re a se d risk of loss a t
m a t urit y -- The economic terms for the Notes, including the contingent coupon rate, call threshold levels, coupon barriers and downside
thresholds, are based, in part, on the expected volatility of each underlying asset at the time the terms of the Notes are set. "Volatility" refers to
the frequency and magnitude of changes in the level of each underlying asset. The greater the expected volatility of each underlying asset as
of the trade date, the greater the expectation is as of that date that the closing level of each underlying asset could be less than its coupon
barrier on any contingent coupon observation date, its call threshold level on any autocall observation date and that the final level of at least
one underlying asset could be less than its downside threshold on the final valuation date and, as a consequence, indicates an increased risk
of not receiving a contingent coupon and an increased risk of loss, respectively. All things being equal, this greater expected volatility will
generally be reflected in a higher contingent coupon rate than the yield payable on our conventional debt securities with a similar maturity or
on otherwise comparable securities, and/or lower downside thresholds and/or coupon barriers than those terms on otherwise comparable
securities. Therefore, a relatively higher contingent coupon rate may indicate an increased risk of loss. Further, relatively lower downside
thresholds and/or coupon barriers may not necessarily indicate that the Notes have a greater likelihood of a return of principal at maturity
and/or paying contingent coupons. You should be willing to accept the downside market risk of the least performing underlying asset and the
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potential to lose a significant portion or all of your initial investment.
· Reinvestment risk -- The Notes will be subject to an automatic call if the closing level of each underlying asset is equal to or greater than
its call threshold level on any autocall observation date as set forth under "Contingent Coupon Observation Dates, Autocall Observation Dates,
Coupon Payment Dates and Potential Call Settlement Dates" above. Because the Notes could be subject to an automatic call as early as the
first autocall observation date, the term of your investment may be limited. In the event that the Notes are subject to an automatic call, there is
no guarantee that you would be able to reinvest the proceeds at a comparable return and/or with a comparable contingent coupon rate for a
similar level of risk. In addition, to the extent you are able to reinvest such proceeds in an investment comparable to the Notes, you may incur
transaction costs such as dealer discounts and hedging costs built into the price of the new securities. Generally, however, the longer the
Notes remain outstanding, the less likely the Notes will be subject to an automatic call due to the decline in the level of an underlying asset
and the shorter time remaining for the level of any such underlying asset to recover. Such periods generally coincide with a period of greater
risk of principal loss on your Notes.
· You are exposed to the market risk of each underlying asset -- Your return on the Notes is not linked to a basket consisting of
the underlying assets. Rather, it will be contingent upon the performance of each individual underlying asset. Unlike an instrument with a
return linked to a basket of common stocks or other underlying securities, in which risk is mitigated and diversified among all of the
components of the basket, you will be exposed equally to the risks related to each underlying asset. Poor performance by any underlying
asset over the term of the Notes will negatively affect your return and will not be offset or mitigated by a positive performance by any other
underlying asset. For instance, you may receive a negative return equal to the underlying return of the least performing underlying asset if the
closing level of one underlying asset is less than its downside threshold on the final valuation date, even if the underlying return of any other
underlying asset is positive or has not declined as much. Accordingly, your investment is subject to the market risk of each underlying asset.
· Because the Notes are linked to the least performing underlying asset, you are exposed to a greater risk of no
c ont inge nt c oupons a nd losing a signific a nt port ion or a ll of your init ia l inve st m e nt a t m a t urit y t ha n if t he N ot e s
w e re link e d t o fe w e r unde rlying a sse t s or a single unde rlying a sse t -- The risk that you will not receive any contingent
coupons and lose a significant portion or all of your initial investment in the Notes is greater if you invest in the Notes than the risk of investing
in substantially similar securities that are linked to the performance of fewer underlying assets or a single underlying asset. With more
underlying assets, it is more likely that the closing level of any underlying asset will be less than its coupon barrier on any contingent coupon
observation date, its call threshold level on any autocall observation date or will decline to a closing level that is less than its downside
threshold than if the Notes were linked to fewer underlying assets or a single underlying asset.
In addition, the lower the correlation is between the performance of a pair of underlying assets, the more likely it is that one of the underlying
assets will decline in value to a closing level or final level, as applicable, that is less than its call threshold level, coupon barrier or downside
threshold on any autocall observation date, contingent coupon observation date or on the final valuation date, respectively. Although the
correlation of the underlying assets' performance may change over the term of the Notes, the economic terms of the Notes, including the
contingent coupon rate, call threshold levels, downside thresholds and coupon barriers are determined, in part, based on the correlation of the
underlying assets' performance calculated using our internal models at the time when the terms of the Notes are finalized. All things being
equal, a higher contingent coupon rate and lower downside threshold and coupon barrier is generally associated with lower correlation of the
underlying assets. Therefore, if the performance of a pair of underlying assets is not correlated to each other or is negatively correlated, the
risk that you will not receive any contingent coupons or that the final level of any underlying asset is less than its downside threshold will occur
is even greater despite a lower downside threshold and coupon barrier. Therefore, it is more likely that you will not receive any contingent
coupons and that you will lose a significant portion or all of your initial investment at maturity.
· Credit risk of UBS -- The Notes are unsubordinated, unsecured debt obligations of UBS and are not, either directly or indirectly, an
obligation of any third party. Any payment to be made on the Notes, including any repayment of principal, depends on the ability of UBS to
satisfy its obligations as they come due. As a result, UBS's actual and perceived creditworthiness may affect the market value of the Notes. If
UBS were to default on its obligations, you may not receive any amounts owed to you under the terms of the Notes and you could lose all of
your initial investment.
5

· Single equity risk -- The return on the Notes, which may be negative, is directly linked to the performance of the underlying assets. The
levels of the underlying assets can rise or fall sharply due to factors specific to each underlying asset and their issuers (each, an "underlying
asset issuer"), such as stock price volatility, earnings, financial conditions, corporate, industry and regulatory developments, management
changes and decisions and other events, as well as general market factors, such as general stock and commodity market volatility and levels,
interest rates and economic and political conditions. You, as an investor in the Notes, should conduct your own investigation into the
underlying asset issuers and the underlying assets for your Notes. For additional information regarding the underlying asset issuers, please
see "Information about the Underlying Assets" herein and the underlying asset issuers' SEC filings referred to in that section. We urge you to
review financial and other information filed periodically by the underlying asset issuers with the SEC.
· Fair value considerations.
o T he issue pric e you pa y for t he N ot e s e x c e e ds t he ir e st im a t e d init ia l va lue -- The issue price you pay for the Notes
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exceeds their estimated initial value as of the trade date due to the inclusion in the issue price of the underwriting discount, hedging costs,
issuance and other costs and projected profits. As of the close of the relevant markets on the trade date, we have determined the estimated
initial value of the Notes by reference to our internal pricing models and it is set forth herein. The pricing models used to determine the
estimated initial value of the Notes incorporate certain variables, including the levels and volatility of the underlying assets, the correlation of
the underlying assets, any expected dividends of the underlying assets, if applicable, prevailing interest rates, the term of the Notes and our
internal funding rate. Our internal funding rate is typically lower than the rate we would pay to issue conventional fixed or floating rate debt
securities of a similar term. The underwriting discount, hedging costs, issuance and other costs, projected profits and the difference in rates
will reduce the economic value of the Notes to you. Due to these factors, the estimated initial value of the Notes as of the trade date is less
than the issue price you pay for the Notes.
o T he e st im a t e d init ia l va lue is a t he ore t ic a l pric e ; t he a c t ua l pric e t ha t you m a y be a ble t o se ll your N ot e s in a ny
se c onda ry m a rk e t (if a ny) a t a ny t im e a ft e r t he t ra de da t e m a y diffe r from t he e st im a t e d init ia l va lue -- The value
of your Notes at any time will vary based on many factors, including the factors described above and in "--Single equity risk" above and is
impossible to predict. Furthermore, the pricing models that we use are proprietary and rely in part on certain assumptions about future
events, which may prove to be incorrect. As a result, after the trade date, if you attempt to sell the Notes in the secondary market, the actual
value you would receive may differ, perhaps materially, from the estimated initial value of the Notes determined by reference to our internal
pricing models. The estimated initial value of the Notes does not represent a minimum or maximum price at which we or any of our affiliates
would be willing to purchase your Notes in any secondary market at any time.
o Our a c t ua l profit s m a y be gre a t e r or le ss t ha n t he diffe re nt ia l be t w e e n t he e st im a t e d init ia l va lue a nd t he issue
pric e of t he N ot e s a s of t he t ra de da t e -- We may determine the economic terms of the Notes, as well as hedge our obligations, at
least in part, prior to the trade date. In addition, there may be ongoing costs to us to maintain and/or adjust any hedges and such hedges
are often imperfect. Therefore, our actual profits (or potentially, losses) in issuing the Notes cannot be determined as of the trade date and
any such differential between the estimated initial value and the issue price of the Notes as of the trade date does not reflect our actual
profits. Ultimately, our actual profits will be known only at the maturity of the Notes.
· Limited or no secondary market and secondary market price considerations.
o T he re m a y be lit t le or no se c onda ry m a rk e t for t he N ot e s -- The Notes will not be listed or displayed on any securities
exchange or any electronic communications network. UBS Securities LLC and its affiliates intend, but are not required, to make a market for
the Notes and may stop making a market at any time. If you are able to sell your Notes prior to maturity, you may have to sell them at a
substantial loss. Furthermore, there can be no assurance that a secondary market for the Notes will develop. The estimated initial value of
the Notes does not represent a minimum or maximum price at which we or any of our affiliates would be willing to purchase your Notes in
any secondary market at any time.
o T he pric e a t w hic h U BS Se c urit ie s LLC a nd it s a ffilia t e s m a y offe r t o buy t he N ot e s in t he se c onda ry m a rk e t (if
a ny) m a y be gre a t e r t ha n U BS' va lua t ion of t he N ot e s a t t ha t t im e , gre a t e r t ha n a ny ot he r se c onda ry m a rk e t
pric e s provide d by una ffilia t e d de a le rs (if a ny) a nd, de pe nding on your brok e r, gre a t e r t ha n t he va lua t ion
provide d on your c ust om e r a c c ount st a t e m e nt -- For a limited period of time following the issuance of the Notes, UBS Securities
LLC or its affiliates may offer to buy or sell such Notes at a price that exceeds (i) our valuation of the Notes at that time based on our
internal pricing models, (ii) any secondary market prices provided by unaffiliated dealers (if any) and (iii) depending on your broker, the
valuation provided on customer account statements. The price that UBS Securities LLC may initially offer to buy such Notes following
issuance will exceed the valuations indicated by our internal pricing models due to the inclusion for a limited period of time of the aggregate
value of the underwriting discount, hedging costs, issuance costs and theoretical projected trading profit. The portion of such amounts
included in our price will decline to zero on a straight line basis over a period ending no later than the date specified under "Supplemental
Plan of Distribution (Conflicts of Interest); Secondary Markets (if any)". Thereafter, if UBS Securities LLC or an affiliate makes secondary
markets in the Notes, it will do so at prices that reflect our estimated value determined by reference to our internal pricing models at that
time. The temporary positive differential relative to our internal pricing models arises from requests from and arrangements made by UBS
Securities LLC with the selling agents of structured debt securities such as the Notes. As described above, UBS Securities LLC and its
affiliates intend, but are not required, to make a market for the Notes and may stop making a market at any time. The price at which UBS
Securities LLC or an affiliate may make secondary markets at any time (if at all) will also reflect its then current bid-ask spread for similar
sized trades of structured debt securities. UBS Securities LLC reflects this temporary positive differential on its customer statements.
Investors should inquire as to the valuation provided on customer account statements provided by unaffiliated dealers.
o Ec onom ic a nd m a rk e t fa c t ors a ffe c t ing t he t e rm s a nd m a rk e t pric e of N ot e s prior t o m a t urit y -- Because structured
notes, including the Notes, can be thought of as having a debt component and a derivative component, factors that influence the values of
debt instruments and options and other derivatives will also affect the terms and features of the Notes at issuance and the market price of
the Notes prior to maturity. These factors include the levels of the underlying assets; the volatility of the underlying assets; the correlation of
the underlying assets; the dividend rate paid on the underlying assets, if applicable; the time remaining to the maturity of the Notes; interest
rates in the markets; geopolitical conditions and economic, financial, political, force majeure and regulatory or judicial events; whether each
of the underlying assets is currently or has been less than its coupon barrier; the availability of comparable instruments; the creditworthiness
of UBS; the then current bid-ask spread for the Notes and the factors discussed under "-- Potential conflict of interest" below. These and
other factors are unpredictable and interrelated and may offset or magnify each other.
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o I m pa c t of fe e s a nd t he use of int e rna l funding ra t e s ra t he r t ha n se c onda ry m a rk e t c re dit spre a ds on se c onda ry
m a rk e t pric e s -- All other things being equal, the use of the internal funding rates described above under "-- Fair value considerations"
as well as the inclusion in the issue price of the underwriting discount, hedging costs, issuance and other costs and any projected profits
are, subject to the temporary mitigating effect of UBS Securities LLC's and its affiliates' market making premium, expected to reduce the
price at which you may be able to sell the Notes in any secondary market.
· There can be no assurance that the investment view implicit in the Notes w ill be successful -- It is impossible to
predict whether and the extent to which the levels of the underlying assets will rise or fall and there can be no assurance that the closing level
of each underlying asset will be equal to or greater than its call threshold level or coupon barrier on any autocall observation date or
contingent coupon observation date, respectively, or, if the Notes are not subject to an automatic call, that the final level of each underlying
asset will be equal to or greater than its downside threshold. The level of each underlying asset will be influenced by complex and interrelated
political, economic, financial and other factors that affect the underlying asset issuers. You should be willing to accept the downside risks of
owning equities in general and the underlying assets in particular, and the risk of losing a significant portion or all of your initial investment.
· The calculation agent can make antidilution and reorganization adjustments that affect the payment to you at
m a t urit y -- For antidilution and reorganization events affecting an underlying asset, the calculation agent may make adjustments to its initial
level, call threshold level, coupon barrier, downside threshold and/or final level, as applicable, and any other term of the Notes. However, the
calculation agent will not make an adjustment in response to every corporate event that could affect an underlying asset. If an event occurs
that does not require the calculation agent to make an adjustment, the market value of the Notes and the payment at maturity may be
materially and adversely affected. In addition, all determinations and calculations concerning any such adjustments will be made by the
calculation agent. You should be aware that the calculation agent may make any such adjustment, determination or calculation in a manner
that differs from that discussed in the accompanying product supplement or herein as necessary to achieve an equitable result. Following
certain reorganization events relating to an underlying asset issuer where such issuer is not the surviving entity, the determination as to
whether the contingent coupon is payable to you on any coupon payment date, whether the Notes are subject to an automatic call or the
amount you
6

receive at maturity may be based on the equity security of a successor to such underlying asset issuer in combination with any cash or any
other assets distributed to holders of such underlying asset in such reorganization event. If an underlying asset issuer becomes subject to (i) a
reorganization event whereby such underlying asset is exchanged solely for cash, (ii) a merger or consolidation with UBS or any of its
affiliates, or (iii) such underlying asset is delisted or otherwise suspended from trading, the determination as to whether the contingent coupon
is payable to you on any coupon payment date, whether the Notes are subject to an automatic call or the amount you receive at maturity may
be based on a substitute security. The occurrence of any antidilution or reorganization event and the consequent adjustments may materially
and adversely affect the value of the Notes and your payment at maturity, if any. For more information, see the sections "General Terms of the
Securities -- Antidilution Adjustments for Securities Linked to an Underlying Equity or Equity Basket Asset" and "--Reorganization Events for
Securities Linked to an Underlying Equity or Equity Basket Asset" in the accompanying product supplement.
· There is no affiliation betw een the underlying asset issuers and UBS, and UBS is not responsible for any
disc losure by suc h issue rs -- We are not affiliated with the underlying asset issuers. However, we and our affiliates may currently, or
from time to time in the future engage in business with the underlying asset issuers. However, we are not affiliated with the underlying asset
issuers and are not responsible for such issuers' public disclosure of information, whether contained in SEC filings or otherwise. You, as an
investor in the Notes, should conduct your own investigation into the underlying assets and the underlying asset issuers. The underlying asset
issuers are not involved in the Notes offered hereby in any way and have no obligation of any sort with respect to your Notes. The underlying
asset issuers have no obligation to take your interests into consideration for any reason, including when taking any corporate actions that
might affect the market value of, or any amounts payable on, your Notes.
· Potential UBS impact on the underlying assets -- Trading or transactions by UBS or its affiliates in the underlying assets, listed
and/or over-the-counter options, futures, exchange-traded funds or other instruments with returns linked to the performance of the underlying
assets, may adversely affect the levels of the underlying assets and, therefore, the market value of, or any amounts payable on, the Notes.
· Potential conflict of interest -- UBS and its affiliates may engage in business with an underlying asset issuer, which may present a
conflict between the obligations of UBS and you, as a holder of the Notes. There are also potential conflicts of interest between you and the
calculation agent, which will be an affiliate of UBS and which will make potentially subjective judgments. The calculation agent will determine
whether the contingent coupon is payable to you on any coupon payment date, whether the Notes are subject to an automatic call and the
payment at maturity of the Notes, if any, based on observed levels of the underlying assets. The calculation agent can postpone the
determination of the initial level, closing level or final level of any underlying asset (and therefore the settlement date, the related coupon
payment date or the maturity date, as applicable), on the trade date, any autocall observation date, any contingent coupon observation date or
the final valuation date, respectively, if a market disruption event occurs and is continuing on such date. As UBS determines the economic
terms of the Notes, including the contingent coupon rate, call threshold levels, downside thresholds and coupon barriers, and such terms
include the underwriting discount, hedging costs, issuance and other costs and projected profits, the Notes represent a package of economic
terms. There are other potential conflicts of interest insofar as an investor could potentially get better economic terms if that investor entered
https://www.sec.gov/Archives/edgar/data/1114446/000091412120001254/ub54893947-424b2.htm[3/30/2020 4:00:21 PM]


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