Bond UBSL 10.3% ( US90280V4914 ) in USD

Issuer UBSL
Market price 100 %  ▲ 
Country  Switzerland
ISIN code  US90280V4914 ( in USD )
Interest rate 10.3% per year ( payment 2 times a year)
Maturity 26/05/2022 - Bond has expired



Prospectus brochure of the bond UBS (London Branch) US90280V4914 in USD 10.3%, expired


Minimal amount 1 000 USD
Total amount /
Cusip 90280V491
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 US90280V4914, pays a coupon of 10.3% per year.
The coupons are paid 2 times per year and the Bond maturity is 26/05/2022







424B2 1 ub37088416-424b2.htm 5Y LEAST OF TACYN (RTY SPX SX5E) PS

PRELIMINARY PRICING SUPPLEMENT

Dated May 19, 2017
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-204908
(To Prospectus dated April 29, 2016,
Index Supplement dated April 29, 2016
and Product Supplement dated May 2, 2016)

UBS AG $13,576,000 Trigger Autocallable Contingent Yield Notes
Linked to the least performing index among the Russell 2000® Index, the S&P 500® Index and the EURO STOXX 50® Index due May 26, 2022
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 index among the Russell 2000® Index, the S&P 500® Index and the EURO STOXX 50® Index (each, an "underlying asset" and together, the "underlying
assets"). UBS will pay a contingent coupon on the coupon payment date if the closing level of each underlying asset on the applicable 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 if the closing level of each underlying asset on any observation date (quarterly, beginning after six months) prior to the final valuation date is equal to or
greater than its initial level. If the Notes are subject to an automatic call, UBS will pay on the applicable coupon payment date following such 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 of your Notes. 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 underlying return of the least performing underlying asset 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 the
other underlying assets. 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 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 ls of t he ot he r unde rlying a sse t s. H ighe r
c ont inge nt c oupon ra t e s a re ge ne ra lly 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 contingent
Trade Date*
May 19, 2017
coupon on the coupon payment date if the closing level of each underlying asset is
Settlement Date*
May 26, 2017
equal to or greater than its coupon barrier on the applicable observation date
(including the final valuation date). Otherwise, if the closing level of any underlying
Observation Dates**
Quarterly (callable after six months) (see page 4)
asset is less than its coupon barrier on the applicable observation date, no contingent
Final Valuation Date**
May 19, 2022
coupon will be paid for the relevant coupon payment date.
Maturity Date**
May 26, 2022
Automatic Call Feature -- UBS will automatically call the Notes and pay you the
principal amount of your Notes plus the contingent coupon otherwise due if the closing
* We expect to deliver each offering of the Notes against payment on or about the fifth
level of each underlying asset is equal to or greater than its initial level on any
business day following the trade date. Under Rule 15c6-1 under the Exchange Act,
observation date (quarterly, beginning after six months) prior to the final valuation
trades in the secondary market generally are required to settle in three business days,
date. If the Notes were previously subject to an automatic call, no further payments
unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who
will be owed to you under the Notes.
wish to trade the Notes in the secondary market on any date prior to three business
Cont inge nt Re pa ym e nt of Princ ipa l a t M a t urit y w it h Pot e nt ia l for Full
days before delivery of the Notes will be required, by virtue of the fact that each Note
Dow nside M a rk e t Ex posure -- If by maturity the Notes have not been subject to
initially will settle in five business days (T+5), to specify alternative settlement
an automatic call and the final level of each underlying asset is equal to or greater
arrangements to prevent a failed settlement of the secondary market trade.
than its downside threshold, UBS will repay you the principal amount per Note at
** Subject to postponement in the event of a market disruption event, as described in
maturity. If, however, 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
the TACYN 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 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-2 0 of t he
T rigge r Aut oc a lla ble Cont inge nt Y ie ld N ot e s ("T ACY N ") 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 Notes linked to the least performing index among the Russell 2000 ® Index, the S&P 500 ® Index and the EURO STOXX 50 ® Index. The Notes are offered at a
minimum investment of 100 Notes at $10 per Note (representing a $1,000 investment), and integral multiples of $10 in excess thereof.

I nit ia l
U nde rlying Asse t s
Bloom be rg T ic k e rs
Cont inge nt Coupon Ra t e
Le ve ls
Dow nside T hre sholds
Coupon Ba rrie rs
CU SI P
I SI N
Russell 2000® Index
RTY
1,367.330
1,025.498, which is 75% of the
1,025.498, which is 75% of the

Initial Level
Initial Level
S&P 500® Index
SPX
2,381.73
1,786.30, which is 75% of the Initial
1,786.30, which is 75% of the
10.30% per annum
90280V491
US90280V4914
Level
Initial Level
EURO STOXX 50® Index
SX5E
3,587.01
2,690.26, which is 75% of the Initial
2,690.26, which is 75% of the
Level
Initial Level
The estimated initial value of the Notes as of the trade date is $9.559 for Notes linked to the least performing index among the Russell 2000 ® Index, the S&P 500 ® Index and the EURO
STOXX 50 ® Index. 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 pages 6 and 7 herein.
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 t he T ACY N produc t supple m e nt re la t ing t o
t he N ot e s, da t e d M a y 2 , 2 0 1 6 , 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 T ACY N produc t supple m e nt , inde x 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
https://www.sec.gov/Archives/edgar/data/1114446/000091412117000670/ub37088416-424b2.htm[5/24/2017 11:46:12 AM]


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.

Offe ring of N ot e s
I ssue Pric e t o Public
U nde rw rit ing Disc ount
Proc e e ds t o U BS AG

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 index among the Russell
$13,576,000.00
$10.00
$339,400.00
$0.25
$13,236,600.00
$9.75
2000 ® Index, the S&P 500 ® Index and the EURO STOXX 50 ®
Index
U BS Fina nc ia l Se rvic e s I nc .
U BS I nve st m e nt Ba nk


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 an index supplement and 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. Alternatively, UBS will arrange to send you these documents if you so request by calling toll-free 1-877-387-2275.
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:
¨ TACYN product supplement dated May 2, 2016:
http://www.sec.gov/Archives/edgar/data/1114446/000119312516572352/d180022d424b2.htm
¨ Index Supplement dated April 29, 2016:
http://www.sec.gov/Archives/edgar/data/1114446/000119312516569883/d163530d424b2.htm
¨ Prospectus dated April 29, 2016:
http://www.sec.gov/Archives/edgar/data/1114446/000119312516569341/d161008d424b3.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 "TACYN product supplement" mean the
UBS product supplement, dated May 2, 2016, references to the "index supplement" mean the UBS index supplement, dated April 29, 2016 and
references to "accompanying prospectus" mean the UBS prospectus, titled "Debt Securities and Warrants," dated April 29, 2016.
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.
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 the risks inherent in an investment in the
¨ You do not fully understand the risks inherent in an investment in
Notes, including the risk of loss of a significant portion or all of your
the Notes, including the risk of loss of a significant portion or all of
initial investment.
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
observation date and on the final valuation date and that you may
each underlying asset on each observation date and on the final
lose a significant portion or all of your initial investment if the
valuation date and that you may lose a significant portion or all of
closing level of any underlying asset is less than its downside
your initial investment if the closing level of any underlying asset is
https://www.sec.gov/Archives/edgar/data/1114446/000091412117000670/ub37088416-424b2.htm[5/24/2017 11:46:12 AM]


threshold on the final valuation date.
less than 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 a hypothetical investment in the
¨ You cannot tolerate a loss of all or a significant portion of your
least performing underlying asset or the stocks comprising the
investment and you are not willing to make an investment that may
least performing underlying asset.
have the same downside market risk as an investment in the least
¨ You are willing to receive no contingent coupons and believe the
performing underlying asset.
closing level of each underlying asset will be equal to or greater
¨ You are unwilling to receive no contingent coupons during the term
than its coupon barrier on each observation date and that the final
of the Notes and believe that the closing level of at least one
level of each underlying asset will be equal to or greater than its
underlying asset will decline during the term of the Notes and is
downside threshold on the final valuation date.
likely to be less than its coupon barrier on at least one observation
¨ You can accept that the risks of each underlying asset are not
date or that the final level of any underlying asset will be less than
mitigated by the performance of any other underlying asset and the
its downside threshold on the final valuation date.
risks of investing in securities with a return based on the
¨ You cannot accept that the risks of each underlying asset are not
performance of multiple underlying assets.
mitigated by the performance of any other underlying asset or the
¨ You understand and accept that you will not participate in any
risks of investing in securities with a return based on the
appreciation of any underlying asset and that your potential return
performance of multiple underlying assets.
is limited to the contingent coupons.
¨ You seek an investment that participates in the full appreciation in
¨ You can tolerate fluctuations in the price of the Notes prior to
the levels of the underlying assets or that has unlimited return
maturity that may be similar to or exceed the downside fluctuations
potential.
in the levels of the underlying assets.
¨ You cannot tolerate fluctuations in the price of the Notes prior to
¨ You are willing to invest in the Notes based on the contingent
maturity that may be similar to or exceed the downside fluctuations
coupon rate, coupon barriers and downside thresholds indicated
of the underlying assets.
on the cover hereof.
¨ You are unwilling to invest in the Notes based on the contingent
¨ You do not seek guaranteed current income from your investment
coupon rate, coupon barriers and downside thresholds indicated
and are willing to forgo any dividends paid on the stocks
on the cover hereof.
comprising the underlying assets (the "underlying equity
¨ You seek guaranteed current income from this investment or prefer
constituents").
to receive the dividends paid on the underlying equity constituents.
¨ You are willing to invest in Notes that may be subject to an
¨ You are unable or unwilling to invest in Notes that may be subject
automatic call and you are otherwise willing to hold such Notes to
to an automatic call, you are otherwise unable or unwilling to hold
maturity and you accept that there may be little or no secondary
the Notes to maturity or you seek an investment for which there
market for the Notes.
will be an active secondary market for the Notes.
¨ You understand and are willing to accept the risks associated with
¨ You do not understand or are unwilling to accept the risks
the underlying assets.
associated with the underlying assets.
¨ You are willing to assume the credit risk of UBS for all payments
¨ You are not willing to assume the credit risk of UBS for all
under the Notes, and understand that if UBS defaults on its
payments under the Notes, including any repayment of principal.
obligations you may not receive any amounts due to you 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

https://www.sec.gov/Archives/edgar/data/1114446/000091412117000670/ub37088416-424b2.htm[5/24/2017 11:46:12 AM]


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 a ut om a t ic
Principal
$10 per Note
Maturity
c a ll a nd t he fina l le ve l of e a c h unde rlying a sse t
Amount
(per Note)
is e qua l t o or gre a t e r t ha n it s dow nside
Term
Approximately 60 months, subject to an automatic call.
t hre shold, UBS will pay you a cash payment equal to:
Principal Amount of $10
Underlying
The Russell 2000® Index, the S&P 500® Index and the
Assets
EURO STOXX 50® Index.
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
Contingent
I f t he c losing le ve l of e a c h unde rlying a sse t is
is le ss t ha n it s dow nside t hre shold, UBS will pay
Coupon &
e qua l t o or gre a t e r t ha n it s c oupon ba rrie r on
you a cash payment that is less than the principal amount, if
Contingent
a ny obse rva t ion da t e (inc luding t he fina l
anything, equal to:
Coupon
va lua t ion da t e ), UBS will pay you the contingent coupon
Rate
applicable to such observation date.
$10 ´ (1 + Underlying Return of the Least Performing
I f t he c losing le ve l of a ny unde rlying a sse t is
Underlying Asset)
le ss t ha n it s c oupon ba rrie r on a ny obse rva t ion
I n suc h a c a se , you w ill suffe r a pe rc e nt a ge
da t e (inc luding t he fina l va lua t ion da t e ), the
loss on your init ia l inve st m e nt e qua l t o t he
contingent coupon applicable to such observation date will
unde rlying re t urn of t he le a st pe rform ing
not accrue or be payable and UBS will not make any
unde rlying a sse t , re ga rdle ss of t he unde rlying
payment to you on the relevant coupon payment date.
re t urn of a ny ot he r unde rlying a sse t .
The contingent coupon is a fixed amount based upon equal
Least
The underlying asset with the lowest underlying return as
periodic installments at the contingent coupon rate. The
Performing
compared to the other underlying assets.
table below sets forth the contingent coupon rate and
Underlying
contingent coupon for each Note that would be applicable to
Asset
each observation date on which the closing level of each
Underlying
The quotient, expressed as a percentage, of the following
underlying asset is equal to or greater than its coupon
Return
formula:
barrier.
Final Level ­ Initial Level
Initial Level

Cont inge nt Coupon Ra t e
10.30%

Cont inge nt Coupon
$0.2575
Downside
A specified level of each underlying asset that is less than

Threshold(1) the initial level of each underlying asset, based on a

Cont inge nt c oupons on t he N ot e s a re not
percentage of the initial level as indicated on the cover
gua ra nt e e d. U BS w ill not pa y you t he
hereof and as determined by the calculation agent.
c ont inge nt c oupon for a ny obse rva t ion da t e on
Coupon
A specified level of each underlying asset that is less than
w hic h t he c losing le ve l of a ny unde rlying a sse t
Barrier(1)
the initial level of each underlying asset, based on a
is le ss t ha n it s re spe c t ive c oupon ba rrie r.
percentage of the initial level as indicated on the cover
Automatic
UBS will automatically call the Notes if the closing level of
hereof and as determined by the calculation agent.
Call Feature each underlying asset on any observation date (quarterly,
Initial
The closing level of each underlying asset on the trade
beginning after six months) prior to the final valuation date
Level(1)
date, as indicated on the cover hereof and as determined
is equal to or greater than its initial level.
by the calculation agent.
If the Notes are subject to an automatic call, UBS will pay
Final
The closing level of each underlying asset on the final
you on the corresponding coupon payment date (which will
valuation date, as determined by the calculation agent.
be the "call settlement date") a cash payment per Note
Level(1)
(1)
equal to your principal amount plus the contingent coupon
As may be adjusted as described under "General Terms of the Notes --
Discontinuance of or Adjustment to an Underlying Index; Alteration of Method of
otherwise due on such date. Following an automatic call, no
Calculation", as described in the TACYN product supplement.
further payments will be made on the Notes.


2

I nve st m e nt T im e line

The initial level is observed and the final terms of
T ra de da t e
the Notes are set.
¯



If the closing level of each underlying asset is

equal to or greater than its coupon barrier on any
observation date (including the final valuation
date), UBS will pay you the contingent coupon
applicable to such observation date.
The Notes will be subject to an automatic call if the
closing level of each underlying asset on any
Qua rt e rly (c a lla ble
observation date (quarterly, beginning after six
https://www.sec.gov/Archives/edgar/data/1114446/000091412117000670/ub37088416-424b2.htm[5/24/2017 11:46:12 AM]


a ft e r six m ont hs)
months) prior to the final valuation date is equal to
or greater than its initial level.
If the Notes are subject to an automatic call UBS
will pay you a cash payment per Note equal to
your principal amount plus the contingent coupon
otherwise due on such date. Following an
automatic call, no further payments will be made
on the Notes.
¯



The final level of each underlying asset is observed
on the final valuation 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, UBS will pay
you a cash payment per Note equal to:
Principal Amount of $10
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
M a t urit y da t e
dow nside t hre shold, UBS will pay you a cash
payment per Note that is less than the principal
amount, if anything, equal to:
$10 ´ (1 + Underlying Return of the Least
Performing Underlying Asset)
I n suc h a c a se , you w ill suffe r a
pe rc e nt a ge loss on your init ia l
inve st m e nt 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 , re ga rdle ss of t he unde rlying re t urn
of a ny ot he r unde rlying a sse t .

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 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 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 ls of t he ot he r unde rlying a sse t s.
3

Obse rva t ion Da t e s(1) a nd Coupon Pa ym e nt Da t e s(1)(2) (3)

Coupon Pa ym e nt
Coupon Pa ym e nt
Coupon Pa ym e nt
Obse rva t ion Da t e s
Da t e s
Obse rva t ion Da t e s
Da t e s
Obse rva t ion Da t e s
Da t e s
August 21, 2017*
August 23, 2017*
May 20, 2019
May 22, 2019
February 19, 2021
February 23, 2021
November 20, 2017*
November 22, 2017
August 19, 2019
August 21, 2019
May 19, 2021
May 21, 2021
February 20, 2018
February 22, 2018
November 19, 2019
November 21, 2019
August 19, 2021
August 23, 2021
May 21, 2018
May 23, 2018
February 19, 2020
February 21, 2020
November 19, 2021
November 23, 2021
August 20, 2018
August 22, 2018
May 19, 2020
May 21, 2020
February 22, 2022
February 24, 2022
November 19, 2018
November 21, 2018
August 19, 2020
August 21, 2020
May 19, 2022**
May 26, 2022***
February 19, 2019
February 21, 2019
November 19, 2020
November 23, 2020



*
The Notes are not callable until the first potential call settlement date, which is November 22, 2017.
**
This is also the final valuation date.
***
This is also the maturity date.
(1)
Subject to the market disruption event provisions set forth in the TACYN product supplement.
https://www.sec.gov/Archives/edgar/data/1114446/000091412117000670/ub37088416-424b2.htm[5/24/2017 11:46:12 AM]


(2)
If you are able to sell the Notes in the secondary market on the day preceding an observation date, or on an observation date, the purchaser of the
Notes will be deemed to be the record holder on the applicable record date and therefore you will not be entitled to any payment attributable to that
observation date. If you are able to sell your Notes in the secondary market on the day following an observation date and before the applicable coupon
payment date, you will be deemed to be the record holder on the record date and therefore you will be entitled to any payment attributable to that
observation date.
(3)
Two business days following each observation date, except that the coupon payment date for the final valuation date is the maturity date.
4

K e y Risk s
An investment in the offering of the Notes involves significant risks. Investing in the Notes is not equivalent to a hypothetical investment in the
least performing underlying asset or its underlying equity constituents. Some of the risks that apply to the Notes are summarized below, but we
urge you to read the more detailed explanation of risks relating to the Notes in the "Risk Factors" section of the TACYN product supplement. We
also urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the Notes.
¨ Risk of loss a t m a t urit y -- 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.
¨ 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 -- 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.
¨ Y ou m a y not re c e ive a ny c ont inge nt c oupons w it h re spe c t t o your N ot e s -- UBS will not necessarily make periodic coupon
payments on the Notes. UBS will pay a contingent coupon for each 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 observation date,
UBS will not pay you the contingent coupon applicable to such observation date. If the closing level of any underlying asset is less than its
coupon barrier on each of the 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.
¨ Y our pot e nt ia l re t urn on t he N ot e s is lim it e d t o t he c ont inge nt c oupons a nd you w ill not pa rt ic ipa t e in a ny
a ppre c ia t ion of a ny unde rlying a sse t or unde rlying e quit y c onst it ue nt -- 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 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 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 hypothetical direct investment in any or all of the underlying assets or underlying equity constituents. In addition, as an
owner of the Notes, you will not have voting rights or any other rights of a holder of any underlying equity constituent.
¨ A highe r c ont inge nt c oupon ra t e or low e r dow nside t hre sholds or c oupon ba rrie rs m a y re fle c t gre a t e r e x pe c t e d
vola t ilit y of e a c h unde rlying a sse t , 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, 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
observation date and that the final level of each 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 potential to lose a significant portion or all of your initial investment.
¨ Re inve st m e nt 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 initial level on certain observation dates prior to the final valuation date as set forth under "Observation Dates and Coupon Payment Dates"
https://www.sec.gov/Archives/edgar/data/1114446/000091412117000670/ub37088416-424b2.htm[5/24/2017 11:46:12 AM]


above. Because the Notes could be subject to an automatic call, 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.
¨ Y ou a re e x pose d t o t he m a rk e t risk of e a c h unde rlying a sse t -- 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 indices, 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 or all of
the other underlying assets. 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 returns of
the other underlying assets are positive or have not declined as much. Accordingly, your investment is subject to the market risk of each
underlying asset.
5

¨ Be c a use t he N ot e s a re link e d t o t he le a st pe rform ing unde rlying a sse t , you a re e x pose d t o a gre a t e r 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 -- 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 only one or two underlying assets. 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 observation date or decline to a closing level that is less than its downside
threshold than if the Notes were linked to fewer underlying assets.
In addition, the lower the correlation is between the performance of the 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 coupon barrier or downside threshold on any
observation date or on a 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, downside threshold and coupon barrier 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 the 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.
¨ Cre dit risk of U BS -- 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' 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.
¨ M a rk e t risk -- The return on the Notes, which may be negative, is directly linked to the performance of the underlying assets and indirectly
linked to the value of the underlying equity constituents. The levels of the underlying assets can rise or fall sharply due to factors specific to
each underlying asset or its underlying equity constituents, such as stock or commodity price volatility, earnings and financial conditions,
corporate, industry and regulatory developments, management changes and decisions and other events, as well as general market factors,
such as general stock market levels and volatility, interest rates and economic and political conditions.
¨ Fa ir va lue c onside ra t ions.
¨
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 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 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 the estimated initial value of the Notes is set
forth in this pricing supplement. The pricing models used to determine the estimated initial value of the Notes incorporate certain
variables, including the levels of the underlying assets, the volatility of the underlying assets, the correlation among the underlying
assets, the dividend rate paid on the underlying equity constituents, prevailing interest rates, the term of the Notes, the composition of
the underlying assets 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 costs,
https://www.sec.gov/Archives/edgar/data/1114446/000091412117000670/ub37088416-424b2.htm[5/24/2017 11:46:12 AM]


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.
¨
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 "--
Market 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.
¨
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.
¨ Lim it e d or no se c onda ry m a rk e t a nd se c onda ry m a rk e t pric e c onside ra t ions.
¨
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.
¨
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 s -- 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 Financial Services Inc. and UBS Securities LLC reflect this temporary positive differential on their customer
statements. Investors should inquire as to the valuation provided on customer account statements provided by unaffiliated dealers.
6

¨
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 level of each underlying asset and the
underlying equity constituents; the volatility of each underlying asset and the underlying equity constituents; the correlation among
the underlying assets; the dividend rate paid on the underlying equity constituents; 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 underlying asset is currently or has been less than its coupon barrier; the composition of the underlying assets; 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
https://www.sec.gov/Archives/edgar/data/1114446/000091412117000670/ub37088416-424b2.htm[5/24/2017 11:46:12 AM]


magnify each other.
¨
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 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.
¨ T he re a re sm a ll -c a pit a liza t ion st oc k risk s a ssoc ia t e d w it h t he Russe ll 2 0 0 0 ® I nde x -- The Notes are subject to risks
associated with small-capitalization companies. The Russell 2000® Index is comprised of stocks of companies that may be considered small-
capitalization companies. These companies often have greater stock price volatility, lower trading volume and less liquidity than large-
capitalization companies and therefore the underlying asset may be more volatile than an index in which a greater percentage of the
underlying equity constituents are issued by large-capitalization companies. Stock prices of small-capitalization companies are also more
vulnerable than those of large-capitalization companies to adverse business and economic developments, and the stocks of small-
capitalization companies may be thinly traded. In addition, small-capitalization companies are typically less stable financially than large-
capitalization companies and may depend on a small number of key personnel, making them more vulnerable to loss of personnel. Small-
capitalization companies are often given less analyst coverage and may be in early, and less predictable, periods of their corporate
existences. Such companies tend to have smaller revenues, less diverse product lines, smaller shares of their product or service markets,
fewer financial resources and less competitive strengths than large-capitalization companies and are more susceptible to adverse
developments related to their products.
¨ N on -U .S. se c urit ie s m a rk e t s risk s -- The underlying equity constituents of the EURO STOXX 50® Index are issued by non-U.S.
companies and are traded on various non-U.S. exchanges. These stocks may be more volatile and may be subject to different political,
market, economic, exchange rate, regulatory and other risks. Specifically, the underlying equity constituents are issued by companies located
within the Eurozone. The Eurozone has undergone severe financial stress, and the political, legal and regulatory ramifications are impossible
to predict. Changes within the Eurozone could have a material adverse effect on the performance of the underlying index and, consequently,
on the value of the Notes.
¨ T he re c a n be no a ssura nc e t ha t t he inve st m e nt vie w im plic it in t he N ot e s w ill be suc c e ssful -- 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 coupon barrier on any observation date, 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 levels of the underlying
assets will be influenced by complex and interrelated political, economic, financial and other factors that affect the underlying constituent
issuers. You should be willing to accept the risks associated with the relevant markets tracked by each such underlying asset in general and
its underlying equity constituents in particular, and the risk of losing a significant portion or all of your initial investment.
¨ T he unde rlying a sse t s re fle c t pric e re t urn, not t ot a l re t urn -- The return on your Notes is based on the performance of the
underlying assets, which reflect the changes in the market prices of the underlying equity constituents. It is not, however, linked to a "total
return" index or strategy, which, in addition to reflecting those price returns, would also reflect dividends paid on the underlying equity
constituents. The return on your Notes will not include such a total return feature or dividend component.
¨ Cha nge s a ffe c t ing t he unde rlying a sse t s c ould ha ve a n a dve rse e ffe c t on t he va lue of t he N ot e s -- The policies of
each index sponsor as specified under "Information About the Underlying Assets" (together, the "index sponsors"), concerning additions,
deletions and substitutions of the underlying equity constituents and the manner in which the index sponsor takes account of certain changes
affecting those underlying equity constituents may adversely affect the levels of the underlying assets. The policies of the index sponsors with
respect to the calculation of the underlying assets could also adversely affect the levels of the underlying assets. The index sponsors may
discontinue or suspend calculation or dissemination of the underlying assets. Any such actions could have an adverse effect on the value of
the Notes.
¨ U BS c a nnot c ont rol a c t ions by t he inde x sponsors a nd t he inde x sponsors ha ve no obliga t ion t o c onside r your
int e re st s -- UBS and its affiliates are not affiliated with the index sponsors and have no ability to control or predict their actions, including
any errors in or discontinuation of public disclosure regarding methods or policies relating to the calculation of the underlying assets. The
index sponsors are not involved in the Notes offering in any way and has no obligation to consider your interest as an owner of the Notes in
taking any actions that might affect the market value of your Notes.
¨ Pot e nt ia l U BS im pa c t on a n unde rlying a sse t or a ny unde rlying e quit y c onst it ue nt -- Trading or transactions by UBS or its
affiliates in an underlying asset or any underlying equity constituent, listed and/or over-the-counter options, futures, exchange-traded funds or
other instruments with returns linked to the performance of that underlying asset or any underlying constituent, may adversely affect the
market price(s) or level(s) of that underlying asset on any observation date or the final valuation date and, therefore, the market value of the
Notes and any payout to you of any contingent coupons or at maturity.
¨ Pot e nt ia l c onflic t of int e re st -- UBS and its affiliates may engage in business with any issuer of an underlying equity constituent
("underlying constituent issuer") 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,
https://www.sec.gov/Archives/edgar/data/1114446/000091412117000670/ub37088416-424b2.htm[5/24/2017 11:46:12 AM]


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 related coupon payment date or maturity date, as applicable), on the trade date, any observation date or the final valuation
date, respectively.
7

¨ Pot e nt ia lly inc onsist e nt re se a rc h, opinions or re c om m e nda t ions by U BS -- UBS and its affiliates publish research from time
to time on financial markets and other matters that may influence the value of the Notes, or express opinions or provide recommendations that
are inconsistent with purchasing or holding the Notes. Any research, opinions or recommendations expressed by UBS or its affiliates may not
be consistent with each other and may be modified from time to time without notice. Investors should make their own independent
investigation of the merits of investing in the Notes and the underlying assets to which the Notes are linked.
¨ U nde r c e rt a in c irc um st a nc e s, t he Sw iss Fina nc ia l M a rk e t Supe rvisory Aut horit y ("FI N M A") ha s t he pow e r t o t a k e
a c t ions t ha t m a y a dve rse ly a ffe c t t he N ot e s -- Pursuant to article 25 et seq. of the Swiss Banking Act, FINMA has broad statutory
powers to take measures and actions in relation to UBS if it (i) is overindebted, (ii) has serious liquidity problems or (iii) fails to fulfill the
applicable capital adequacy provisions after expiration of a deadline set by FINMA. If one of these prerequisites is met, the Swiss Banking Act
grants significant discretion to FINMA to open restructuring proceedings or liquidation (bankruptcy) proceedings in respect of, and/or impose
protective measures in relation to, UBS. In particular, a broad variety of protective measures may be imposed by FINMA, including a bank
moratorium or a maturity postponement, which measures may be ordered by FINMA either on a stand-alone basis or in connection with
restructuring or liquidation proceedings. In a restructuring proceeding, the resolution plan may, among other things, (a) provide for the transfer
of UBS' assets or a portion thereof, together with debts and other liabilities, and contracts of UBS, to another entity, (b) provide for the
conversion of UBS' debt and/or other obligations, including its obligations under the Notes, into equity and/or (c) potentially provide for
haircuts on obligations of UBS, including its obligations under the Notes. Although no precedent exists, if one or more measures under the
revised regime were imposed, such measures may have a material adverse effect on the terms and market value of the Notes and/or the
ability of UBS to make payments thereunder.
¨ De a le r inc e nt ive s -- UBS and its affiliates act in various capacities with respect to the Notes. We and our affiliates may act as a principal,
agent or dealer in connection with the sale of the Notes. Such affiliates, including the sales representatives, will derive compensation from the
distribution of the Notes and such compensation may serve as an incentive to sell these Notes instead of other investments. We will total
underwriting compensation in an amount equal to the underwriting discount listed on the cover hereof per Note to any of our affiliates acting
as agents or dealers in connection with the distribution of the Notes. Given that UBS Securities LLC and its affiliates temporarily maintain a
market making premium, it may have the effect of discouraging UBS Securities LLC and its affiliates from recommending sale of your Notes in
the secondary market.
¨ U nc e rt a in t a x t re a t m e nt -- Significant aspects of the tax treatment of the Notes are uncertain. You should consult your tax advisor
about your tax situation.
8

H ypot he t ic a l Ex a m ple s of H ow t he N ot e s M ight Pe rform
T he be low e x a m ple s a re ba se d on hypot he t ic a l t e rm s. T he a c t ua l t e rm s a re indic a t e d on t he c ove r he re of.
The examples below illustrate the payment upon a call or at maturity for a $10 Note on a hypothetical offering of the Notes, with the following
assumptions (amounts may have been rounded for ease of reference):

Principal Amount:
$10
Term:
Approximately 60 months
Contingent Coupon Rate:
10.00% per annum (or 2.50% per
quarter)
Contingent Coupon:
$0.25 per quarter
Observation Dates:
Quarterly (callable after six months)
Initial Level:
Underlying Asset A:
1,400
Underlying Asset B:
2,200
Underlying Asset C:
3,200
Coupon Barrier:
https://www.sec.gov/Archives/edgar/data/1114446/000091412117000670/ub37088416-424b2.htm[5/24/2017 11:46:12 AM]


Document Outline