Bond UBSL 10% ( US90281D8130 ) in USD

Issuer UBSL
Market price 100 %  ▲ 
Country  Switzerland
ISIN code  US90281D8130 ( in USD )
Interest rate 10% per year ( payment 2 times a year)
Maturity 05/08/2022 - Bond has expired



Prospectus brochure of the bond UBS (London Branch) US90281D8130 in USD 10%, expired


Minimal amount 1 000 USD
Total amount 8 884 000 USD
Cusip 90281D813
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 US90281D8130, pays a coupon of 10% per year.
The coupons are paid 2 times per year and the Bond maturity is 05/08/2022







8/7/2019
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424B2 1 ub53987527-424b2.htm PS - AUGUST 2 NFLX PFE TACYN WMA (US90281D8130
US90281D8213) UBSWM136

PRICING SUPPLEMENT

Dated August 2, 2019
Filed Pursuant to Rul
e 424(b)(2)
Registration Statement No. 333
-225551
(To Prospectus dated October 31, 2018
and Product Supplement dated October 31, 2018)

UBS AG Trigger Autocallable Contingent Yield Notes
UBS AG $8,884,000 linked to the common stock of Netflix, Inc. due August 5, 2022
UBS AG $524,000 linked to the common stock of Pfizer Inc. due August 5, 2022

Investment Description
UBS AG Trigger Autocal able Contingent Yield Notes (the "Notes") are unsubordinated, unsecured debt securities issued by UBS AG ("UBS" or the
"issuer") linked to the performance of the common stock of a specific company (the "underlying asset"). UBS wil pay a contingent coupon on a coupon
payment date only if the closing level of the underlying asset on the applicable observation date (including the final valuation date) is equal to or greater
than the coupon barrier. Otherwise, no contingent coupon wil be paid for the relevant coupon payment date. UBS wil automatical y cal the Notes early if
the closing level of the underlying asset on any observation date (quarterly, beginning after 6 months) prior to the final valuation date is equal to or greater
than the initial level. If the Notes are subject to an automatic cal , UBS wil pay on the applicable coupon payment date fol owing such observation date
(the "cal settlement date") a cash payment per Note equal to your principal amount plus the contingent coupon otherwise due, and no further payments
wil be owed to you under the Notes. If the Notes are not subject to an automatic cal and the closing level of the underlying asset on the final valuation
date (the "final level") is equal to or greater than the downside threshold, UBS wil pay you a cash payment per Note equal to the principal amount. If,
however, the Notes are not subject to an automatic cal and the final level is less than the downside threshold, UBS wil 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
underlying asset from the trade date to the final valuation date (the "underlying return") and, in extreme situations, you could lose al of your initial
investment. Investing in the Notes involves significant risks. You may lose a significant portion or all of your initial investment and may not
receive any contingent coupon during the term of the Notes. Generally, a higher contingent coupon rate on a Note is associated with a greater
risk of loss and a greater risk that you will not receive contingent coupons over the term of the Notes. The contingent repayment of principal
applies only at maturity. Any payment on the Notes, including any repayment of principal, is subject to the creditworthiness of the issuer. If
UBS were to default on its payment obligations you may not receive any amounts owed to you under the Notes and you could lose all of your
initial investment.




Features

Key Dates
q Potential for Periodic Contingent Coupons -- UBS wil pay a
Trade Date*
August 2, 2019
contingent coupon on a coupon payment date only if the closing level
Settlement Date*
August 7, 2019
of the underlying asset is equal to or greater than the coupon barrier
Observation Dates**
Quarterly (cal able after 6 months) (see page 4)
on the applicable observation date (including the final valuation date).
Final Valuation Date**
August 2, 2022
If, however, the closing level of the underlying asset is less than the
Maturity Date**
August 5, 2022
coupon barrier on the applicable observation date, no contingent
coupon wil be paid for the relevant coupon payment date.
* We expect to deliver the Notes against payment on or about the third
business day fol owing the trade date. Under Rule 15c6-1 of the
q Automatic Call Feature -- UBS wil automatical y cal the Notes and
Securities Exchange Act of 1934, as amended (the "Exchange Act"),
pay you the principal amount of your Notes plus the contingent coupon
trades in the secondary market general y are required to settle in two
otherwise due on the related coupon payment date if the closing level
business days (T+2), unless the parties to a trade expressly agree
of the underlying asset is equal to or greater than the initial level on
otherwise. Accordingly, purchasers who wish to trade the Notes in the
any observation date (quarterly, beginning after 6 months) prior to the
secondary market on any date prior to two business days before
final valuation date. If the Notes were previously subject to an
delivery of the Notes wil be required, by virtue of the fact that each
automatic cal , no further payments wil be owed to you under the
Note initial y wil settle in three business days (T+3), to specify
Notes.
alternative settlement arrangements to prevent a failed settlement of
q Contingent Repayment of Principal at Maturity with Potential for
the secondary market trade.
Full Downside Market Exposure -- If by maturity the Notes have not
** Subject to postponement in the event of a market disruption event, as
been subject to an automatic cal and the final level of the underlying
described in the accompanying product supplement.
asset is equal to or greater than the downside threshold, UBS wil
repay you the principal amount per Note at maturity. If, however, the
final level of the underlying asset is less than the downside threshold,
UBS wil pay you a cash payment per Note that is less than the
principal amount, if anything, resulting in a percentage loss on your
investment equal to the underlying return. 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.
Notice to investors: the Notes are significantly riskier than conventional debt instruments. The issuer is not necessarily obligated to repay the
principal amount of the Notes at maturity, and the Notes may have the same downside market risk as the underlying asset. This market risk is
in addition to the credit risk inherent in purchasing a debt obligation of UBS. You should not purchase the Notes if you do not understand or
are not comfortable with the significant risks involved in investing in the Notes.
You should carefully consider the risks described under "Key Risks" beginning on page 5 and under "Risk Factors" beginning on page PS-9
of the accompanying product supplement before purchasing any Notes. Events relating to any of those risks, or other risks and uncertainties,
could adversely affect the market value of, and the return on, your Notes. You may lose a significant portion or all of your initial investment in
the Notes. The Notes will not be listed or displayed on any securities exchange or any electronic communications network.

Note Offerings
These terms relate to the separate Note offerings listed below. Each of the Notes is linked to a different underlying asset and each of the Notes has its
own contingent coupon rate, initial level, downside threshold and coupon barrier. Each of the Notes is 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. The performance of each Note will not depend on
the performance of any other Note.
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Underlying Asset
Bloomberg
Contingent
Initial Level
Downside
Coupon Barrier
CUSIP
ISIN
Ticker
Coupon Rat e
Threshold
$180.78, which is
$180.78, which is
Common stock of
NFLX
10.00% per annum
$318.83
56.70% of the Initial
56.70% of the
90281D813 US90281D8130
Netflix, Inc.
Level
Initial Level
$26.13, which is
$26.13, which is
Common stock of
PFE
7.00% per annum
$38.00
68.75% of the Initial
68.75% of the
90281D821 US90281D8213
Pfizer Inc.
Level
Initial Level

The estimated initial value of the Notes as of the trade date is (i) $9.734 for Notes linked to the common stock of Netflix, Inc. and (i ) $9.722 for Notes
linked to the common stock of Pfizer Inc. 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.
See "Additional Information about UBS and the Notes" on page ii. The Notes will have the terms set forth in the accompanying product
supplement relating to the Notes, dated October 31, 2018, the accompanying prospectus and this document.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these Notes or passed upon
the adequacy or accuracy of this document, the accompanying product supplement or the accompanying prospectus. Any representation to
the contrary is a criminal offense.
The Notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.
Offering of Notes
Issue Price to Public
Underwriting Discount
Proceeds to UBS AG

Total
Per Note
Total
Per Note
Total
Per Note
Notes linked to the common stock of Netflix, Inc.
$8,884,000.00
$10.00
$177,680.00
$0.20
$8,706,320.00
$9.80
Notes linked to the common stock of Pfizer Inc.
$524,000.00
$10.00
$10,480.00
$0.20
$513,520.00
$9.80
UBS Financial Services Inc.
UBS Investment Bank

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Additional Information about UBS and the Notes
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 Notes 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 the Notes. 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.
You may access these documents on the SEC website at www.sec.gov as follows:
¨ Market-Linked Securities product supplement dated October 31, 2018:
http://www.sec.gov/Archives/edgar/data/1114446/000091412118002085/ub47016353-424b2.htm
¨ Prospectus dated October 31, 2018:
http://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 two different Notes that are offered hereby. Also, references to the
"accompanying product supplement" mean the UBS product supplement, dated October 31, 2018, and references to "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" beginning on page PS-9 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
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Investor Suitability
The Notes may be suitable for you if:

The Notes may not be suitable 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
Notes, including the risk of loss of a significant portion or all of
in the Notes, including the risk of loss of a significant portion or
your initial investment.
all of your initial investment.
¨ You can tolerate a loss of a significant portion or all of your
¨ You require an investment designed to provide a full return of
initial investment and are willing to make an investment that
principal at maturity.
may have the same downside market risk as an investment in
the underlying asset.
¨ You cannot tolerate a loss of all or a significant portion of your
investment or you are not willing to make an investment that
¨ You are willing to receive no contingent coupons and believe
may have the same downside market risk as an investment in
the closing level of the underlying asset will be equal to or
the underlying asset.
greater than the coupon barrier on the specified observation
dates and that the final level will be equal to or greater than the
¨ You believe that the level of the underlying asset will decline
downside threshold on the final valuation date.
during the term of the Notes and that the closing level is likely
to be less than the coupon barrier on the specified observation
¨ You understand and accept that you will not participate in any
dates or less than the downside threshold on the final valuation
appreciation of the underlying asset and that your potential
date.
return is limited to any contingent coupons.
¨ You seek an investment that participates in the appreciation of
¨ You can tolerate fluctuations in the price of the Notes prior to
the underlying asset or that has unlimited return potential.
maturity that may be similar to or exceed the downside
fluctuations in the level of the underlying asset.
¨ You cannot tolerate fluctuations in the price of the Notes prior
to maturity that may be similar to or exceed the downside
¨ You are willing to invest in the Notes based on the contingent
fluctuations of the underlying asset.
coupon rate, downside threshold and coupon barrier specified
on the cover hereof.
¨ You are unwilling to invest in the Notes based on the
contingent coupon rate, downside threshold or coupon barrier
¨ You do not seek guaranteed current income from your
specified on the cover hereof.
investment and are willing to forgo any dividends paid on the
underlying asset.
¨ You seek guaranteed current income from your investment or
are unwilling to forgo any dividends paid on the underlying
¨ You are willing to invest in Notes that may be subject to an
asset.
automatic call and you are otherwise willing to hold such Notes
to maturity and you accept that there may be little or no
¨ You do not understand or accept the single equity risk
secondary market for the Notes.
associated with the Notes or do not understand or are unwilling
to accept the risks associated with the underlying asset.
¨ You understand and accept the single equity risk associated
with the Notes and understand and are willing to accept the
¨ You are unable or unwilling to invest in Notes that may be
risks associated with the underlying asset.
subject to an automatic call, you are otherwise unable or
unwilling to hold the Notes to maturity or you seek an
¨ You are willing to assume the credit risk of UBS for all
investment for which there will be an active secondary market.
payments under the Notes, and understand that if UBS
defaults on its obligations you may not receive any amounts
¨ You are not willing to assume the credit risk of UBS for all
due to you including 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.
The suitability considerations identified above are not exhaustive. Whether or not the Notes are a suitable investment for you
will depend on your individual circumstances and you should reach an investment decision only after you and your
investment, legal, tax, accounting and other advisors have carefully considered the suitability of an investment in the Notes in
light of your particular circumstances. You should review "Information About the Underlying Asset" herein for more
information on the underlying assets. You should also review carefully the "Key Risks" section herein for risks related to an
investment in the Notes.
1
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Final Terms for Each Offering of the Notes

Issuer
UBS AG London Branch

Automatic
UBS will automatically call the Notes if the closing
Principal
$10 per Note
Call Feature level of the underlying asset on any observation
Amount
date (quarterly, beginning after six months) prior
Term
Approximately 36 months, unless subject to an
to the final valuation date is equal to or greater
automatic call.
than the initial level.
Underlying The common stock of a specific company, as
If the Notes are subject to an automatic call, UBS

Asset
indicated on the cover hereof.
will pay you on the corresponding coupon
payment date (which will be the "call settlement
Contingent If the closing level of the underlying asset is
date") a cash payment per Note equal to your
Coupon & equal to or greater than the coupon barrier on
principal amount plus the contingent coupon
Contingent any observation date (including the final
otherwise due on such date (the "call settlement
Coupon
valuation date), UBS will pay you the contingent
amount"). Following an automatic call, no further
Rate
coupon applicable to such observation date.
payments will be made on the Notes.
If the closing level of the underlying asset is
Payment at If the Notes are not subject to an automatic
less than the coupon barrier on any
Maturity
call and the final level is equal to or greater
observation date (including the final valuation
(per Note)
than the downside threshold, UBS will pay you
date), the contingent coupon applicable to such
a cash payment equal to:
observation date will not accrue or be payable and
UBS will not make any payment to you on the
Principal Amount of $10
relevant coupon payment date.
If the Notes are not subject to an automatic
The contingent coupon is a fixed amount based
call and the final level is less than the
upon equal periodic installments at the contingent
downside threshold, UBS will pay you a cash
coupon rate, which is a per annum rate. The table
payment that is less than the principal amount, if
below sets forth the contingent coupon rate and
anything, equal to:
contingent coupon for each Note that would be
$10 ´ (1 + Underlying Return)
applicable to each observation date on which the
In such a case, you will suffer a percentage
closing level of the underlying asset is equal to or
loss on your initial investment equal to the
greater than the coupon barrier.
underlying return.

Netflix, Inc.
Pfizer Inc.
Underlying
The quotient, expressed as a percentage, of the
Contingent
10.00%
7.00%
Return
following formula:

Coupon Rate
Final Level ­ Initial Level





Initial Level
Contingent
$0.250
$0.175

Downside
Coupon
A specified level of the underlying asset that is

Threshold(1) less than the initial level, equal to a percentage of

Contingent coupons on the Notes are not
the initial level, as specified on the cover hereof.
guaranteed. UBS will not pay you the contingent
coupon for any observation date on which the
Initial
The closing level of the underlying asset on the
closing level of the underlying asset is less than
Level(1)
trade date, as specified on the cover hereof.
the coupon barrier.
Final
The closing level of the underlying asset on the
Coupon
A specified level of the underlying asset that is less
Level(1)
final valuation date.
Barrier(1)
than the initial level, equal to a percentage of the
(1)
initial level, as specified on the cover hereof.
As determined by the calculation agent and as may be

adjusted in the case of certain adjustment events as described
under "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.
2
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Investment Timeline

The initial level of the underlying asset is

Trade date
observed and the final terms of the Notes
are set.
¯


If the closing level is equal to or greater than
the coupon barrier on any observation date
(including the final valuation date), UBS will
pay you a contingent coupon on the
applicable coupon payment date.
The Notes will be subject to an automatic
call if the closing level of the underlying
Observation Dates
asset on any observation date (quarterly,
(quarterly, callable
beginning after six months) prior to the final
after six months)
valuation date is equal to or greater than the
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 is observed on the final

valuation date and the underlying return of
the underlying asset is calculated.
If the Notes are not subject to an
automatic call and the final level is equal
to or greater than the downside
threshold, UBS will pay you a cash
payment per Note equal to:
Principal Amount of $10
Maturity date
If the Notes are not subject to an
automatic call and the final level is less
than the downside threshold, UBS will pay
you a cash payment per Note that is less
than the principal amount, if anything, equal
to:
$10 ´ (1 + Underlying Return)
In such a case, you will suffer a
percentage loss on your initial
investment equal to the underlying
return.
Investing in the Notes involves significant risks. You may lose a significant portion or all of your initial investment. Any
payment on the Notes, including any repayment of principal, is subject to the creditworthiness of UBS. If UBS were to default
on its payment obligations, you may not receive any amounts owed to you under the Notes and you could lose all of your
initial investment.
If the Notes are not subject to an automatic call, you may lose a significant portion or all of your initial investment. Specifically,
if the Notes are not subject to an automatic call and the final level is less than the downside threshold, you will lose a
percentage of your principal amount equal to the underlying return and, in extreme situations, you could lose all of your initial
investment.
3
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Observation Dates(1)(2) and Coupon Payment Dates(1)(2)(3)
Coupon
Coupon
Coupon
Observation Dates
Payment D
ates
Observation Dates
Payment D
ates
Observation Dates
Payment D
ates
November 4, 2019*
November 6, 2019*
November 2, 2020
November 4, 2020
November 2, 2021
November 4, 2021
February 3, 2020*
February 5, 2020
February 2, 2021
February 4, 2021
February 2, 2022
February 4, 2022
May 4, 2020
May 6, 2020
May 4, 2021
May 6, 2021
May 3, 2022
May 5, 2022
August 3, 2020
August 5, 2020
August 2, 2021
August 4, 2021
Final Valuation Date
Maturity Date

*
The Notes are not callable until the first potential call settlement date, which is February 5, 2020.
(1)
Subject to the market disruption event provisions set forth in the accompanying product supplement.
(2)
If you are able to sell the Notes in the secondary market 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.
(3)
Two business days following each observation date, except that the coupon payment date for the final valuation date is the maturity
date.
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Key Risks
An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing in the underlying asset. Some
of the key 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 accompanying 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 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 is
less than the downside threshold, you will lose a percentage of your principal amount equal to the underlying return 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 then-current level of the underlying asset at that time is equal to or greater than the downside
threshold. All payments on the Notes are subject to the creditworthiness of UBS.
¨ You may not receive any contingent coupons with respect to your Notes -- 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 the underlying asset
is equal to or greater than the coupon barrier. If the closing level of the underlying asset is less than the coupon barrier on any
observation date, UBS will not pay you the contingent coupon applicable to such observation date. If the closing level of the
underlying asset is less than the 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.
¨ Your potential return on the Notes is limited to any contingent coupons and you will not participate in any appreciation of
the underlying asset -- The return potential of the Notes is limited to the pre-specified contingent coupon rate, regardless of any
appreciation of the underlying asset. In addition, your return on the Notes will vary based on the number of observation dates, if any,
in 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 underlying asset even though you cannot
participate in any appreciation of the underlying asset. As a result, the return on an investment in the Notes could be less than the
return on a direct investment in the underlying asset. In addition, as an owner of the Notes, you will not have voting rights or any other
rights of a holder of the underlying asset.
¨ A higher contingent coupon rate or lower downside threshold or coupon barrier may reflect greater expected volatility of the
underlying asset, and greater expected volatility generally indicates an increased risk of loss at maturity -- The economic
terms for the Notes, including the contingent coupon rate, coupon barrier and downside threshold, are based, in part, on the expected
volatility of the 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 the underlying asset. The greater the expected volatility of the underlying asset as of the trade date, the
greater the expectation is as of that date that the closing level of the underlying asset could be less than the coupon barrier on any
observation date and that the final level of the underlying asset could be less than the 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 a lower downside
threshold and/or coupon barrier 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 underlying asset and the 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 the underlying asset is equal to or greater
than the initial level on certain observation dates prior to the final valuation date, as set forth under "Observation Dates and Coupon
Payment Dates" 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 the underlying asset and the shorter time remaining for the
level of the underlying asset to recover. Such periods generally coincide with a period of greater risk of principal loss on your Notes.
¨ 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' actual and perceived creditworthiness of UBS 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.
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¨ Single equity risk -- The level of the underlying asset can rise or fall sharply due to factors specific to that underlying asset and the
issuer of such underlying asset (the "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 market volatility and levels, interest rates and economic and political conditions. You, as an investor in the Notes, should
make your own investigation into the underlying asset issuer and the underlying asset for your Notes. For additional information
regarding the underlying asset issuer, please see "Information about the Underlying Asset" in this document and the underlying asset
issuer's SEC filings referred to in that section. We urge you to review financial and other information filed periodically by the
applicable underlying asset issuer with the SEC.
¨ Fair value considerations.
¨ The issue price you pay for the Notes exceeds their estimated initial value -- 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 it 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 level and volatility of the underlying asset, any expected dividends on the underlying asset, 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 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.
¨ The estimated initial value is a theoretical price; the actual price that you may be able to sell your Notes in any
secondary market (if any) at any time after the trade date may differ from the estimated initial value -- 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.
¨ Our actual profits may be greater or less than the differential between the estimated initial value and the issue price
of the Notes as of the trade date -- 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.
¨ There may be little or no secondary market for the Notes -- 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.
¨ The price at which UBS Securities LLC and its affiliates may offer to buy the Notes in the secondary market (if any)
may be greater than UBS' valuation of the Notes at that time, greater than any other secondary market prices
provided by unaffiliated dealers (if any) and, depending on your broker, greater than the valuation provided on your
customer account statements -- 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.
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