Bond UBSL 0% ( US90281F8591 ) in USD

UBSL

100 % ⇌

Switzerland

US90281F8591 ( in USD )

30/12/2021 - Bond has expired

Prospectus brochure of the bond UBS (London Branch) US90281F8591 in USD 0%, expired

1 000 USD

8 616 000 USD

90281F859

N/A

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.

UBS (London Branch) issued a USD 8,616,000 bond (ISIN: US90281F8591, CUSIP: 90281F859) with a 0% coupon rate, a minimum trading size of 1,000, maturing on December 30, 2021, which has since matured and been repaid at 100%.

424B2 1 ub54540602-424b2.htm PS - DECEMBER 27 RTY NDX LEAST OF TACYN WMA (US90281F8591) UBSWM282
PRICING SUPPLEMENT

Dated December 27, 2019
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-225551
(To Prospectus dated October 31, 2018,
Index Supplement dated October 31, 2018
and Product Supplement dated October 31, 2018)
U BS AG $ 8 ,6 1 5 ,7 6 0 T rigge r Aut oc a lla ble Cont inge nt Y ie ld N ot e s
Linked to the least performing of the Russell 2000® Index and the Nasdaq-100 Index® due December 30, 2021
I nve st m e nt De sc ript ion
UBS AG Trigger Autocallable Contingent Yield Notes (the "Notes") are unsubordinated, unsecured debt securities issued by UBS AG ("UBS" or the "issuer")
linked to the least performing of the Russell 2000® Index and the Nasdaq-100 Index®. UBS will pay a contingent coupon on the coupon payment date only
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 early if the closing level of
each underlying asset on any observation date 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. If, however, the Notes are not subject to an automatic call and the final
level of any underlying asset is less than its downside threshold, UBS will pay you a cash payment per Note that is less than the principal amount, if
anything, resulting in a percentage loss on your initial investment equal to the percentage decline in the least performing underlying asset from the trade
date to the final valuation date (the "underlying return") and, in extreme situations, you could lose all of your initial investment. The "least performing
underlying asset" is the underlying asset with the lowest underlying return as compared to any other underlying asset. I nve st ing in t he N ot e s involve s
signific a nt risk s. Y ou m a y lose a signific a nt port ion or a ll of your init ia l inve st m e nt a nd m a y not re c e ive a ny c ont inge nt
c oupon during t he t e rm of t he N ot e s. Y ou w ill be e x pose d t o t he m a rk e t risk of e a c h unde rlying a sse t on e a c h obse rva t ion
da t e a nd on t he fina l va lua t ion da t e a nd a ny de c line in t he le ve l of one unde rlying a sse t m a y ne ga t ive ly a ffe c t your re t urn
a nd w ill not be offse t or m it iga t e d by a le sse r de c line or a ny pot e nt ia l inc re a se in t he le ve l of a ny ot he r unde rlying a sse t .
Ge ne ra lly, a highe r c ont inge nt c oupon ra t e on a N ot e is a ssoc ia t e d w it h a gre a t e r risk of loss a nd a gre a t e r risk t ha t you w ill
not re c e ive c ont inge nt c oupons ove r t he t e rm of t he N ot e s. T he c ont inge nt re pa ym e nt of princ ipa l a pplie s only a t m a t urit y.
Any pa ym e nt on t he N ot e s, inc luding a ny re pa ym e nt of princ ipa l, is subje c t t o t he c re dit w ort hine ss of U BS. I f U BS w e re t o
de fa ult on it s pa ym e nt obliga t ions you m a y not re c e ive a ny a m ount s ow e d t o you unde r t he N ot e s a nd you c ould lose a ll of
your init ia l inve st m e nt .
Fe a t ure s
K e y Da t e s
·
Pot e nt ia l for Pe riodic Cont inge nt Coupons -- UBS will pay a
Trade Date
December 27, 2019
contingent coupon on a coupon payment date only if the closing level
Settlement Date
December 31, 2019
of each underlying asset is equal to or greater than its coupon barrier
Observation Dates*
Quarterly (see page 4)
on the applicable observation date (including the final valuation date).
Final Valuation Date*
December 27, 2021
Otherwise, if the closing level of any underlying asset is less than its
Maturity Date*
December 30, 2021
coupon barrier on the applicable observation date, no contingent

* Subject to postponement in the event of a market disruption event, as
coupon will be paid for the relevant coupon payment date.
described in the accompanying product supplement.
·
Aut om a t ic Ca ll Fe a t ure -- UBS will automatically call the Notes

and pay you the principal amount of your Notes plus the contingent
coupon otherwise due on the related coupon payment date if the
closing level of each underlying asset is equal to or greater than its
initial level on any observation date prior to the final valuation date. If
the Notes were previously subject to an automatic call, no further
payments will be owed to you under the Notes.
·
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 Dow nside M a rk e t Ex posure -- If the Notes
have not been subject to an automatic call and the final level of each
underlying asset is equal to or greater than its downside threshold,
UBS will repay you the principal amount per Note at 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 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
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risk s involve d in inve st ing in t he N ot e s.
Y ou should c a re fully c onside r t he risk s de sc ribe d unde r "K e y Risk s" be ginning on pa ge 5 a nd unde r "Risk Fa c t ors" be ginning
on pa ge PS-9 of t he a c c om pa nying produc t supple m e nt be fore purc ha sing a ny N ot e s. Eve nt s re la t ing t o a ny of t hose risk s, or
ot he r risk s a nd unc e rt a int ie s, c ould a dve rse ly a ffe c t t he m a rk e t va lue of, a nd t he re t urn on, your N ot e s. Y ou m a y lose a
signific a nt port ion or a ll of your init ia l inve st m e nt in t he N ot e s. T he N ot e s w ill not be list e d or displa ye d on a ny se c urit ie s
e x c ha nge or a ny e le c t ronic c om m unic a t ions ne t w ork .
N ot e Offe ring
These terms relate to Notes we are offering linked to the least performing of the Russell 2000® Index and the Nasdaq-100 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.
Cont inge nt
Bloom be rg
Coupon
I nit ia l
Dow nside
U nde rlying Asse t
T ic k e r
Ra t e
Le ve ls
T hre sholds
Coupon Ba rrie rs
CU SI P
I SI N
Russell 2000® Index
RTY
1,669.033
1,251.775, which is
1,251.775, which is
75.00% of its Initial
75.00% of its Initial
7.35% per
Level
Level
90281F859
US90281F8591
Nasdaq-100 Index®
NDX
annum
8,770.979
6,578.234, which is
6,578.234, which is
75.00% of its Initial
75.00% of its Initial
Level
Level
The estimated initial value of the Notes as of the trade date is $9.771. 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" beginning on page 6 of this document.
Se e "Addit iona l I nform a t ion a bout U BS a nd t he N ot e s" on pa ge ii. T he N ot e s w ill ha ve t he t e rm s se t fort h in the
a c c om pa nying produc t supple m e nt re la t ing t o t he N ot e s, da t e d Oc t obe r 3 1 , 2 0 1 8 , t he inde x supple m e nt , da t e d Oc t obe r 3 1 ,
2 0 1 8 , t he a c c om pa nying prospe c t us a nd t his doc um e nt . N e it he r t he Se c urit ie s a nd Ex c ha nge Com m ission nor a ny ot he r
re gula t ory body ha s a pprove d or disa pprove d of t he se N ot e s or pa sse d upon t he a de qua c y or a c c ura c y of t his doc um e nt , t he
inde x supple m e nt , t he a c c om pa nying produc t supple m e nt or t he a c c om pa nying prospe c t us. Any re pre se nt a t ion t o t he
c ont ra ry is a c rim ina l offe nse .
The Notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.
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 of the Russell 2000® $8,615,760.00
$10.00
$129,236.40
$0.15
$8,486,523.60
$9.85
Index and the Nasdaq-100 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.
Y ou m a y a c c e ss t he se doc um e nt s on t he SEC w e bsit e a t w w w .se c .gov a s follow s:
·
Market-linked Securities product supplement dated October 31, 2018:
http://www.sec.gov/Archives/edgar/data/1114446/000091412118002085/ub47016353-424b2.htm
·
Index Supplement dated October 31, 2018:
http://www.sec.gov/Archives/edgar/data/1114446/000091412118002083/ub46174419-424b2.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 the Notes that are offered hereby. Also, references to the "accompanying product supplement" or
"Market-linked Securities product supplement" mean the UBS product supplement, dated October 31, 2018, references to the "index
supplement" mean the UBS index supplement, dated October 31, 2018 and references to the "accompanying prospectus" mean the UBS
prospectus, titled "Debt Securities and Warrants", dated October 31, 2018.
This document, together with the documents listed above, contains the terms of the Notes and supersedes all other prior or contemporaneous
oral statements as well as any other written materials including all other prior pricing terms, correspondence, trade ideas, structures for
implementation, sample structures, brochures or other educational materials of ours. You should carefully consider, among other things, the
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matters set forth in "Key Risks" beginning on page 5 and in "Risk Factors" in the accompanying product supplement, as the Notes involve risks
not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisors before
deciding to invest in the Notes.
If there is any inconsistency between the terms of the Notes described in the accompanying prospectus, the accompanying product supplement
, the index supplement and this document, the following hierarchy will govern: first, this document; second, the accompanying product
supplement; third, the index 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.
i

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

1

Fina l T e rm s
Issuer:
UBS AG London Branch
Payment at Maturity I f t he N ot e s a re not subje c t t o a n
(per Note):
a ut om a t ic c a ll a nd t he fina l le ve l of
Principal Amount:
$10 per Note
e a c h unde rlying a sse t is e qua l t o or
Term:
Approximately 24 months, unless subject to an
gre a t e r t ha n it s dow nside t hre shold,
automatic call.
UBS will pay you a cash payment equal to:
Underlying Assets: The Russell 2000® Index and the Nasdaq-100
Principal Amount of $10
Index®
I f t he N ot e s a re not subje c t t o a n
Contingent Coupon I f t he c losing le ve l of e a c h unde rlying
a ut om a t ic c a ll a nd t he fina l le ve l of a ny
and Contingent
a sse t is e qua l t o or gre a t e r t ha n it s
unde rlying a sse t is le ss t ha n it s
Coupon Rate:
c oupon ba rrie r on a ny obse rva t ion da t e
dow nside t hre shold, UBS will pay you a
(inc luding t he fina l va lua t ion da t e ), UBS
cash payment that is less than the principal
will pay you the contingent coupon applicable to
amount, if anything, equal to:
such observation date on the related coupon
$10 x (1+ Underlying Return of the Least
payment date.
Performing Underlying Asset)
I f t he c losing le ve l of a ny unde rlying
I n suc h a c a se , you w ill suffe r a
a sse t is le ss t ha n it s c oupon ba rrie r on
pe rc e nt a ge loss on your init ia l
a ny obse rva t ion da t e (inc luding t he fina l
inve st m e nt e qua l t o t he unde rlying
va lua t ion da t e ), the contingent coupon
re t urn of t he le a st pe rform ing
applicable to such observation date will not
unde rlying a sse t re ga rdle ss of t he
accrue or be payable and UBS will not make any
unde rlying re t urn of a ny ot he r
payment to you on the relevant coupon payment
unde rlying a sse t a nd, in e x t re m e
date.
sit ua t ions, you c ould lose a ll of your
The contingent coupon is a fixed amount based
init ia l inve st m e nt .
upon equal periodic installments at a per annum
Least Performing
The underlying asset with the lowest underlying
rate (the "contingent coupon rate"). The table
Underlying Asset:
return as compared to the other underlying
below sets forth the contingent coupon rate and
asset(s)
contingent coupon for each Note that will be
Underlying Return:
For each underlying asset, the quotient,
applicable to each observation date on which the
expressed as a percentage, of the following
closing level of each underlying asset is greater
formula:
than or equal to its coupon barrier.
Final Level Initial Level

Cont inge nt Coupon
7.35%
Initial Level
Ra t e
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Downside
For each underlying asset, a specified level of

Cont inge nt Coupon
$0.1838
Threshold:(1)
the underlying asset that is less than its initial

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

product supplement.

2

I nve st m e nt T im e line

The initial level of each underlying asset is observed and the final
T ra de Da t e
terms of 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 a contingent coupon on the
applicable coupon payment date.
Obse rva t ion
The Notes will be subject to an automatic call if the closing level of
Da t e s
each underlying asset on any observation date 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 $10 plus the contingent coupon
otherwise due on such date.
¯

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 x (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
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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
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 .
I nve st ing in t he N ot e s involve s signific a nt risk s. Y ou m a y lose a signific a nt port ion or a ll of your init ia l inve st m e nt .
Any pa ym e nt on t he N ot e s, inc luding a ny re pa ym e nt of princ ipa l, is subje c t t o t he c re dit w ort hine ss of U BS. I f U BS
w e re t o de fa ult on it s pa ym e nt obliga t ions, you m a y not re c e ive a ny a m ount s ow e d t o you unde r t he N ot e s a nd you
c ould lose a ll of your init ia l inve st m e nt .
I f t he N ot e s a re not subje c t t o a n a ut om a t ic c a ll, you m a y lose a signific a nt port ion or a ll of your init ia l inve st m e nt .
Spe c ific a lly, if t he N ot e s a re not subje c t t o a n a ut om a t ic c a ll a nd t he fina l le ve l of a ny unde rlying a sse t is le ss t ha n
it s dow nside t hre shold, you w ill lose a pe rc e nt a ge of your princ ipa l a m ount e qua l t o t he unde rlying re t urn of t he
le a st pe rform ing unde rlying a sse t a nd, in e x t re m e sit ua t ions, you c ould lose a ll of your init ia l inve st m e nt . Y ou w ill
be e x pose d t o t he m a rk e t risk of e a c h unde rlying a sse t on e a c h obse rva t ion da t e a nd on t he fina l va lua t ion da t e
a nd a ny de c line in t he le ve l of one unde rlying a sse t m a y ne ga t ive ly a ffe c t your re t urn a nd w ill not be offse t or
m it iga t e d by a le sse r de c line or a ny pot e nt ia l inc re a se in t he le ve l of a ny ot he r unde rlying a sse t .

3

Obse rva t ion Da t e s(1) a nd Coupon Pa ym e nt Da t e s(1)(2)(3)
)
Obse rva t ion Da t e s
Coupon Pa ym e nt Da t e s
March 27, 2020
March 31, 2020
June 29, 2020
July 1, 2020
September 28, 2020
September 30, 2020
December 28, 2020
December 30, 2020
March 29, 2021
March 31, 2021
June 28, 2021
June 30, 2021
September 27, 2021
September 29, 2021
Final Valuation Date
Maturity Date
(1)
Subject to the market disruption event provisions set forth in the accompanying product supplement.
(2)
Two business days following each observation date, except that the coupon payment date for the final valuation date is the
maturity date.
(3)
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.

4

K e y Risk s
An inve st m e nt in t he N ot e s involve s signific a nt risk s. I nve st ing in t he N ot e s is not e quiva le nt t o a hypot he t ic a l
inve st m e nt in t he le a st pe rform ing unde rlying a sse t or it s unde rlying c onst it ue nt s. Som e of t he risk s t ha t a pply t o
t he N ot e s a re sum m a rize d be low , but w e urge you t o re a d t he m ore de t a ile d e x pla na t ion of risk s re la t ing t o t he
N ot e s in t he "Risk Fa c t ors" se c t ion of t he a c c om pa nying produc t supple m e nt . We a lso urge you t o c onsult your
inve st m e nt , le ga l, t a x , a c c ount ing a nd ot he r a dvisors be fore you inve st in t he N ot e s.
·
Risk of loss 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.
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·
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 c onst it ue nt s -- 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 or underlying constituents.
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 constituents. In addition, as an owner of the Notes, you will not have voting rights or any other rights of a
holder of the underlying constituents.
·
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 t he unde rlying a sse t s, a nd gre a t e r e x pe c t e d vola t ilit y ge ne ra lly indic a t e s a n inc re a se d
risk of loss a t m a t urit y -- The economic terms for the Notes, including the contingent coupon rate, 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 threshold(s) and/or coupon
barrier(s) 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" 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 other underlying asset. For instance, you may receive a negative return equal to the underlying return of the
least performing underlying asset if the closing level of one underlying asset is less than its downside threshold on the final valuation
date, even if the underlying return of any other underlying asset is positive or has not declined as much. Accordingly, your investment is
subject to the market risk of each underlying asset.
·
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 only one unde rlying a sse t -- The risk that you will not receive any contingent coupons and lose a
significant portion or all of your initial investment in the Notes is greater if you invest in the Notes than the risk of investing in substantially
similar securities that are linked to the performance of only one underlying asset. With more underlying assets, it is more likely that the
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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 only one underlying asset.
In addition, the lower the correlation is between the performance of a pair of underlying assets, the more likely it is that one of the
underlying assets will decline in value to a closing level or final level, as applicable, that is less than its 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 a pair of underlying assets is not correlated to each other or is negatively correlated, the risk that you will not receive any
contingent coupons or that the final

5

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 constituents. The level of the underlying assets can rise or fall sharply due to factors
specific to the underlying assets and its underlying constituents and their issuers (each, an "underlying constituent issuer"), such as
stock 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 or commodity market volatility and levels,
interest rates and economic and political conditions.
·
Fa ir va lue c onside ra t ions.
o
T he issue pric e you pa y for t he N ot e s e x c e e ds t he ir e st im a t e d init ia l va lue -- The issue price you pay for the
Notes 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 levels and volatility of the underlying assets and underlying constituents, the correlation of the underlying assets, any
expected dividends of the and underlying constituents, if applicable, prevailing interest rates, the term of the Notes and our
internal funding rate. Our internal funding rate is typically lower than the rate we would pay to issue conventional fixed or floating
rate debt securities of a similar term. The underwriting discount, hedging costs, issuance costs, projected profits and the
difference in rates will reduce the economic value of the Notes to you. Due to these factors, the estimated initial value of the
Notes as of the trade date is less than the issue price you pay for the Notes.
o
T he e st im a t e d init ia l va lue is a t he ore t ic a l pric e ; t he a c t ua l pric e t ha t you m a y be a ble t o se ll your
N ot e s in a ny se c onda ry m a rk e t (if a ny) a t a ny t im e a ft e r t he t ra de da t e m a y diffe r from t he e st im a t e d
init ia l va lue -- The value of your Notes at any time will vary based on many factors, including the factors described above and
in "--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.
o
Our a c t ua l profit s m a y be gre a t e r or le ss t ha n t he diffe re nt ia l be t w e e n t he e st im a t e d init ia l va lue a nd
t he issue pric e of t he N ot e s a s of t he t ra de da t e -- We may determine the economic terms of the Notes, as well as
hedge our obligations, at least in part, prior to the trade date. In addition, there may be ongoing costs to us to maintain and/or
adjust any hedges and such hedges are often imperfect. Therefore, our actual profits (or potentially, losses) in issuing the Notes
cannot be determined as of the trade date and any such differential between the estimated initial value and the issue price of the
Notes as of the trade date does not reflect our actual profits. Ultimately, our actual profits will be known only at the maturity of the
Notes.
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·
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.
o
T he re m a y be lit t le or no se c onda ry m a rk e t for t he N ot e s -- The Notes will not be listed or displayed on any
securities exchange or any electronic communications network. UBS Securities LLC and its affiliates intend, but are not required,
to make a market for the Notes and may stop making a market at any time. If you are able to sell your Notes prior to maturity,
you may have to sell them at a substantial loss. Furthermore, there can be no assurance that a secondary market for the Notes
will develop. The estimated initial value of the Notes does not represent a minimum or maximum price at which we or any of our
affiliates would be willing to purchase your Notes in any secondary market at any time.
o
T he pric e a t w hic h U BS Se c urit ie s LLC a nd it s a ffilia t e s m a y offe r t o buy t he N ot e s in t he se c onda ry
m a rk e t (if a ny) m a y be gre a t e r t ha n U BS' va lua t ion of t he N ot e s a t t ha t t im e , gre a t e r t ha n a ny ot he r
se c onda ry m a rk e t pric e s provide d by una ffilia t e d de a le rs (if a ny) a nd, de pe nding on your brok e r,
gre a t e r t ha n t he va lua t ion provide d on your c ust om e r a c c ount st a t e m e nt -- For a limited period of time
following the issuance of the Notes, UBS Securities LLC or its affiliates may offer to buy or sell such Notes at a price that
exceeds (i) our valuation of the Notes at that time based on our internal pricing models, (ii) any secondary market prices
provided by unaffiliated dealers (if any) and (iii) depending on your broker, the valuation provided on customer account
statements. The price that UBS Securities LLC may initially offer to buy such Notes following issuance will exceed the valuations
indicated by our internal pricing models due to the inclusion for a limited period of time of the aggregate value of the underwriting
discount, hedging costs, issuance costs and theoretical projected trading profit. The portion of such amounts included in our
price will decline to zero on a straight line basis over a period ending no later than the date specified under "Supplemental Plan
of Distribution (Conflicts of Interest); Secondary Markets (if any)". Thereafter, if UBS Securities LLC or an affiliate makes
secondary markets in the Notes, it will do so at prices that reflect our estimated value determined by reference to our internal
pricing models at that time. The temporary positive differential relative to our internal pricing models arises from requests from
and arrangements made by UBS Securities LLC with the selling agents of structured debt securities such as the Notes. As
described above, UBS Securities LLC and its affiliates intend, but are not required, to make a market for the Notes and may stop
making a market at any time. The price at which UBS Securities LLC or an affiliate may make secondary markets at any time (if
at all) will also reflect its then current bid-ask spread for similar sized trades of structured debt securities. UBS 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.
o
Ec onom ic a nd m a rk e t fa c t ors a ffe c t ing t he t e rm s a nd m a rk e t pric e of N ot e s prior t o m a t urit y -- Because
structured notes, including the Notes, can be thought of as having a debt component and a derivative component, factors that
influence the values of debt instruments and options and other derivatives will also affect the terms and features of the Notes at
issuance and the market price of the Notes prior to maturity. These factors include the levels of the underlying assets and their
underlying constituents; the volatility of the underlying assets and their underlying constituents; the correlation of the underlying
assets; the dividend rate paid on the underlying constituents, if applicable; the time remaining to the maturity of the Notes; interest
rates in the markets; geopolitical conditions and economic, financial, political, force majeure and regulatory or judicial events;
whether each of the underlying assets is currently or has been less than its coupon barrier; the availability of comparable
instruments; the creditworthiness of UBS; the then current bid-ask spread for the Notes and the factors discussed under "--
Potential conflict of interest" below. These and other factors are unpredictable and interrelated and may offset or magnify each
other.

6

o
I m pa c t of fe e s a nd t he use of int e rna l funding ra t e s ra t he r t ha n se c onda ry m a rk e t c re dit spre a ds on
se c onda ry m a rk e t pric e s -- All other things being equal, the use of the internal funding rates described above under "--
Fair value considerations" as well as the inclusion in the issue price of the underwriting discount, hedging costs, issuance 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 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 level of each
underlying asset 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 downside risks associated with the relevant markets tracked by each such
underlying asset in general and the underlying assets and its underlying constituents in particular, and the risk of losing a significant
portion or all of your initial investment.
·
T he N ot e s a re subje c t t o sm a ll -c a pit a liza t ion st oc k risk s -- The Notes are subject to risks associated with small-
capitalization companies because 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-
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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.
·
T he N ot e s a re subje c t t o non -U .S. se c urit ie s m a rk e t risk -- The Notes are subject to risks associated with non-U.S.
companies and non-U.S. securities markets because the Nasdaq-100 Index® is comprised, in part, of non-U.S. companies. Market
developments may affect non-U.S. markets differently from U.S. securities markets and direct or indirect government intervention to
stabilize these non-U.S. markets, as well as cross shareholdings in non-U.S. companies, may affect trading prices and volumes in those
markets. Securities issued by non-U.S. companies are subject to political, economic, financial and social factors that may be unique to
the particular country. These factors, which could negatively affect the applicable underlying constituent(s) include the possibility of
recent or future changes in the non-U.S. government's economic and fiscal policies, the possible imposition of, or changes in, currency
exchange laws or other non-U.S. laws or restrictions applicable to non-U.S. companies or investments in non-U.S. equity securities and
the possibility of fluctuations in the rate of exchange between currencies. Moreover, certain aspects of a particular non-U.S. economy
may differ favorably or unfavorably from the U.S. economy in important respects, such as growth of gross national product, rate of
inflation, capital reinvestment, resources and self-sufficiency.
·
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 have no obligation to consider your interest as an
owner of the Notes in taking any actions that might affect the market value of, and any amount payable on, your Notes.
·
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 constituents. They are 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
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, a nd a ny a m ount
pa ya ble on, 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 market value of, and any amount payable on, the Notes.
·
Pot e nt ia l U BS im pa c t on t he unde rlying a sse t s -- Trading or transactions by UBS or its affiliates in the underlying assets or
any underlying constituent, listed and/or over-the-counter options, futures, exchange-traded funds or other instruments with returns
linked to the performance of the underlying assets or any underlying constituent, may adversely affect the levels of the underlying assets
and, therefore, the market value of, and any amount payable on, the Notes.
·
Pot e nt ia l c onflic t of int e re st -- UBS and its affiliates may engage in business with an underlying asset issuer or any underlying
constituent issuer, which may present a conflict between the obligations of UBS and you, as a holder of the Notes. There are also
potential conflicts of interest between you and the calculation agent, which will be an affiliate of UBS and which will make potentially
subjective judgments. The calculation agent will determine whether the contingent coupon is payable to you on any coupon payment
date, whether the Notes are subject to an automatic call and the payment at maturity of the Notes, if any, based on observed levels of
the underlying assets. The calculation agent can postpone the determination of the initial level, closing level or final level of any
underlying asset (and therefore the settlement date, the related coupon payment date or the maturity date, as applicable), on the trade
date, any observation date or the final valuation date, respectively, if a market disruption event occurs and is continuing on such date. As
UBS determines the economic terms of the Notes, including the contingent coupon rate, downside threshold and coupon barrier, and
such terms include the underwriting discount, hedging costs, issuance costs and projected profits, the Notes represent a package of
economic terms. There are other potential conflicts of interest insofar as an investor could potentially get better economic terms if that
investor entered into exchange-traded and/or OTC derivatives or other instruments with third parties, assuming that such instruments
were available and the investor had the ability to assemble and enter into such instruments.
·
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
https://www.sec.gov/Archives/edgar/data/1114446/000091412119003668/ub54540602-424b2.htm[12/31/2019 3:13:19 PM]

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