Bond UBSL 11% ( US90281J2996 ) in USD

Issuer UBSL
Market price 100 %  ▲ 
Country  Switzerland
ISIN code  US90281J2996 ( in USD )
Interest rate 11% per year ( payment 2 times a year)
Maturity 07/04/2022 - Bond has expired



Prospectus brochure of the bond UBS (London Branch) US90281J2996 in USD 11%, expired


Minimal amount 1 000 USD
Total amount 41 957 000 USD
Cusip 90281J299
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 US90281J2996, pays a coupon of 11% per year.
The coupons are paid 2 times per year and the Bond maturity is 07/04/2022







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424B2 1 ub54928742-424b2.htm FORM 424B2

PRICING SUPPLEMENT
Dated April 3, 2020
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)

UBS AG $41,956,560 Trigger Autocallable Contingent Yield Notes
Linked to the Dow Jones Industrial Average® due April 7, 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 Dow Jones Industrial Average® (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 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.
Features
Key Dates
q Potential for Periodic Contingent Coupons -- UBS wil pay a
Trade Date*
April 3, 2020
contingent coupon on a coupon payment date only if the closing level of
Settlement Date*
April 8, 2020
the underlying asset is equal to or greater than the coupon barrier on the
Observation Dates**
Quarterly (cal able after 6 months)
applicable observation date (including the final valuation date). If,
(see page 4)
however, the closing level of the underlying asset is less than the coupon
Final Valuation Date**
April 4, 2022
barrier on the applicable observation date, no contingent coupon wil be
Maturity Date**
April 7, 2022
paid for the relevant coupon payment date.

q Automatic Call Feature -- UBS wil automatical y cal the Notes and
* We expect to deliver the Notes against payment on the third business
pay you the principal amount of your Notes plus the contingent coupon
day fol owing the trade date. Under Rule 15c6-1 of the Securities
otherwise due on the related coupon payment date if the closing level of
Exchange Act of 1934, as amended (the "Exchange Act"), trades in the
the underlying asset is equal to or greater than the initial level on any
secondary market general y are required to settle in two business days
observation date (quarterly, beginning after 6 months) prior to the final
(T+2), unless the parties to a trade expressly agree otherwise.
valuation date. If the Notes were previously subject to an automatic cal ,
Accordingly, purchasers who wish to trade the Notes in the secondary
no further payments wil be owed to you under the Notes.
market on any date prior to two business days before delivery of the
q Contingent Repayment of Principal at Maturity with Potential for
Notes wil be required, by virtue of the fact that each Note initial y wil
Full Downside Market Exposure -- If by maturity the Notes have not
settle in three business days (T+3), to specify alternative settlement
been subject to an automatic cal and the final level of the underlying
arrangements to prevent a failed settlement of the secondary market
asset is equal to or greater than the downside threshold, UBS wil repay
trade.
you the principal amount per Note at maturity. If, however, the final level
** Subject to postponement in the event of a market disruption event, as
of the underlying asset is less than the downside threshold, UBS wil pay
described in the accompanying product supplement.
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 Offering
These terms relate to the Notes we are offering. 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.

Bloomberg
Contingent
Initial
Downside
Underlying Asset
Ticker
Coupon Rate
Level
Threshold
Coupon Barrier
CUSIP
ISIN
Dow Jones Industrial
12,631.52, which is 12,631.52, which is 60.00% of
60.00% of the Initial
90281J299 US90281J2996
Average®
INDU
11.00% per annum 21,052.53
the Initial Level
Level
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The estimated initial value of the Notes as of the trade date is $9.537. 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 index supplement, dated October 31, 2018, the accompanying prospectus dated
October 31, 2018 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, the index 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 Dow Jones
$41,956,560.00
$10.00
$629,348.40
$0.15
$41,327,211.60
$9.85
Industrial Average®
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 an index supplement and 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
¨
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" 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 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, 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.

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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
¨
You do not fully understand the risks inherent in an
the Notes, including the risk of loss of a significant portion or
investment in the Notes, including the risk of loss of a
all of your initial investment.
significant portion or 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
initial investment and are willing to make an investment that
of principal at maturity.
may have the same downside market risk as a hypothetical
investment in the underlying asset or the stocks comprising
¨
You cannot tolerate a loss of a significant portion or all of
the underlying asset (the "underlying constituents").
your initial investment or you are not willing to make an
investment that may have the same downside market risk as
¨
You are willing to receive no contingent coupons and believe
a hypothetical investment in the underlying asset or the
the closing level of the underlying asset will be equal to or
underlying constituents.
greater than the coupon barrier on the specified observation
dates and that the final level will be equal to or greater than
¨
You believe that the level of the underlying asset will decline
the 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
¨
You understand and accept that you will not participate in
observation dates or less than the downside threshold on
any appreciation of the underlying asset and that your
the final valuation date.
potential return is limited to any contingent coupons.
¨
You seek an investment that participates in the appreciation
¨
You can tolerate fluctuations in the price of the Notes prior to
of 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
¨
You are willing to invest in the Notes based on the
downside fluctuations of the underlying asset.
contingent 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
¨
You do not seek guaranteed current income from your
barrier specified on the cover hereof.
investment and are willing to forgo any dividends paid on the
underlying constituents.
¨
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
constituents.
automatic call and you are otherwise willing to hold such
Notes to maturity and you accept that there may be little or
¨
You do not understand or are unwilling to accept the risks
no secondary market for the Notes.
associated with the underlying asset.
¨
You understand and are willing to accept the risks
¨
You are unable or unwilling to invest in Notes that may be
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
payments under the Notes, and understand that if UBS
market.
defaults on its obligations you may not receive any amounts
due to you including any repayment of principal.
¨
You are not willing to assume the credit risk of UBS for all
payments under the Notes, including any repayment of
¨
You understand that the estimated initial value of the Notes
principal.
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 asset. You should also review carefully the "Key Risks" section herein for risks related to an
investment in the Notes.

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Final Terms
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 6 months) prior to
Term
Approximately 24 months, unless subject to an
the final valuation date is equal to or greater than
automatic call.
the initial level.
Underlying
If the Notes are subject to an automatic call, UBS
Dow Jones Industrial Average®
Asset
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 (per
call and the final level is equal to or greater
observation date (including the final valuation
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 quarterly installments at a per annum
downside threshold, UBS will pay you a cash
rate (the "contingent coupon 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 the Notes 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 and, in extreme situations,

you could lose all of your initial investment.

Underlying
The quotient, expressed as a percentage, of the

Contingent Coupon
11.00%
Return
following formula:
Rate
Final Level ­ Initial Level

Contingent Coupon
$0.275
Initial Level


Downside
A specified level of the underlying asset that is

Contingent coupons on the Notes are not
less than the initial level, equal to a percentage of
guaranteed. UBS will not pay you the contingent
Threshold(1) the initial level, as specified on the cover hereof.
coupon for any observation date on which the
closing level of the underlying asset is less than
Initial
The closing level of the underlying asset on the
the coupon barrier.
Level(1)
trade date, as indicated on the cover hereof.
Coupon
A specified level of the underlying asset that is less
Final
The closing level of the underlying asset on the
Barrier(1)
than the initial level, equal to a percentage of the
Level(1)
final valuation date.
initial level, as specified on the cover hereof.
(1) As determined by the calculation agent and as may be
adjusted as described under "General Terms of the Securities --
Discontinuance of or Adjustment to an Underlying Index;
Alteration of Method of Calculation", as described in the
accompanying product supplement.

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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 6 months) prior to the final
after 6 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
If the Notes are not subject to an
automatic call and the final level is less
Maturity Date
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
and, in extreme situations, you could
lose all of your initial investment.

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.

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Observation Dates(1) and Coupon Payment Dates(1)(2)(3)
Coupon
Coupon
Observation Dates
Payment Dates
Observation Dates
Payment Dates
July 6, 2020*
July 8, 2020*
July 6, 2021
July 8, 2021
October 5, 2020*
October 7, 2020
October 4, 2021
October 6, 2021
January 4, 2021
January 6, 2021
January 3, 2022
January 5, 2022
April 5, 2021
April 7, 2021
Final Valuation Date
Maturity Date

* The Notes are not callable until the first potential call settlement date, which is October 7, 2020.

(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.

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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 or in the
underlying constituents. 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 or underlying constituents -- 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, 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 underlying asset even though you cannot participate in any appreciation of the 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 the underlying
asset 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 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 were 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, a relatively lower downside threshold and/or coupon barrier
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 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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Market risk -- The return on the Notes, which may be negative, is directly linked to the performance of the underlying asset and
indirectly linked to the value of the underlying constituents. The level of the underlying asset can rise or fall sharply due to factors
specific to the underlying asset 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. Recently, the coronavirus infection has caused volatility in the global
financial markets and threatened a slowdown in the global economy. Coronavirus or any other communicable disease or infection
may adversely affect the underlying constituent issuers and, therefore, the underlying asset. You, as an investor in the Notes,
should conduct your own investigation into the underlying asset and underlying constituents.
¨
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 and underlying constituents, any expected dividends on the
underlying constituents, 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 "--Market risk" above
and is impossible to predict. Furthermore, the pricing models that we use are proprietary and rely in part on certain
assumptions about future events, which may prove to be incorrect. As a result, after the trade date, if you attempt to sell the
Notes in the secondary market, the actual value you would receive may differ, perhaps materially, from the estimated initial
value of the Notes determined by reference to our internal pricing models. The estimated initial value of the Notes does not
represent a minimum or maximum price at which we or any of our affiliates would be willing to purchase your Notes in any
secondary market at any time.
¨ Our 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
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