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Securities Note

dated 25 May 2023

of

UBS AG
(a corporation limited by shares established under the laws of Switzerland)

which may also be acting through its Jersey branch:

UBS AG, Jersey Branch
(the Jersey branch of UBS AG)

or through its London branch:

UBS AG, London Branch
(the London branch of UBS AG)

for the offer, continued offer, increase of the issue size or, as the case may be, of the aggregate nominal
amount or, as the case may be, the listing on a regulated or another equivalent market

of

Express Securities, Twin Win Securities, Reverse Bonus Securities, Capital Protected Securities,
Accumulator Securities, Reverse Convertible Securities, Bonus Securities, Sprinter Securities, Discount
Securities and Buy on Dips Securities

This document including any supplements approved by the Federal Financial Services Supervisory Authority
(Bundesanstalt für Finanzdienstleistungsaufsicht  "BaFin") in respect hereof and published by UBS AG
constitutes a securities note (the "Securities Note") and, together with the registration document of UBS AG
dated 14 September 2022, as supplemented from time to time, (as approved by BaFin, the "Registration
Document"), constitutes a base prospectus (the "Base Prospectus" or the "Prospectus") according to Article
8 (1) and Article 10 (1) of the Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14
June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on
a regulated market, and repealing Directive 2003/71/EC (the "Prospectus Regulation").

This Securities Note contains information relating to structured securities governed by either German, English or
Swiss law (the "Securities", and each a "Security") which may be issued from time to time by UBS AG (the
"Issuer" or "UBS AG"), which may also be acting through its Jersey branch ("UBS AG, Jersey Branch") or its
London branch ("UBS AG, London Branch").

The Securities offered and/or listed on a regulated or another equivalent market under the Base Prospectus may
be based on the performance of a share (including a certificate representing shares), an index", a currency
exchange rate, a precious metal, a commodity, an interest rate, a non-equity security, an exchange traded fund
unit, a not exchange traded fund unit, a futures contract, or, as the case may be, and as specified in the relevant
Final Terms, a reference rate (including, but not limited to, interest rate swap (IRS) rates, currency swap rates or,
as the case may be, credit default swap levels), as well as a basket or portfolio comprising the aforementioned
assets.

The validity of this Securities Note will expire at the end of 25 May 2024. The obligation of the Issuer to
supplement this Securities Note in the event of significant new factors, material mistakes or material inaccuracies
does not apply when the Securities Note is no longer valid.
UBS AG

Securities Note

2

In this document, unless otherwise specified, references to a "Member State" are references to a Member State
of the European Economic Area ("EEA"), references to "EUR" or "euro" are to the currency introduced at the
start of the third stage of European economic and monetary union, and as defined in Article 2 of Council
Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro, as amended, references to "CHF"
are to Swiss francs and references to "U.S. dollars" are to United States dollars.

IMPORTANT EEA RETAIL INVESTORS - If the Final Terms in respect of any Securities includes a legend entitled
"Prohibition of Sales to EEA Retail Investors", the Securities are not intended to be offered, sold or otherwise
made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA.
For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point
(11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); (ii) a customer within the meaning of
Directive (EU) 2016/97 (the "Insurance Distribution Directive"), where that customer would not qualify as a
professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in
Regulation (EU) 2017/1129. Consequently no key information document required by Regulation (EU) No
1286/2014 (the "PRIIPs Regulation") for offering or selling the Securities or otherwise making them available
to retail investors in the EEA has been prepared and therefore offering or selling the Securities or otherwise
making them available to any retail investor in the EEA may be unlawful under the PRIIPS Regulation.

The Base Prospectus was included as a foreign prospectus, which is deemed approved also in
Switzerland pursuant to article 54 para. 2 of the Swiss Federal Act on Financial Services ("FinSA"), by
SIX Exchange Regulation Ltd. as Reviewing Body in the list of approved prospectuses and deposited
with it and published pursuant to article 64 FinSA. This document will also be deposited with SIX
Exchange Regulation Ltd. as Reviewing Body and published pursuant to article 64 FinSA.

THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE UNITED STATES SECURITIES
AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION IN THE UNITED STATES OR ANY
OTHER U.S. REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED
UPON OR ENDORSED THE MERITS OF THE OFFERING OF THE SECURITIES OR THE ACCURACY OR THE
ADEQUACY OF THE BASE PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENCE IN THE UNITED STATES.

THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR WITH ANY SECURITIES
REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES AND ARE
BEING SOLD PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. THE SECURITIES MAY INCLUDE SECURITIES IN BEARER FORM THAT ARE SUBJECT TO
U.S. TAX LAW REQUIREMENTS. TRADING IN THE SECURITIES HAS NOT BEEN APPROVED BY THE U.S.
COMMODITY FUTURES TRADING COMMISSION UNDER THE U.S. COMMODITY EXCHANGE ACT OF
1936, AS AMENDED (THE "COMMODITY EXCHANGE ACT") OR BY THE UNITED STATES SECURITIES AND
EXCHANGE COMMISSION. SUBJECT TO CERTAIN EXCEPTIONS, THE SECURITIES MAY NOT BE OFFERED,
SOLD OR, IN THE CASE OF BEARER SECURITIES, DELIVERED WITHIN THE UNITED STATES OR TO, OR FOR
THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES
ACT ("REGULATION S")). SEE "SUBSCRIPTION AND SALE".

Potential investors in the Securities are explicitly reminded that an investment in Securities entails financial risks.
Holders of Securities run the risk of losing all or part of the amount invested by them in the Securities. All potential
investors in Securities are, therefore, advised to study the full contents of the Base Prospectus, in particular the
risk factors, and the relevant Final Terms.

UBS AG

Securities Note

3
TABLE OF CONTENTS
Page:
TABLE OF CONTENTS ..................................................................................................................................... 3
A. GENERAL DESCRIPTION OF THE PROGRAMME ..................................................................................... 17
1.
General Description of the Base Prospectus ........................................................................................ 17
2.
General Description of the Securities .................................................................................................. 17
3.
General Description of the offer of the Securities ............................................................................... 21
4.
General Description of the Admission of the Securities to Trading ...................................................... 21
B. RISK FACTORS (IN THE ENGLISH LANGUAGE) ....................................................................................... 22
I.
MATERIAL RISKS RELATING TO THE SECURITIES .......................................................................... 22
1.
Material risks related to the rank and characteristics of the Securities in the case of a failure of the Issuer
.......................................................................................................................................................... 23
1.1
Securityholders are exposed to the risk of a bail-in .................................................... 23
1.2
No statutory or voluntary deposit guarantee scheme ................................................ 23
2.
Material risks related to the Terms and Conditions of the Securities and, in particular, the redemption
profile of the Securities ...................................................................................................................... 23
2.1
Specific risks with respect to the redemption profile of the Securities ....................... 23

Express Securities:

(1)
Specific risks with respect to Express (Classic) Securities (cash settlement only) ......... 23
(2)
Specific risks with respect to Express (Classic) Securities (cash or physical settlement) 24
(3)
Specific risks with respect to Express (Classic Multi) Securities (cash settlement only) 25
(4)
Specific risks with respect to Express (Classic Multi) Securities (cash or physical
settlement) ............................................................................................................... 26
(5)
Specific risks with respect to Express Securities (cash settlement only) ....................... 27
(6)
Specific risks with respect to Express Securities (cash or physical settlement) ............. 28
(7)
Specific risks with respect to Express Lock In Securities (cash settlement only) ........... 30
(8)
Specific risks with respect to Express Lock In Securities (cash or physical settlement) . 31
(9)
Specific risks with respect to Express (Multi) Securities (cash settlement only)............ 32
(10)
Specific risks with respect to Express (Multi) Securities (cash or physical settlement) .. 33
(11)
Specific risks with respect to Express Reverse Securities............................................. 35
(12)
Specific risks with respect to Express Reverse (Multi) Securities ................................. 36
(13)
Specific risks with respect to Express Reverse Convertible Securities (cash settlement
only) ......................................................................................................................... 38
(14)
Specific risks with respect to Express Reverse Convertible Securities (cash or physical
settlement) ............................................................................................................... 39
(15)
Specific risks with respect to Express Reverse Convertible (Multi) Securities (cash
settlement only) ........................................................................................................ 40
(16)
Specific risks with respect to Express Reverse Convertible (Multi) Securities (cash or
physical settlement) .................................................................................................. 41
(17)
Specific risks with respect to Express (Duet) Securities (cash settlement only) ............ 43
(18)
Specific risks with respect to Express (Duet Multi) Securities (cash settlement only) ... 44

Twin Win Securities:

(19)
Specific risks with respect to Twin Win Securities (cash settlement only) ................... 44
(20)
Specific risks with respect to Twin Win Securities (cash or physical settlement) ......... 45
(21)
Specific risks with respect to Twin Win (Autocallable) Securities (cash settlement only)
................................................................................................................................ 46
(22)
Specific risks with respect to Twin Win (Autocallable) Securities (cash or physical
settlement) ............................................................................................................... 47
UBS AG

Securities Note

4
Reverse Bonus Securities:

(23)
Specific risks with respect to Bonus (Reverse) Securities ............................................ 48
(24)
Specific risks with respect to Bonus (Reverse) (Multi) Securities ................................. 49
(25)
Specific risks with respect to Bonus Capped (Reverse) Securities ............................... 50
(26)
Specific risks with respect to Bonus Capped (Reverse) (Multi) Securities .................... 50

Capital Protected Securities:

(27)
Specific risks with respect to Capital Protected Securities (cash settlement only) ....... 51
(28)
Specific risks with respect to Capital Protected (Multi) Securities (cash settlement only)
................................................................................................................................ 52
(29)
Specific risks with respect to Capital Protected Bonus Securities (cash settlement only)
................................................................................................................................ 52
(30)
Specific risks with respect to Capital Protected Bonus (Multi) Securities (cash
settlement only) ........................................................................................................ 53
(31)
Specific risks with respect to Capital Protected Securities with Participation and
Coupon (cash settlement only) ................................................................................. 53
(32)
Specific risks with respect to Capital Protected (Multi) Securities with Participation and
Coupon (cash settlement only) ................................................................................. 54
(33)
Specific risks with respect to Capital Protected Securities with Coupon (cash
settlement only) ........................................................................................................ 55
(34)
Specific risks with respect to Digital Capital Protected Securities (cash settlement only)
................................................................................................................................ 56
(35)
Specific risks with respect to Digital Capital Protected (Multi) Securities (cash
settlement only) ........................................................................................................ 56
(36)
Specific risks with respect to Capital Protected Twin Win Securities .......................... 56
(37)
Specific risks with respect to Capital Protected (Autocallable) Securities (cash
settlement only) ........................................................................................................ 57
(38)
Specific risks with respect to Capital Protected (Autocallable) (Multi) Securities (cash
settlement only) ........................................................................................................ 57
(39)
Specific risks with respect to Capital Protected Securities with Issuer Call (cash
settlement only) ........................................................................................................ 58
(40)
Specific risks with respect to Capital Protected (Multi) Securities with Issuer Call (cash
settlement only) ........................................................................................................ 59
(41)
Specific risks with respect to Capital Protected Buy on Dips Securities ....................... 60
(42)
Specific risks with respect to Capital Protected Express (Classic) Securities (cash
settlement only) ........................................................................................................ 61
(43)
Specific risks with respect to Capital Protected Express (Classic Multi) Securities (cash
settlement only) ........................................................................................................ 61
(44)
Specific risks with respect to Capital Protected Express Securities (cash settlement only)
................................................................................................................................ 62
(45)
Specific risks with respect to Capital Protected Express (Multi) Securities (cash
settlement only) ........................................................................................................ 63
(46)
Specific risks with respect to Dolphin Securities ........................................................ 64
(47)
Specific risks with respect to Twin Win Dolphin Securities ......................................... 64

Accumulator Securities:

(48)
Specific risks with respect to Accumulator Securities ................................................. 65

Reverse Convertible Securities:

(49)
Specific risks with respect to Reverse Convertible Securities (cash settlement only) ... 66
(50)
Specific risks with respect to Reverse Convertible Securities (cash or physical
settlement) ............................................................................................................... 67
(51)
Specific risks with respect to Reverse Convertible (Multi) Securities (cash settlement
only) ......................................................................................................................... 68
(52)
Specific risks with respect to Reverse Convertible (Multi) Securities (cash or physical
settlement) ............................................................................................................... 69
UBS AG

Securities Note

5
(53)
Specific risks with respect to Barrier Reverse Convertible Securities (cash settlement
only) ......................................................................................................................... 70
(54)
Specific risks with respect to Barrier Reverse Convertible Securities (cash or physical
settlement) ............................................................................................................... 71
(55)
Specific risks with respect to Barrier Reverse Convertible (Multi) Securities (cash
settlement only) ........................................................................................................ 73
(56)
Specific risks with respect to Barrier Reverse Convertible (Multi) Securities (cash or
physical settlement) .................................................................................................. 73
(57)
Specific risks with respect to Barrier Reverse Convertible Securities with Issuer Call
(cash settlement only) ............................................................................................... 75
(58)
Specific risks with respect to Barrier Reverse Convertible Securities with Issuer Call
(cash or physical settlement) ..................................................................................... 76
(59)
Specific risks with respect to Barrier Reverse Convertible (Multi) Securities with Issuer
Call (cash settlement only) ........................................................................................ 78
(60)
Specific risks with respect to Barrier Reverse Convertible (Multi) Securities with Issuer
Call (cash or physical settlement) .............................................................................. 79

Bonus Securities:

(61)
Specific risks with respect to Bonus Securities (cash settlement only) ........................ 80
(62)
Specific risks with respect to Bonus Securities (cash or physical settlement)............... 81
(63)
Specific risks with respect to Bonus (Multi) Securities (cash settlement only) ............. 82
(64)
Specific risks with respect to Bonus (Multi) Securities (cash or physical settlement) ... 82

Sprinter Securities:

(65)
Specific risks with respect to Sprinter Securities (cash settlement only) ...................... 84
(66)
Specific risks with respect to Sprinter Securities (cash or physical settlement) ............ 84
(67)
Specific risks with respect to Sprinter (Multi) Securities (cash settlement only) ........... 85
(68)
Specific risks with respect to Sprinter (Multi) Securities (cash or physical settlement) . 85

Discount Securities:

(69)
Specific risks with respect to Discount Securities (cash settlement only) .................... 86
(70)
Specific risks with respect to Discount Securities (cash or physical settlement) .......... 87

Buy on Dips Securities:

(71)
Specific risks with respect to Buy on Dips Securities .................................................. 88

2.2
Specific risks in connection with converting values into the Redemption Currency .... 89
2.3
Specific risks in connection with the product feature "Relevant Underlying", as
specified in the applicable Final Terms ...................................................................... 89
2.4
Specific risks related to no further participation in the performance of the Underlying
or, as the case may be, the Basket Components, following the termination and early
redemption of the Securities ..................................................................................... 90
2.5
Specific risks related to reinvestment following the termination and early redemption
of the Securities ........................................................................................................ 91
2.6
Specific risks in connection with the product feature "Price Dividend Adjustment", as
specified in the applicable Final Terms ...................................................................... 91
2.7
Specific risks related to adjustments of the Security Right ......................................... 92
2.8
Specific risks related to the substitution of the Issuer ................................................ 93
2.9
Specific risks related to determinations by the Calculation Agent .............................. 93
2.10
Specific risks related to a potential restructuring of the Issuer's business ................... 94
3.
Material risks in connection with investing in, holding and selling the Securities ................................ 94
3.1
Specific risks related to the "leverage" effect of the Securities .................................. 94
3.2
Specific risks related to the market price of the Securities ......................................... 94
3.3
Specific risks related to the illiquidity of the Securities ............................................... 96
3.4
Specific risks related to the Offer Period or the Subscription Period ........................... 96
UBS AG

Securities Note

6
3.5
Specific risks related to potential conflicts of interest of the Issuer and its affiliates ... 97
3.6
Specific risks related to hedging transactions entered into by Securityholders ........... 98
3.7
Specific risks related to the unwinding of hedging transactions entered into by the
Issuer ........................................................................................................................ 98
3.8
Specific risks related to taxation ................................................................................ 99
3.9
Specific risks related to US withholding tax ............................................................... 99
3.10
Specific risks in connection with ESG Classification ................................................. 101
3.11
Specific risks arising from the involvement of Clearing Systems in transfer, payments
and communication ................................................................................................ 102
4.
Material risks related to Securities using distributed ledger technology ............................................. 102
4.1
Convertibility by the Issuer ...................................................................................... 102
4.2
Risks of software weaknesses ................................................................................. 102
4.3
Legal and regulatory risk ......................................................................................... 102
4.4
Risks associated with uncertain regulations and enforcement actions by securities and
financial authorities ................................................................................................ 103
4.5
Risk of mining attacks and forks ............................................................................. 103
4.6
Transfer restrictions ................................................................................................ 103
4.7
Transfers subject to legal uncertainty ...................................................................... 103
4.8
Risks related to the distributed ledger technology ................................................... 103
4.9
Risk of loss or theft of the digital tokens ................................................................. 104
4.10
The complete trading history of each digital wallet will be available to the general
public and it may be possible for members of the public to determine the identity of
the Securityholders ................................................................................................. 104
4.11
Unanticipated risks ................................................................................................. 104
II.
MATERIAL RISKS RELATING TO THE UNDERLYINGS ................................................................... 104
5.
Material risks related to all Underlyings ............................................................................................ 105
5.1
Risk of fluctuations in the value of the Underlying or the Basket Components ........ 105
5.2
Uncertainty about future performance of the Underlying or the Basket Components
.............................................................................................................................. 105
5.3
Currency risk contained in the Underlying .............................................................. 105
5.4
Risks associated with the regulation and reform of benchmarks ............................. 106
5.5
Issuer's conflicts of interest with regard to the Underlying ...................................... 107
5.6
Risks associated with a limited information basis regarding the Underlying and a
possible information advantage of the Issuer .......................................................... 107
5.7
Risks associated with Underlyings or a Basket Component, as the case may be, which
are subject to emerging market jurisdictions ........................................................... 108
5.8
Consequence of the linkage to a basket as the Underlying or, as the case may be, a
portfolio of Underlyings .......................................................................................... 108
5.9
Relative performance of the Underlying to another Underlying used as benchmark 109
6.
Material risks related to a specific type of Underlying ....................................................................... 109
6.1
Specific risks related to shares as the Underlying or a Basket Component ............... 109
6.2
Specific risks related to certificates representing shares as the Underlying or a Basket
Component ............................................................................................................ 111
6.3
Specific risks related to non-equity securities as the Underlying or a Basket Component
.............................................................................................................................. 111
6.4
Specific risks related to precious metals or commodities as the Underlying or a Basket
Component ............................................................................................................ 111
6.5
Specific risks related to an index as the Underlying or a Basket Component ........... 112
6.6
Specific risks related to a non-exchange traded fund as the Underlying or a Basket
Component ............................................................................................................ 115
6.7
Specific risks related to an exchange traded fund as the Underlying or a Basket
Component ............................................................................................................ 117
6.8
Specific risks related to a futures contract as the Underlying or a Basket Component
.............................................................................................................................. 120
6.9
Specific risks related to an interest rate or a reference rate as the Underlying or a
Basket Component ................................................................................................. 121
6.10
Specific risks related to a currency exchange rate as the Underlying or a Basket
Component ............................................................................................................ 122
UBS AG

Securities Note

7
C. RISK FACTORS (IN THE GERMAN LANGUAGE) ..................................................................................... 123
I.
WESENTLICHE RISIKEN IM HINBLICK AUF DIE WERTPAPIERE .................................................... 123
1.
Wesentliche Risiken im Hinblick auf den Rang und die Eigenschaften der Wertpapiere im Falle einer
Insolvenz der Emittentin ................................................................................................................... 124
1.1
Wertpapiergläubiger sind dem Risiko eines Bail-In ausgesetzt ................................. 124
1.2
Keine gesetzliche oder freiwillige Einlagensicherung ............................................... 124
2.
Wesentliche Risiken im Zusammenhang mit den Bedingungen der Wertpapiere und insbesondere dem
Tilgungsprofil der Wertpapiere ......................................................................................................... 124
2.1
Spezifische Risiken im Zusammenhang mit dem Tilgungsprofil der Wertpapiere ..... 125

Express Wertpapiere:

(1)
Spezifische Risiken im Zusammenhang mit Express (Classic) Wertpapieren (nur gegen
Barausgleich) .......................................................................................................... 125
(2)
Spezifische Risiken im Zusammenhang mit Express (Classic) Wertpapieren
(Barausgleich oder physische Lieferung) .................................................................. 125
(3)
Spezifische Risiken im Zusammenhang mit Express (Classic Multi) Wertpapieren (nur
gegen Barausgleich) ............................................................................................... 127
(4)
Spezifische Risiken im Zusammenhang mit Express (Classic Multi) Wertpapieren
(Barausgleich oder physische Lieferung) .................................................................. 127
(5)
Spezifische Risiken im Zusammenhang mit Express Wertpapieren (nur gegen
Barausgleich) .......................................................................................................... 129
(6)
Spezifische Risiken im Zusammenhang mit Express Wertpapieren (Barausgleich oder
physische Lieferung) ............................................................................................... 130
(7)
Spezifische Risiken im Zusammenhang mit Express Lock In Wertpapieren (nur gegen
Barausgleich) .......................................................................................................... 132
(8)
Spezifische Risiken im Zusammenhang mit Express Lock In Wertpapieren (Barausgleich
oder physische Lieferung) ....................................................................................... 133
(9)
Spezifische Risiken im Zusammenhang mit Express (Multi) Wertpapieren (nur gegen
Barausgleich) .......................................................................................................... 135
(10)
Spezifische Risiken im Zusammenhang mit Express (Multi) Wertpapieren (Barausgleich
oder physische Lieferung) ....................................................................................... 136
(11)
Spezifische Risiken im Zusammenhang mit Express Reverse Wertpapieren .............. 138
(12)
Spezifische Risiken im Zusammenhang mit Express Reverse (Multi) Wertpapieren ... 139
(13)
Spezifische Risiken im Zusammenhang mit Express Reverse Convertible Wertpapieren
(nur gegen Barausgleich) ........................................................................................ 140
(14)
Spezifische Risiken im Zusammenhang mit Express Reverse Convertible Wertpapieren
(Barausgleich oder physische Lieferung) .................................................................. 141
(15)
Spezifische Risiken im Zusammenhang mit Express Reverse Convertible (Multi)
Wertpapieren (nur gegen Barausgleich) .................................................................. 143
(16)
Spezifische Risiken im Zusammenhang mit Express Reverse Convertible (Multi)
Wertpapieren (Barausgleich oder physische Lieferung) ............................................ 144
(17)
Spezifische Risiken im Zusammenhang mit Express (Duet) Wertpapieren (nur gegen
Barausgleich) .......................................................................................................... 146
(18)
Spezifische Risiken im Zusammenhang mit Express (Duet Multi) Wertpapieren (nur
gegen Barausgleich) ............................................................................................... 147

Twin Win Wertpapiere:

(19)
Spezifische Risiken im Zusammenhang mit Twin Win Wertpapieren (nur gegen
Barausgleich) .......................................................................................................... 148
(20)
Spezifische Risiken im Zusammenhang mit Twin Win Wertpapieren (Barausgleich oder
physische Lieferung) ............................................................................................... 148
(21)
Spezifische Risiken im Zusammenhang mit Twin Win (mit vorzeitigem Verfall)
Wertpapieren (nur gegen Barausgleich) .................................................................. 150
(22)
Spezifische Risiken im Zusammenhang mit Twin Win (mit vorzeitigem Verfall)
Wertpapieren (Barausgleich oder physische Lieferung) ............................................ 150

UBS AG

Securities Note

8
Reverse Bonus Wertpapiere:

(23)
Spezifische Risiken im Zusammenhang mit Bonus (Reverse) Wertpapieren .............. 152
(24)
Spezifische Risiken im Zusammenhang mit Bonus (Reverse) (Multi) Wertpapieren ... 153
(25)
Spezifische Risiken im Zusammenhang mit Bonus Capped (Reverse) Wertpapieren . 153
(26)
Spezifische Risiken im Zusammenhang mit Bonus Capped (Reverse) (Multi)
Wertpapieren ......................................................................................................... 154

Kapitalschutz Wertpapiere:

(27)
Spezifische Risiken im Zusammenhang mit Kapitalschutz Wertpapieren (nur gegen
Barausgleich) .......................................................................................................... 155
(28)
Spezifische Risiken im Zusammenhang mit Kapitalschutz (Multi) Wertpapieren (nur
gegen Barausgleich) ............................................................................................... 156
(29)
Spezifische Risiken im Zusammenhang mit Kapitalschutz Bonus Wertpapieren (nur
gegen Barausgleich) ............................................................................................... 156
(30)
Spezifische Risiken im Zusammenhang mit Kapitalschutz Bonus (Multi) Wertpapieren
(nur gegen Barausgleich) ........................................................................................ 157
(31)
Spezifische Risiken im Zusammenhang mit Kapitalschutz Wertpapieren mit
Partizipation und Kupon (nur gegen Barausgleich) .................................................. 157
(32)
Spezifische Risiken im Zusammenhang mit Kapitalschutz (Multi) Wertpapieren mit
Partizipation und Kupon (nur gegen Barausgleich) .................................................. 158
(33)
Spezifische Risiken im Zusammenhang mit Kapitalschutz Wertpapieren mit Kupon (nur
gegen Barausgleich) ............................................................................................... 159
(34)
Spezifische Risiken im Zusammenhang mit Digital Kapitalschutz Wertpapieren (nur
gegen Barausgleich) ............................................................................................... 160
(35)
Spezifische Risiken im Zusammenhang mit Digital Kapitalschutz (Multi) Wertpapieren
(nur gegen Barausgleich) ........................................................................................ 160
(36)
Spezifische Risiken im Zusammenhang mit Kapitalschutz Twin Win Wertpapieren mit
Kapitalschutz .......................................................................................................... 160
(37)
Spezifische Risiken im Zusammenhang mit Kapitalschutz (mit vorzeitigem Verfall)
Wertpapieren (nur gegen Barausgleich) .................................................................. 161
(38)
Spezifische Risiken im Zusammenhang mit Kapitalschutz (mit vorzeitigem Verfall)
(Multi) Wertpapieren (nur gegen Barausgleich) ....................................................... 162
(39)
Spezifische Risiken im Zusammenhang mit Kapitalschutz Wertpapieren mit
Kündigungsrecht der Emittentin (nur gegen Barausgleich) ...................................... 163
(40)
Spezifische Risiken im Zusammenhang mit Kapitalschutz (Multi) Wertpapieren mit
Kündigungsrecht der Emittentin (nur gegen Barausgleich) ...................................... 164
(41)
Spezifische Risiken im Zusammenhang mit Buy on Dips Wertpapieren mit
Kapitalschutz .......................................................................................................... 164
(42)
Spezifische Risiken im Zusammenhang mit Kapitalschutz Express (Classic)
Wertpapieren (nur gegen Barausgleich) .................................................................. 166
(43)
Spezifische Risiken im Zusammenhang mit Kapitalschutz Express (Classic Multi)
Wertpapieren (nur gegen Barausgleich) .................................................................. 166
(44)
Spezifische Risiken im Zusammenhang mit Kapitalschutz Express Wertpapieren (nur
gegen Barausgleich) ............................................................................................... 167
(45)
Spezifische Risiken im Zusammenhang mit Kapitalschutz Express (Multi) Wertpapieren
(nur gegen Barausgleich) ........................................................................................ 168
(46)
Spezifische Risiken im Zusammenhang mit Dolphin Wertpapieren .......................... 169
(47)
Spezifische Risiken im Zusammenhang mit Twin Win Dolphin Wertpapieren mit
Kapitalschutz .......................................................................................................... 169

Akkumulator Wertpapiere:

(48)
Spezifische Risiken im Zusammenhang mit Akkumulator Wertpapieren .................. 170

Reverse Convertible Wertpapiere:

(49)
Spezifische Risiken im Zusammenhang mit Reverse Convertible Wertpapieren (nur
gegen Barausgleich) ............................................................................................... 172
UBS AG

Securities Note

9
(50)
Spezifische Risiken im Zusammenhang mit Reverse Convertible Wertpapieren
(Barausgleich oder physische Lieferung) .................................................................. 172
(51)
Spezifische Risiken im Zusammenhang mit Reverse Convertible (Multi) Wertpapieren
(nur gegen Barausgleich) ........................................................................................ 174
(52)
Spezifische Risiken im Zusammenhang mit Reverse Convertible (Multi) Wertpapieren
(Barausgleich oder physische Lieferung) .................................................................. 175
(53)
Spezifische Risiken im Zusammenhang mit Barrier Reverse Convertible Wertpapieren
(nur gegen Barausgleich) ........................................................................................ 176
(54)
Spezifische Risiken im Zusammenhang mit Barrier Reverse Convertible Wertpapieren
(Barausgleich oder physische Lieferung) .................................................................. 177
(55)
Spezifische Risiken im Zusammenhang mit Barrier Reverse Convertible (Multi)
Wertpapieren (nur gegen Barausgleich) .................................................................. 179
(56)
Spezifische Risiken im Zusammenhang mit Barrier Reverse Convertible (Multi)
Wertpapieren (Barausgleich oder physische Lieferung) ............................................ 180
(57)
Spezifische Risiken im Zusammenhang mit Barrier Reverse Convertible Wertpapieren
mit Kündigungsrecht der Emittentin (nur gegen Barausgleich) ................................ 181
(58)
Spezifische Risiken im Zusammenhang mit Barrier Reverse Convertible Wertpapieren
mit Kündigungsrecht der Emittentin (Barausgleich oder physische Lieferung) ......... 182
(59)
Spezifische Risiken im Zusammenhang mit Barrier Reverse Convertible (Multi)
Wertpapieren mit Kündigungsrecht der Emittentin (nur gegen Barausgleich) .......... 184
(60)
Spezifische Risiken im Zusammenhang mit Barrier Reverse Convertible (Multi)
Wertpapieren mit Kündigungsrecht der Emittentin (Barausgleich oder physische
Lieferung) ............................................................................................................... 185

Bonus Wertpapiere:

(61)
Spezifische Risiken im Zusammenhang mit Bonus Wertpapieren (nur gegen
Barausgleich) .......................................................................................................... 187
(62)
Spezifische Risiken im Zusammenhang mit Bonus Wertpapieren (Barausgleich oder
physische Lieferung) ............................................................................................... 188
(63)
Spezifische Risiken im Zusammenhang mit Bonus (Multi) Wertpapieren (nur gegen
Barausgleich) .......................................................................................................... 189
(64)
Spezifische Risiken im Zusammenhang mit Bonus (Multi) Wertpapieren (Barausgleich
oder physische Lieferung) ....................................................................................... 190

Sprinter Wertpapiere:

(65)
Spezifische Risiken im Zusammenhang mit Sprinter Wertpapieren (nur gegen
Barausgleich) .......................................................................................................... 191
(66)
Spezifische Risiken im Zusammenhang mit Sprinter Wertpapieren (Barausgleich oder
physische Lieferung) ............................................................................................... 192
(67)
Spezifische Risiken im Zusammenhang mit Sprinter (Multi) Wertpapieren (nur gegen
Barausgleich) .......................................................................................................... 193
(68)
Spezifische Risiken im Zusammenhang mit Sprinter (Multi) Wertpapieren (Barausgleich
oder physische Lieferung) ....................................................................................... 193

Discount Wertpapiere:

(69)
Spezifische Risiken im Zusammenhang mit Discount Wertpapieren (nur gegen
Barausgleich) .......................................................................................................... 194
(70)
Spezifische Risiken im Zusammenhang mit Discount Wertpapieren (Barausgleich oder
physische Lieferung) ............................................................................................... 195

Buy on Dips Wertpapiere:

(71)
Spezifische Risiken im Zusammenhang mit Buy on Dips Wertpapieren .................... 196

2.2
Spezifische Risiken im Zusammenhang mit der Umrechnung von Werten in die
Auszahlungswährung ............................................................................................. 197
UBS AG

Securities Note

10
2.3
Spezifische Risiken im Zusammenhang mit dem Produktmerkmal "Maßgeblicher
Basiswert", wie in den anwendbaren Endgültigen Bedingungen angegeben .......... 198
2.4
Spezifische Risiken im Zusammenhang mit der fehlenden weiteren Teilnahme an der
Wertentwicklung des Basiswerts bzw. der Korbbestandteile nach der Kündigung und
vorzeitigen Rückzahlung der Wertpapiere ............................................................... 198
2.5
Spezifische Risiken im Zusammenhang mit Wiederanlagen nach der Kündigung und
vorzeitigen Rückzahlung der Wertpapiere ............................................................... 199
2.6
Spezifische Risiken im Zusammenhang mit dem Produktmerkmal
"Kursdividendenanpassung", wie in den anwendbaren Endgültigen Bedingungen
angegeben ............................................................................................................. 200
2.7
Spezifische Risiken im Zusammenhang mit Anpassungen des Wertpapierrechts ..... 200
2.8
Spezifische Risiken im Zusammenhang mit der Ersetzung der Emittentin ................ 201
2.9
Spezifische Risiken im Zusammenhang mit Festlegungen durch die Berechnungsstelle
.............................................................................................................................. 201
2.10
Spezifische Risiken im Zusammenhang mit einer potenziellen Umstrukturierung der
Emittentin............................................................................................................... 202
3.
Wesentliche Risiken im Zusammenhang mit Anlagen in die Wertpapiere, sowie dem Halten und Verkauf
der Wertpapiere ............................................................................................................................... 203
3.1
Spezifische Risiken im Zusammenhang mit dem "Leverage" Effekt der Wertpapiere
.............................................................................................................................. 203
3.2
Spezifische Risiken im Zusammenhang mit dem Marktpreis der Wertpapiere .......... 203
3.3
Spezifische Risiken im Zusammenhang mit der fehlenden Liquidität der Wertpapiere
.............................................................................................................................. 205
3.4
Spezifische Risiken im Zusammenhang mit der Angebotsfrist bzw. der Zeichnungsfrist
.............................................................................................................................. 205
3.5
Spezifische Risiken im Zusammenhang mit potenziellen Interessenkonflikten der
Emittentin und ihrer verbundenen Unternehmen .................................................... 206
3.6
Spezifische Risiken im Zusammenhang mit Absicherungsgeschäften der
Wertpapiergläubiger ............................................................................................... 207
3.7
Spezifische Risiken im Zusammenhang mit Absicherungsgeschäften der Emittentin 208
3.8
Spezifische Risiken im Zusammenhang mit Besteuerung ......................................... 208
3.9
Spezifische Risiken im Zusammenhang mit US-Quellensteuer ................................. 208
3.10
Spezifische Risiken in Verbindung mit einer ESG-Klassifizierung .............................. 211
3.11
Spezifische Risiken im Zusammenhang mit der Einschaltung von Clearingsystemen in
Transfer, Zahlungen und Kommunikation ............................................................... 211
4.
Wesentliche Risiken im Zusammenhang mit Wertpapieren, welche die Distributed-Ledger-Technologie
nutzen ............................................................................................................................................. 212
4.1
Konvertierbarkeit durch die Emittentin ................................................................... 212
4.2
Risiken von Software-Schwächen............................................................................ 212
4.3
Rechtliche und regulatorische Risiken ..................................................................... 212
4.4
Risiken im Zusammenhang mit unsicheren Regulierungen und
Durchsetzungsmaßnahmen von Wertpapier- und Finanzaufsichtsbehörden ............ 213
4.5
Risiko von Mining-Angriffen und Forks ................................................................... 213
4.6
Übertragungsbeschränkungen ................................................................................ 213
4.7
Übertragungen unterliegen rechtlicher Unsicherheit ............................................... 213
4.8
Risiken im Zusammenhang mit der Distributed-Ledger-Technologie........................ 214
4.9
Risiko des Verlusts oder Diebstahls der digitalen Token ........................................... 214
4.10
Die Handelstransaktionen jedes digitalen Wallets können der Öffentlichkeit zugänglich
und die Identität der Wertpapiergläubiger bestimmbar sein .................................... 214
4.11
Unvorhergesehene Risiken ...................................................................................... 214
II.
WESENTLICHE RISIKEN IM HINBLICK AUF DIE BASISWERTE ...................................................... 215
5.
Wesentliche Risiken im Zusammenhang mit allen Basiswerten ......................................................... 215
5.1
Risiko von Wertschwankungen des Basiswerts bzw. der Korbbestandteile .............. 215
5.2
Unsicherheit über die zukünftige Wertentwicklung des Basiswerts bzw. der
Korbbestandteile .................................................................................................... 215
5.3
Im Basiswert enthaltenes Währungsrisiko ............................................................... 216
5.4
Risiken im Zusammenhang mit der Regulierung und Reform von Benchmarks ........ 216
5.5
Interessenkonflikte der Emittentin in Bezug auf den Basiswert ................................ 218
UBS AG

Securities Note