Obbligazione UBSL 8.3% ( US90270K2Q16 ) in USD

Emittente UBSL
Prezzo di mercato 100 USD  ▲ 
Paese  Svizzera
Codice isin  US90270K2Q16 ( in USD )
Tasso d'interesse 8.3% per anno ( pagato 2 volte l'anno)
Scadenza 09/01/2025 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione UBS (London Branch) US90270K2Q16 in USD 8.3%, scaduta


Importo minimo 1 000 USD
Importo totale 3 955 000 USD
Cusip 90270K2Q1
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Descrizione dettagliata La filiale londinese di UBS offre una vasta gamma di servizi finanziari, tra cui gestione patrimoniale, investimenti bancari e finanziamenti alle imprese.

The Obbligazione issued by UBSL ( Switzerland ) , in USD, with the ISIN code US90270K2Q16, pays a coupon of 8.3% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 09/01/2025







424B2 1 ub54567336-424b2.htm PS - JANUARY 6 NDX RTY SPX L OF TCCYN LEUMI (US90270K2Q16) UBSLE006
PRICING SUPPLEMENT

Dated January 6, 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 $3,955,000 Trigger Callable Contingent Yield Notes
Linked to the least performing of the Nasdaq-100 Index®, the Russell 2000®Index and the S&P 500® Index due January 9, 2025
I nve st m e nt De sc ript ion
UBS AG Trigger Callable 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 Nasdaq-100 Index®, the Russell 2000® Index and the S&P 500® Index (each an "underlying index" and together the
"underlying indices"). If the closing level of each underlying index is equal to or greater than its coupon barrier on the applicable coupon observation date,
UBS will pay you a contingent coupon on the related coupon payment date. If the closing level of any underlying index is less than its coupon barrier, no
contingent coupon will be paid for that coupon payment date. UBS may elect to call the Notes in whole, but not in part (an "issuer call"), regardless of the
closing levels of the underlying indices, on any coupon observation date (quarterly and other than the final valuation date). If UBS elects to call the Notes
prior to maturity, UBS will pay you on the coupon payment date corresponding to such coupon observation date (the "call settlement date") a cash payment
per Note equal to the principal amount plus any contingent coupon otherwise due, and no further payments will be made on the Notes. If UBS does not elect
to call the Notes and a trigger event does not occur, UBS will pay you a cash payment at maturity equal to the principal amount of your Notes, in addition to
any contingent coupon otherwise due. If UBS does not elect to call the Notes and a trigger event occurs, UBS will pay you less than the principal amount, if
anything, at maturity, resulting in a loss on your initial investment that is proportionate to the decline in the closing level of the underlying index with the
lowest underlying index return (the "least performing underlying index") from its initial level to its final level over the term of the Notes and you may lose all of
your initial investment. A "trigger event" is deemed to have occurred if the closing level of any underlying index is less than its downside threshold on the
"trigger observation date", which is the final valuation date. I nve st ing in t he N ot e s involve s signific a nt risk s. Y ou w ill lose a signific a nt
port ion or a ll of your init ia l inve st m e nt if U BS doe s not e le c t t o c a ll t he N ot e s a nd a t rigge r e ve nt oc c urs. Y ou m a y not
re c e ive a signific a nt port ion or a ll of t he c ont inge nt c oupons 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 inde x on e a c h c oupon 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 inde x m a y ne ga t ive ly a ffe c t your re t urn a nd w ill not be offse t or m it iga t e d by a le sse r de c line or a ny pot e nt ia l
inc re a se in t he le ve ls of a ny ot he r unde rlying inde x . U BS m a y e le c t t o c a ll t he N ot e s prior t o m a t urit y a t it s disc re t ion on a ny
c oupon obse rva t ion da t e (qua rt e rly a nd ot he r t ha n t he fina l va lua t ion da t e ), re ga rdle ss of t he pe rform a nc e of t he unde rlying
indic e s. H ighe r c ont inge nt c oupon ra t e s a re ge ne ra lly a ssoc ia t e d w it h a gre a t e r risk of loss. T he c ont inge nt re pa ym e nt of
princ ipa l a pplie s only if you hold t he N ot e s unt il t he m a t urit y da t e . Any pa ym e nt on t he N ot e s, inc luding a ny re pa ym e nt of
princ ipa l, is subje c t t o t he c re dit w ort hine ss of U BS. I f U BS w e re t o de fa ult on it s pa ym e nt obliga t ions you m a y not re c e ive
a ny a m ount s ow e d t o you unde r t he N ot e s a nd you c ould lose a ll of your init ia l inve st m e nt .
Fe a t ure s
K e y Da t e s*
Potential for Periodic Contingent Coupons -- UBS will pay a
Trade Date*
January 6, 2020
contingent coupon on a coupon payment date if the closing level of
Settlement Date*
January 14, 2020
each underlying index is equal to or greater than its coupon barrier on
Coupon Observation
Quarterly(see page 4)
the applicable coupon observation date (including the final valuation
Dates**
date). Otherwise, if the closing level of any underlying index is less than
Final Valuation Date**
January 6, 2025
its coupon barrier on the applicable coupon observation date, no
Maturity Date**
January 9, 2025
contingent coupon will be paid for the relevant coupon payment date.


*
We expect to deliver the Notes against payment on the fifth business
I ssue r Ca lla ble -- UBS may elect to call the Notes (an "issuer call"),
day following the trade date. Under Rule 15c6-1 of the Securities
on any coupon observation date (quarterly and other than the final
Exchange Act of 1934, as amended, trades in the secondary market
valuation date), regardless of the closing levels of the underlying indices
generally are required to settle in two business days (T+2), unless the
on such coupon observation date. If the Notes are called, on the call
parties to a trade expressly agree otherwise. Accordingly, purchasers
settlement date UBS will pay you a cash payment per Note equal to
who wish to trade the Notes in the secondary market on any date prior
your principal amount plus any contingent coupon otherwise due, and no
to two business days before delivery of the Notes will be required, by
further payments will be made on the Notes. Before UBS elects to call
virtue of the fact that each Note initially will settle in five business days
the Notes on an observation date, UBS will deliver written notice to the
(T+5), to specify alternative settlement arrangements to prevent a failed
trustee.
settlement of the secondary market trade.
Contingent Repayment of Principal Amount at Maturity


w it h Pot e nt ia l for Full Dow nside M a rk e t Ex posure -- If, by
** Subject to postponement in the event of a market disruption event, as
maturity, the Notes have not been called and a trigger event has not
described in the accompanying product supplement.
occurred, UBS will repay you the principal amount per Note at maturity.
If, however, a trigger event has occurred, UBS will pay you a cash
payment per Note that is less than the principal amount, if anything,
resulting in a percentage loss on your initial investment equal to the
underlying index return of the least performing underlying index. 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 a ll of your init ia l inve st m e nt in 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
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risk a s t he le a st pe rform ing unde rlying inde x . T his m a rk e t risk is in a ddit ion t o t he c re dit risk inhe re nt in purc ha sing a de bt
obliga t ion of U BS. Y ou should not purc ha se t he N ot e s if you do not unde rst a nd or a re not c om fort a ble w it h t he signific a nt
risk s involve d in inve st ing in t he N ot e s.
Y ou should c a re fully c onside r t he risk s de sc ribe d unde r "K e y Risk s" be ginning on pa ge 5 a nd unde r "Risk Fa c t ors" be ginning
on pa ge PS-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 s c om m unic a t ions ne t w ork .
N ot e Offe ring
These terms relate to the Notes.
Cont inge nt
Bloom be rg
Coupon
I nit ia l
Dow nside
U nde rlying I nde x
T ic k e r
Ra t e
Le ve l
T hre shold
Coupon Ba rrie r
CU SI P
I SI N
5,309.110, which is
6,193.961, which is
Nasdaq-100 Index®
NDX
8,848.516
60% of its Initial
70% of its Initial
Level
Level
997.954, which is
1,164.280, which is
8.30% per
Russell 2000® Index
RTY
1,663.257
60% of its Initial
70% of its Initial
90270K2Q1 US90270K2Q16
annum
Level
Level
1,947.77, which is
2,272.40, which is
S&P 500® Index
SPX
3,246.28
60% of its Initial
70% of its Initial
Level
Level
The estimated initial value of the Notes as of the trade date is $975.10. 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 "Key Risks -- Limited or no secondary
market and secondary market price considerations" on pages 6 and 7 herein.
Se e "Addit iona l I nform a t ion a bout U BS a nd t he N ot e s" on pa ge ii. T he N ot e s w ill ha ve t he t e rm s se t fort h in 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 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 produc t supple m e nt , t he inde x supple m e nt or the
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.
U nde rw rit ing
Offe ring of N ot e s
I ssue Pric e t o Public
Disc ount (1)(2)
Proc e e ds t o U BS AG(1)(2)

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 Nasdaq-100
$3,955,000.00
$1,000.00
$39,550.00
$10.00
$3,915,450.00
$990.00
Index®, the Russell 2000® Index and the S&P 500® Index
(1) Certain registered investment advisers or fee-based advisory accounts unaffiliated from UBS may have agreed to purchase Notes from a third party
dealer at a purchase price of at least $990.00 per principal amount of the Notes, and such third party dealer, with respect to sales made to such
registered investment advisers, may have agreed to forgo some or all of the underwriting discount.
(2) Our affiliate, UBS Securities LLC, will receive an underwriting discount of $10.00 per principal amount for each Note sold in this offering. UBS Securities
LLC has agreed to re-allow the full amount of this discount to one or more third party dealers. Certain of such third-party dealers may have agreed to
resell the Notes to other securities dealers at the issue price to the public less an underwriting discount up to the underwriting discount indicated in the
above table.
U BS Se c urit ie s LLC
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
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¨ 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 Callable
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
matters set forth in "Key Risks" herein and in "Risk Factors" beginning on page PS-9 of 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.
ii

I nve st or Suit a bilit y
T he N ot e s m a y be suit a ble for you if:
T he N ot e s m a y not be suit a ble for you if:
¨ You fully understand the risks inherent in an investment in the
¨ You do not fully understand the risks inherent in an investment in
Notes, including the risk of loss of a significant portion or all of your
the Notes, including the risk of loss of a significant portion or all of
initial investment.
your initial investment.
¨ You understand and accept that an investment in the Notes is
¨ You do not understand or are unwilling to accept that an
linked to the performance of the least performing underlying index
investment in the Notes is linked to the performance of the least
and not a basket of the underlying indices, that you will be
performing underlying index and not a basket of the underlying
exposed to the individual market risk of each underlying index on
indices, that you will be exposed to the individual market risk of
the specified coupon observation dates and that you may lose a
each underlying index on the specified coupon observation dates
significant portion or all of your initial investment if the closing level
and that you may lose a significant portion or all of your initial
of any underlying index is less than its downside threshold on the
investment if the closing level of any underlying index is less than
trigger observation date.
its downside threshold on the trigger observation date.
¨ You can tolerate a loss of a significant portion or all of your initial
¨ You are not willing to make an investment that may have the same
investment and are willing to make an investment that may have
downside market risk as a hypothetical direct investment in the
the same downside market risk as a hypothetical direct investment
least performing underlying index or a direct investment in the
in the least performing underlying index or a direct investment in
underlying constituents of the least performing underlying index.
the stocks comprising the least performing underlying index.
¨ You are unwilling to receive no contingent coupons during the term
¨ You are willing to receive no contingent coupons and believe the
of the Notes and believe that the closing level of at least one of
closing level of each underlying index will be equal to or greater
the underlying indices will decline during the term of the Notes and
than its coupon barrier on each coupon observation date and that
is likely to be less than its coupon barrier on each coupon
the closing level of each underlying index will be equal to or
observation date or that the closing level of any underlying index
greater than its downside threshold on the trigger observation date.
will be less than its downside threshold on the trigger observation
date.
¨ You understand and accept that you will not participate in any
appreciation in the level of any of the underlying indices and that
¨ You seek an investment that participates in the full appreciation in
your potential return is limited to any contingent coupons.
the levels of the underlying indices or that has unlimited return
potential.
¨ You can tolerate fluctuations in the price of the Notes prior to
maturity that may be similar to or exceed the downside fluctuations
¨ You cannot tolerate fluctuations in the price of the Notes prior to
in the levels of the underlying indices.
maturity that may be similar to or exceed the downside fluctuations
in the levels of the underlying indices.
¨ You are willing to invest in the Notes based on the contingent
coupon rate, downside thresholds and coupon barriers specified
¨ You are unwilling to invest in the Notes based on the contingent
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on the cover hereof.
coupon rate, downside thresholds or coupon barriers specified on
the cover hereof.
¨ You do not seek guaranteed current income from your investment
and are willing to forgo any dividends paid on the stocks
¨ You seek guaranteed current income from your investment or
comprising the underlying indices (the "underlying constituents").
prefer to receive any dividends paid on the underlying constituents.
¨ You are willing to invest in Notes that UBS may elect to call early
¨ You are unable or unwilling to hold Notes that UBS may elect to
and you are otherwise willing to hold such Notes to maturity and
call early, or you are otherwise unable or unwilling to hold such
accept that there may be little or no secondary market for the
Notes to maturity or you seek an investment for which there will be
Notes.
an active secondary market.
¨ You understand and are willing to accept the risks associated with
¨ You do not understand or are not willing to accept the risks
the underlying indices.
associated with the underlying indices.
¨ You are willing to assume the credit risk of UBS for all payments
¨ You are not willing to assume the credit risk of UBS for all
under the Notes, and understand that if UBS defaults on its
payments under the Notes, including any repayment of principal.
obligations you may not receive any amounts due to you including
any repayment of principal.
¨ You understand that the estimated initial value of the Notes
determined by our internal pricing models is lower than the issue
price and that should UBS Securities LLC or any affiliate make
secondary markets for the Notes, the price (not including their
customary bid-ask spreads) will temporarily exceed the internal
pricing model price.
T he suit a bilit y c onside ra t ions ide nt ifie d a bove a re not e x ha ust ive . Whe t he r or not t he N ot e s a re a suit a ble
inve st m e nt for you w ill de pe nd on your individua l c irc um st a nc e s a nd you should re a c h a n inve st m e nt de c ision only
a ft e r you a nd your inve st m e nt , le ga l, t a x , a c c ount ing a nd ot he r a dvisors ha ve c a re fully c onside re d t he suit a bilit y of
a n inve st m e nt in t he N ot e s in light of your pa rt ic ula r c irc um st a nc e s. Y ou should re vie w "I nform a t ion About t he
U nde rlying I ndic e s" he re in for m ore inform a t ion on t he unde rlying indic e s. Y ou should a lso re vie w c a re fully t he
"K e y Risk s" 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
Issuer Call
UBS may elect to call the Notes in whole, but not in
Principal
$1,000.00 per Note
Feature
part, on any coupon observation date (quarterly and
Amount
other than the final valuation date), regardless of the
Term
Approximately 60 months, unless called earlier.
closing levels of the underlying indices on such
coupon observation date.
Underlying The Nasdaq-100 Index®, the Russell 2000® Index and
Indices
the S&P 500® Index.
If UBS elects to call the Notes, UBS will pay you on
the coupon payment date corresponding to such
Contingent I f t he c losing le ve l of e a c h unde rlying inde x
coupon observation date (the "call settlement date") a
Coupon &
is e qua l t o or gre a t e r t ha n it s c oupon ba rrie r
cash payment per Note equal to the principal amount
Contingent on a ny c oupon obse rva t ion da t e (inc luding
plus any contingent coupon otherwise due (the "call
Coupon
t he fina l va lua t ion da t e ), UBS will pay you the
settlement amount"), and no further payments will be
Rate
contingent coupon applicable to such coupon
made on the Notes. Before UBS elects to call the
observation date.
Notes on a coupon observation date, UBS will deliver
I f t he c losing le ve l of a ny unde rlying inde x
written notice to the trustee.
is le ss t ha n it s c oupon ba rrie r on a ny
c oupon obse rva t ion da t e (inc luding t he fina l
Payment at
I f U BS doe s not e le c t t o c a ll t he N ot e s a nd
va lua t ion da t e ), the contingent coupon applicable
Maturity
a t rigge r e ve nt doe s not oc c ur, UBS will pay
to such coupon observation date will not accrue or be
(per Note)
you a cash payment equal to:
payable and UBS will not make any payment to you on
Principal Amount of $1,000
the relevant coupon payment date.
I f U BS doe s not c a ll t he N ot e s a nd a
The contingent coupon is a fixed amount based upon
t rigge r e ve nt oc c urs, UBS will pay you a cash
equal quarterly installments at a per annum rate (the
payment that is less than the principal amount, if
"contingent coupon rate"). The table below sets forth
anything, equal to:
the contingent coupon rate and contingent coupon for
$1,000 x (1 + Underlying Index Return of the Least
each Note that would be applicable to each coupon
Performing Underlying Index)
observation date on which the closing level of each
In such a case, you will suffer a percentage loss
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underlying index is equal to or greater than its coupon
on your initial investment equal to the underlying
barrier.
index return of the least performing underlying



Cont inge nt Coupon
8.30%
index, regardless of the underlying index return of
Ra t e
any other underlying index and, in extreme

situations, you could lose all of your initial
Cont inge nt Coupon
$20.75
investment.

Cont inge nt c oupons on t he N ot e s a re not
gua ra nt e e d. U BS w ill not pa y you t he
Underlying
With respect to each underlying index, the quotient,
c ont inge nt c oupon for a ny c oupon
Index
expressed as a percentage, of the following formula:
obse rva t ion da t e on w hic h t he c losing le ve l
Return
Final Level ­ Initial Level
of a ny unde rlying inde x is le ss t ha n it s
Initial Level
c oupon ba rrie r.
Least
The underlying index with the lowest underlying index
Trigger
A trigger event is deemed to have occurred if the
Performing
return as compared to any other underlying index.
Event
closing level of any underlying index is less than its
Underlying
downside threshold on the trigger observation date.
Index
In this case, you will be exposed to the underlying
Downside
A specified level of each underlying index that is less
index return of the least performing underlying
Threshold(2) than its respective initial level, equal to a percentage
index and, in extreme situations, you could lose
of the initial level, as specified on the cover hereof.
all of your initial investment.
Coupon
A specified level of each underlying index that is less
Trigger
The final valuation date.
Barrier(2)
than its respective initial level, equal to a percentage
Observation
of the initial level, as specified on the cover hereof.
Initial
The closing level of each underlying index on the
Date(s)(1)
Level(2)
trade date, as specified on the cover hereof.

Final
The closing level of each underlying index on the final
Level(2)
valuation date.
(1)
Subject to the market disruption event provisions set forth in the accompanying product supplement.
(2)
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.
2

I nve st m e nt T im e line

The initial level of each underlying index is observed, and
T ra de Da t e


the terms of the Notes are set.
¯



I f t he c losing le ve l of e a c h unde rlying inde x
is e qua l t o or gre a t e r t ha n it s c oupon
ba rrie r on a ny c oupon obse rva t ion da t e
(inc luding t he fina l va lua t ion da t e ), UBS will
pay you the contingent coupon applicable to such
coupon observation date.
I f t he c losing le ve l of a ny unde rlying inde x
is le ss t ha n it s c oupon ba rrie r on a ny
c oupon obse rva t ion da t e (inc luding t he fina l
va lua t ion da t e ), the contingent coupon applicable
to such coupon observation date will not accrue or be
payable and UBS will not make any payment to you on
Qua rt e rly
the relevant coupon payment date.
(c a lla ble by U BS
UBS may elect to call the Notes in whole, but not in
a t it s e le c t ion)
part, on any coupon observation date (quarterly and
other than the final valuation date), regardless of the
closing levels of the underlying indices on such coupon
observation date.
If UBS elects to call the Notes, UBS will pay you on the
call settlement date a cash payment per Note equal to
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the principal amount plus any contingent coupon
otherwise due, and no further payments will be made
on the Notes.Before UBS elects to call the Notes, UBS
will deliver written notice to the trustee by the
applicable coupon observation date. If UBS does not
elect to call the Notes, investors will have the potential
for downside market risk at maturity.
¯



The final level of each underlying index is observed on
the final valuation date (which is also the trigger
observation date) and the underlying return of each
underlying index is calculated.
I f U BS doe s not e le c t t o c a ll t he N ot e s a nd
a t rigge r e ve nt doe s not oc c ur, UBS will pay
you a cash payment per note equal to:
Principal Amount of $1,000
I f U BS doe s not c a ll t he N ot e s a nd a t rigge r
e ve nt oc c urs, UBS will pay you a cash payment per
M a t urit y Da t e


note that is less than the principal amount, if anything,
equal to:
$1,000 x (1 + Underlying Index Return of the Least
Performing Underlying Index)
In such a case, you will suffer a percentage loss
on your initial investment equal to the underlying
index return of the least performing underlying
index, regardless of the underlying index return of
any other underlying index and, in extreme
situations, you could lose all of your initial
investment.
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 .
Y ou w ill lose a signific a nt port ion or a ll of your init ia l inve st m e nt if U BS doe s not e le c t t o c a ll t he N ot e s a nd a
t rigge r e ve nt oc c urs. Y ou m a y not re c e ive a signific a nt port ion or a ll of t he c ont inge nt c oupons 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 inde x on e a c h c oupon 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 inde x 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
inde x . U BS m a y e le c t t o c a ll t he N ot e s a t it s disc re t ion (qua rt e rly a nd ot he r t ha n t he fina l va lua t ion da t e )
re ga rdle ss of t he pe rform a nc e of t he unde rlying indic e s. I f U BS doe s not e le c t t o c a ll t he N ot e s a nd a t rigge r e ve nt
oc c urs, you w ill lose 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.
3

Coupon Obse rva t ion Da t e s (1) a nd Coupon Pa ym e nt Da t e s (1)(2)
Coupon Pa ym e nt
Coupon Pa ym e nt
Coupon Pa ym e nt
Da t e s/Ca ll
Da t e s/Ca ll
Da t e s/Ca ll
Coupon Obse rva t ion Se t t le m e nt Da t e s
Coupon
Se t t le m e nt Da t e s
Coupon
Se t t le m e nt Da t e s
Da t e s
(if c a lle d)
Obse rva t ion Da t e s
(if c a lle d)
Obse rva t ion Da t e s
(if c a lle d)
April 6, 2020
April 9, 2020
January 6, 2022
January 11, 2022
October 6, 2023
October 12, 2023
July 6, 2020
July 9, 2020
April 6, 2022
April 11, 2022
January 8, 2024
January 11, 2024
October 6, 2020
October 9, 2020
July 6, 2022
July 11, 2022
April 8, 2024
April 11, 2024
January 6, 2021
January 11, 2021
October 6, 2022
October 12, 2022
July 8, 2024
July 11, 2024
April 6, 2021
April 9, 2021
January 6, 2023
January 11, 2023
October 7, 2024
October 10, 2024
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July 6, 2021
July 9, 2021
April 6, 2023
April 12, 2023
Final Valuation Date
Maturity Date
October 6, 2021
October 12, 2021
July 6, 2023
July 11, 2023


(1)
Subject to the market disruption event provisions set forth in the accompanying product supplement.
(2)
Three business days following each coupon observation date, except that the coupon payment date for the final valuation date is the
maturity date.
4

K e y Risk s
An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing in the underlying indices. 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 a t m a t urit y -- The Notes differ from ordinary debt securities in that UBS will not necessarily repay the principal amount of
the Notes at maturity. If UBS does not elect to call the Notes, UBS will repay you the principal amount of your Notes in cash only if a trigger
event does not occur and will only make such payment at maturity. If UBS does not elect to call the Notes and a trigger event occurs, you will
lose a percentage of your principal amount equal to the underlying index return of the least performing underlying index and in extreme
situations, you could lose all of your initial investment.
¨ T he st a t e d pa yout from t he issue r a pplie s only if you hold your N ot e s t o 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 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 index at such time is equal to or greater than its downside threshold.
¨ 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. If the closing level of any underlying index is less than its respective coupon barrier on a coupon observation date,
UBS will not pay you the contingent coupon applicable to such coupon observation date. This will be the case even if the closing levels of the
other underlying indices are equal to or greater than their respective coupon barriers on that coupon observation date. If the closing level of
any underlying index is less than its coupon barrier on each coupon observation date, 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 coupons 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 a ny c ont inge nt c oupons, you w ill not pa rt ic ipa t e in a ny
a ppre c ia t ion of a ny unde rlying inde x a nd you w ill not ha ve t he sa m e right s a s holde rs of a ny 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 the appreciation of the
underlying indices. In addition, your return on the Notes will vary based on the number of coupon observation dates, if any, on which the
requirements of the contingent coupon have been met prior to maturity or an issuer call. Because UBS may elect to call the Notes 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. Further,
if UBS elects to call the Notes, you will not receive any contingent coupons or any other payment in respect of any coupon payment date after
the call settlement date, and your return on the Notes could be less than if the Notes remained outstanding until maturity. If UBS does not
elect to call the Notes, you may be subject to the decline of the least performing underlying index even though you cannot participate in any
appreciation in the level of any underlying index. 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 indices or a direct investment in any or all of the underlying constituents. In addition, as an
owner of the Notes, you will not have voting rights or any other rights of a holder of any underlying 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 e a c h of t he unde rlying indic e 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 index 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 index. The greater the expected volatility of each of the underlying indices as of the
trade date, the greater the expectation is as of that date that the closing level of an underlying index could be less than its coupon barrier on
the coupon observation dates and that the final level of an underlying index could be less than its respective downside threshold on the trigger
observation date and, as a consequence, indicates an increased risk of not receiving a contingent coupon and an increased risk of loss,
respectively. All things being equal, this greater expected volatility will generally be reflected in a higher contingent coupon rate than the yield
payable on our conventional debt securities with a similar maturity or on otherwise comparable securities, and/or lower downside thresholds
and/or coupon barriers than those terms on otherwise comparable securities. Therefore, a relatively higher contingent coupon rate may
indicate an increased risk of loss. Further, relatively lower downside thresholds and/or coupon barriers may not necessarily indicate that the
Notes have a greater likelihood of a return of principal at maturity and/or paying contingent coupons. You should be willing to accept the
downside market risk of the least performing underlying index and the potential to lose a significant portion or all of your initial investment.
¨ U BS m a y e le c t t o c a ll t he N ot e s a nd t he N ot e s a re subje c t t o re inve st m e nt risk -- UBS may elect to call the Notes at its
discretion on any coupon observation date (other than the final valuation date) prior to the maturity date. If UBS elects to call your Notes early,
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you will no longer have the opportunity to receive any contingent coupons after the applicable call settlement date. The first call settlement
date occurs after approximately three months and therefore you may not have the opportunity to receive any contingent coupons after
approximately three months. In the event UBS elects to call the Notes, 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. Further, UBS' right to call the Notes may
also adversely impact your ability to sell your Notes in the secondary market.
It is more likely that UBS will elect to call the Notes prior to maturity when the expected contingent coupons payable on the Notes are greater
than the interest that would be payable on other instruments issued by UBS of comparable maturity, terms and credit rating trading in the
market. The greater likelihood of UBS calling the Notes in that environment increases the risk that you will not be able to reinvest the
proceeds from the called Notes in an equivalent investment with a similar contingent coupon rate. 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 notes. UBS is less likely to call the Notes prior to maturity when the expected contingent coupons payable on the Notes are
less than the interest that would be payable on other comparable instruments issued by UBS, which includes when the level of any of the
underlying indices is less than its coupon barrier. Therefore, the Notes are more likely to remain outstanding when the expected amount
payable on the Notes is less than what would be payable on other comparable instruments and when your risk of not receiving a contingent
coupon is relatively higher.
¨ An inve st m e nt in N ot e s w it h c ont inge nt c oupon a nd issue r c a ll fe a t ure s m a y be m ore se nsit ive t o int e re st ra t e
risk t ha n a n inve st m e nt in se c urit ie s w it hout suc h fe a t ure s -- Because of the issuer call and contingent coupon features of the
Notes, you will bear greater exposure to fluctuations in interest rates than if you purchased securities without such features. In particular, you
may be negatively affected if prevailing interest rates begin to rise, and the contingent coupon rate on the Notes may be less than the amount
of interest you could earn on other investments with a similar level of risk available at such time. In addition, if you tried to sell your Notes at
such time, the value of your Notes in any secondary market transaction would also be adversely affected. Conversely, in the event that
prevailing interest rates are low relative to the contingent coupon rate and UBS elects to call the Notes, there is no guarantee that you will be
able to reinvest the proceeds from an investment in the Notes at a comparable rate of return for a similar level of risk.
5

¨ 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 inde x -- Your return on the Notes is not linked to a basket consisting of
the underlying indices. Rather, it will be contingent upon the performance of each underlying index. Unlike an instrument with a return linked to
a basket of indices, 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 index. Poor performance by any one of the underlying indices 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 index. For instance, you may receive a
negative return equal to the underlying index return of the least performing underlying index if the closing level of one underlying index is less
than its downside threshold on the trigger observation date, even if the underlying index return of another underlying index is positive or has
not declined as much. Accordingly, your investment is subject to the market risk of each underlying index.
¨ 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 inde x , 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 a single unde rlying inde x or fe w e r unde rlying indic e s -- The risk that you will not receive any contingent
coupons and lose a significant portion or all of your initial investment in the Notes is greater if you invest in the Notes than the risk of investing
in substantially similar securities that are linked to the performance of only one underlying index or fewer underlying indices. With more
underlying indices, it is more likely that the closing level or final level of an underlying index will be less than its coupon barrier or downside
threshold on any coupon observation date or the final valuation date (which is also the trigger observation date), respectively, than if the Notes
were linked to a single underlying index or fewer underlying indices.
In addition, the lower the correlation is between a pair of underlying indices, the greater the likelihood that one underlying index will decline to
a closing level or final level that is less than its coupon barrier or downside threshold, as applicable. Although the correlation of the underlying
indices' performance may change over the term of the Notes, the economic terms of the Notes, including the contingent coupon rate,
downside thresholds and coupon barriers are determined, in part, based on the correlation of the underlying indices' 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 thresholds and coupon barriers are generally associated with lower correlation of the underlying indices. Therefore, if the
performance of a pair of underlying indices is not correlated to each other or is negatively correlated, the risk that you will not receive any
contingent coupons or a trigger event 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.
¨ Any pa ym e nt on t he N ot e s is subje c t t o t he c re dit w ort hine ss 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 indices and indirectly
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linked to the performance of the underlying constituents. The levels of the underlying indices can rise or fall sharply due to factors specific to
each underlying index or its underlying constituents, such as stock or commodity price volatility, earnings, financial conditions, corporate,
industry and regulatory developments, management changes and decisions and other events, as well as general market factors, such as
general stock market or commodity market levels, interest rates and economic and political conditions.
¨ Fa ir va lue c onside ra t ions.
¨
T he issue pric e you pa y for t he N ot e s e x c e e ds t he ir e st im a t e d init ia l va lue -- The issue price you pay for the
Notes exceeds their estimated initial value as of the trade date due to the inclusion in the issue price of the underwriting discount,
hedging costs, issuance and other 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 herein. The pricing
models used to determine the estimated initial value of the Notes incorporate certain variables, including the levels of the underlying
indices and underlying constituents, the volatility of the underlying indices and underlying constituents, the correlation of the
underlying indices, any dividends paid 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 and other 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.
¨
T he e st im a t e d init ia l va lue is a t he ore t ic a l pric e ; t he a c t ua l pric e t ha t you m a y be a ble t o se ll your N ot e s
in a ny se c onda ry m a rk e t (if a ny) a t a ny t im e a ft e r t he t ra de da t e m a y diffe r from t he e st im a t e d init ia l va lue
-- The value of your Notes at any time will vary based on many factors, including the factors described above and in "--Market risk"
above and is impossible to predict. Furthermore, the pricing models that we use are proprietary and rely in part on certain
assumptions about future events, which may prove to be incorrect. As a result, after the trade date, if you attempt to sell the Notes in
the secondary market, the actual value you would receive may differ, perhaps materially, from the estimated initial value of the Notes
determined by reference to our internal pricing models. The estimated initial value of the Notes does not represent a minimum or
maximum price at which we or any of our affiliates would be willing to purchase your Notes in any secondary market at any time.
¨
Our a c t ua l profit s m a y be gre a t e r or le ss t ha n t he diffe re nt ia l be t w e e n t he e st im a t e d init ia l va lue a nd t he
issue pric e of t he N ot e s a s of t he t ra de da t e -- We may determine the economic terms of the Notes, as well as hedge our
obligations, at least in part, prior to the trade date. In addition, there may be ongoing costs to us to maintain and/or adjust any
hedges and such hedges are often imperfect. Therefore, our actual profits (or potentially, losses) in issuing the Notes cannot be
determined as of the trade date and any such differential between the estimated initial value and the issue price of the Notes as of
the trade date does not reflect our actual profits. Ultimately, our actual profits will be known only at the maturity of the Notes.
6

¨ Lim it e d or no se c onda ry m a rk e t a nd se c onda ry m a rk e t pric e c onside ra t ions.
¨
T he re m a y be lit t le or no se c onda ry m a rk e t for t he N ot e s -- The Notes will not be listed or displayed on any securities
exchange or any electronic communications network. UBS Securities LLC and its affiliates intend, but are not required, to make a
market for the Notes and may stop making a market at any time. If you are able to sell your Notes prior to maturity you may have to
sell them at a substantial loss. Furthermore, there can be no assurance that a secondary market for the Notes will develop. The
estimated initial value of the Notes does not represent a minimum or maximum price at which we or any of our affiliates would be
willing to purchase your Notes in any secondary market at any time.
¨
T he pric e a t w hic h U BS Se c urit ie s LLC a nd it s a ffilia t e s m a y offe r t o buy t he N ot e s in t he se c onda ry
m a rk e t (if a ny) m a y be gre a t e r t ha n U BS' va lua t ion of t he N ot e s a t t ha t t im e , gre a t e r t ha n a ny ot he r
se c onda ry m a rk e t pric e s provide d by una ffilia t e d de a le rs (if a ny) a nd, de pe nding on your brok e r, gre a t e r
t ha n t he va lua t ion provide d on your c ust om e r a c c ount st a t e m e nt s -- For a limited period of time following the
issuance of the Notes, UBS Securities LLC or its affiliates may offer to buy or sell such Notes at a price that exceeds (i) our valuation
of the Notes at that time based on our internal pricing models, (ii) any secondary market prices provided by unaffiliated dealers (if
any) and (iii) depending on your broker, the valuation provided on customer account statements. The price that UBS Securities LLC
may initially offer to buy such Notes following issuance will exceed the valuations indicated by our internal pricing models due to the
inclusion for a limited period of time of the aggregate value of the underwriting discount, hedging costs, issuance costs and
theoretical projected trading profit. The portion of such amounts included in our price will decline to zero on a straight line basis over
a period ending no later than the date specified under "Supplemental Plan of Distribution (Conflicts of Interest); Secondary Markets (if
any)." Thereafter, if UBS Securities LLC or an affiliate makes secondary markets in the Notes, it will do so at prices that reflect our
estimated value determined by reference to our internal pricing models at that time. The temporary positive differential relative to our
internal pricing models arises from requests from and arrangements made by UBS Securities LLC with the selling agents of
structured debt securities such as the Notes. As described above, UBS Securities LLC and its affiliates intend, but are not required,
to make a market for the Notes and may stop making a market at any time. The price at which UBS Securities LLC or an affiliate may
make secondary markets at any time (if at all) will also reflect its then current bid-ask spread for similar sized trades of structured
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debt securities. UBS Securities LLC reflects this temporary positive differential on its customer statements. Investors should inquire
as to the valuation provided on customer account statements provided by unaffiliated dealers.
¨
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 each underlying index and the
underlying constituents; the volatility of each underlying index and the underlying constituents; the correlation of the underlying
indices; any dividends paid on the underlying constituents; the time remaining to the maturity of the Notes; interest rates in the
markets; geopolitical conditions and economic, financial, political, force majeure and regulatory or judicial events; 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.
¨
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 and other 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 N ot e s a re subje c t t o risk s a ssoc ia t e d w it h non -U .S. se c urit ie s -- The Notes are subject to risks associated with non-U.S.
securities 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.
¨ 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 underlying constituents that may be considered small-capitalization companies.
These companies often have greater stock price volatility, lower trading volume and less liquidity than large-capitalization companies and
therefore the underlying index may be more volatile than an index in which a greater percentage of the underlying 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 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 indices will rise or fall. There can be no assurance that the closing level of
each underlying index will be equal to or greater than its coupon barrier on each coupon observation date, or, if UBS does not elect to call the
Notes, that a trigger event will not occur. The levels of the underlying indices will be influenced by complex and interrelated political, economic,
financial and other factors that affect the issuers of each underlying constituent (each an "underlying constituent issuer"). You should be
willing to accept the risks associated with the relevant markets tracked by each such underlying index in general and each index's underlying
constituents in particular, and the risk of losing a significant portion or all of your initial investment.
¨ T he unde rlying indic e 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 indices, which reflect the changes in the market prices of the underlying constituents. It is not, however, linked to a "total return"
index or strategy, which, in addition to reflecting those price returns, would also reflect any dividends paid on the underlying constituents. The
return on your Notes will not include such a total return feature or dividend component.
7

¨ Cha nge s t ha t a ffe c t a n unde rlying inde x w ill a ffe c t t he m a rk e t va lue of, a nd a ny a m ount s pa ya ble on, your N ot e s
-- The policies of each index sponsor as specified under "Information About the Underlying Indices" (together, the "index sponsors"),
concerning additions, deletions and substitutions of the underlying constituents and the manner in which the index sponsor takes account of
certain changes affecting those underlying constituents may adversely affect the levels of the underlying indices. The policies of the index
sponsors with respect to the calculation of the underlying indices could also adversely affect the levels of the underlying indices. The index
sponsors may discontinue or suspend calculation or dissemination of the underlying indices. Any such actions could have an adverse effect on
https://www.sec.gov/Archives/edgar/data/1114446/000091412120000080/ub54567336-424b2.htm[1/8/2020 3:51:30 PM]


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