Obbligazione UBSL 6.4% ( US90270K3C11 ) in USD

Emittente UBSL
Prezzo di mercato 100 USD  ▲ 
Paese  Svizzera
Codice isin  US90270K3C11 ( in USD )
Tasso d'interesse 6.4% per anno ( pagato 2 volte l'anno)
Scadenza 03/02/2023 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione UBS (London Branch) US90270K3C11 in USD 6.4%, scaduta


Importo minimo 1 000 USD
Importo totale 25 756 000 USD
Cusip 90270K3C1
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 US90270K3C11, pays a coupon of 6.4% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 03/02/2023







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424B2 1 ub54648999-424b2.htm FORM 424B2
Pricing Supplement
January 2020
Dated January 31, 2020
(To Prospectus dated October 31, 2018,
Registration Statement No. 333-225551
Index Supplement dated October 31, 2018
and Product Supplement dated October 31, 2018)
STRUCTURED INVESTMENTS
Opportunities in U.S. and International Equities
Trigger Callable Contingent Yield Securities due February 3, 2023
$25,756,000 Based on the worst performing of the Nasdaq-100 Index®, the Russell 2000® Index and the S&P 500® Index
UBS AG Trigger Cal able Contingent Yield Securities (the "securities") are unsubordinated, unsecured debt securities issued by UBS AG ("UBS" or the
"issuer") linked to the worst performing of the Nasdaq-100 Index®, the Russel 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 wil pay you a contingent coupon on the corresponding coupon payment date. If the closing level of any underlying index is less
than its coupon barrier on the applicable coupon observation date, no contingent coupon wil be paid on the corresponding coupon payment date. UBS
may elect, on or before any applicable coupon observation date, to cal the securities at its discretion in whole, but not in part (an "issuer cal "), on the
coupon payment date corresponding to such coupon observation date (the "cal settlement date"), regardless of the closing levels of the underlying
indices on such coupon observation date. If UBS elects to cal the securities prior to maturity, UBS wil pay you on the cal settlement date a cash
payment per security equal to the stated principal amount plus any contingent coupon otherwise due, and no further payments wil be made on the
securities. If UBS does not elect to cal the securities and a trigger event does not occur, UBS wil pay you a cash payment per security at maturity equal
to the stated principal amount, in addition to any contingent coupon otherwise due. If, however, UBS does not elect to cal the securities and a trigger
event occurs, UBS wil pay you less than the ful stated principal amount per security, 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 largest percentage decline from its initial level to its final level (the
"worst performing underlying index") over the term of the securities and you wil lose a significant portion or al of your initial investment. A "trigger event"
is deemed to have occurred if the closing level of any underlying index is less than its trigger level on the "trigger observation date", which is the final
determination date. The securities are for investors who are wil ing to risk their principal and seek interest at a potential y above-market rate in exchange
for the risk of receiving few or no contingent coupons if the closing level of any underlying index is less than its coupon barrier on one or more coupon
observation dates and the risk of an early cal at UBS' discretion. Investing in the securities involves significant risks. You will lose a significant
portion or all of your initial investment if UBS does not elect to call the securities and a trigger event occurs. The securities will not pay a
contingent coupon on a coupon payment date if the closing level of any underlying index is less than its coupon barrier on the corresponding
coupon observation date. UBS may elect to call the securities at its discretion regardless of the performance of the underlying indices. Higher
contingent coupon rates are generally associated with a greater risk of loss. Investors will not participate in any appreciation of any of the
underlying indices. The contingent repayment of principal only applies if you hold the securities until the call settlement date or the maturity
date, as applicable. Any payment on the securities, including any repayment of principal, is subject to the creditworthiness of UBS. If UBS
were to default on its payment obligations you may not receive any amounts owed to you under the securities and you could lose all of your
initial investment.
SUMMARY TERMS

Issuer:
UBS AG London Branch
Underlying indices:
Nasdaq-100 Index® (Bloomberg Ticker: "NDX")
Russel 2000® Index (Bloomberg Ticker: "RTY")
S&P 500® Index (Bloomberg Ticker: "SPX")
Aggregate principal
$25,756,000
amount:
Stated principal amount:
$1,000 per security
Issue price:
$1,000 per security (see "Commissions and issue price" below)
Term:
Approximately 3 years, unless cal ed earlier.
Trade date:
January 31, 2020
Settlement date:
February 5, 2020. We expect to deliver the securities against payment on the third business day fol owing the trade date.
Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market general y are
required to settle in two business days (T+2), unless the parties to a trade expressly agree otherwise. Accordingly,
purchasers who wish to trade the securities in the secondary market on any date prior to two business days before
delivery of the securities wil be required, by virtue of the fact that each security initial y wil settle in three business days
(T+3), to specify alternative settlement arrangements to prevent a failed settlement of the secondary market trade.
Final determination date:
January 31, 2023, subject to postponement for certain market disruption events and as described under "General Terms
of the Securities -- Market Disruption Events" and "-- Valuation Dates -- Final Valuation Date" in the accompanying
product supplement.
Maturity date:
February 3, 2023, subject to postponement for certain market disruption events and as described under "General Terms
of the Securities -- Market Disruption Events" and "-- Payment Dates -- Maturity Date" in the accompanying product
supplement.
Issuer call feature:
UBS may elect, on or before any coupon observation date (other than the final determination date), to cal the securities
at its discretion in whole, but not in part (an "issuer cal "), on the coupon payment date corresponding to such coupon
observation date (the "cal settlement date"), regardless of the closing levels of the underlying indices on such coupon
observation date.
Issuer call amount:
If UBS elects to cal the securities, UBS wil pay you on the cal settlement date a cash payment per security equal to the
stated principal amount plus any contingent coupon otherwise due, and no further payments wil be made on the
securities. Before UBS elects to cal the securities, UBS wil deliver written notice to the trustee by the applicable coupon
observation date.
Contingent coupon:
· If the closing level of each underlying index is equal to or greater than its coupon barrier on the applicable coupon
observation date (including the final determination date), UBS wil pay you the contingent coupon for that coupon
observation date on the corresponding coupon payment date.
· If the closing level of any underlying index is less than its coupon barrier on the applicable coupon observation date,
the contingent coupon for that coupon observation date wil not accrue or be payable and UBS wil not make any
payment to you on the corresponding coupon payment date.
The contingent coupon is a fixed amount based upon equal quarterly instal ments at the contingent coupon rate.
The contingent coupon per security that would be applicable to each coupon payment date for which the closing level of
each underlying index is equal to or greater than its coupon barrier on the applicable coupon observation date wil be:
$16.00
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Contingent coupons on the securities are not guaranteed. UBS will not pay you the contingent coupon for any
coupon observation date on which the closing level of any underlying index is less than its coupon barrier.
Contingent coupon rate:
The contingent coupon rate is 6.40% per annum.
Coupon payment dates:
Three business days fol owing the applicable coupon observation date, except that the coupon payment date for the final
determination date wil be the maturity date.
Coupon observation dates: April 30, 2020, July 31, 2020, November 2, 2020, February 1, 2021, April 30, 2021, August 2, 2021, November 1, 2021,
January 31, 2022, May 2, 2022, August 1, 2022, October 31, 2022 and January 31, 2023, subject to postponement for
non-trading days and certain market disruption events (as described under "General Terms of the Securities -- Valuation
Date -- Final Valuation Date" and "-- Market Disruption Events" in the accompanying product supplement). We also refer
to January 31, 2023 as the final determination date.
Trigger event:
A trigger event is deemed to have occurred if the closing level of any of the underlying indices is less than its respective
trigger level on the trigger observation date.
In this case, you wil be ful y exposed to the underlying index return of the worst performing underlying index.
Trigger observation date:
January 31, 2023, which is the final determination date. The final determination date is subject to postponement for non-
trading days and certain market disruption events (as described under "General Terms of the Securities -- Market
Disruption Events" and "-- Valuation Dates -- Final Valuation Date" in the accompanying product supplement).
Payment at maturity:
· If UBS does not elect to cal the securities and a trigger event does not occur, UBS wil pay you a cash payment per
security on the maturity date equal to the stated principal amount of $1,000 plus any contingent coupon otherwise due
on the maturity date.
· If UBS does not elect to cal the securities and a trigger event occurs, UBS wil pay you a cash payment per security
on the maturity date that is significantly less than the stated principal amount, if anything, equal to:
$1,000 x (1 + Underlying Index Return of the Worst Performing Underlying Index)
You will lose a significant portion or all of your initial investment if UBS does not elect to call the securities and
a trigger event occurs.
Underlying index return:
With respect to each underlying index, the quotient, expressed as a percentage, of the fol owing formula:
Final Level ­ Initial Level
Initial Level
Worst performing
The underlying index with the lowest underlying index return as compared to any other underlying index.
underlying index:
Final level:
The closing level of each underlying index on the final determination date, as determined by the calculation agent.
Initial level:
8,991.512, which is the closing level of the Nasdaq-100 Index® on the trade date; 1,614.061, which is the closing level of
the Russel 2000® Index on the trade date; 3,225.52, which is the closing level of the S&P 500® Index on the trade date
Coupon barrier:
5,844.483, which is equal to 65% of the initial level of the Nasdaq-100 Index®; 1,049.140, which is equal to 65% of the
initial level of the Russel 2000® Index; 2,096.59, which is equal to 65% of the initial level of the S&P 500® Index
Trigger level:
5,844.483, which is equal to 65% of the initial level of the Nasdaq-100 Index®; 1,049.140, which is equal to 65% of the
initial level of the Russel 2000® Index; 2,096.59, which is equal to 65% of the initial level of the S&P 500® Index
CUSIP/ISIN:
90270K3C1 / US90270K3C11
Listing:
The securities wil not be listed or displayed on any securities exchange or electronic communications network.
Calculation agent:
UBS Securities LLC
Commissions and issue
Price to Public(1)
Fees and Commissions(1)
Proceeds to Issuer

price:
Per security:
100.00%
1.50%(a)
98.00%



+0.50%(b)




2.00%


Total:
$25,756,000.00
$515,120.00
$25,240,880.00
(1)
UBS Securities LLC has agreed to purchase from UBS AG the securities at the price to public less a fee of $20.00 per $1,000.00 stated principal
amount of securities. UBS Securities LLC has agreed to resel al of the securities to Morgan Stanley Smith Barney LLC ("Morgan Stanley Wealth
Management") at an underwriting discount which reflects:

(a)
a fixed sales commission of $15.00 per $1,000.00 stated principal amount of securities that Morgan Stanley Wealth Management sel s and

(b)
a fixed structuring fee of $5.00 per $1,000.00 stated principal amount of securities that Morgan Stanley Wealth Management sel s, each
payable to Morgan Stanley Wealth Management. See "Supplemental information regarding plan of distribution (conflicts of interest);
secondary markets (if any)".
The estimated initial value of the securities as of the trade date is $968.90. The estimated initial value of the securities 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 securities, see "Risk Factors -- Fair value considerations" and "-- Limited or no secondary
market and secondary market price considerations" beginning on pages 12 and 13 of this document. The securities involve risks not associated with
an investment in ordinary debt securities. See "Risk Factors" beginning on page 11 and "Risk Factors" beginning on page PS-9 of the
accompanying product supplement.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed
upon the accuracy or adequacy of this document, the accompanying product supplement, the accompanying index supplement, or the
accompanying prospectus. Any representation to the contrary is a criminal offense. The securities are not bank deposits and are not insured
by the Federal Deposit Insurance Corporation or any other governmental agency. You should read this document together with the
accompanying product supplement, the accompanying index supplement and the accompanying prospectus, each of which can be accessed
via the hyperlinks below, before you decide to invest.
Product supplement dated October 31, 2018
Index supplement dated October 31, 2018
Prospectus dated October 31, 2018


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Trigger Callable Contingent Yield Securities due February 3, 2023
$25,756,000 Based on the worst performing of the Nasdaq-100 Index®, the Russel 2000® Index and the S&P 500® Index
Additional Information about UBS and the Securities
UBS AG ("UBS") has filed a registration statement (including a prospectus as supplemented by a product supplement and an index
supplement) with the Securities and Exchange Commission (the "SEC") for the securities to which this document relates. Before you
invest, you should read these documents and any other documents relating to this offering 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 web site is 0001114446.
You may access these documents on the SEC website at www.sec.gov as follows:
Prospectus dated October 31, 2018:
http://www.sec.gov/Archives/edgar/data/1114446/000119312518314003/d612032d424b3.htm
Index Supplement dated October 31, 2018:
http://www.sec.gov/Archives/edgar/data/1114446/000091412118002083/ub46174419-424b2.htm
Product Supplement dated October 31, 2018:
https://www.sec.gov/Archives/edgar/data/1114446/000091412118002085/ub47016353-424b2.htm
References to "UBS", "we", "our" and "us" refer only to UBS AG and not to its consolidated subsidiaries. In this document, the
"securities" refer to the Trigger Callable Contingent Yield Securities that are offered hereby. Also, references to the "accompanying
prospectus" mean the UBS prospectus titled "Debt Securities and Warrants", dated October 31, 2018, references to the "accompanying
index supplement" mean the UBS index supplement, dated October 31, 2018 and references to the "accompanying product supplement"
mean the UBS product supplement titled "Market-Linked Securities Product Supplement", dated October 31, 2018.
You should rely only on the information incorporated by reference or provided in this document, the accompanying product supplement,
index supplement or the accompanying prospectus. We have not authorized anyone to provide you with different information. We are
not making an offer of these securities in any state where the offer is not permitted. You should not assume that the information in this
document, the accompanying product supplement or the accompanying prospectus is accurate as of any date other than the date on the
front of the document.
UBS reserves the right to change the terms of, or reject any offer to purchase, the securities prior to their issuance. In the event of any
changes to the terms of the securities, 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.
In the event of any discrepancies between this document, the accompanying product supplement, the accompanying index supplement
and the accompanying prospectus, the following hierarchy will govern: first, this document; second, the accompanying product
supplement; third the accompanying index supplement; and finally, the accompanying prospectus.
January 2020
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Trigger Callable Contingent Yield Securities due February 3, 2023
$25,756,000 Based on the worst performing of the Nasdaq-100 Index®, the Russel 2000® Index and the S&P 500® Index
Investment Summary
The Trigger Callable Contingent Yield Securities due February 3, 2023 based on the worst performing of the Nasdaq-100 Index®, the
Russell 2000® Index and the S&P 500® Index, which we refer to as the securities, provide an opportunity for investors to earn a
contingent coupon, which will be an amount equal to $16.00 (equivalent to 6.40% per annum of the stated principal amount) per
security, but only if the closing level of each underlying index is equal to or greater than 65% of its respective initial level, which we
refer to as the coupon barrier, on the applicable coupon observation date. The contingent coupon, if any, will be payable on the
corresponding coupon payment date, which will be three business days after the applicable coupon observation date. It is possible that
the closing levels of one or more of the underlying indices could remain below their respective coupon barriers for extended
periods of time or even throughout the term of the securities so that you may receive few or no contingent coupons.
If the closing level of any underlying index is less than its coupon barrier on the applicable coupon observation date, the contingent
coupon for that coupon observation date will not accrue or be payable and UBS will not make any payment to you on the corresponding
coupon payment date. UBS may elect, on or before any applicable coupon observation date (other than the final determination date), to
call the securities at its discretion in whole, but not in part (an "issuer call"), on the coupon payment date corresponding to such coupon
observation date (the "call settlement date"), regardless of the closing levels of the underlying indices on such coupon observation date.
If UBS elects to call the securities, UBS will pay you on the call settlement date a cash payment per security equal to the stated principal
amount plus any contingent coupon otherwise due, and no further payments will be made on the securities. Before UBS elects to call
the securities, UBS will deliver written notice to the trustee by the applicable coupon observation date. If UBS does not elect to call the
securities and a trigger event does not occur, UBS will pay you a cash payment per security on the maturity date equal to the stated
principal amount of $1,000 plus any contingent coupon otherwise due on the maturity date. If UBS does not elect to call the securities
and a trigger event occurs, UBS will pay you a cash payment per security on the maturity date that is significantly less than the stated
principal amount, if anything, equal to: (i) the stated principal amount times (ii) one plus the underlying index return of the worst
performing underlying index. A trigger event is deemed to have occurred if the closing level of any underlying index is less than its
trigger level on the trigger observation date. You will lose a significant portion or all of your initial investment if UBS does not
elect to call the securities and a trigger event occurs. The value of such cash payment will be significantly less than the stated
principal amount of the securities and could be zero. Investors in the securities must be willing to accept the risk of losing a
significant portion or all of their initial investment and also the risk of not receiving any contingent coupons. In addition,
investors will not participate in any appreciation of the underlying indices.
UBS may elect to call the securities at its discretion prior to the maturity date. UBS is less likely to exercise its issuer call right when the
closing level of any of the underlying indices is less than its coupon barrier. As such, UBS will be more likely to exercise its issuer call
right when the closing level of each underlying index is above its coupon barrier, which would otherwise result in an amount of interest
payable on the securities that is greater than instruments of a comparable maturity and credit rating trading in the market. On the other
hand, UBS will be less likely to exercise its issuer call right when the closing level of any underlying index is less than its coupon barrier
and/or when the final level of any underlying index is expected to be less than its trigger level, such that you will receive no contingent
coupons and/or that you will suffer a significant loss on your initial investment in the securities at maturity. Therefore, if UBS does not
exercise its issuer call right, it is more likely that you will receive few or no contingent coupons and suffer a significant loss at maturity.
January 2020
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Trigger Callable Contingent Yield Securities due February 3, 2023
$25,756,000 Based on the worst performing of the Nasdaq-100 Index®, the Russel 2000® Index and the S&P 500® Index
Key Investment Rationale
The securities do not guarantee the payment of interest or the repayment of the stated principal amount. Instead, the securities offer the
opportunity for investors to earn a contingent coupon equal to $16.00 (equivalent to 6.40% per annum of the stated principal amount)
per security, but only if the closing level of each underlying index is equal to or greater than 65% of its respective initial level, which
we refer to as the coupon barrier, on the applicable coupon observation date. UBS may elect, on or before any applicable coupon
observation date (other than the final determination date), to call the securities at its discretion in whole, but not in part, on the call
settlement date for a cash payment equal to the stated principal amount per security plus any contingent coupon otherwise due. The
payment at maturity, if any, will vary as follows:
Scenario 1
On or before any coupon observation date other than the final determination date, UBS elects to call the
securities in whole, but not in part.
§ On the call settlement date, the securities will be called and UBS will pay a cash payment equal to (i) the
stated principal amount plus (ii) any contingent coupon otherwise due, and no further payments will be made
on the securities.
§ Investors will not participate in any appreciation of the underlying indices from their respective initial levels.
Scenario 2
UBS does not elect to call the securities and a trigger event does not occur.
§ The closing level of each underlying index is equal to or greater than its respective trigger level.
§ UBS will pay you a cash payment per security on the maturity date equal to (i) the stated principal amount
plus (ii) any contingent coupon otherwise due on the maturity date.
§ Investors will not participate in any appreciation of the underlying indices from their respective initial levels.
Scenario 3
UBS does not elect to call the securities prior to maturity and a trigger event occurs.
§ The closing level of any underlying index is less than its respective trigger level.
§ UBS will pay you a cash payment per security on the maturity date, if anything, that is significantly less than
the stated principal amount, equal to (i) the stated principal amount times (ii) one plus the underlying index
return of the worst performing underlying index.
§ Investors will lose a significant portion or all of their initial investment in this scenario.
Investing in the securities involves significant risks. You may lose a significant portion or all of your initial investment. Any
payment on the securities, including payments in respect of an issuer call, contingent coupon or any repayment of principal
provided at maturity, is dependent on the ability of UBS to satisfy its obligations when they become due. If UBS were to default
on its payment obligations, you may not receive any amounts due to you under the securities and you could lose all of your
initial investment.
The securities will not pay a contingent coupon on a coupon payment date (including the maturity date) if the closing level of
any underlying index is less than its coupon barrier on the corresponding coupon observation date, and you may receive few
or no contingent coupons during the term of the securities. UBS may elect, on or before any applicable coupon observation
date (other than the final determination date), to call the securities on the call settlement date, regardless of the closing levels
of the underlying indices on such coupon observation date. If UBS does not elect to call the securities and a trigger event
occurs, you will lose a significant portion or all of your initial investment at maturity.
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Trigger Callable Contingent Yield Securities due February 3, 2023
$25,756,000 Based on the worst performing of the Nasdaq-100 Index®, the Russel 2000® Index and the S&P 500® Index
Investor Suitability
The securities may be suitable for you if:
§ You fully understand the risks of an investment in the securities, including the risk of loss of a significant portion or all of your initial
investment.
§ You can tolerate a loss of a significant portion or all of your investment and are willing to make an investment that may have the same
downside market risk as an investment in the stocks comprising the worst performing underlying index.
§ You understand and accept that an investment in the securities is linked to the performance of the worst performing underlying index
and not a basket of the underlying indices, and that you will lose a significant portion or all of your initial investment if the closing level
of any underlying index is less than its trigger level on the trigger observation date.
§ You are willing to risk receiving no contingent coupons and believe the closing level of each underlying index will be equal to or
greater than its coupon barrier on each coupon observation date.
§ You believe a trigger event will not occur, meaning the closing level of each underlying index will be equal to or greater than its
trigger level on the trigger observation date.
§ You accept that the risks of each underlying index are not mitigated by the performance of any other underlying index and the risks of
investing in securities with a return based on the performance of multiple underlying indices.
§ You understand and accept that you will not participate in any appreciation in the level of any of the underlying indices and that your
potential return is limited to any contingent coupons received.
§ You can tolerate fluctuations in the price of the securities prior to 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 securities based on the coupon barriers, trigger levels and contingent coupon rate 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 comprising
the underlying indices (the "index constituents").
§ You are willing to invest in securities that UBS may elect to call early at its discretion and you are otherwise willing to hold such
securities to maturity and accept that there may be little or no secondary market for the securities.
§ You understand and are willing to accept the risks associated with the underlying indices.
§ You are willing to assume the credit risk of UBS for all payments under the securities, and understand that if UBS defaults on its
obligations you may not receive any amounts due to you including any repayment of principal.
§ You understand that the estimated initial value of the securities 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 securities, the price (not including their customary
bid-ask spreads) will temporarily exceed the internal pricing model price.
The securities may not be suitable for you if:
§ You do not fully understand the risks of an investment in the securities, including the risk of loss of a significant portion or all of your
initial investment.
§ You are not willing to make an investment that may have the same downside market risk as an investment in the index constituents of
the worst performing underlying index.
§ You do not understand or are unwilling to accept that an investment in the securities is linked to the performance of the worst
performing underlying index and not a basket of the underlying indices, and that you will lose a significant portion or all of your initial
investment if the closing level of any underlying index is less than its trigger level on the trigger observation date.
§ You require an investment designed to provide a full return of principal at maturity.
§ You are unwilling to risk receiving no contingent coupons during the term of the securities or believe that the closing level of at least
one of the underlying indices will decline during the term of the securities and is likely to be less than its coupon barrier on a coupon
observation date.
§ You believe a trigger event will occur, meaning the closing level of any underlying index will be less than its trigger level on the trigger
observation date.
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Trigger Callable Contingent Yield Securities due February 3, 2023
$25,756,000 Based on the worst performing of the Nasdaq-100 Index®, the Russel 2000® Index and the S&P 500® Index
§ You cannot accept that the risks of each underlying index are not mitigated by the performance of any other underlying index and the
risks of investing in securities with a return based on the performance of multiple underlying indices.
§ You seek an investment that participates in the full appreciation in the levels of the underlying indices or that has unlimited return
potential.
§ You cannot tolerate fluctuations in the price of the securities prior to maturity that may be similar to or exceed the downside
fluctuations in the levels of the underlying indices.
§ You are unwilling to invest in the securities based on the coupon barriers, trigger levels or contingent coupon rate specified on the
cover hereof.
§ You seek guaranteed current income from this investment or prefer to receive any dividends paid on the index constituents.
§ You are unable or unwilling to hold securities that UBS may elect to call early at its discretion, or you are otherwise unable or unwilling
to hold such securities to maturity or you seek an investment for which there will be an active secondary market.
§ You do not understand or are not willing to accept the risks associated with the underlying indices.
§ You are not willing to assume the credit risk of UBS for all payments under the securities, including any repayment of principal.
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Trigger Callable Contingent Yield Securities due February 3, 2023
$25,756,000 Based on the worst performing of the Nasdaq-100 Index®, the Russel 2000® Index and the S&P 500® Index
How the Securities Work
The following diagrams illustrate the potential outcomes for the securities depending on (1) the closing levels, (2) whether UBS elects to
call the securities and (3) the final levels.
Diagram #1: Coupon Observation Dates Other Than the Final Determination Date
Diagram #2: Payment at Maturity if No Issuer Call Occurs
For more information about the payout upon an issuer call or at maturity in different hypothetical scenarios, see "Hypothetical Examples"
starting on page 8.
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Trigger Callable Contingent Yield Securities due February 3, 2023
$25,756,000 Based on the worst performing of the Nasdaq-100 Index®, the Russel 2000® Index and the S&P 500® Index
Hypothetical Examples
The below examples are based on the following terms and are purely hypothetical (the actual terms of your security are specified on the
cover hereof; amounts may have been rounded for ease of analysis):
Hypothetical Initial Level:

Underlying Index A:
8,000
Underlying Index B:
1,500
Underlying Index C:
3,000
Hypothetical Coupon Barrier:

Underlying Index A:
5,200, which is 65% of the initial level
Underlying Index B:
975, which is 65% of the initial level
Underlying Index C:
1,950, which is 65% of the initial level
Hypothetical Trigger Level:
5,200, which is 65% of the initial level
Underlying Index A:
975, which is 65% of the initial level
Underlying Index B:
1,950, which is 65% of the initial level
Underlying Index C:
Hypothetical Term:
Approximately 3 years
Hypothetical Contingent Coupon:
$16.00 per security (equivalent to 6.40% per
annum of the stated principal amount)
Stated Principal Amount:
$1,000.00 per security
In Examples 1 and 2, on a specified coupon observation date UBS elects and delivers written notice to the trustee to call the securities
on the corresponding call settlement date. In Examples 3 and 4, UBS does not elect to call the securities and the securities and remain
outstanding until maturity.

Example 1 ­ UBS elects on the first coupon
Example 2 ­ UBS elects on the third coupon
observation date to call the securities.
observation date to call the securities.
Coupon
Closing
Closing
Closing
Contingent Payment
Closing
Closing
Closing
Contingent Payment
Observation
Level of
Level of
Level of
Coupon
(per
Level of
Level of
Level of
Coupon
(per
Dates
Underlying Underlying Underlying
security) Underlying Underlying Underlying
security)
Index A
Index B
Index C
Index A
Index B
Index C
#1
5,600
1,200
2,450
--
$1,016.00
4,500
1,200
2,200
$0
N/A
(at or
(at or
(at or
(below
(at or
(at or
above
above
above
coupon
above
above
coupon
coupon
coupon
barrier)
coupon
coupon
barrier)
barrier)
barrier)
barrier)
barrier)
#2
N/A
N/A
N/A
N/A
N/A
5,900
1,150
2,450
$16.00
N/A
(at or
(at or
(at or
above
above
above
coupon
coupon
coupon
barrier)
barrier)
barrier)
#3
N/A
N/A
N/A
N/A
N/A
9,600
1,800
3,600
--
$1,016.00
(at or
(at or
(at or
above
above
above
coupon
coupon
coupon
barrier)
barrier)
barrier)
#4 - #11
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Final
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Determination
Date
Payment at
N/A
N/A
Maturity
§ In Example 1,UBS notifies the trustee on the first coupon observation date that it would like to call the securities and the closing level
of each underlying index is equal to or greater than its coupon barrier on such coupon observation date. You receive the issuer call
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amount (reflecting your principal amount plus the contingent coupon otherwise due), calculated as follows:
Stated Principal Amount + Contingent Coupon = $1,000.00 + $16.00 = $1,016.00
In this example, the issuer call feature limits the term of your investment to approximately 3 months and you may not be able to
reinvest at comparable terms or returns. If the securities are subject to issuer call, you will stop receiving contingent coupons. Your
total payment per security in this example is $1,016.00 (a 1.60% total return on the securities).
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