Obbligazione UBSL 10.8% ( US90270KU494 ) in USD

Emittente UBSL
Prezzo di mercato 100 USD  ⇌ 
Paese  Svizzera
Codice isin  US90270KU494 ( in USD )
Tasso d'interesse 10.8% per anno ( pagato 2 volte l'anno)
Scadenza 30/11/2022 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione UBS (London Branch) US90270KU494 in USD 10.8%, scaduta


Importo minimo 1 000 USD
Importo totale 4 809 000 USD
Cusip 90270KU49
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.

L'obbligazione US90270KU494 emessa da UBS (London Branch) in Svizzera, con un valore nominale di 4.809.000 USD, tasso di interesse del 10,8%, scadenza al 30/11/2022, cedola semestrale, e taglio minimo di 1.000 USD, è giunta a scadenza ed è stata rimborsata al 100%.







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424B2 1 ub54382396-424b2.htm PS - NOVEMBER 25 BAC CRM NKE LOF TACYN INCAP (US90270KU494) UBSIC032 [COUPON
MONTHLY, 95% AUTOCALL QUARTERLY]
PRICING SUPPLEMENT

Dated November 25, 2019
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-225551
(To Prospectus dated October 31, 2018
and Product Supplement dated October 31, 2018)
UBS AG $4,809,000 Trigger Autocallable Contingent Yield Notes
Linked to the least performing of the common stock of Bank of America Corporation, the common stock of salesforce.com, inc. and the
common stock of Nike, Inc. about November 30, 2022
Investment Description
UBS AG Trigger Autocal able Contingent Yield Notes (the "Notes") are unsubordinated, unsecured debt securities issued by UBS AG ("UBS" or the
"issuer") linked to the least performing of the common stock of Bank of America Corporation, the common stock of salesforce.com, inc. and the common
stock of Nike, Inc. (each, an "underlying asset" and together, the "underlying assets"). UBS wil pay a contingent coupon on the coupon payment date
only if the closing level of each underlying asset on the applicable contingent coupon observation date (including the final valuation date) is equal to or
greater than its coupon barrier. Otherwise, no contingent coupon wil be paid for the relevant coupon payment date. UBS wil automatical y cal the Notes
early if the closing level of each underlying asset on any autocal observation date (quarterly) is equal to or greater than its cal threshold level, which is a
level of each underlying asset equal to a percentage of its initial level, as indicated below. If the Notes are subject to an automatic cal , UBS wil pay on
the applicable coupon payment date fol owing such autocal observation date (the "cal settlement date") a cash payment per Note equal to your principal
amount plus the contingent coupon otherwise due, and no further payments wil be owed to you under the Notes. If the Notes are not subject to an
automatic cal and the closing level of each underlying asset on the final valuation date (the "final level") is equal to or greater than its downside threshold,
UBS wil pay you a cash payment per Note equal to the principal amount. If, however, the Notes are not subject to an automatic cal and the final level of
any underlying asset is less than its downside threshold, UBS wil pay you a cash payment per Note that is less than the principal amount, if anything,
resulting in a percentage loss on your initial investment equal to the percentage decline in the least performing underlying asset from the trade date to the
final valuation date (the "underlying return") and, in extreme situations, you could lose al of your initial investment. The "least performing underlying
asset" is the underlying asset with the lowest underlying return as compared to any other underlying asset. Investing in the Notes involves significant
risks. You may lose a significant portion or all of your initial investment and may not receive any contingent coupon during the term of the
Notes. You will be exposed to the market risk of each underlying asset on each contingent coupon observation date (including the final
valuation date) and each autocall observation date and any decline in the level of one underlying asset may negatively affect your return and
will not be offset or mitigated by a lesser decline or any potential increase in the level of any other underlying asset. Generally, a higher
contingent coupon rate on a Note is associated with a greater risk of loss and a greater risk that you will not receive contingent coupons over
the term of the Notes. The contingent repayment of principal applies only at maturity. Any payment on the Notes, including any repayment of
principal, is subject to the creditworthiness of UBS. If UBS were to default on its payment obligations you may not receive any amounts owed
to you under the Notes and you could lose all of your initial investment.
Features
Key Dates
· Potential for Periodic Contingent Coupons -- UBS wil pay a
Trade Date*
November 25, 2019
contingent coupon on a coupon payment date only if the closing level
Settlement Date*
November 29, 2019
of each underlying asset is equal to or greater than its coupon barrier
Contingent Coupon
Monthly (see page 4)
on the applicable contingent coupon observation date (including the
Observation Dates**
final valuation date). Otherwise, if the closing level of any underlying
Autocal Observation
asset is less than its coupon barrier on the applicable contingent
Dates**
Quarterly (see page 4)
coupon observation date, no contingent coupon wil be paid for the
Final Valuation Date**
November 25, 2022
relevant coupon payment date.
Maturity Date**
November 30, 2022

· Automatic Call Feature -- UBS wil automatical y cal the Notes and
* We expect to deliver the Notes against payment on the third business
pay you the principal amount of your Notes plus the contingent
day fol owing the trade date. Under Rule 15c6-1 of the Securities
coupon otherwise due on the related coupon payment date if the
Exchange Act of 1934, as amended (the "Exchange Act"), trades in the
closing level of each underlying asset is equal to or greater than its
secondary market general y are required to settle in two business days
cal threshold level on any autocal observation date (quarterly). If the
(T+2), unless the parties to a trade expressly agree otherwise.
Notes were previously subject to an automatic cal , no further
Accordingly, purchasers who wish to trade the Notes in the secondary
payments wil be owed to you under the Notes.
market on any date prior to two business days before delivery of the
· Contingent Repayment of Principal at Maturity with Potential for
Notes wil be required, by virtue of the fact that each Note initial y wil
Full Downside Market Exposure -- If the Notes have not been
settle in three business days (T+3), to specify alternative settlement
subject to an automatic cal and the final level of each underlying
arrangements to prevent a failed settlement of the secondary market
asset is equal to or greater than its downside threshold, UBS wil
trade.
repay you the principal amount per Note at maturity. If, however, the
** Subject to postponement in the event of a market disruption event, as
final level of any underlying asset is less than its downside threshold,
described in the accompanying product supplement.
UBS wil pay you a cash payment per Note that is less than the
principal amount, if anything, resulting in a percentage loss on your
investment equal to the underlying return of the least performing
underlying asset. The contingent repayment of principal applies only if
you hold the Notes to maturity. Any payment on the Notes including
any repayment of principal, is subject to the creditworthiness of UBS.
Notice to investors: the Notes are significantly riskier than conventional debt instruments. The issuer is not necessarily obligated to repay the
principal amount of the Notes at maturity, and the Notes may have the same downside market risk as the least performing underlying asset.
This market risk is in addition to the credit risk inherent in purchasing a debt obligation of UBS. You should not purchase the Notes if you do
not understand or are not comfortable with the significant risks involved in investing in the Notes.
You should carefully consider the risks described under "Key Risks" beginning on page 5 and under "Risk Factors" beginning on page PS-9
of the accompanying product supplement before purchasing any Notes. Events relating to any of those risks, or other risks and uncertainties,
could adversely affect the market value of, and the return on, your Notes. You may lose a significant portion or all of your initial investment in
the Notes. The Notes will not be listed or displayed on any securities exchange or any electronic communications network.
Note Offering
These terms relate to the Notes we are offering.
Underlying Asset
Bloomberg Contingent Initial Levels Call Threshold
Downside
Coupon Barriers
CUSIP
ISIN
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Ticker
Coupon Rate
Levels
Thresholds
Common stock of Bank
BAC
$33.47
$31.80, which is
$20.08, which
$20.08, which is
of America Corporation
95.00% of the
is 60.00% of
60.00% of the
Initial Level
the Initial Level Initial Level
Common stock of
CRM
$161.71
$153.62, which is $97.03, which
$97.03, which is
10.80% per
salesforce.com, inc.
95.00% of the
is 60.00% of
60.00% of the
90270KU49 US90270KU494
annum
Initial Level
the Initial Level Initial Level
Common stock of Nike,
NKE
$92.90
$88.26, which is
$55.74, which
$55.74, which is
Inc.
95.00% of the
is 60.00% of
60.00% of the
Initial Level
the Initial Level Initial Level
The estimated initial value of the Notes as of the trade date is expected to be between $961.00. The estimated initial value of the Notes was determined
as of the close of the relevant markets on the date hereof by reference to UBS' internal pricing models, inclusive of the internal funding rate. For more
information about secondary market offers and the estimated initial value of the Notes, see "Key Risks -- Fair value considerations" and "-- Limited or no
secondary market and secondary market price considerations" on page 6 of this supplement.
See "Additional Information about UBS and the Notes" on page ii. The Notes will have the terms set forth in the accompanying product
supplement relating to the Notes, dated October 31, 2018, the accompanying prospectus and this document. Neither the Securities and
Exchange Commission nor any other regulatory body has approved or disapproved of these Notes or passed upon the adequacy or accuracy
of this document, the accompanying product supplement or the accompanying prospectus. Any representation to the contrary is a criminal
offense.
The Notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.
Offering of Notes
Issue Price to Public
Underwriting Discount(1)(2)
Proceeds to UBS AG(1)(2)

Total
Per Note
Total
Per Note
Total
Per Note
Notes linked to the least performing of the common stock of
Bank of America Corporation, the common stock of
$4,809,000.00
$1,000.00
$168,315.00
$35.00
$4,640,685.00
$965.00
salesforce.com, inc. and the common stock of Nike, Inc.
(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 $965.00 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 al of the underwriting discount.
(2) Our affiliate, UBS Securities LLC, wil receive an underwriting discount of $35.00 per principal amount for each Note sold in this offering. UBS
Securities LLC has agreed to re-al ow the ful amount of this discount to one or more third party dealers. Certain of such third-party dealers may
resel 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.
UBS Securities LLC
UBS Investment Bank

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Additional Information about UBS and the Notes

UBS has filed a registration statement (including a prospectus, as supplemented by 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.
You may access these documents on the SEC website at www.sec.gov as follows:
· Market-Linked Securities product supplement dated October 31, 2018:
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· Prospectus dated October 31, 2018:
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References to "UBS", "we", "our" and "us" refer only to UBS AG and not to its consolidated subsidiaries. In this document, "Trigger
Autocallable Contingent Yield Notes" or the "Notes" refer to the Notes that are offered hereby. Also, references to the "accompanying
product supplement" or "Market-Linked Securities product supplement" mean the UBS product supplement, dated October 31, 2018 and
references to the "accompanying prospectus" mean the UBS prospectus, titled "Debt Securities and Warrants", dated October 31, 2018.
This document, together with the documents listed above, contains the terms of the Notes and supersedes all other prior or
contemporaneous oral statements as well as any other written materials including all other prior pricing terms, correspondence, trade
ideas, structures for implementation, sample structures, brochures or other educational materials of ours. You should carefully consider,
among other things, the matters set forth in "Key Risks" beginning on page 5 and in "Risk Factors" in the accompanying product
supplement, as the Notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal,
tax, accounting and other advisors before deciding to invest in the Notes.
If there is any inconsistency between the terms of the Notes described in the accompanying prospectus, the accompanying product
supplement and this document, the following hierarchy will govern: first, this document; second, the accompanying product 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
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Investor Suitability
The Notes may be suitable for you if:
The Notes may not be suitable for you if:
· You fully understand the risks inherent in an investment in the
· You do not fully understand the risks inherent in an investment
Notes, including the risk of loss of a significant portion or all of
in the Notes, including the risk of loss of a significant portion or
your initial investment.
all of 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
investment in the Notes is linked to the performance of the
asset and not a basket of the underlying assets, that you will
least performing underlying asset and not a basket of the
be exposed to the individual market risk of each underlying
underlying assets, that you will be exposed to the individual
asset on each autocall observation date, contingent coupon
market risk of each underlying asset on each autocall
observation date, and on the final valuation date and that you
observation date, contingent coupon observation date and on
may lose a significant portion or all of your initial investment if
the final valuation date and that you may lose a significant
the closing level of any underlying asset is less than its
portion or all of your initial investment if the closing level of any
downside threshold on the final valuation date.
underlying asset is less than its downside threshold on the final
valuation date.
· You can tolerate a loss of a significant portion or all of your
initial investment and are willing to make an investment that
· You require an investment designed to provide a full return of
may have the same downside market risk as an investment in
principal at maturity.
the least performing underlying asset.
· You cannot tolerate a loss of a significant portion or all of your
· You are willing to receive no contingent coupons and believe
initial investment or are unwilling to make an investment that
the closing level of each underlying asset will be equal to or
may have the same downside market risk as an investment in
greater than its coupon barrier on the specified contingent
the least performing underlying asset.
coupon observation dates and the final level of each
underlying asset will be equal to or greater than its downside
· You are unwilling to receive no contingent coupons during the
threshold on the final valuation date.
term of the Notes and believe that the closing level of at least
one underlying asset will decline during the term of the Notes
· You can accept that the risks of each underlying asset are not
and is likely to be less than its coupon barrier on at least one
mitigated by the performance of any other underlying asset
contingent coupon observation date or that the final level of
and the risks of investing in securities with a return based on
any underlying asset will be less than its downside threshold
the performance of multiple underlying assets.
on the final valuation date.
· You understand and accept that you will not participate in any
· You cannot accept that the risks of each underlying asset are
appreciation of any underlying asset and that your potential
not mitigated by the performance of any other underlying asset
return is limited to any contingent coupons.
or the risks of investing in securities with a return based on the
performance of multiple underlying assets.
· You can tolerate fluctuations in the price of the Notes prior to
maturity that may be similar to or exceed the downside
· You seek an investment that participates in the full
fluctuations in the levels of the underlying assets.
appreciation of the levels of the underlying assets or that has
unlimited return potential.
· You are willing to invest in the Notes based on the contingent
coupon rate, call threshold levels, downside thresholds and
· You cannot tolerate fluctuations in the price of the Notes prior
coupon barriers specified on the cover hereof.
to maturity that may be similar to or exceed the downside
fluctuations in the levels of the underlying assets.
· You do not seek guaranteed current income from your
investment and are willing to forgo any dividends paid on the
· You are unwilling to invest in the Notes based on the
underlying assets.
contingent coupon rate, call threshold levels, downside
thresholds or coupon barriers specified on the cover hereof.
· You are willing to invest in Notes that may be subject to an
automatic call and you are otherwise willing to hold such Notes
· You seek guaranteed current income from this investment or
to maturity and you accept that there may be little or no
prefer to receive any dividends paid on the underlying assets.
secondary market for the Notes.
· You are unable or are unwilling to invest in Notes that may be
· You understand and are willing to accept the single equity risks
subject to an automatic call, you are otherwise unable or
associated with the underlying assets.
unwilling to hold the Notes to maturity or you seek an
investment for which there will be an active secondary market
· You are willing to assume the credit risk of UBS for all
for the Notes.
payments under the Notes, and understand that if UBS
defaults on its obligations you may not receive any amounts
· You do not understand or are unwilling to accept the single
due to you including any repayment of principal.
equity risk associated with the underlying assets.
· You understand that the estimated initial value of the Notes
· You are unwilling to assume the credit risk of UBS for all
determined by our internal pricing models is lower than the
payments under the Notes, including any repayment of
issue price and that should UBS Securities LLC or any affiliate
principal.
make secondary markets for the Notes, the price (not including
their customary bid-ask spreads) will temporarily exceed the
internal pricing model price.
The suitability considerations identified above are not exhaustive. Whether or not the Notes are a suitable investment for you
will depend on your individual circumstances and you should reach an investment decision only after you and your
investment, legal, tax, accounting and other advisors have carefully considered the suitability of an investment in the Notes in
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light of your particular circumstances. You should review "Information About the Underlying Assets " herein for more
information on the underlying assets. You should also review carefully the "Key Risks" section herein for risks related to an
investment in the Notes.
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Final Terms
Issuer:
UBS AG London Branch
Payment at
If the Notes are not subject to an automatic
Principal
$1,000 per Note
Maturity (per call and the final level of each underlying
Amount:
Note):
asset is equal to or greater than its downside
threshold, UBS will pay you a cash payment
Term:
Approximately 3 years, unless subject to an
equal to:
automatic call.
Principal Amount of $1,000
Underlying The common stock of Bank of America
If the Notes are not subject to an automatic
Assets:
Corporation, the common stock of salesforce.com,
call and the final level of any underlying asset
inc. and the common stock of Nike, Inc.
is less than its downside threshold, UBS will
Contingent If the closing level of each underlying asset is
pay you a cash payment that is less than the
Coupon
equal to or greater than its coupon barrier on
principal amount, if anything, equal to:
and
any contingent coupon observation date
$1,000 ´ (1 + Underlying Return of the
Contingent (including the final valuation date), UBS will pay
Least Performing Underlying Asset)
Coupon
you the contingent coupon applicable to such
Rate:
contingent coupon observation date on the related
In such a case, you will suffer a percentage
coupon payment date.
loss on your initial investment equal to the
underlying return of the least performing
If the closing level of any underlying asset is
underlying asset regardless of the underlying
less than its coupon barrier on any contingent
return of any other underlying asset, and in
coupon observation date (including the final
extreme situations, you could lose all of your
valuation date), the contingent coupon applicable
investment.
to such contingent coupon observation date will not
accrue or be payable and UBS will not make any
Least
The underlying asset with the lowest underlying
payment to you on the relevant coupon payment
Performing
return as compared to the other underlying
date.
Underlying
assets.
The contingent coupon is a fixed amount based
Asset:
upon equal periodic installments at the contingent
Underlying
For each underlying asset, the quotient,
coupon rate, which is a per annum rate. The table
Return:
expressed as a percentage, of the following
below sets forth the contingent coupon rate and
formula:
contingent coupon for each Note that will be
Final Level ­ Initial Level
applicable to each contingent coupon observation
Initial Level
date on which the closing level of each underlying
asset is greater than or equal to its coupon barrier.
Call
For each underlying asset, a specified level of

Threshold
the underlying asset that is less than its initial

Contingent Coupon Rate
10.80%
Level:(1)
level, equal to a percentage of its initial level, as

Contingent Coupon
$9.00
indicated on the cover and as determined by the
calculation agent.

Contingent coupons on the Notes are not
guaranteed. UBS will not pay you the contingent
Downside
For each underlying asset, a specified level of
coupon for any contingent coupon observation
Threshold:(1) the underlying asset that is less than its initial
date on which the closing level of any
level, equal to a percentage of its initial level, as
underlying asset is less than its coupon barrier.
indicated on the cover hereof and as determined

by the calculation agent.
Automatic UBS will automatically call the Notes if the closing
Call
level of each underlying asset on any autocall
Coupon
For each underlying asset, a specified level of
Feature:
observation date (quarterly) is equal to or greater
Barrier:(1)
the underlying asset that is less than its initial
than its call threshold level.
level, equal to a percentage of the initial level, as
indicated on the cover hereof and as determined
If the Notes are subject to an automatic call, UBS
by the calculation agent.
will pay you on the corresponding coupon payment
date (which will be the "call settlement date") a cash
Initial Level:
The closing level of each underlying asset on the
payment per Note equal to your principal amount
(1)
trade date, as indicated on the cover hereof and
plus the contingent coupon otherwise due on such
as determined by the calculation agent.
date. Following an automatic call, no further
Final Level:
The closing level of each underlying asset on
payments will be made on the Notes.
(1)
the final valuation date, as determined by the
calculation agent.
(1) As may be adjusted in the case of certain adjustment events
as described under "General Terms of the Securities --
Antidilution Adjustments for Securities Linked to an Underlying
Equity or Equity Basket Asset" and "-- Reorganization Events for
Securities Linked to an Underlying Equity or Equity Basket Asset"
in the accompanying product supplement.
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Investment Timeline
The initial level of each underlying asset is
Trade Date
observed and the final terms of the Notes
are set.
¯


If the closing level of each underlying asset
Each
is equal to or greater than its coupon
Contingent
barrier on a contingent coupon observation
Coupon


date, UBS will pay you a contingent
Observation
coupon on the corresponding coupon
Date
payment date.
¯


If the closing level of each underlying asset
is equal to or greater than its call threshold
Each Autocall
level on any autocall observation date
Observation Date (quarterly), the Notes will be automatically
(quarterly)
called and UBS will pay you on the call
settlement date a cash payment per Note
equal to $1,000 plus the contingent coupon
otherwise due on such date.
¯


If the Notes are not subject to an
automatic call and the final level of each
underlying asset is equal to or greater
than its downside threshold, UBS will pay
you a cash payment equal to:
Principal Amount of $1,000
If the Notes are not subject to an
automatic call and the final level of any
underlying asset is less than its
downside threshold, UBS will pay you a
cash payment that is less than the principal
Maturity Date


amount, if anything, equal to:
$1,000 x (1+ Underlying Return of the
Least Performing Underlying Asset)
In such a case, you will suffer a
percentage
loss
on
your
initial
investment equal to the underlying return
of the least performing underlying asset
regardless of the underlying return of
any other underlying asset and, in
extreme situations, you could lose all of
your initial investment.
Investing in the Notes involves significant risks. You may lose a significant portion or all of your initial investment. Any
payment on the Notes, including any repayment of principal, is subject to the creditworthiness of UBS. If UBS were to default
on its payment obligations, you may not receive any amounts owed to you under the Notes and you could lose all of your
initial investment.
If the Notes are not subject to an automatic call, you may lose a significant portion or all of your initial investment. Specifically,
if the Notes are not subject to an automatic call and the final level of any underlying asset is less than its downside threshold,
you will lose a percentage of your principal amount equal to the underlying return of the least performing underlying asset
and, in extreme situations, you could lose all of your initial investment.
You will be exposed to the market risk of each underlying asset on each autocall observation date, contingent coupon
observation date and on the final valuation date and any decline in the level of one underlying asset may negatively affect your
return and will not be offset or mitigated by a lesser decline or any potential increase in the level of any other underlying asset.
3
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Contingent Coupon Observation Dates, (1) Autocall Observation Dates, (1) Coupon Payment Dates(1)(2) and Potential Call
Settlement Dates (1)(2)
Contingent Coupon
Coupon Payment Dates
Contingent Coupon
Coupon Payment Dates
Observation Dates
Observation Dates
December 26, 2019
December 31, 2019
August 25, 2021*
August 30, 2021
January 27, 2020
January 30, 2020
September 27, 2021
September 30, 2021
February 25, 2020*
February 28, 2020
October 25, 2021
October 28, 2021
March 25, 2020
March 30, 2020
November 26, 2021*
December 1, 2021
April 27, 2020
April 30, 2020
December 27, 2021
December 30, 2021
May 26, 2020*
May 29, 2020
January 25, 2022
January 28, 2022
June 25, 2020
June 30, 2020
February 25, 2022*
March 2, 2022
July 27, 2020
July 30, 2020
March 25, 2022
March 30, 2022
August 25, 2020*
August 28, 2020
April 25, 2022
April 28, 2022
September 25, 2020
September 30, 2020
May 25, 2022*
May 31, 2022
October 26, 2020
October 29, 2020
June 27, 2022
June 30, 2022
November 25, 2020*
December 1, 2020
July 25, 2022
July 28, 2022
December 28, 2020
December 31, 2020
August 25, 2022*
August 30, 2022
January 25, 2021
January 28, 2021
September 26, 2022
September 29, 2022
February 25, 2021*
March 2, 2021
October 25, 2022
October 28, 2022
March 25, 2021
March 30, 2021
Final Valuation Date
Maturity Date
April 26, 2021
April 29, 2021


May 25, 2021*
May 28, 2021


June 25, 2021
June 30, 2021


July 26, 2021
July 29, 2021


*
This date is also an autocall observation date. The Notes are not callable until the first potential call settlement date, which
is February 28, 2020.
(1) Subject to the market disruption event provisions set forth in the accompanying product supplement.
(2) 3 business days following each contingent coupon observation date, except that the coupon payment date for the final valuation
date is the maturity date.
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Key Risks
An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing directly in the least
performing underlying asset. Some of the risks that apply to the Notes are summarized below, but we urge you to read the
more detailed explanation of risks relating to the Notes in the "Risk Factors" section of the accompanying product
supplement. We also urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the
Notes.
· Risk of loss at maturity -- The Notes differ from ordinary debt securities in that UBS will not necessarily make periodic coupon
payments or repay the principal amount of the Notes at maturity. If the Notes are not subject to an automatic call and the final level of
any underlying asset is less than its downside threshold, you will lose a percentage of your principal amount equal to the underlying
return of the least performing underlying asset and, in extreme situations, you could lose all of your initial investment.
· The contingent repayment of principal applies only at maturity -- You should be willing to hold your Notes to maturity. If you are
able to sell your Notes prior to an automatic call or maturity in the secondary market, you may have to sell them at a loss relative to
your initial investment even if the level of each underlying asset is equal to or greater than its downside threshold. All payments on the
Notes are subject to the creditworthiness of UBS.
· You may not receive any contingent coupons with respect to your Notes -- UBS will not necessarily make periodic coupon
payments on the Notes. UBS will pay a contingent coupon for each contingent coupon observation date on which the closing level of
each underlying asset is equal to or greater than its coupon barrier. If the closing level of any underlying asset is less than its coupon
barrier on any contingent coupon observation date, UBS will not pay you the contingent coupon applicable to such contingent coupon
observation date. If the closing level of any underlying asset is less than its coupon barrier on each of the contingent coupon
observation dates, UBS will not pay you any contingent coupons during the term of, and you will not receive a positive return on, your
Notes. Generally, this non-payment of the contingent coupon coincides with a period of greater risk of principal loss on your Notes.
· Your potential return on the Notes is limited to the contingent coupons and you will not participate in any appreciation of
any underlying asset -- The return potential of the Notes is limited to the pre-specified contingent coupon rate, regardless of any
appreciation of any underlying asset. In addition, your return on the Notes will vary based on the number of contingent coupon
observation dates, if any, on which the requirements of the contingent coupon have been met prior to maturity or an automatic call.
Further, if the Notes are subject to an automatic call, you will not receive any contingent coupons or any other payment in respect of
any contingent coupon observation dates after the applicable call settlement date. Because the Notes may be subject to an automatic
call as early as the first potential call settlement date, the total return on the Notes could be less than if the Notes remained
outstanding until maturity. Furthermore, if the Notes are not subject to an automatic call, you may be subject to the decline of the least
performing underlying asset even though you cannot participate in any appreciation of any underlying asset. As a result, the return on
an investment in the Notes could be less than the return on a direct investment in any or all of the underlying assets. In addition, as an
owner of the Notes, you will not have voting rights or any other rights of a holder of any underlying asset.
· A higher contingent coupon rate or lower downside thresholds or coupon barriers may reflect greater expected volatility of
the underlying assets, and greater expected volatility generally indicates an increased risk of loss at maturity -- The
economic terms for the Notes, including the contingent coupon rate, call threshold levels, coupon barriers and downside thresholds,
are based, in part, on the expected volatility of each underlying asset at the time the terms of the Notes were set. "Volatility" refers to
the frequency and magnitude of changes in the level of each underlying asset. The greater the expected volatility of each underlying
asset as of the trade date, the greater the expectation is as of that date that the closing level of each underlying asset could be less
than its coupon barrier on any contingent coupon observation date, its call threshold level on any autocall observation date and that
the final level of at least one underlying asset could be less than its downside threshold on the final valuation date and, as a
consequence, indicates an increased risk of not receiving a contingent coupon and an increased risk of loss, respectively. All things
being equal, this greater expected volatility will generally be reflected in a higher contingent coupon rate than the yield payable on our
conventional debt securities with a similar maturity or on otherwise comparable securities, and/or lower downside thresholds and/or
coupon barriers than those terms on otherwise comparable securities. Therefore, a relatively higher contingent coupon rate may
indicate an increased risk of loss. Further, relatively lower downside 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 asset and the potential to lose a significant portion or all of your
initial investment.
· Reinvestment risk -- The Notes will be subject to an automatic call if the closing level of each underlying asset is equal to or greater
than its call threshold level on any autocall observation date as set forth under "Contingent Coupon Observation Dates, Autocall
Observation Dates, Coupon Payment Dates and Potential Call Settlement Dates" above. Because the Notes could be subject to an
automatic call as early as the first autocall observation date, the term of your investment may be limited. In the event that the Notes
are subject to an automatic call, there is no guarantee that you would be able to reinvest the proceeds at a comparable return and/or
with a comparable contingent coupon rate for a similar level of risk. In addition, to the extent you are able to reinvest such proceeds in
an investment comparable to the Notes, you may incur transaction costs such as dealer discounts and hedging costs built into the
price of the new securities. Generally, however, the longer the Notes remain outstanding, the less likely the Notes will be subject to an
automatic call due to the decline in the level of an underlying asset and the shorter time remaining for the level of any such underlying
asset to recover. Such periods generally coincide with a period of greater risk of principal loss on your Notes.
· You are exposed to the market risk of each underlying asset -- Your return on the Notes is not linked to a basket consisting of the
underlying assets. Rather, it will be contingent upon the performance of each individual underlying asset. Unlike an instrument with a
return linked to a basket of common stocks or other underlying securities, in which risk is mitigated and diversified among all of the
components of the basket, you will be exposed equally to the risks related to each underlying asset. Poor performance by any
underlying asset over the term of the Notes will negatively affect your return and will not be offset or mitigated by a positive
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performance by any other underlying asset. For instance, you may receive a negative return equal to the underlying return of the least
performing underlying asset if the closing level of one underlying asset is less than its downside threshold on the final valuation date,
even if the underlying return of any other underlying asset is positive or has not declined as much. Accordingly, your investment is
subject to the market risk of each underlying asset.
· Because the Notes are linked to the least performing underlying asset, you are exposed to a greater risk of no contingent
coupons and losing a significant portion or all of your initial investment at maturity than if the Notes were linked to fewer
underlying assets or a single underlying asset -- 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 fewer underlying assets or a single underlying asset. With more underlying assets, it is
more likely that the closing level of any underlying asset will be less than its coupon barrier on any contingent coupon observation
date, its call threshold level on any autocall observation date or will decline to a closing level that is less than its downside threshold
than if the Notes were linked to fewer underlying assets or a single underlying asset.
In addition, the lower the correlation is between the performance of a pair of underlying assets, the more likely it is that one of the
underlying assets will decline in value to a closing level or final level, as applicable, that is less than its call threshold level, coupon
barrier or downside threshold on any autocall observation date, contingent coupon observation date or on the final valuation date,
respectively. Although the correlation of the underlying assets' performance may change over the term of the Notes, the economic
terms of the Notes, including the contingent coupon rate, call threshold levels, downside thresholds and coupon barriers are
determined, in part, based on the correlation of the underlying assets' performance calculated using our internal models at the time
when the terms of the Notes are finalized. All things being equal, a higher contingent coupon rate and lower downside threshold and
coupon barrier is generally associated with lower correlation of the underlying assets. Therefore, if the performance of a pair of
underlying assets is not correlated to each other or is negatively correlated, the risk that you will not receive any contingent coupons
or that the final level of any underlying asset is less than its downside threshold will occur is even greater despite a lower downside
threshold and coupon barrier. Therefore, it is more likely that you will not receive any contingent coupons and that you will lose a
significant portion or all of your initial investment at maturity.
· Credit risk of UBS -- The Notes are unsubordinated, unsecured debt obligations of UBS and are not, either directly or indirectly, an
obligation of any third party. Any payment to be made on the Notes, including any repayment of principal, depends on the ability of
UBS to satisfy its obligations as they come due. As a result, UBS's actual and perceived creditworthiness may affect the market value
of the Notes. If UBS were to default on its obligations, you may not receive any amounts owed to you under the terms of the Notes
and you could lose all of your initial investment.
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