Obbligazione UBSL 8% ( US90281G4516 ) in USD

UBSL

100 USD ▲

Svizzera

US90281G4516 ( in USD )

8% per anno ( pagato 2 volte l'anno)

02/02/2023 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione UBS (London Branch) US90281G4516 in USD 8%, scaduta

1 000 USD

8 618 000 USD

90281G451

N/A

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 US90281G4516, pays a coupon of 8% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 02/02/2023

424B2 1 ub54639589-424b2.htm FORM 424B2
PRICING SUPPLEMENT

Dated January 29, 2020
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 Trigger Autocallable Contingent Yield Notes
UBS AG $12,776,500 linked to the common stock of Bank of America Corporation due February 2, 2023
UBS AG $8,618,000 linked to the common stock of CVS Health Corporation due February 2, 2023
I nve st m e nt De sc ript ion
UBS AG Trigger Autocallable Contingent Yield Notes (the "Notes") are unsubordinated, unsecured debt securities issued by UBS AG ("UBS" or the "issuer")
linked to the performance of the common stock of a specific company (the "underlying asset"). UBS will pay a contingent coupon on a coupon payment date
only if the closing level of the underlying asset on the applicable observation date (including the final valuation date) is equal to or greater than the coupon
barrier. Otherwise, no contingent coupon will be paid for the relevant coupon payment date. UBS will automatically call the Notes early if the closing level of
the underlying asset on any observation date (quarterly, beginning after 6 months) prior to the final valuation date is equal to or greater than the initial level.
If the Notes are subject to an automatic call, UBS will pay on the applicable coupon payment date following such observation date (the "call settlement date")
a cash payment per Note equal to your principal amount plus the contingent coupon otherwise due, and no further payments will be owed to you under the
Notes. If the Notes are not subject to an automatic call and the closing level of the underlying asset on the final valuation date (the "final level") is equal to or
greater than the downside threshold, UBS will pay you a cash payment per Note equal to the principal amount. If, however, the Notes are not subject to an
automatic call and the final level is less than the downside threshold, 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 percentage decline in the underlying asset from the trade date to the final
valuation date (the "underlying return") and, in extreme situations, you could lose 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 a nd m a y not re c e ive a ny c ont inge nt
c oupon during t he t e rm of t he N ot e s. Ge ne ra lly, a highe r c ont inge nt c oupon ra t e on a N ot e is a ssoc ia t e d w it h a gre a t e r risk
of loss a nd a gre a t e r risk t ha t you w ill not re c e ive c ont inge nt c oupons ove r t he t e rm of t he N ot e s. T he c ont inge nt re pa ym e nt
of princ ipa l a pplie s only a t m a t urit y. 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 t he issue r. 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 29, 2020
contingent coupon on a coupon payment date only if the closing level of
Settlement Date
January 31, 2020
the underlying asset is equal to or greater than the coupon barrier on
Observation Dates*
Quarterly (callable after 6 months) (see page 4)
the applicable observation date (including the final valuation date). If,
Final Valuation Date*
January 30, 2023
however, the closing level of the underlying asset is less than the
Maturity Date*
February 2, 2023
coupon barrier on the applicable observation date, no contingent
* Subject to postponement in the event of a market disruption event, as
coupon will be paid for the relevant coupon payment date.
described in the accompanying product supplement.
Automatic Call Feature -- UBS will automatically call the Notes

and pay you the principal amount of your Notes plus the contingent
coupon otherwise due on the related coupon payment date if the
closing level of the underlying asset is equal to or greater than the initial
level on any observation date (quarterly, beginning after 6 months) prior
to the final valuation date. If the Notes were previously subject to an
automatic call, no further payments will be owed to you under the
Notes.
Contingent Repayment of Principal at Maturity w ith
Pot e nt ia l for Full Dow nside M a rk e t Ex posure -- If by maturity
the Notes have not been subject to an automatic call and the final level
of the underlying asset is equal to or greater than the downside
threshold, UBS will repay you the principal amount per Note at maturity.
If, however, the final level of the underlying asset is less than the
downside threshold, 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 investment equal to the underlying return. The contingent
repayment of principal applies only if you hold the Notes to maturity. Any
payment on the Notes, including any repayment of principal, is subject
to the creditworthiness of UBS.
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 t he princ ipa l a m ount of 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 risk a s
t he unde rlying a sse t . 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
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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 c om m unic a t ions ne t w ork .
N ot e Offe rings
These terms relate to the separate Note offerings listed below. Each of the Notes is linked to a different underlying asset and each of the Notes has its own
contingent coupon rate, initial level, downside threshold and coupon barrier. Each of the Notes is offered at a minimum investment of 100 Notes at $10 per
Note (representing a $1,000 investment), and integral multiples of $10 in excess thereof. The performance of each Note will not depend on the
performance of any other Note.
Cont inge nt
Bloom be rg
Coupon
I nit ia l
Dow nside
Coupon
U nde rlying Asse t
T ic k e r
Ra t e
Le ve l
T hre shold
Ba rrie r
CU SI P
I SI N
$23.57, which is
$23.57, which is
Common stock of Bank of
8.00% per
BAC
$33.01
71.40% of the Initial
71.40% of the Initial
90281G444 US90281G4441
America Corporation
annum
Level
Level
$48.57, which is
$48.57, which is
Common stock of CVS Health
8.00% per
CVS
$70.55
68.85% of the Initial
68.85% of the Initial
90281G451 US90281G4516
Corporation
annum
Level
Level
The estimated initial value of the Notes as of the trade date is (i) $9.783 for Notes linked to the common stock of Bank of America Corporation and (ii)
$9.824 for Notes linked to the common stock of CVS Health Corporation. 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" beginning on page 6 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 a c c om pa nying produc t supple m e nt or t he 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.
Offe ring of N ot e s
I ssue Pric e t o Public
U nde rw rit ing Disc ount
Proc e e ds t o U BS AG

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 common stock of Bank of America
$12,776,500.00
$10.00
$255,530.00
$0.20
$12,520,970.00
$9.80
Corporation
Notes linked to the common stock of CVS Health Corporation $8,618,000.00
$10.00
$172,360.00
$0.20
$8,445,640.00
$9.80
U BS Fina nc ia l Se rvic e s I nc .
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 a product supplement for the Notes) with the Securities and
Exchange Commission (the "SEC"), for the Notes to which this document relates. Before you invest, you should read these documents and any
other documents related to the Notes that UBS has filed with the SEC for more complete information about UBS and the Notes. You may obtain
these documents for free from the SEC website at www.sec.gov. Our Central Index Key, or CIK, on the SEC website is 0001114446.
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
¨
Prospectus dated October 31, 2018:
http://www.sec.gov/Archives/edgar/data/1114446/000119312518314003/d612032d424b3.htm
References to "UBS", "we", "our" and "us" refer only to UBS AG and not to its consolidated subsidiaries. In this document, "Trigger Autocallable
Contingent Yield Notes" or the "Notes" refer to two different Notes that are offered hereby. Also, references to the "accompanying 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" beginning on page PS-9 in the accompanying product supplement, as
the Notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and
other advisors before deciding to invest in the Notes.
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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

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 can tolerate a loss of a significant portion or all of your initial
¨ You require an investment designed to provide a full return of
investment and are willing to make an investment that may have
principal at maturity.
the same downside market risk as an investment in the underlying
¨ You cannot tolerate a loss of all or a significant portion of your
asset.
investment or you are not willing to make an investment that may
¨ You are willing to receive no contingent coupons and believe the
have the same downside market risk as an investment in the
closing level of the underlying asset will be equal to or greater than
underlying asset.
the coupon barrier on the specified observation dates and that the
¨ You believe that the level of the underlying asset will decline
final level will be equal to or greater than the downside threshold
during the term of the Notes and that the closing level is likely to
on the final valuation date.
be less than the coupon barrier on the specified observation dates
¨ You understand and accept that you will not participate in any
or less than the downside threshold on the final valuation date.
appreciation of the underlying asset and that your potential return
¨ You seek an investment that participates in the appreciation of the
is limited to any contingent coupons.
underlying asset or that has unlimited return potential.
¨ You can tolerate fluctuations in the price of the Notes prior to
¨ You cannot tolerate fluctuations in the price of the Notes prior to
maturity that may be similar to or exceed the downside fluctuations
maturity that may be similar to or exceed the downside fluctuations
in the level of the underlying asset.
of the underlying asset.
¨ You are willing to invest in the Notes based on the contingent
¨ You are unwilling to invest in the Notes based on the contingent
coupon rate, downside threshold and coupon barrier specified on
coupon rate, downside threshold or coupon barrier specified on the
the cover hereof.
cover hereof.
¨ You do not seek guaranteed current income from your investment
¨ You seek guaranteed current income from your investment or are
and are willing to forgo any dividends paid on the underlying asset.
unwilling to forgo any dividends paid on the underlying asset.
¨ You are willing to invest in Notes that may be subject to an
¨ You do not understand or accept the single equity risk associated
automatic call and you are otherwise willing to hold such Notes to
with the Notes or do not understand or are unwilling to accept the
maturity and you accept that there may be little or no secondary
risks associated with the underlying asset.
market for the Notes.
¨ You are unable or unwilling to invest in Notes that may be subject
¨ You understand and accept the single equity risk associated with
to an automatic call, you are otherwise unable or unwilling to hold
the Notes and understand and are willing to accept the risks
the Notes to maturity or you seek an investment for which there
associated with the underlying asset.
will be an active secondary market.
¨ 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
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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 Asse t " he re in for m ore inform a t ion on t he unde rlying a sse t s. Y ou should a lso re vie w c a re fully t he "K e y
Risk s" se c t ion 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 for Ea c h Offe ring of t he N ot e s
Issuer
UBS AG London Branch
Automatic Call
UBS will automatically call the Notes if the closing
Principal
$10 per Note
Feature
level of the underlying asset on any observation
Amount
date (quarterly, beginning after six months) prior
to the final valuation date is equal to or greater
Term
Approximately 36 months, unless subject to an
than the initial level.
automatic call.
If the Notes are subject to an automatic call, UBS
Underlying
The common stock of a specific company, as
will pay you on the corresponding coupon
Asset
indicated on the cover hereof.
payment date (which will be the "call settlement
Contingent
I f t he c losing le ve l of t he unde rlying
date") a cash payment per Note equal to your
Coupon &
a sse t is e qua l t o or gre a t e r t ha n the
principal amount plus the contingent coupon
Contingent
c oupon ba rrie r on a ny obse rva t ion da t e
otherwise due on such date (the "call settlement
Coupon Rate
(inc luding t he fina l va lua t ion da t e ), UBS
amount"). Following an automatic call, no further
will pay you the contingent coupon applicable to
payments will be made on the Notes.
such observation date.
Payment at
I f t he N ot e s a re not subje c t t o a n
I f t he c losing le ve l of t he unde rlying
Maturity (per
a ut om a t ic c a ll a nd t he fina l le ve l is
a sse t is le ss t ha n t he c oupon ba rrie r on
Note)
e qua l t o or gre a t e r t ha n t he dow nside
a ny obse rva t ion da t e (inc luding t he fina l
t hre shold, UBS will pay you a cash payment
va lua t ion da t e ), the contingent coupon
equal to:
applicable to such observation date will not accrue
Principal Amount of $10
or be payable and UBS will not make
any
I f t he N ot e s a re not subje c t t o a n
payment to you on the relevant coupon payment
a ut om a t ic c a ll a nd t he fina l le ve l is le ss
date.
t ha n t he dow nside t hre shold, UBS will pay
The contingent coupon is a fixed amount based
you a cash payment that is less than the principal
upon equal periodic installments at the contingent
amount, if anything, equal to:
coupon rate, which is a per annum rate. The table
$10 ´ (1 + Underlying Return)
below sets forth the contingent coupon rate and
contingent coupon for each Note that would be
I n suc h a c a se , you w ill suffe r a
applicable to each observation date on which the
pe rc e nt a ge loss on your init ia l
closing level of the underlying asset is equal to or
inve st m e nt e qua l t o t he unde rlying
greater than the coupon barrier.
re t urn a nd, in e x t re m e sit ua t ions, you

c ould lose a ll of your init ia l inve st m e nt .

Ba nk of
CV S H e a lt h

Am e ric a
Corpora t ion
Underlying
The quotient, expressed as a percentage, of the
Corpora t ion
Return
following formula:
Cont inge nt Coupon
8.00%
8.00%

Final Level Initial Level
Ra t e
Initial Level
Cont inge nt Coupon
$0.20
$0.20

Downside
A specified level of the underlying asset that is
Threshold(1)
less than the initial level, equal to a percentage of

Cont inge nt c oupons on t he N ot e s a re
the initial level, as specified on the cover hereof.
not gua ra nt e e d. U BS w ill not pa y you
t he c ont inge nt c oupon for a ny
Initial Level(1)
The closing level of the underlying asset on the
obse rva t ion da t e on w hic h t he c losing
trade date, as specified on the cover hereof.
le ve l of t he unde rlying a sse t is le ss t ha n
Final Level(1)
The closing level of the underlying asset on the
t he c oupon ba rrie r.
final valuation date.

Coupon
A specified level of the underlying asset that is
(1) As determined by the calculation agent and as may be adjusted in
Barrier(1)
less than the initial level, equal to a percentage of
the case of certain adjustment events as described under "General
the initial level, as specified on the cover hereof.
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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2

I nve st m e nt T im e line
The initial level of the underlying asset is observed
T ra de Da t e
and the final terms of the Notes are set.
¯

If the closing level is equal to or greater than the
coupon barrier on any observation date (including
the final valuation date), UBS will pay you a
contingent coupon on the applicable coupon
payment date.
The Notes will be subject to an automatic call if the
Obse rva t ion
closing level of the underlying asset on any
Da t e s
observation date (quarterly, beginning after six
(Qua rt e rly,
months) prior to the final valuation date is equal to
c a lla ble a ft e r six
or greater than the initial level.
m ont hs)
If the Notes are subject to an automatic call UBS
will pay you a cash payment per Note equal to your
principal amount plus the contingent coupon
otherwise due on such date. Following an
automatic call, no further payments will be made
on the Notes.
¯

The final level is observed on the final valuation
date and the underlying return of the underlying
asset is calculated.
I f t he N ot e s a re not subje c t t o a n
a ut om a t ic c a ll a nd t he fina l le ve l is e qua l
t o or gre a t e r t ha n t he dow nside
t hre shold, UBS will pay you a cash payment per
Note equal to:
Principal Amount of $10
I f t he N ot e s a re not subje c t t o a n
M a t urit y Da t e
a ut om a t ic c a ll a nd t he fina l le ve l is le ss
t ha n t he dow nside t hre shold, UBS will pay
you a cash payment per Note that is less than the
principal amount, if anything, equal to:
$10 ´ (1 + Underlying Return)
I n suc h a c a se , you w ill suffe r a
pe rc e nt a ge loss on your init ia l
inve st m e nt e qua l t o t he unde rlying re t urn
a nd, in e x t re m e sit ua t ions, you c ould
lose a ll of your init ia l inve st m e nt .

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 .
I f t he N ot e s a re not subje c t t o a n a ut om a t ic c a ll, you m a y lose a signific a nt port ion or a ll of your init ia l inve st m e nt .
Spe c ific a lly, if t he N ot e s a re not subje c t t o a n a ut om a t ic c a ll a nd t he fina l le ve l is le ss t ha n t he dow nside
t hre shold, you w ill lose a pe rc e nt a ge of your princ ipa l a m ount e qua l t o t he unde rlying re t urn a nd, in e x t re m e
sit ua t ions, you c ould lose a ll of your init ia l inve st m e nt .

3

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Obse rva t ion Da t e s(1)(2) a nd Coupon Pa ym e nt Da t e s(1)(2)(3)
Coupon
Coupon
Coupon
Obse rva t ion Da t e s
Pa ym e nt Da t e s
Obse rva t ion Da t e s
Pa ym e nt Da t e s
Obse rva t ion Da t e s
Pa ym e nt Da t e s
April 29, 2020*
May 1, 2020*
April 29, 2021
May 4, 2021
April 29, 2022
May 4, 2022
July 29, 2020*
July 31, 2020
July 29, 2021
August 2, 2021
July 29, 2022
August 2, 2022
October 29, 2020
November 2, 2020
October 29, 2021
November 2, 2021
October 31, 2022
November 2, 2022
January 29, 2021
February 2, 2021
January 31, 2022
February 2, 2022
Final Valuation Date
Maturity Date
*
The Notes are not callable until the first potential call settlement date, which is July 31, 2020.
(1)
Subject to the market disruption event provisions set forth in the accompanying product supplement.
(2)
If you are able to sell the Notes in the secondary market on an observation date, the purchaser of the Notes will be deemed to be the record
holder on the applicable record date and, therefore, you will not be entitled to any payment attributable to that observation date.
(3)
Two business days following each 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 asset. 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 make periodic coupon
payments or repay the principal amount of the Notes at maturity. If the Notes are not subject to an automatic call and the final level is less
than the downside threshold, you will lose a percentage of your principal amount equal to the underlying return and, in extreme situations, you
could lose all of your initial investment.
¨ T he c ont inge nt re pa ym e nt of princ ipa l a pplie s only a t 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 an automatic call or maturity in the secondary market, you may have to sell them at a loss relative to your
initial investment even if the then-current level of the underlying asset at that time is equal to or greater than the downside threshold. All
payments on the Notes are subject to the creditworthiness of UBS.
¨ 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. UBS will pay a contingent coupon for each observation date on which the closing level of the underlying asset is
equal to or greater than the coupon barrier. If the closing level of the underlying asset is less than the coupon barrier on any observation date,
UBS will not pay you the contingent coupon applicable to such observation date. If the closing level of the underlying asset is less than the
coupon barrier on each of the observation dates, UBS will not pay you any contingent coupons during the term of, and you will not receive a
positive return on, your Notes. Generally, this non-payment of the contingent coupon coincides with a period of greater risk of principal loss on
your Notes.
¨ 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 a nd you w ill not pa rt ic ipa t e in a ny
a ppre c ia t ion of t he unde rlying a sse t -- The return potential of the Notes is limited to the pre-specified contingent coupon rate,
regardless of any appreciation of the underlying asset. In addition, your return on the Notes will vary based on the number of observation
dates, if any, in which the requirements of the contingent coupon have been met prior to maturity or an automatic call. Further, if the Notes are
subject to an automatic call, you will not receive any contingent coupons or any other payment in respect of any observation dates after the
applicable call settlement date. Because the Notes may be subject to an automatic call as early as the first potential call settlement date, the
total return on the Notes could be less than if the Notes remained outstanding until maturity. Furthermore, if the Notes are not subject to an
automatic call, you may be subject to the decline of the underlying asset even though you cannot participate in any appreciation of the
underlying asset. As a result, the return on an investment in the Notes could be less than the return on a direct investment in the underlying
asset. In addition, as an owner of the Notes, you will not have voting rights or any other rights of a holder of the underlying asset.
¨ A highe r c ont inge nt c oupon ra t e or low e r dow nside t hre shold or c oupon ba rrie r m a y re fle c t gre a t e r e x pe c t e d
vola t ilit y of t he unde rlying a sse t , 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 barrier and downside threshold, are based, in
part, on the expected volatility of the underlying asset at the time the terms of the Notes were set. "Volatility" refers to the frequency and
magnitude of changes in the level of the underlying asset. The greater the expected volatility of the underlying asset as of the trade date, the
greater the expectation is as of that date that the closing level of the underlying asset could be less than the coupon barrier on any
observation date and that the final level of the underlying asset could be less than the downside threshold on the final valuation date and, as a
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consequence, indicates an increased risk of not receiving a contingent coupon and an increased risk of loss, respectively. All things being
equal, this greater expected volatility will generally be reflected in a higher contingent coupon rate than the yield payable on our conventional
debt securities with a similar maturity or on otherwise comparable securities, and/or a lower downside threshold and/or coupon barrier than
those terms on otherwise comparable securities. Therefore, a relatively higher contingent coupon rate may indicate an increased risk of loss.
Further, a relatively lower downside threshold and/or coupon barrier may not necessarily indicate that the Notes have a greater likelihood of a
return of principal at maturity and/or paying contingent coupons. You should be willing to accept the downside market risk of the underlying
asset and the potential to lose a significant portion or all of your initial investment.
¨ Re inve st m e nt risk -- The Notes will be subject to an automatic call if the closing level of the underlying asset is equal to or greater than
the initial level on certain observation dates prior to the final valuation date, as set forth under "Observation Dates and Coupon Payment
Dates" above. Because the Notes could be subject to an automatic call, the term of your investment may be limited. In the event that the
Notes are subject to an automatic call, there is no guarantee that you would be able to reinvest the proceeds at a comparable return and/or
with a comparable contingent coupon rate for a similar level of risk. In addition, to the extent you are able to reinvest such proceeds in an
investment comparable to the Notes, you may incur transaction costs such as dealer discounts and hedging costs built into the price of the
new securities. Generally, however, the longer the Notes remain outstanding, the less likely the Notes will be subject to an automatic call due
to the decline in the level of the underlying asset and the shorter time remaining for the level of the underlying asset to recover. Such periods
generally coincide with a period of greater risk of principal loss on your Notes.
¨ Cre dit risk 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 of UBS 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.

5

¨ Single e quit y risk -- The level of the underlying asset can rise or fall sharply due to factors specific to that underlying asset and the issuer
of such underlying asset (the "underlying asset issuer"), such as stock 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 market
volatility and levels, interest rates and economic and political conditions. You, as an investor in the Notes, should make your own investigation
into the underlying asset issuer and the underlying asset for your Notes. For additional information regarding the underlying asset issuer,
please see "Information about the Underlying Asset" in this document and the underlying asset issuer's SEC filings referred to in that section.
We urge you t o re vie w fina nc ia l a nd ot he r inform a t ion file d pe riodic a lly by t he a pplic a ble unde rlying a sse t issue r
w it h t he SEC.
¨ 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 costs and projected profits. As of the close of the relevant markets on the trade date, we have determined
the estimated initial value of the Notes by reference to our internal pricing models and it is set forth in this pricing supplement. The
pricing models used to determine the estimated initial value of the Notes incorporate certain variables, including the level and
volatility of the underlying asset, any expected dividends on the underlying asset, prevailing interest rates, the term of the Notes and
our internal funding rate. Our internal funding rate is typically lower than the rate we would pay to issue conventional fixed or floating
rate debt securities of a similar term. The underwriting discount, hedging costs, issuance costs, projected profits and the difference in
rates will reduce the economic value of the Notes to you. Due to these factors, the estimated initial value of the Notes as of the trade
date is less than the issue price you pay for the Notes.
¨
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 "--Single equity
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.
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¨ 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
debt securities. UBS Financial Services Inc. and UBS Securities LLC reflect this temporary positive differential on their customer
statements. Investors should inquire as to the valuation provided on customer account statements provided by unaffiliated dealers.

6

¨
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 level of the underlying asset; the volatility of
the underlying asset; any dividends paid on the underlying asset; 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; whether the
underlying asset is currently or has been less than the coupon barrier; the availability of comparable instruments; and 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 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 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 level of the underlying asset will rise or fall and there can be no assurance that the closing level of
the underlying asset will be equal to or greater than the coupon barrier on any observation date, or, if the Notes are not subject to an
automatic call, that the final level will be equal to or greater than the downside threshold. The level of the underlying asset will be influenced by
complex and interrelated political, economic, financial and other factors that affect the underlying asset issuer. You should be willing to accept
the downside risks of owning equities in general and the underlying asset in particular, and the risk of losing a significant portion or all of your
initial investment.
¨ T he re is no a ffilia t ion be t w e e n t he unde rlying a sse t issue r a nd U BS, a nd U BS is not re sponsible for a ny disc losure
by suc h issue r -- We are not affiliated with the underlying asset issuer. However, we and our affiliates may currently, or from time to time in
the future engage in business with the underlying asset issuer. However, we are not affiliated with the underlying asset issuer and are not
responsible for such issuer's public disclosure of information, whether contained in SEC filings or otherwise. You, as an investor in the Notes,
should conduct your own investigation into the underlying asset and the underlying asset issuer for your Notes. The underlying asset issuer is
not involved in the Notes offered hereby in any way and has no obligation of any sort with respect to your Notes. The underlying asset issuer
has no obligation to take your interests into consideration for any reason, including when taking any corporate actions that might affect the
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market value of, and any amounts payable on, your Notes.
¨ T he c a lc ula t ion a ge nt c a n m a k e a nt idilut ion a nd re orga niza t ion a djust m e nt s t ha t a ffe c t t he m a rk e t va lue of t he
N ot e s a nd a ny pa ym e nt t o you a t m a t urit y -- For antidilution and reorganization events affecting the underlying asset, the
calculation agent may make adjustments to the initial level, coupon barrier, downside threshold and/or final level, as applicable, and any other
term of the Notes. However, the calculation agent will not make an adjustment in response to every corporate event that could affect the
underlying asset. If an event occurs that does not require the calculation agent to make an adjustment, the market value of the Notes and the
payment at maturity may be materially and adversely affected. In addition, all determinations and calculations concerning any such
adjustments will be made by the calculation agent. You should be aware that the calculation agent may make any such adjustment,
determination or calculation in a manner that differs from that discussed in the accompanying product supplement or this document as
necessary to achieve an equitable result. Following certain reorganization events relating to the underlying asset issuer where such issuer is
not the surviving entity, the determination as to whether the contingent coupon is payable to you on any coupon payment date, whether the
Notes are subject to an automatic call or the amount you receive at maturity may be based on the equity security of a successor to the
underlying asset issuer in combination with any cash or any other assets distributed to holders of the underlying asset in such reorganization
event. If the underlying asset issuer becomes subject to (i) a reorganization event whereby the underlying asset is exchanged solely for cash,
(ii) a merger or consolidation with UBS or any of its affiliates, or (iii) the underlying asset is delisted or otherwise suspended from trading, the
determination as to whether the contingent coupon is payable to you on any coupon payment date, whether the Notes are subject to an
automatic call or the amount you receive at maturity may be based on a substitute security. The occurrence of any antidilution or
reorganization event and the consequent adjustments may materially and adversely affect the value of the Notes and any payment of any
contingent coupons or at maturity. For more information, see the sections "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.
¨ Pot e nt ia l U BS im pa c t on t he unde rlying a sse t -- Trading or transactions by UBS or its affiliates in the underlying asset, listed
and/or over-the-counter options, futures, exchange-traded funds or other instruments with returns linked to the performance of the underlying
asset, may adversely affect the market price of that underlying asset on any observation date (including the final valuation date) and,
therefore, the market value of the Notes and any payment of any contingent coupons or at maturity.

7

¨ Pot e nt ia l c onflic t of int e re st -- UBS and its affiliates may engage in business with an underlying asset issuer, which may present a
conflict between the obligations of UBS and you, as a holder of the Notes. There are also potential conflicts of interest between you and the
calculation agent, which will be an affiliate of UBS and which will make potentially subjective judgments. The calculation agent will determine
whether the contingent coupon is payable to you on any coupon payment date, whether the Notes are subject to an automatic call and the
payment at maturity of the Notes, if any, based on observed levels of the underlying asset. The calculation agent can postpone the
determination of the terms of the Notes on the trade date, any observation date or final valuation date, respectively. As UBS determines the
economic terms of the Notes, including the contingent coupon rate, downside threshold and coupon barrier, and such terms include the
underwriting discount, hedging costs, issuance costs and projected profits, the Notes represent a package of economic terms. There are other
potential conflicts of interest insofar as an investor could potentially get better economic terms if that investor entered into exchange-traded
and/or OTC derivatives or other instruments with third parties, assuming that such instruments were available and the investor had the ability
to assemble and enter into such instruments.
¨ Pot e nt ia lly inc onsist e nt re se a rc h, opinions or re c om m e nda t ions by U BS -- UBS and its affiliates publish research from time
to time on financial markets and other matters that may influence the value of, and any amounts payable on, the Notes, or express opinions or
provide recommendations that are inconsistent with purchasing or holding the Notes. Any research, opinions or recommendations expressed
by UBS or its affiliates may not be consistent with each other and may be modified from time to time without notice. Investors should make
their own independent investigation of the merits of investing in the Notes and the underlying asset to which the Notes are linked.
¨ T he N ot e s a re not ba nk de posit s -- An investment in the Notes carries risks which are very different from the risk profile of a bank
deposit placed with UBS or its affiliates. The Notes have different yield and/or return, liquidity and risk profiles and would not benefit from any
protection provided to deposits.
¨ I f U BS e x pe rie nc e s fina nc ia l diffic ult ie s, FI N M A ha s t he pow e r t o ope n re st ruc t uring or liquida t ion proc e e dings in
re spe c t of, a nd/or im pose prot e c t ive m e a sure s in re la t ion t o, U BS, w hic h proc e e dings or m e a sure s m a y ha ve a
m a t e ria l a dve rse e ffe c t on t he t e rm s a nd m a rk e t va lue of t he N ot e s a nd/or t he a bilit y of U BS t o m a k e pa ym e nt s
t he re unde r -- The Swiss Financial Market Supervisory Authority ("FINMA") has broad statutory powers to take measures and actions in
relation to UBS if (i) it concludes that there is justified concern that UBS is over-indebted or has serious liquidity problems or (ii) UBS fails to
fulfill the applicable capital adequacy requirements (whether on a standalone or consolidated basis) after expiry of a deadline set by FINMA. If
one of these pre-requisites is met, FINMA is authorized to open restructuring proceedings or liquidation (bankruptcy) proceedings in respect
of, and/or impose protective measures in relation to, UBS. The Swiss Banking Act grants significant discretion to FINMA in connection with
the aforementioned proceedings and measures. In particular, a broad variety of protective measures may be imposed by FINMA, including a
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bank moratorium or a maturity postponement, which measures may be ordered by FINMA either on a stand-alone basis or in connection with
restructuring or liquidation proceedings. The resolution regime of the Swiss Banking Act is further detailed in the FINMA Banking Insolvency
Ordinance ("BIO-FINMA"). In a restructuring proceeding, FINMA, as resolution authority, is competent to approve the resolution plan. The
resolution plan may, among other things, provide for (a) the transfer of all or a portion of UBS' assets, debts, other liabilities and contracts
(which may or may not include the contractual relationship between UBS and the holders of Notes) to another entity, (b) a stay (for a
maximum of two business days) on the termination of contracts to which UBS is a party, and/or the exercise of (w) rights to terminate, (x)
netting rights, (y) rights to enforce or dispose of collateral or (z) rights to transfer claims, liabilities or collateral under contracts to which UBS is
a party, (c) the conversion of UBS' debt and/or other obligations, including its obligations under the Notes, into equity (a "debt-to-equity"
swap), and/or (d) the partial or full write-off of obligations owed by UBS (a "write-off"), including its obligations under the Notes. The BIO-
FINMA provides that a debt-to-equity swap and/or a write-off of debt and other obligations (including the Notes) may only take place after (i)
all debt instruments issued by UBS qualifying as additional tier 1 capital or tier 2 capital have been converted into equity or written-off, as
applicable, and (ii) the existing equity of UBS has been fully cancelled. While the BIO-FINMA does not expressly address the order in which a
write-off of debt instruments other than debt instruments qualifying as additional tier 1 capital or tier 2 capital should occur, it states that debt-
to-equity swaps should occur in the following order: first, all subordinated claims not qualifying as regulatory capital; second, all other claims
not excluded by law from a debt-to-equity swap (other than deposits); and third, deposits (in excess of the amount privileged by law).
However, given the broad discretion granted to FINMA as the resolution authority, any restructuring plan in respect of UBS could provide that
the claims under or in connection with the Notes will be partially or fully converted into equity or written-off, while preserving other obligations
of UBS that rank pari passu with, or even junior to, UBS' obligations under the Notes. Consequently, holders of Notes may lose all or some of
their investment in the Notes. In the case of restructuring proceedings with respect to a systemically important Swiss bank (such as UBS), the
creditors whose claims are affected by the restructuring plan will not have a right to vote on, reject, or seek the suspension of the restructuring
plan. In addition, if a restructuring plan has been approved by FINMA, the rights of a creditor to seek judicial review of the restructuring plan
(e.g., on the grounds that the plan would unduly prejudice the rights of holders of Notes or otherwise be in violation of the Swiss Banking Act)
are very limited. In particular, a court may not suspend the implementation of the restructuring plan. Furthermore, even if a creditor
successfully challenges the restructuring plan, the court can only require the relevant creditor to be compensated ex post and there is
currently no guidance as to on what basis such compensation would be calculated or how it would be funded.
¨ De a le r inc e nt ive s -- UBS and its affiliates act in various capacities with respect to the Notes. We and our affiliates may act as a principal,
agent or dealer in connection with the sale of the Notes. Such affiliates, including the sales representatives, will derive compensation from the
distribution of the Notes and such compensation may serve as an incentive to sell these Notes instead of other investments. We will pay total
underwriting compensation in an amount equal to the underwriting discount listed on the cover hereof per Note to any of our affiliates acting
as agents or dealers in connection with the distribution of the Notes. Given that UBS Securities LLC and its affiliates temporarily maintain a
market making premium, it may have the effect of discouraging UBS Securities LLC and its affiliates from recommending sale of your Notes in
the secondary market.
¨ U nc e rt a in t a x t re a t m e nt -- Significant aspects of the tax treatment of the Notes are uncertain. You should consult your tax advisor
about your tax situation. See "What Are the Tax Consequences of the Notes?" herein and "Material U.S. Federal Income Tax Consequences",
including the section "--Securities Treated as Prepaid Derivatives or Prepaid Forwards with Associated Contingent Coupons", in the
accompanying product supplement.

8

H ypot he t ic a l Ex a m ple s of H ow t he N ot e s M ight Pe rform
T he be low e x a m ple s a re ba se d on hypot he t ic a l t e rm s. T he a c t ua l t e rm s a re indic a t e d on t he c ove r he re of.
The examples below illustrate the payment upon a call or at maturity for a $10 Note on a hypothetical offering of the Notes, with the following
assumptions (amounts may have been rounded for ease of reference):
Principal Amount:
$10.00
Term:
Approximately 3 years
Initial Level:
$50.00
Contingent Coupon Rate:
8.00% per annum (or 2.00% per quarter)
Contingent Coupon:
$0.20 per quarter
Observation Dates:
Quarterly (callable after 6 months)
Downside Threshold:
$40.00 (which is 80.00% of the Initial Level)
Coupon Barrier:
$40.00 (which is 80.00% of the Initial Level)
Ex a m ple 1 -- T he Closing Le ve l of t he U nde rlying Asse t is e qua l t o or gre a t e r t ha n t he I nit ia l Le ve l on t he
Obse rva t ion Da t e c orre sponding t o t he first Pot e nt ia l Ca ll Se t t le m e nt Da t e .
Da t e
Closing Le ve l
Pa ym e nt (pe r N ot e )
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Document Outline

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