Obligation UBSL 1.5% ( CH1103830977 ) en USD

UBSL

100 % ▲

Suisse

CH1103830977 ( en USD )

1.5% par an ( paiement semestriel )

25/03/2024 - Obligation échue

Prospectus brochure de l'obligation UBS (London Branch) CH1103830977 en USD 1.5%, échue

1 000 USD

6 000 000 USD

UBS (London Branch) est une succursale de la banque suisse UBS, offrant une large gamme de services financiers aux particuliers, aux entreprises et aux institutions financières au Royaume-Uni et au-delà.

L'Obligation émise par UBSL ( Suisse ) , en USD, avec le code ISIN CH1103830977, paye un coupon de 1.5% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 25/03/2024

USD Autocall Conditional Coupon Barrier Reverse Convertible linked to worst of Western
Digital Corporation, Micron Technology, Inc., Advanced Micro Devices, Inc. and NVIDIA
Corporation
Expiration Date: 25 March 2024
Issue Size: USD 6,000,000 (with reopening clause)
Issue Price: 100% (percentage quotation) as of Issue Date
Issuer: UBS AG, Zurich and Basel, Switzerland, acting through its London Branch
LEI Code: BFM8T61CT2L1QCEMIK50
The Issuer has issued structured products in securitized form (the ''Product'') in accordance with the terms and conditions
set out in this prospectus (the ''Prospectus'').
The Issuer has the possibility to increase the number of Units at any time during the lifetime of this Product. In the event
of an increase an additional prospectus will be prepared.
Application has been made to list the Products on the Official List of the Luxembourg Stock Exchange and to trade them
on the EURO MTF Market of that exchange. This Prospectus constitutes a prospectus for the purpose of the
Luxembourg law dated July, 16th 2019 on prospectuses for securities.
This Prospectus does not qualify as a prospectus published in accordance with the requirements of the EU Prospectus
Regulation (Regulation (EU) 2017/1129). This Prospectus may only be used for the purpose for which it has been
published.
Nobody is authorised to give information other than that contained in this Prospectus and the documents referred to
therein and which are made available for inspection by the public.
The Issuer does not intent to provide any post-issuance information.
The information sourced from a third party has been accurately reproduced and that no facts have been omitted which
would render the reproduced information inaccurate or misleading.
Issuer accepts responsibility for the information contained in this Prospectus and declares that, to its best knowledge, the
information contained in the prospectus is accurate and does not omit any material circumstances.
Issuer declares that there has been no material change in the prospects and financial position of the Issuer since the
date of the last financial information included in the Prospectus.
Date
7 April 2021

USD Autocall Reverse Convertible with Conditional
and Guaranteed Coupon
Linked to worst of Western Digital Corporation, Micron Technology, Inc., Advanced
Micro Devices, Inc. and NVIDIA Corporation
Issued by UBS AG, Zurich and Basel, Switzerland, acting through its London Branch
Cash settled
SSPA Product Type: Conditional Coupon Reverse Convertible (1255, Auto-Callable,
Conditional Coupon)
Valor: 110383097 / ISIN: CH1103830977 / WKN: UE7X1N / CFI: DEEFRB / Common Code:
232839023
Prospectus Exempt Offer
Final Terms
This document (Final Terms) will not be filed with a Swiss reviewing body or any other competent authority according to article
45 of the Swiss Federal Act on Financial Services (FinSA). This Product may only be offered in accordance with the Selling
Restrictions as set out below.
The Product does not represent a participation in any of the collective investment schemes pursuant to article 7 et seq. of the
Swiss Federal Act on Collective Investment Schemes (CISA) and thus does not require an authorisation of the Swiss Financial
Market Supervisory Authority (FINMA). Therefore, investors in this Product are not eligible for the specific investor protection
under the CISA. Moreover, investors in this Product bear the issuer risk. Furthermore, this Product does not benefit from any
depositor protection under article 37a of the Swiss Federal Act on Banks and Savings Banks (Banking Act) or other forms of
deposit insurance under any other law as might be applicable to this Product.
Information on Underlying
Underlying(k)
Reference Level
Strike Level
Western Digital Corporation
64.05
41.63
Bloomberg: WDC UW / ISIN: US9581021055 / Valor: 985376 / RIC:
(Official closing price of the Underlying on
(65% of the Reference Level)
WDC.OQ
the Fixing Date)
Micron Technology, Inc.
84.09
54.66
Bloomberg: MU UW / ISIN: US5951121038 / Valor: 951691 / RIC: MU.OQ (Official closing price of the Underlying on
(65% of the Reference Level)
the Fixing Date)
Advanced Micro Devices, Inc.
76.22
49.54
Bloomberg: AMD UW / ISIN: US0079031078 / Valor: 903491 / RIC:
(Official closing price of the Underlying on
(65% of the Reference Level)
AMD.OQ
the Fixing Date)
NVIDIA Corporation
501.41
325.92
Bloomberg: NVDA UW / ISIN: US67066G1040 / Valor: 994529 / RIC:
(Official closing price of the Underlying on
(65% of the Reference Level)
NVDA.OQ
the Fixing Date)
Early
Additional Amount(j)/
Early Redemption Level/
Redemption
Final Additional
Redemption Level
Western Digital
Micron
Advanced Micro
NVIDIA Corporation
Observation
Amount
Corporation
Technology, Inc.
Devices, Inc.
Underlying(k=4)
Date(j)/
Underlying(k=1)
Underlying(k=2)
Underlying(k=3)
Expiration Date
j=1
45.5 USD
(100% of the Reference Level)
64.05
84.09
76.22
501.41
j=2
68.25 USD
(100% of the Reference Level)
64.05
84.09
76.22
501.41
j=3
91 USD
(100% of the Reference Level)
64.05
84.09
76.22
501.41
j=4
113.75 USD
(100% of the Reference Level)
64.05
84.09
76.22
501.41
j=5
136.5 USD
(100% of the Reference Level)
64.05
84.09
76.22
501.41
j=6
159.25 USD
(100% of the Reference Level)
64.05
84.09
76.22
501.41
j=7
182 USD
(100% of the Reference Level)
64.05
84.09
76.22
501.41
j=8
204.75 USD
(100% of the Reference Level)
64.05
84.09
76.22
501.41
j=9
227.5 USD
(100% of the Reference Level)
64.05
84.09
76.22
501.41
j=10
250.25 USD
(100% of the Reference Level)
64.05
84.09
76.22
501.41
Contact:
UBS AG, P.O. Box, 8098 Zürich
Private Investors: Please contact your client advisor or send an email to [email protected]
Internet:
www.ubs.com/keyinvest
Banks and Intermediaries: +41-44-239 76 76*
Investors outside of Switzerland should consult their local client advisors
Please note that calls made to the numbers marked with an asterisk (*) may be recorded. Should you call one of these numbers, we shall assume that you consent to this business practice.

2/9
Valor: 110383097 / ISIN: CH1103830977 / WKN: UE7X1N / Common Code: 232839023
Final Terms

Early
Additional Amount(j)/
Early Redemption Level/
Redemption
Final Additional
Redemption Level
Western Digital
Micron
Advanced Micro
NVIDIA Corporation
Observation
Amount
Corporation
Technology, Inc.
Devices, Inc.
Underlying(k=4)
Date(j)/
Underlying(k=1)
Underlying(k=2)
Underlying(k=3)

Expiration Date
Expiration Date
273 USD
(100% of the Reference Level)
64.05
84.09
76.22
501.41

Product Details
Security Numbers
Valor: 110383097 / ISIN: CH1103830977 / WKN: UE7X1N / CFI: DEEFRB / Common
Code: 232839023
Issue Size
USD 6,000,000 (with reopening clause)
Denomination / Nominal Amount
USD 1,000
Issue Price
100% (percentage quotation)
Distribution Fee
2.20%
Redemption Currency
USD
Quoting Type
Secondary market prices are quoted in percentage and dirty; accrued Additional Amount
is included in the price.
Dates
Launch Date
25 March 2021
Fixing Date
25 March 2021
Initial Payment Date(Issue Date)
01 April 2021
Last Trading Date
25 March 2024
Expiration Date ("Expiry")
25 March 2024 (subject to market disruption event provisions)
Maturity Date
01 April 2024 (subject to market disruption event provisions)
Coupon
Coupon Amount
USD 15 per Nominal Amount, payable on the respective Coupon Payment Date.

For Swiss tax purposes the coupon payment is split into two components:
0.00% p.a. interest component
6.00% p.a. premium component
Coupon Period
The Coupon Period means the period from a Coupon Payment Date (including) to the
next succeeding Coupon Payment Date (excluding). The initial Coupon Period will be the
period from the Initial Payment Date (including) to the first Coupon Payment Date
(excluding).
Coupon Entitlement
The investor is only entitled to receive the Coupon Amount on the relevant Coupon
Payment Date in relation to the preceding Coupon Period, if the investor purchased the
Securities on any day up to and including the relevant Record Date. If the Securities are
purchased after the relevant Record Date, the investor will not be entitled to payment of
the Coupon Amount on the relevant Coupon Payment Date in relation to the preceding
Coupon Period.
Record Date
The Record Date means the day before the relevant Coupon Payment Date(i).
Coupon Payment
The investor is entitled to receive the payment of the Coupon Amount in the
Redemption Currency on the relevant Coupon Payment Date(i) in relation to the
preceding Coupon Period, provided that the Securities did not expire early due to the
occurrence of an Early Redemption Event.

For the avoidance of doubt, any payment due in respect of the Coupon Amount in
relation to the relevant Early Redemption Payment Date shall still be paid out.
Coupon Payment Dates

Coupon Payment Date(i)
Date
i=1
02 July 2021
i=2
04 October 2021
Contact:
UBS AG, P.O. Box, 8098 Zürich
Private Investors: Please contact your client advisor or send an email to [email protected]
Internet:
www.ubs.com/keyinvest
Banks and Intermediaries: +41-44-239 76 76*
Investors outside of Switzerland should consult their local client advisors
Please note that calls made to the numbers marked with an asterisk (*) may be recorded. Should you call one of these numbers, we shall assume that you consent to this business practice.

3/9
Valor: 110383097 / ISIN: CH1103830977 / WKN: UE7X1N / Common Code: 232839023
Final Terms
i=3
03 January 2022
i=4
01 April 2022
i=5
05 July 2022
i=6
03 October 2022
i=7
04 January 2023
i=8
03 April 2023
i=9
03 July 2023
i=10
02 October 2023
i=11
03 January 2024
i=12
01 April 2024
(subject to market disruption event provisions)
Early Redemption
Early Redemption Observation Dates /
Early Redemption
Early Redemption
Early Redemption Payment
Early Redemption Payment Dates
Observation Date(j) / Early
Observation Date
Date
Redemption Payment Date(j)
j=1
27 September 2021
04 October 2021
j=2
27 December 2021
03 January 2022
j=3
25 March 2022
01 April 2022
j=4
27 June 2022
05 July 2022
j=5
26 September 2022
03 October 2022
j=6
27 December 2022
04 January 2023
j=7
27 March 2023
03 April 2023
j=8
26 June 2023
03 July 2023
j=9
25 September 2023
02 October 2023
j=10
26 December 2023
03 January 2024
(In case of a market disruption the next following Underlying Calculation Date shall be
the Early Redemption Observation Date for the affected Underlying only.
If any of these Early Redemption Observation Dates is not an Underlying Calculation
Date, the next following Underlying Calculation Date shall be the Early Redemption
Observation Date for all Underlyings.)
Early Redemption Event
An Early Redemption Event is deemed to have occurred on any Early Redemption
Observation Date(j) if the Reference Price of all Underlyings on the respective Early
Redemption Observation Date(j) is equal to or higher than the respective Early
Redemption Level as reasonably determined by the Calculation Agent.
In this case, the Product shall automatically be early redeemed by the Issuer on the Early
Redemption Payment Date at the Early Redemption Amount per Product.
Early Redemption Amount per
Nominal Amount + Additional Amount(j)
Product
Contact:
UBS AG, P.O. Box, 8098 Zürich
Private Investors: Please contact your client advisor or send an email to [email protected]
Internet:
www.ubs.com/keyinvest
Banks and Intermediaries: +41-44-239 76 76*
Investors outside of Switzerland should consult their local client advisors
Please note that calls made to the numbers marked with an asterisk (*) may be recorded. Should you call one of these numbers, we shall assume that you consent to this business practice.

4/9
Valor: 110383097 / ISIN: CH1103830977 / WKN: UE7X1N / Common Code: 232839023
Final Terms

Redemption
If no Early Redemption has occurred, the investor is entitled to receive from the Issuer an amount in the Redemption Currency
on the Maturity Date, according to the following scenarios:
Scenario 1
If the Expiration Price of all Underlyings is equal to or higher than the respective
Redemption Level, the Redemption Amount per Product shall be the sum of the Nominal
Amount and the Final Additional Amount.+
Scenario 2
If the Expiration Price of all Underlyings is equal to or higher than the respective Strike
Level and strictly lower than the respective Redemption Level, the Redemption Amount
per Product shall be the Nominal Amount.
Scenario 3
If the Expiration Price of any Underlying is lower than the respective Strike Level, the
investor will receive the Expiration Value.

Expiration Value

Relevant Underlying
The Underlying(k) with the lowest performance, as determined and calculated by the

Calculation Agent pursuant to the following formula:

Expiration Price
The Reference Price of the Underlying on the Expiration Date.
Reference Price
Specified Price per unit of the Underlying, stated in the relevant Currency, and published
by the Relevant Exchange.

Underlying: Western Digital Corporation
(Bloomberg Ticker: WDC UW)
Specified Price: official closing price
Relevant Exchange: The NASDAQ Stock Market
Currency: USD

Underlying: Micron Technology, Inc.
(Bloomberg Ticker: MU UW)
Specified Price: official closing price
Relevant Exchange: The NASDAQ Stock Market
Currency: USD

Underlying: Advanced Micro Devices, Inc.
(Bloomberg Ticker: AMD UW)
Specified Price: official closing price
Relevant Exchange: The NASDAQ Stock Market
Currency: USD

Underlying: NVIDIA Corporation
(Bloomberg Ticker: NVDA UW)
Specified Price: official closing price
Relevant Exchange: The NASDAQ Stock Market
Currency: USD

General Information
Issuer
UBS AG, Zurich and Basel, Switzerland, acting through its London Branch
Issuer Rating
Aa3 Moody's / A+ S&P's / AA- Fitch
Issuer Supervisory Authority
Swiss Financial Market Supervisory Authority (FINMA). London Branch additionally
Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). Jersey
Branch additionally Jersey Financial Services Commission (JFSC).

Lead Manager
UBS AG, Zurich (UBS Investment Bank)
Calculation Agent
UBS AG, London Branch
Paying Agent
UBS Switzerland AG
Relevant Exchange
Western Digital Corporation: The NASDAQ Stock Market
Micron Technology, Inc.: The NASDAQ Stock Market
Advanced Micro Devices, Inc.: The NASDAQ Stock Market
NVIDIA Corporation: The NASDAQ Stock Market
Listing
Euro MTF
Secondary Market
The Issuer or the Lead Manager, as applicable, intends, under normal market conditions,
Contact:
UBS AG, P.O. Box, 8098 Zürich
Private Investors: Please contact your client advisor or send an email to [email protected]
Internet:
www.ubs.com/keyinvest
Banks and Intermediaries: +41-44-239 76 76*
Investors outside of Switzerland should consult their local client advisors
Please note that calls made to the numbers marked with an asterisk (*) may be recorded. Should you call one of these numbers, we shall assume that you consent to this business practice.

5/9
Valor: 110383097 / ISIN: CH1103830977 / WKN: UE7X1N / Common Code: 232839023
Final Terms
to provide bid and/or offer prices for this Product on a regular basis. However, the Issuer
or the Lead Manager, as applicable, makes no firm commitment to provide liquidity by
means of bid and/or offer prices for this Product, and assumes no legal obligation to
quote any such prices or with respect to the level or determination of such prices.
Daily price indications will be available on Reuters/Bloomberg, SIX Financial Information
and www.ubs.com/keyinvest.
Trading Hours
09:00 - 17:30 (CET)
Banking Days
New York
Banking Day Convention
Where any date is used in conjunction with the term "Banking Day Convention", an
adjustment will be made if that date would otherwise fall on a day that is not a Banking
Day, so that the date will be the first following day that is a Banking Day. Investors shall
not be entitled to further interest or other payments in respect of such delay.
Underlying Calculation Date
The Underlying Calculation Date means each day, on which the Relevant Exchange is
open for trading and the price of the respective Underlying is determined in accordance
with the relevant rules.
Minimum Investment
USD 1,000 (subject to Selling Restrictions)
Minimum Trading Lot
USD 1,000
Status
Unsecured / Unsubordinated
Clearing System
SIX SIS, Euroclear, Clearstream (registered as intermediated securities with SIX SIS AG, in
Switzerland)
Form of Deed
Uncertificated Securities
Governing Law / Jurisdiction
Swiss / Zurich
Product / Security
One Autocall Reverse Convertible with Conditional and Guaranteed Coupon is
equivalent to one (1) "Product" / "Security". "Products" / "Securities", wherever used
herein shall be construed to mean integral multiples of the same, subject to the Issue
Size.
Adjustments
The terms of the Product may be subject to adjustments during its lifetime. Detailed
information on such adjustments is to be found in the Product Documentation. For
clients outside of the United Kingdom, any changes with regard to the terms of this
Product shall be published at www.ubs.com/keyinvest.
Tax Treatment Switzerland
Swiss Transfer Stamp Duty
The product qualifies as a taxable security (bond). In principle secondary market
transactions are subject to Swiss Stamp Duty.
Swiss Income Tax
For Swiss tax purposes this product is qualified as a combination of an option and a
bond, where the majority of the return is in the form of a discount or of one payment on
redemption date (IUP). For private investors resident in Switzerland the increase of the
bond floor at sale* or redemption* respectively is subject to income tax. However, any
gain derived from the option (if an option is included in the product) is for such investors
considered as capital gain and is not subject to income tax.
* For products which are not denominated in Swiss Francs, the bond floor has to be
converted into Swiss Francs at the prevailing exchange rate at sale or redemption and at
purchase.
If the product carries negative interest: If the product carries a negative interest at
issuance, these investors can pursuant to the practice of the Swiss Federal Tax
Administration neither set negative interest off against interest income nor deduct
negative interest from other taxable income.
Swiss Withholding Tax
This product is not subject to the Swiss Issuer Withholding Tax.
The tax information only provides a general overview over the Swiss tax consequences linked to this product based on the tax
laws and the practice of the tax administration at the time of issue. Tax laws and the practice of tax administrations may
change, possibly with retroactive effect.
Significant Risks for Investors
Investors in this Product should be experienced investors and familiar with both derivative products and the financial markets.
Potential investors should understand the risks associated with an investment in the Product and shall only reach an investment
decision after careful considerations with their legal, tax, financial and other advisors of (i) the suitability of an investment in
the Product in the light of their own particular financial, fiscal and other circumstances (ii) the information set out in this
document and (iii) the Underlying(s).
In addition to the market risk with regard to the development of the Underlying, each investor bears the general risk that the
Contact:
UBS AG, P.O. Box, 8098 Zürich
Private Investors: Please contact your client advisor or send an email to [email protected]
Internet:
www.ubs.com/keyinvest
Banks and Intermediaries: +41-44-239 76 76*
Investors outside of Switzerland should consult their local client advisors
Please note that calls made to the numbers marked with an asterisk (*) may be recorded. Should you call one of these numbers, we shall assume that you consent to this business practice.

6/9
Valor: 110383097 / ISIN: CH1103830977 / WKN: UE7X1N / Common Code: 232839023
Final Terms

financial situation of the Issuer could deteriorate ("Issuer Risk"). The Products constitute immediate, unsecured and
unsubordinated obligations of the Issuer, which, particularly in case of insolvency of the Issuer, rank pari passu with each and
all other current and future unsecured and unsubordinated obligations of the Issuer, with the exception of those that have
priority due to mandatory statutory provisions. The general assessment of the Issuer's creditworthiness may affect the value of
the Products. This assessment generally depends on the ratings assigned to the Issuer or its affiliated companies by rating
agencies such as Moody's, Fitch and Standard & Poor's. The Issuer Rating indicated in this document reflects the situation at
the time of issuance and may be subject to change. The actual Issuer Rating at any given time can be seen on the Issuer's
website (www.ubs.com) under "Investor Relations".
In addition to the risk factors below, further risk factors are set out in the UBS Swiss Base Prospectus for the
Issuance of Securities.
Product Specific Risks
Loss Potential
Investors may lose some or all of the investment as they are fully exposed to the
performance of the Relevant Underlying.
Capital Protection (at Expiry)
None
Risk Potential in comparison to a
The Strike Level limits the risk exposure compared to a direct investment. However, once
direct investment in the Underlying
one of the Strike levels is breached at Expiry, , the risk potential is similar as with a direct
investment in the Relevant Underlying.
Issuer Call right
None, but an automatic Early Redemption may occur
Stop Loss Event
None
Extraordinary termination risk
The Product contains terms and conditions that allow the Issuer to terminate and
redeem the Product prior to the Maturity Date. In case of such extraordinary termination,
the Issuer shall pay to the investors an extraordinary termination amount as determined
by the Calculation Agent which is usually equivalent to the market value of the Product.
Potential investors should note that the extraordinary termination amount may deviate
from and may be considerably below the amount which would be payable pursuant to
the final redemption provisions on the Maturity Date. Investors are not entitled to
request any further payments on the Product after the termination date.
Adjustment risk
Potential investors should be aware that it cannot be excluded that certain events occur

or certain measures are taken (by parties other than the Issuer) in relation to the
Underlying(s) which can lead to changes to the Underlying(s) or its concept (e.g.
corporate events of a company whose shares constitute an Underlying, market
disruption events or other circumstances affecting normal activities). In the case of the
occurrence of such events or measures, the Issuer and/or the Calculation Agent are
entitled to effect adjustments according to the Product Documentation. Such
adjustments might have a negative impact on the value of the Product.
Illiquidity risk in secondary market
The Issuer or the Lead Manager, as applicable, intends, under normal market conditions,
to provide bid and/or offer prices for this Product on a regular basis. However, the Issuer
or the Lead Manager, as applicable, makes no firm commitment to provide liquidity by
means of bid and/or offer prices for this Product, and assumes no legal obligation to
quote any such prices or with respect to the level or determination of such prices.

Potential investors therefore should not rely on the ability to sell this Product at a specific
time or at a specific price. Potential investors should note that prices quoted typically
include a spread and therefore may deviate from the market value of the Product. In
special market situations, where the Issuer is completely unable to enter into hedging
transactions, or where such transactions are very difficult to enter into, the spread
between the bid and offer prices in the secondary market may be temporarily expanded,
in order to limit the economic risks of the Issuer. Hence, investors might sell at a price
considerably lower than the actual price of the Product at the time of its sale. By selling
the Product in the secondary market investors may receive less than the capital invested.

In case of a secondary market transaction, there is a possibility that costs, including
taxes, related to or in connection with the Product may arise for investors that are not
paid by the Issuer or imposed by the Issuer.
Market Disruption risk
Investors are exposed to market disruption events (such as trading disruption, exchange
disruption and early closure of the relevant exchange), which could have an impact on
the redemption amount through delay in payment, change in value or suspension of
trading in the Product in the secondary market. For a detailed description of such events
and their effects please refer to the Product Documentation.
Withholding tax
Investors in this Product should note that any payment under this Product may be
subject to withholding tax (such as, inter alia, Swiss Withholding Tax, and/or withholding
related to FATCA or 871(m) of the US Tax Code). Any payments due under this
Product are net of such tax. Please refer to the Product Documentation for detailed
Contact:
UBS AG, P.O. Box, 8098 Zürich
Private Investors: Please contact your client advisor or send an email to [email protected]
Internet:
www.ubs.com/keyinvest
Banks and Intermediaries: +41-44-239 76 76*
Investors outside of Switzerland should consult their local client advisors
Please note that calls made to the numbers marked with an asterisk (*) may be recorded. Should you call one of these numbers, we shall assume that you consent to this business practice.

7/9
Valor: 110383097 / ISIN: CH1103830977 / WKN: UE7X1N / Common Code: 232839023
Final Terms
information. If the Issuer is required to withhold any amount pursuant to Section 871(m)
or FATCA of the U.S. Tax Code, the Issuer will not be required to pay additional amounts
with respect to the amount so withheld.
Withholding related to 871(m) of the A 30% withholding tax is imposed on certain "dividend equivalents" paid or deemed
U.S. Tax Code
paid to a non-U.S. holder with respect to a "specified equity-linked instrument" that
references one or more dividend-paying U.S. equity securities. The withholding tax can
apply even if the instrument does not provide for payments that reference dividends.
Treasury regulations provide that the withholding tax applies to all dividend equivalents
paid or deemed paid on specified equity-linked instruments that have a delta of one
("delta one specified equity-linked instruments") issued after 2016 and to al dividend
equivalents paid or deemed paid on all other specified equity-linked instruments issued
after 2018.
The Issuer has determined that the Products are not specified equity-linked instruments
that are subject to withholding on dividend equivalents and, therefore, will not be
subject to withholding on dividend equivalent payments. It is possible, however, that the
Products could be deemed to be reissued for tax purposes upon the occurrence of
certain events affecting the Shares and/or Index referenced in the Products or (ii) these
Products, and following such occurrence, the Products could be treated as delta one
specified equity-linked instruments that are subject to withholding on dividend
equivalent payments. It is also possible that withholding tax or other Section 871(m) tax
could apply to the Products under these rules if a non-U.S. holder enters, or has entered,
into certain other transactions in respect of the relevant Shares and/or Index referenced
in the Products. If withholding is required, the Issuer will withhold 30% in respect of
dividend equivalents paid or deemed paid on the Products and will not pay any
additional amounts with respect to any such taxes withheld. Additionally, in the event
that withholding is required, the Issuer hereby notifies each holder that for purposes of
Section 871(m), the Issuer will withhold in respect of dividend equivalents paid or
deemed paid on the Products on the dividend payment date as described in Treasury
regulations section 1.1441-2(e)(4) and Revenue Procedure 2017-15 §3.03(B), as
applicable. A non-U.S. holder that enters, or has entered, into other transactions in
respect of the Shares and/or Index referenced in the Products should consult its own tax
advisor regarding the application of Section 871(m) to its Products in the context of its
other transactions. No assurance can be given that investors in the Products will be able
to successfully claim a reduction in tax pursuant to an income tax treaty.
Product Documentation
This document ("Final Terms") contains the Final terms for the Product. This document has not been prepared in accordance
with the Swiss Federal Act on Financial Services (FinSA) pursuant to article 35 et seq. FinSA. In this regard, but not limited to,
article 69 FinSA shall not apply to the defined information within this document accordingly.
The Final Terms together with the 'UBS Swiss Base Prospectus for the Issuance of Securities', stipulated in English and as
amended from time to time, ("Base Prospectus") shall form the entire documentation for this Product ("Product
Documentation"), and accordingly the Final Terms should always be read together with the Base Prospectus and any
supplements thereto. Definitions used in the Final Terms, but not defined herein shall have the meaning given to them in the
Base Prospectus.
The Product Documentation can be obtained free of charge from UBS AG, P.O. Box, CH-8098 Zurich (Switzerland), via
telephone (+41-(0)44-239 47 03), fax (+41-(0)44-239 69 14) or via e-mail ([email protected]). In addition, for clients
outside of the United Kingdom, the Product Documentation is available at www.ubs.com/keyinvest. Notices in connection with
this Product shall be validly given by publication as described in the Base Prospectus. Furthermore, for clients outside of the
United Kingdom, any changes with regard to the terms of this Product shall be published at www.ubs.com/keyinvest.
Upon the replacement of the Base Prospectus by a successor version of the Base Prospectus the Final Terms are to be read
together with the latest valid successor version of the Base Prospectus (each, a "Successor Base Prospectus") which has
succeeded either (i) the Base Prospectus, or (ii) if one or more Successor Base Prospectuses to the Base Prospectus have already
been published, the most recently published Successor Base Prospectus, and the term " Product Documentation" shall be
interpreted accordingly.
The Issuer consents to the use of the Base Prospectus (including any Successor Base Prospectus) together with the relevant Final
Terms in connection with a public offer of the Products by any financial intermediary that is authorised to make such offers.
Selling Restrictions
Any Products purchased by any person for resale may not be offered in any jurisdiction in circumstances which would result in
Contact:
UBS AG, P.O. Box, 8098 Zürich
Private Investors: Please contact your client advisor or send an email to [email protected]
Internet:
www.ubs.com/keyinvest
Banks and Intermediaries: +41-44-239 76 76*
Investors outside of Switzerland should consult their local client advisors
Please note that calls made to the numbers marked with an asterisk (*) may be recorded. Should you call one of these numbers, we shall assume that you consent to this business practice.

8/9
Valor: 110383097 / ISIN: CH1103830977 / WKN: UE7X1N / Common Code: 232839023
Final Terms
the Issuer being obliged to register any further documentation relating to this Product in such jurisdiction.
The restrictions listed below must not be taken as definitive guidance as to whether this Product can be sold in a jurisdiction.
Additional restrictions on offering, selling or holding of this Product may apply in other jurisdictions. Investors in this Product
should seek specific advice before on-selling this Product.
Switzerland The offering of the Products in Switzerland is exempt from the requirement to prepare and publish a prospectus pursuant to
the Swiss Federal Act on Financial Services (FinSA). No part of the Product Documentation has been reviewed or approved by or filed with a
review body pursuant to article 52 FinSA.
The Products may only be offered, sold or otherwise made available to professional clients as defined in article 4 para. 3 and article 5 of FinSA.
European Economic Area - In relation to each Member State of the European Economic Area (each, a "Member State"), an offer of the
Products to the public in a Member State may only be made in accordance with the following exemptions as set out in the Regulation (EU)
2017/1129 (as may be amended or replaced from time to time) (the "Prospectus Regulation"):
(a)
Qualified investors: at any time to any legal entity which is a qualified investor as defined in the Prospectus Regulation;
(b)
Fewer than 150 offerees: at any time to fewer than 150 natural or legal persons (other than qualified investors as defined in the
Prospectus Regulation);
(c)
An offer of Products addressed to investors who acquire Products for a total consideration of at least EUR 100,000 per investor, for each
separate offer; and/or
(d)
Other exempt offers: at any time in any other circumstances falling within Article 1 (4) of the Prospectus Regulation,
provided that no such offer of Products referred to in (a) to (d) above shall require the publication of a prospectus pursuant to Article 3 of the
Prospectus Regulation, or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.
For the purposes of this provision, the expression "offer of Securities to the public" in relation to any Products in any Member State means the
communication in any form and by any means of sufficient information on the terms of the offer and the Products to be offered so as to
enable an investor to decide to purchase or subscribe the Products.
Hong Kong
Each purchaser has represented and agreed that it has not issued or had in its possession for the purposes of issue, and will not issue or have
in its possession for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the
Products, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do
so under the securities laws of Hong Kong) other than with respect to Products which are or are intended to be disposed of only to persons
outside Hong Kong or only to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any
rules made under that Ordinance.
This is a structured product which involves derivatives. Do not invest in it unless you fully understand and are willing to assume
the risks associated with it. If you are in any doubt about the risks involved in the product, you may clarify with the intermediary
or seek independent professional advice.
Russia
This Product may only be offered in Russian Federation to Qualified investors pursuant to Article 30.2 Paragraphs 4 of the Russian Federal Law
No. 39-FZ "On Securities Market" dated 22 April 1996.
Singapore
This document has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this document and any other
document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Products may not be circulated or
distributed, nor may the Products be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or
indirectly, to persons in Singapore other than (i) to an institutional investor (as defined in Section 4A) under Section 274 of the Securities and
Futures Act Chapter 289 of Singapore, as modified and/or amended from time to time (the "SFA")), (ii) to a relevant person (as defined in
Section 275(2) of the SFA) pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions
specified in Section 275 of the SFA and (where applicable) Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018, or
(iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.
Where the Products are subscribed or purchased under Section 275 of the SFA by a relevant person which is:
(a)
a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments
and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or
(b)
a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an
individual who is an accredited investor,
securities or securities-based derivatives contracts (each term as defined in Section 2(1) of the SFA) of that corporation or the
beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or
that trust has acquired the Products pursuant to an offer made under Section 275 of the SFA except:
(1)
to an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person arising from an offer referred to
in Section 275(1A) or Section 276(4)(i)(B) of the SFA;
(2)
where no consideration is or will be given for the transfer;
(3)
where the transfer is by operation of law;
(4)
as specified in Section 276(7) of the SFA; or
Contact:
UBS AG, P.O. Box, 8098 Zürich
Private Investors: Please contact your client advisor or send an email to [email protected]
Internet:
www.ubs.com/keyinvest
Banks and Intermediaries: +41-44-239 76 76*
Investors outside of Switzerland should consult their local client advisors
Please note that calls made to the numbers marked with an asterisk (*) may be recorded. Should you call one of these numbers, we shall assume that you consent to this business practice.

9/9
Valor: 110383097 / ISIN: CH1103830977 / WKN: UE7X1N / Common Code: 232839023
Final Terms
(5)
as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts)
Regulations 2018.
Pursuant to section 309B(1)(c) of the SFA, the Issuer hereby notifies the relevant persons (as defined in the SFA) that the Products are classified
as "capital markets products other than prescribed capital markets products" (as defined in the SFA and the Securities and Futures (Capital
Markets Products) Regulations 2018) and "Specified Investment Products" (as defined in the MAS Notice SFA 04-N12: Notice on the Sale of
Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).
UK
For the purpose of non-discretionary accounts, this Product should not be sold with a consideration of less than 100,000 EUR or equivalent.
USA
This Product may not be sold or offered within the United States or to U.S. persons.
Contact:
UBS AG, P.O. Box, 8098 Zürich
Private Investors: Please contact your client advisor or send an email to [email protected]
Internet:
www.ubs.com/keyinvest
Banks and Intermediaries: +41-44-239 76 76*
Investors outside of Switzerland should consult their local client advisors
Please note that calls made to the numbers marked with an asterisk (*) may be recorded. Should you call one of these numbers, we shall assume that you consent to this business practice.