Obligation UBSL 7.5% ( CH1113401710 ) en CHF

Société émettrice UBSL
Prix sur le marché 100 %  ▲ 
Pays  Suisse
Code ISIN  CH1113401710 ( en CHF )
Coupon 7.5% par an ( paiement annuel )
Echéance 27/05/2024 - Obligation échue



Prospectus brochure de l'obligation UBS (London Branch) CH1113401710 en CHF 7.5%, échue


Montant Minimal 1 000 CHF
Montant de l'émission 1 500 000 CHF
Description détaillée 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 CHF, avec le code ISIN CH1113401710, paye un coupon de 7.5% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 27/05/2024








7.50% p.a. CHF Autocall Reverse Convertible linked to worst of CrowdStrike Holdings, Inc.,
Dynatrace, Inc., FireEye, Inc. and ZSCALER INC
Expiration Date: 20 May 2024
Issue Size: CHF 1,500,000 (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
28 May 2021


7.50% p.a. CHF Autocall Reverse Convertible
Linked to worst of CrowdStrike Holdings, Inc., Dynatrace, Inc., FireEye, Inc. and
ZSCALER INC
Issued by UBS AG, Zurich and Basel, Switzerland, acting through its London Branch
Cash settled; Quanto style; Step down
SSPA Product Type: Reverse Convertible (1220, Auto-Callable)
Valor: 111340171 / ISIN: CH1113401710 / WKN: UE8RJF / CFI: DEEFRB / Common Code: 234686950
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
CrowdStrike Holdings, Inc.
198.71
139.10
Bloomberg: CRWD UW / ISIN: US22788C1053 / Valor: 47976949 / RIC: CRWD.OQ
(Official closing price of the
(70% of the Reference Level)
Underlying on the Fixing Date)
Dynatrace, Inc.
47.05
32.94
Bloomberg: DT UN / ISIN: US2681501092 / Valor: 48876542 / RIC: DT.N
(Official closing price of the
(70% of the Reference Level)
Underlying on the Fixing Date)
FireEye, Inc.
20.70
14.49
Bloomberg: FEYE UW / ISIN: US31816Q1013 / Valor: 22067647 / RIC: FEYE.OQ
(Official closing price of the
(70% of the Reference Level)
Underlying on the Fixing Date)
ZSCALER INC
164.81
115.37
Bloomberg: ZS UW / ISIN: US98980G1022 / Valor: 40562757 / RIC: ZS.OQ
(Official closing price of the
(70% of the Reference Level)
Underlying on the Fixing Date)
Early Redemption
Early Redemption Level
CrowdStrike
DYNATRACE
FireEye
ZSCALER INC
Observation Date(j)
Underlying(k=1)
Underlying(k=2)
Underlying(k=3)
Underlying(k=4)
j=1
(91% of the Reference
180.83
42.82
18.84
149.98
Level)
j=2
(88% of the Reference
174.86
41.40
18.22
145.03
Level)
j=3
(85% of the Reference
168.90
39.99
17.60
140.09
Level)
j=4
(82% of the Reference
162.94
38.58
16.97
135.14
Level)
j=5
(79% of the Reference
156.98
37.17
16.35
130.20
Level)
j=6
(76% of the Reference
151.02
35.76
15.73
125.26
Level)
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.



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Valor: 111340171 / ISIN: CH1113401710 / WKN: UE8RJF / Common Code: 234686950
Final Terms


Early Redemption
Early Redemption Level
CrowdStrike
DYNATRACE
FireEye
ZSCALER INC
Observation Date(j)
Underlying(k=1)
Underlying(k=2)
Underlying(k=3)
Underlying(k=4)
j=7
(73% of the Reference
145.06
34.35
15.11
120.31
Level)
j=8
(70% of the Reference
139.10
32.94
14.49
115.37
Level)






Product Details
Security Numbers
Valor: 111340171 / ISIN: CH1113401710 / WKN: UE8RJF / CFI: DEEFRB / Common Code:
234686950
Issue Size
CHF 1,500,000 (with reopening clause)
Denomination / Nominal Amount
CHF 1,000
Issue Price
100% (percentage quotation)
Distribution Fees
Up to 1.00% p.a. included in the Issue Price
Redemption Currency
CHF (Quanto)
Quanto Style
The Redemption is not subject to any exchange rate risk.
Quoting Type
Secondary market prices are quoted in percentage and dirty; accrued Coupon Amount is
included in the price.
Dates
Launch Date
19 May 2021
Fixing Date
19 May 2021
Initial Payment Date (Issue Date)
26 May 2021
Last Trading Date
20 May 2024
Expiration Date
20 May 2024 (subject to market disruption event provisions)
Maturity Date
27 May 2024 (subject to market disruption event provisions)
Coupon
Coupon Amount
CHF 18.75 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
7.50% 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 Early Redemption Payment Date shall still be paid out.



Coupon Payment Dates
Coupon Payment Date(i)
Date
i=1
26 August 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: 111340171 / ISIN: CH1113401710 / WKN: UE8RJF / Common Code: 234686950
Final Terms


i=2
26 November 2021
i=3
01 March 2022
i=4
27 May 2022
i=5
26 August 2022
i=6
28 November 2022
i=7
28 February 2023
i=8
26 May 2023
i=9
28 August 2023
i=10
27 November 2023
i=11
27 February 2024
i=12
27 May 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
19 May 2022
27 May 2022
j=2
19 August 2022
26 August 2022
j=3
21 November 2022
28 November 2022
j=4
21 February 2023
28 February 2023
j=5
19 May 2023
26 May 2023
j=6
21 August 2023
28 August 2023
j=7
20 November 2023
27 November 2023
j=8
20 February 2024
27 February 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
Product
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:
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: 111340171 / ISIN: CH1113401710 / WKN: UE8RJF / Common Code: 234686950
Final Terms


Scenario 1
If the Expiration Price of all Underlyings is equal to or higher than the respective Strike
Level, the Redemption Amount per Product shall be the Nominal Amount.
Scenario 2
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: CrowdStrike Holdings, Inc.
(Bloomberg Ticker: CRWD UW)
Specified Price: official closing price
Relevant Exchange: The NASDAQ Stock Market
Currency: USD


Underlying: Dynatrace, Inc.
(Bloomberg Ticker: DT UN)
Specified Price: official closing price
Relevant Exchange: New York Stock Exchange
Currency: USD


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


Underlying: ZSCALER INC
(Bloomberg Ticker: ZS 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
CrowdStrike: The NASDAQ Stock Market
DYNATRACE: New York Stock Exchange
FireEye: The NASDAQ Stock Market
ZSCALER INC: The NASDAQ Stock Market
Listing
Euro MTF
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.
Daily price indications will be available on Reuters/Bloomberg, SIX Financial Information
and www.ubs.com/keyinvest.
Trading Hours
09:15 - 17:15 (CET)
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: 111340171 / ISIN: CH1113401710 / WKN: UE8RJF / Common Code: 234686950
Final Terms


Banking Days
Zurich
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
CHF 1,000 (subject to Selling Restrictions)
Minimum Trading Lot
CHF 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 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 with the majority of the return consisting of coupon as opposed to discount or
agio (non IUP). For private investors resident in Switzerland the interest component of
the coupon and the increase of the bond floor (if any) are subject to income tax. The tax
liability related to the increase of the bond floor crystallises at redemption and does not
depend on the time of purchase. However, any gain derived from the option is
considered as capital gain and is therefore for such investors not subject to income tax.
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
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.
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: 111340171 / ISIN: CH1113401710 / WKN: UE8RJF / Common Code: 234686950
Final Terms

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 Date, 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
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
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: 111340171 / ISIN: CH1113401710 / WKN: UE8RJF / Common Code: 234686950
Final Terms


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.

Important Information
The information herein is communicated by UBS AG and/or its affiliates ("UBS"). UBS may from time to time, as principal or
agent, have positions in, or may buy or sell, or make a market in any securities, currencies, financial instruments or other assets
underlying the Product to which this document relates. UBS may provide investment banking and/or other services to and/or
have officers who serve as directors of the companies referred to in this document. UBS's trading and/or hedging activities
related to this Product may have an impact on the price of the underlying asset(s) and may affect the likelihood that any
relevant barrier(s) is/are crossed. UBS has policies and procedures designed to minimise the risk that officers and employees are
influenced by any conflicting interest or duty and that confidential information is improperly disclosed or made available.
In certain circumstances UBS sells this Product to dealers and other financial institutions at a discount to the issue price or
rebates to them for their account some proportion of the issue price ("Distribution Fees"). Further information is available on
request.
Structured transactions are complex and may involve a high risk of loss. Prior to entering into a transaction you should consult
with your own legal, regulatory, tax, financial and accounting advisors to the extent you consider it necessary, and make your
own investment, hedging and trading decisions (including decisions regarding the suitability of this transaction) based upon
your own judgement and advice from those advisors you consider necessary. Save as otherwise expressly agreed in writing,
UBS is not acting as your financial advisor or fiduciary in any transaction.
This document should not be construed as an offer, personal recommendation or solicitation to conclude a transaction and
should not be treated as giving investment advice. The terms of any investment in the Product to which this document relates
will be exclusively subject to the detailed provisions, including risk considerations, contained in the Product Documentation.
UBS makes no representation or warranty relating to any information herein which is derived from independent sources. This
document shall not be copied or reproduced without UBS's prior written permission.
No action has been or will be taken in any jurisdiction that would permit a public offering of the Products described herein,
save where explicitly stated in the Product Documentation. The Products must be sold in accordance with all applicable selling
restrictions in the jurisdictions in which they are sold.
There is a possibility that costs, including taxes, related to transactions in connection with this Product may arise for Investors
that are not paid by UBS or imposed by it. Please refer to the Product Documentation for further information.
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.
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.




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Valor: 111340171 / ISIN: CH1113401710 / WKN: UE8RJF / Common Code: 234686950
Final Terms


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 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:
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.




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Valor: 111340171 / ISIN: CH1113401710 / WKN: UE8RJF / Common Code: 234686950
Final Terms


(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
(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.



Document Outline