Obligation UBSL 10.3% ( US90270K2F50 ) en USD

UBSL

100 % ▲

Suisse

US90270K2F50 ( en USD )

10.3% par an ( paiement semestriel )

02/02/2023 - Obligation échue

Prospectus brochure de l'obligation UBS (London Branch) US90270K2F50 en USD 10.3%, échue

1 000 USD

10 051 000 USD

90270K2F5

N/A

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 US90270K2F50, paye un coupon de 10.3% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 02/02/2023

L'Obligation émise par UBSL ( Suisse ) , en USD, avec le code ISIN US90270K2F50, a été notée NR par l'agence de notation Moody's.

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424B2 1 ub54625493-424b2.htm PS - JANUARY 28 DAL HD INTC MSFT LOF TACYN INCAP (US90270K2F50) UBSIC026 [COUPON
MONTHLY, 95% AUTOCALL QUARTERLY]
PRICING SUPPLEMENT

Dated January 28, 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 $10,051,000 Trigger Autocallable Contingent Yield Notes
Linked to the least performing of the common stock of Delta Air Lines, Inc., the common stock of The Home Depot, Inc., the common stock of Intel Corporation
and the common stock of Microsoft Corporation due February 2, 2023
Investment Description
UBS AG Trigger Autocal able Contingent Yield Notes (the "Notes") are unsubordinated, unsecured debt securities issued by UBS AG ("UBS" or the "issuer")
linked to the least performing of the common stock of Delta Air Lines, Inc., the common stock of The Home Depot, Inc., the common stock of Intel Corporation
and the common stock of Microsoft Corporation (each, an "underlying asset" and together, the "underlying assets"). UBS wil pay a contingent coupon on the
coupon payment date only if the closing level of each underlying asset on the applicable contingent coupon observation date (including the final valuation date) is
equal to or greater than its coupon barrier. Otherwise, no contingent coupon wil be paid for the relevant coupon payment date. UBS wil automatical y cal the
Notes early if the closing level of each underlying asset on any autocal observation date (quarterly) is equal to or greater than its cal threshold level, which is a
level of each underlying asset equal to a percentage of its initial level, as indicated below. If the Notes are subject to an automatic cal , UBS wil pay on the
applicable coupon payment date fol owing such autocal observation date (the "cal settlement date") a cash payment per Note equal to your principal amount
plus the contingent coupon otherwise due, and no further payments wil be owed to you under the Notes. If the Notes are not subject to an automatic cal and the
closing level of each underlying asset on the final valuation date (the "final level") is equal to or greater than its downside threshold, UBS wil pay you a cash
payment per Note equal to the principal amount. If, however, the Notes are not subject to an automatic cal and the final level of any underlying asset is less than
its downside threshold, UBS wil pay you a cash payment per Note that is less than the principal amount, if anything, resulting in a percentage loss on your initial
investment equal to the percentage decline in the least performing underlying asset from the trade date to the final valuation date (the "underlying return") and, in
extreme situations, you could lose al of your initial investment. The "least performing underlying asset" is the underlying asset with the lowest underlying return
as compared to any other underlying asset. Investing in the Notes involves significant risks. You may lose a significant portion or all of your initial
investment and may not receive any contingent coupon during the term of the Notes. You will be exposed to the market risk of each underlying asset
on each contingent coupon observation date (including the final valuation date) and each autocall observation date and any decline in the level of
one underlying asset may negatively affect your return and will not be offset or mitigated by a lesser decline or any potential increase in the level of
any other underlying asset. Generally, a higher contingent coupon rate on a Note is associated with a greater risk of loss and a greater risk that you
will not receive contingent coupons over the term of the Notes. The contingent repayment of principal applies only at maturity. Any payment on the
Notes, including any repayment of principal, is subject to the creditworthiness of UBS. If UBS were to default on its payment obligations you may not
receive any amounts owed to you under the Notes and you could lose all of your initial investment.
Features
Key Dates
· Potential for Periodic Contingent Coupons -- UBS wil pay a
Trade Date*
January 28, 2020
contingent coupon on a coupon payment date only if the closing level of
Settlement Date*
January 31, 2020
each underlying asset is equal to or greater than its coupon barrier on the
Contingent Coupon
Monthly (see page 4)
applicable contingent coupon observation date (including the final
Observation Dates**
valuation date). Otherwise, if the closing level of any underlying asset is
Autocal Observation
Quarterly, (see page 4)
less than its coupon barrier on the applicable contingent coupon
Dates**
observation date, no contingent coupon wil be paid for the relevant
Final Valuation Date**
January 30, 2023
coupon payment date.
Maturity Date**
February 2, 2023

· Automatic Call Feature -- UBS wil automatical y cal the Notes and pay
** We expect to deliver the Notes against payment on the third business day
you the principal amount of your Notes plus the contingent coupon
fol owing the trade date. Under Rule 15c6-1 of the Securities Exchange
otherwise due on the related coupon payment date if the closing level of
Act of 1934, as amended (the "Exchange Act"), trades in the secondary
each underlying asset is equal to or greater than its cal threshold level on
market general y are required to settle in two business days (T+2), unless
any autocal observation date (quarterly). If the Notes were previously
the parties to a trade expressly agree otherwise. Accordingly, purchasers
subject to an automatic cal , no further payments wil be owed to you
who wish to trade the Notes in the secondary market on any date prior to
under the Notes.
two business days before delivery of the Notes wil be required, by virtue
· Contingent Repayment of Principal at Maturity with Potential for Full
of the fact that each Note initial y wil settle in three business days (T+3), to
Downside Market Exposure -- If the Notes have not been subject to an
specify alternative settlement arrangements to prevent a failed settlement
automatic cal and the final level of each underlying asset is equal to or
of the secondary market trade.
greater than its downside threshold, UBS wil repay you the principal

amount per Note at maturity. If, however, the final level of any underlying
** Subject to postponement in the event of a market disruption event, as
asset is less than its downside threshold, UBS wil pay you a cash
described in the accompanying product supplement.
payment per Note that is less than the principal amount, if anything,
resulting in a percentage loss on your investment equal to the underlying
return of the least performing underlying asset. The contingent repayment
of principal applies only if you hold the Notes to maturity. Any payment on
the Notes including any repayment of principal, is subject to the
creditworthiness of UBS.
Notice to investors: the Notes are significantly riskier than conventional debt instruments. The issuer is not necessarily obligated to repay the
principal amount of the Notes at maturity, and the Notes may have the same downside market risk as the least performing underlying asset. This
market risk is in addition to the credit risk inherent in purchasing a debt obligation of UBS. You should not purchase the Notes if you do not
understand or are not comfortable with the significant risks involved in investing in the Notes.
You should carefully consider the risks described under "Key Risks" beginning on page 5 and under "Risk Factors" beginning on page PS-9 of the
accompanying product supplement before purchasing any Notes. Events relating to any of those risks, or other risks and uncertainties, could
adversely affect the market value of, and the return on, your Notes. You may lose a significant portion or all of your initial investment in the Notes.
The Notes will not be listed or displayed on any securities exchange or any electronic communications network.
Note Offering
These terms relate to the Notes we are offering.
Bloomberg Contingent
Initial
Call Threshold
Downside
Underlying Asset
Ticker
Coupon Rate
Levels
Levels
Thresholds
Coupon Barriers
CUSIP
ISIN
Common stock of Delta
DAL
10.30% per
$57.48
$54.61, which is
$34.49, which is
$34.49, which is
90270K2F5 US90270K2F50
Air Lines, Inc.
annum
95.00% of the
60.00% of the
60.00% of the
Initial Level
Initial Level
Initial Level
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Common stock of The
HD
$233.86
$222.17, which is
$140.32, which is
$140.32, which is
Home Depot, Inc.
95.00% of the
60.00% of the
60.00% of the
Initial Level
Initial Level
Initial Level
Common stock of Intel
INTC
$67.31
$63.94, which is
$40.39, which is
$40.39, which is
Corporation
95.00% of the
60.00% of the
60.00% of the
Initial Level
Initial Level
Initial Level
Common stock of
MSFT
$165.46
$157.19, which is
$99.28, which is
$99.28, which is
Microsoft Corporation
95.00% of the
60.00% of the
60.00% of the
Initial Level
Initial Level
Initial Level
The estimated initial value of the Notes as of the trade date is $950.90. The estimated initial value of the Notes was determined as of the close of the relevant
markets on the date hereof by reference to UBS' internal pricing models, inclusive of the internal funding rate. For more information about secondary market
offers and the estimated initial value of the Notes, see "Key Risks -- Fair value considerations" and "-- Limited or no secondary market and secondary market
price considerations" on page 6 of this supplement.
See "Additional Information about UBS and the Notes" on page ii. The Notes will have the terms set forth in the accompanying product supplement
relating to the Notes, dated October 31, 2018, the accompanying prospectus and this document. Neither the Securities and Exchange Commission
nor any other regulatory body has approved or disapproved of these Notes or passed upon the adequacy or accuracy of this document, the
accompanying product supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.
The Notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.
Offering of Notes
Issue Price to Public
Underwriting Discount(1)(2)
Proceeds to UBS AG(1)(2)

Total
Per Note
Total
Per Note
Total
Per Note
Notes linked to the least performing of the common stock of
Delta Air Lines, Inc., the common stock of The Home Depot,
$10,051,000.00
$1,000.00
$351,785.00
$35.00
$9,699,215.00
$965.00
Inc., the common stock of Intel Corporation and the common
stock of Microsoft Corporation
(1) Certain registered investment advisers or fee-based advisory accounts unaffiliated from UBS may have agreed to purchase Notes from a third party dealer
at a purchase price of at least $965.00 per principal amount of the Notes, and such third party dealer, with respect to sales made to such registered
investment advisers, may have agreed to forgo some or al of the underwriting discount.
(2) Our affiliate, UBS Securities LLC, wil receive an underwriting discount of $35.00 per principal amount for each Note sold in this offering. UBS Securities
LLC has agreed to re-al ow the ful amount of this discount to one or more third party dealers. Certain of such third-party dealers may resel the Notes to
other securities dealers at the issue price to the public less an underwriting discount up to the underwriting discount indicated in the above table.
UBS Securities LLC
UBS Investment Bank

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Additional Information about UBS and the Notes
UBS has filed a registration statement (including a prospectus, as supplemented by a product supplement for the Notes) with the Securities
and Exchange Commission (the "SEC"), for the offering to which this document relates. Before you invest, you should read these documents
and any other documents related to the Notes that UBS has filed with the SEC for more complete information about UBS and this offering. You
may obtain these documents for free from the SEC website at www.sec.gov. Our Central Index Key, or CIK, on the SEC website is
0001114446.
You may access these documents on the SEC website at www.sec.gov as follows:
· Market-Linked Securities product supplement dated October 31, 2018:
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· Prospectus dated October 31, 2018:
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References to "UBS", "we", "our" and "us" refer only to UBS AG and not to its consolidated subsidiaries. In this document, "Trigger Autocallable
Contingent Yield Notes" or the "Notes" refer to the Notes that are offered hereby. Also, references to the "accompanying product supplement"
or "Market-Linked Securities product supplement" mean the UBS product supplement, dated October 31, 2018 and references to the
"accompanying prospectus" mean the UBS prospectus, titled "Debt Securities and Warrants", dated October 31, 2018.
This document, together with the documents listed above, contains the terms of the Notes and supersedes all other prior or contemporaneous
oral statements as well as any other written materials including all other prior pricing terms, correspondence, trade ideas, structures for
implementation, sample structures, brochures or other educational materials of ours. You should carefully consider, among other things, the
matters set forth in "Key Risks" beginning on page 5 and in "Risk Factors" in the accompanying product supplement, as the Notes involve risks
not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisors before
deciding to invest in the Notes.
If there is any inconsistency between the terms of the Notes described in the accompanying prospectus, the accompanying product
supplement and this document, the following hierarchy will govern: first, this document; second, the accompanying product supplement; and
last, the accompanying prospectus.
UBS reserves the right to change the terms of, or reject any offer to purchase, the Notes prior to their issuance. In the event of any changes to
the terms of the Notes, UBS will notify you and you will be asked to accept such changes in connection with your purchase. You may also
choose to reject such changes in which case UBS may reject your offer to purchase.
i
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Investor Suitability
The Notes may be suitable for you if:
The Notes may not be suitable for you if:
· You fully understand the risks inherent in an investment in the
· You do not fully understand the risks inherent in an investment in
Notes, including the risk of loss of a significant portion or all of
the Notes, including the risk of loss of a significant portion or all of
your initial investment.
your initial investment.
· You understand and accept that an investment in the Notes is
· You do not understand or are unwilling to accept that an
linked to the performance of the least performing underlying asset
investment in the Notes is linked to the performance of the least
and not a basket of the underlying assets, that you will be
performing underlying asset and not a basket of the underlying
exposed to the individual market risk of each underlying asset on
assets, that you will be exposed to the individual market risk of
each autocall observation date, contingent coupon observation
each underlying asset on each autocall observation date,
date, and on the final valuation date and that you may lose a
contingent coupon observation date and on the final valuation
significant portion or all of your initial investment if the closing
date and that you may lose a significant portion or all of your initial
level of any underlying asset is less than its downside threshold
investment if the closing level of any underlying asset is less than
on the final valuation date.
its downside threshold on the final valuation date.
· 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 least
performing underlying asset.
· You cannot tolerate a loss of a significant portion or all of your
initial investment or are unwilling 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 least
closing level of each underlying asset will be equal to or greater
performing underlying asset.
than its coupon barrier on the specified contingent coupon
observation dates and the final level of each underlying asset will
· You are unwilling to receive no contingent coupons during the
be equal to or greater than its downside threshold on the final
term of the Notes and believe that the closing level of at least one
valuation date.
underlying asset will decline during the term of the Notes and is
likely to be less than its coupon barrier on at least one contingent
· You can accept that the risks of each underlying asset are not
coupon observation date or that the final level of any underlying
mitigated by the performance of any other underlying asset and
asset will be less than its downside threshold on the final
the risks of investing in securities with a return based on the
valuation date.
performance of multiple underlying assets.
· You cannot accept that the risks of each underlying asset are not
· You understand and accept that you will not participate in any
mitigated by the performance of any other underlying asset or the
appreciation of any underlying asset and that your potential return
risks of investing in securities with a return based on the
is limited to any contingent coupons.
performance of multiple underlying assets.
· You can tolerate fluctuations in the price of the Notes prior to
· You seek an investment that participates in the full appreciation of
maturity that may be similar to or exceed the downside
the levels of the underlying assets or that has unlimited return
fluctuations in the levels of the underlying assets.
potential.
· You are willing to invest in the Notes based on the contingent
· You cannot tolerate fluctuations in the price of the Notes prior to
coupon rate, call threshold levels, downside thresholds and
maturity that may be similar to or exceed the downside
coupon barriers specified on the cover hereof.
fluctuations in the levels of the underlying assets.
· You do not seek guaranteed current income from your investment
· You are unwilling to invest in the Notes based on the contingent
and are willing to forgo any dividends paid on the underlying
coupon rate, call threshold levels, downside thresholds or coupon
assets.
barriers specified on the cover hereof.
· You are willing to invest in Notes that may be subject to an
· You seek guaranteed current income from this investment or
automatic call and you are otherwise willing to hold such Notes to
prefer to receive any dividends paid on the underlying assets.
maturity and you accept that there may be little or no secondary
market for the Notes.
· You are unable or are unwilling to invest in Notes that may be
subject to an automatic call, you are otherwise unable or unwilling
· You understand and are willing to accept the single equity risks
to hold the Notes to maturity or you seek an investment for which
associated with the underlying assets.
there will be an active secondary market for the Notes.
· You are willing to assume the credit risk of UBS for all payments
· You do not understand or are unwilling to accept the single equity
under the Notes, and understand that if UBS defaults on its
risk associated with the underlying assets.
obligations you may not receive any amounts due to you including
any repayment of principal.
· You are unwilling to assume the credit risk of UBS for all
payments under the Notes, 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.
The suitability considerations identified above are not exhaustive. Whether or not the Notes are a suitable investment for you will
depend on your individual circumstances and you should reach an investment decision only after you and your investment, legal,
tax, accounting and other advisors have carefully considered the suitability of an investment in the Notes in light of your particular
circumstances. You should review "Information About the Underlying Assets " herein for more information on the underlying assets.
You should also review carefully the "Key Risks" section herein for risks related to an investment in the Notes.
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Final Terms
Issuer:
UBS AG London Branch
Payment at
If the Notes are not subject to an automatic call
Principal
$1,000 per Note
Maturity (per and the final level of each underlying asset is
Amount:
Note):
equal to or greater than its downside threshold,
UBS will pay you a cash payment equal to:
Term:
Approximately 3 years, unless subject to an automatic
call.
Principal Amount of $1,000
If the Notes are not subject to an automatic call
Underlying The common stock of Delta Air Lines, Inc., the
and the final level of any underlying asset is less
Assets:
common stock of The Home Depot, Inc., the common
than its downside threshold, UBS will pay you a
stock of Intel Corporation and the common stock of
cash payment that is less than the principal amount,
Microsoft Corporation
if anything, equal to:
Contingent If the closing level of each underlying asset is
$1,000 x (1+ Underlying Return of the Least
Coupon
equal to or greater than its coupon barrier on any
Performing Underlying Asset)
and
contingent coupon observation date (including the
Contingent final valuation date), UBS will pay you the contingent
In such a case, you will suffer a percentage loss
Coupon
coupon applicable to such contingent coupon
on your initial investment equal to the
Rate:
observation date on the related coupon payment date.
underlying return of the least performing
underlying asset regardless of the underlying
If the closing level of any underlying asset is less
return of any other underlying asset and, in
than its coupon barrier on any contingent coupon
extreme situations, you could lose all of your
observation date (including the final valuation
initial investment.
date), the contingent coupon applicable to such
contingent coupon observation date will not accrue or
Least
The underlying asset with the lowest underlying
be payable and UBS will not make any payment to
Performing
return as compared to the other underlying assets.
you on the relevant coupon payment date.
Underlying
The contingent coupon is a fixed amount based upon
Asset:
equal periodic installments at the contingent coupon
Underlying
For each underlying asset, the quotient, expressed
rate, which is a per annum rate. The table below sets
Return:
as a percentage, of the following formula:
forth the contingent coupon rate and contingent
Final Level Initial Level
coupon for each Note that will be applicable to each
Initial Level
contingent coupon observation date on which the
closing level of each underlying asset is greater than
Call
For each underlying asset, a specified level of the
or equal to its coupon barrier.
Threshold
underlying asset that is less than its initial level,

Level:(1)
equal to a percentage of its initial level, as indicated

Contingent Coupon Rate
10.30%
on the cover hereof and as determined by the

Contingent Coupon
$8.5833
calculation agent.

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

Automatic UBS will automatically call the Notes if the closing
Coupon
For each underlying asset, a specified level of the
Call
level of each underlying asset on any autocall
Barrier:(1)
underlying asset that is less than its initial level,
Feature:
observation date (quarterly) is equal to or greater than
equal to a percentage of the initial level, as indicated
its call threshold level.
on the cover hereof and as determined by the
calculation agent.
If the Notes are subject to an automatic call, UBS will
Initial Level:
The closing level of each underlying asset on the
pay you on the corresponding coupon payment date
(1)
trade date, as indicated on the cover hereof and as
(which will be the "call settlement date") a cash
determined by the calculation agent.
payment per Note equal to your principal amount plus
the contingent coupon otherwise due on such date.
Final Level:
The closing level of each underlying asset on the
Following an automatic call, no further payments will
(1)
final valuation date, as determined by the calculation
be made on the Notes.
agent.
(1)
As may be adjusted in the case of certain
adjustment events as described under "General
Terms of the Securities -- Antidilution Adjustments
for Securities Linked to an Underlying Equity or
Equity Basket Asset" and "-- Reorganization Events
for Securities Linked to an Underlying Equity or
Equity Basket Asset" in the accompanying product
supplement.
2
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Investment Timeline
The initial level of each underlying asset is
Trade Date
observed and the final terms of the Notes are
set.
¯

Each
If the closing level of each underlying asset
Contingent
is equal to or greater than its coupon barrier
Coupon
on a contingent coupon observation date,
Observation
UBS will pay you a contingent coupon on
Date
the corresponding coupon payment date.
¯

If the closing level of each underlying asset is
equal to or greater than its call threshold level
on any autocall observation date (quarterly),
Each Autocall
the Notes will be automatically called and UBS
Observation Date

will pay you on the call settlement date a cash
(quarterly)
payment per Note equal to $1,000 plus the
contingent coupon otherwise due on such
date.
¯

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

than the principal amount, if anything, equal to:
$1,000 x (1+ Underlying Return of the
Least Performing Underlying Asset)
In such a case, you will suffer a percentage
loss on your initial investment equal to the
underlying return of the least performing
underlying
asset
regardless
of
the
underlying return of any other underlying
asset and, in extreme situations, you could
lose all of your initial investment.
Investing in the Notes involves significant risks. You may lose a significant portion or all of your initial investment. Any payment on
the Notes, including any repayment of principal, is subject to the creditworthiness of UBS. If UBS were to default on its payment
obligations, you may not receive any amounts owed to you under the Notes and you could lose all of your initial investment.
If the Notes are not subject to an automatic call, you may lose a significant portion or all of your initial investment. Specifically, if the
Notes are not subject to an automatic call and the final level of any underlying asset is less than its downside threshold, you will
lose a percentage of your principal amount equal to the underlying return of the least performing underlying asset and, in extreme
situations, you could lose all of your initial investment.
You will be exposed to the market risk of each underlying asset on each autocall observation date, contingent coupon observation
date and on the final valuation date and any decline in the level of one underlying asset may negatively affect your return and will not
be offset or mitigated by a lesser decline or any potential increase in the level of any other underlying asset.
3
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Contingent Coupon Observation Dates,(1) Autocall Observation Dates,(1) Coupon Payment Dates(1)(2) and Potential Call Settlement
Dates(1)(2)
Contingent Coupon Observation
Contingent Coupon Observation
Dates
Coupon Payment Dates
Dates
Coupon Payment Dates
February 28, 2020
March 4, 2020
October 28, 2021*
November 2, 2021
March 30, 2020
April 2, 2020
November 29, 2021
December 2, 2021
April 28, 2020*
May 1, 2020
December 28, 2021
December 31, 2021
May 28, 2020
June 2, 2020
January 28, 2022*
February 2, 2022
June 29, 2020
July 2, 2020
February 28, 2022
March 3, 2022
July 28, 2020*
July 31, 2020
March 28, 2022
March 31, 2022
August 28, 2020
September 2, 2020
April 28, 2022*
May 3, 2022
September 28, 2020
October 1, 2020
May 31, 2022
June 3, 2022
October 28, 2020*
November 2, 2020
June 28, 2022
July 1, 2022
November 30, 2020
December 3, 2020
July 28, 2022*
August 2, 2022
December 28, 2020
December 31, 2020
August 29, 2022
September 1, 2022
January 28, 2021*
February 2, 2021
September 28, 2022
October 3, 2022
March 1, 2021
March 4, 2021
October 28, 2022*
November 2, 2022
March 29, 2021
April 1, 2021
November 28, 2022
December 1, 2022
April 28, 2021*
May 3, 2021
December 28, 2022
January 3, 2023
May 28, 2021
June 3, 2021
Final Valuation Date
Maturity Date
June 28, 2021
July 1, 2021

July 28, 2021*
August 2, 2021

August 30, 2021
September 2, 2021

September 28, 2021
October 1, 2021

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