Obligation UBSL 0% ( US90270K2Z15 ) en USD

UBSL

100 % ▲

Suisse

US90270K2Z15 ( en USD )

21/01/2022 - Obligation échue

Prospectus brochure de l'obligation UBS (London Branch) US90270K2Z15 en USD 0%, échue

1 000 USD

14 472 000 USD

90270K2Z1

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.

Cet instrument financier, identifié par le code ISIN US90270K2Z15 et le code CUSIP 90270K2Z1, était une obligation émise par UBS (London Branch), une entité significative du groupe bancaire suisse UBS Group AG, un leader mondial des services financiers reconnu pour ses activités diversifiées incluant la gestion de patrimoine, la banque d'investissement et la banque d'entreprise et de détail. Bien que l'émetteur soit la succursale londonienne, l'émission était désignée comme ayant pour pays d'origine la Suisse. Au moment de sa clôture, cette obligation était valorisée à 100% de sa valeur nominale sur le marché, libellée en dollars américains (USD). Une caractéristique notable était son taux d'intérêt de 0%, ce qui la classait comme une obligation zéro-coupon, où le rendement est généralement réalisé par l'écart entre le prix d'émission (souvent à escompte) et le prix de remboursement (au pair), sans versements de coupons périodiques, et ce malgré une fréquence de paiement semestrielle (2) mentionnée qui n'impliquait pas ici des flux d'intérêts. La taille totale de cette émission s'élevait à 14 472 000 USD, avec une taille minimale d'acquisition fixée à 1 000 USD. Arrivée à maturité le 21 janvier 2022, cette obligation a été entièrement remboursée à cette date, concluant ainsi son cycle de vie financier.

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424B2 1 ub54592646-424b2.htm PS - JANUARY 17 KBE XBI XLP LEAST OF TACYN STIFEL (US90270K2Z15)
PRICING SUPPLEMENT

Dated January 17, 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 $14,472,000 Trigger Autocallable Contingent Yield Notes
Linked to the least performing of the shares of the SPDR® S&P® Bank ETF, the shares of The SPDR® S&P® Biotech ETF and the
shares of The Consumer Staples Select Sector SPDR® Fund due January 21, 2022
Investment Description
UBS AG Trigger Autocal able Contingent Yield Notes (the "Notes") are unsubordinated, unsecured debt securities issued by UBS AG ("UBS" or the
"issuer") linked to the least performing of the shares of the SPDR® S&P® Bank ETF, the shares of The SPDR® S&P® Biotech ETF and the shares of The
Consumer Staples Select Sector SPDR® Fund (each, an "underlying asset" and together, the "underlying assets"). We also refer to an exchange- traded
fund as an "ETF" herein. UBS wil pay a contingent coupon on the coupon payment date only if the closing level of each underlying asset on the
applicable 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 observation date
prior to the final valuation date is equal to or greater than its initial level. If the Notes are subject to an automatic cal , UBS wil pay on the applicable
coupon payment date fol owing such 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 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. 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 17, 2020
contingent coupon on a coupon payment date only if the closing level
Settlement Date*
January 27, 2020
of each underlying asset is equal to or greater than its coupon barrier
Observation Dates**
Quarterly (see page 4)
on the applicable observation date (including the final valuation date).
Final Valuation Date**
January 18, 2022
Otherwise, if the closing level of any underlying asset is less than its
Maturity Date**
January 21, 2022
coupon barrier on the applicable observation date, no contingent

coupon wil be paid for the relevant coupon payment date.

· Automatic Call Feature -- UBS wil automatical y cal the Notes and
*
We expect to deliver the Notes against payment on the fifth
pay you the principal amount of your Notes plus the contingent coupon
business day fol owing the trade date. Under Rule 15c6-1 of the
otherwise due on the related coupon payment date if the closing level
Securities Exchange Act of 1934, as amended, trades in the
of each underlying asset is equal to or greater than its initial level on
secondary market general y are required to settle in two business
any observation date (quarterly) prior to the final valuation date. If the
days (T+2), unless the parties to a trade expressly agree otherwise.
Notes were previously subject to an automatic cal , no further
Accordingly, purchasers who wish to trade the Notes in the
payments wil be owed to you under the Notes.
secondary market on any date prior to two business days before
delivery of the Notes wil be required, by virtue of the fact that each
· Contingent Repayment of Principal at Maturity with Potential for
Note initial y wil settle in five business days (T+5), to specify
Full Downside Market Exposure -- If the Notes have not been
alternative settlement arrangements to prevent a failed settlement
subject to an automatic cal and the final level of each underlying asset
of the secondary market trade.
is equal to or greater than its downside threshold, UBS wil repay you

the principal amount per Note at maturity. If, however, the final level of
**
Subject to postponement in the event of a market disruption event,
any underlying asset is less than its downside threshold, UBS wil pay
as described in the accompanying product supplement.
you a cash payment per Note that is less than the principal amount, if
anything, resulting in a percentage loss on your investment equal to
the underlying return of the least performing underlying asset. The
contingent repayment of principal applies only if you hold the Notes to
maturity. Any payment on the Notes including any repayment of
principal, is subject to the creditworthiness of UBS.
Notice to investors: the Notes are significantly riskier than conventional debt instruments. The issuer is not necessarily
obligated to repay the principal amount of the Notes at maturity, and the Notes may have the same downside market risk as
the least performing underlying asset. This market risk is in addition to the credit risk inherent in purchasing a debt obligation
of UBS. You should not purchase the Notes if you do not understand or are not comfortable with the significant risks involved
in investing in the Notes.
You should carefully consider the risks described under "Key Risks" beginning on page 5 and under "Risk Factors" beginning
on page PS-9 of the accompanying product supplement before purchasing any Notes. Events relating to any of those risks, or
other risks and uncertainties, could adversely affect the market value of, and the return on, your Notes. You may lose a
significant portion or all of your initial investment in the Notes. The Notes will not be listed or displayed on any securities
exchange or any electronic communications network.
Note Offering
These terms relate to the Notes we are offering.
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Underlying Asset
Bloomberg
Contingent
Initial
Downside
Coupon
CUSIP
ISIN
Ticker
Coupon Rate
Levels
Thresholds
Barriers
Shares of the SPDR®
KBE
$46.84
$32.79, which is
$32.79, which is
S&P® Bank ETF
70.00% of the
70.00% of the
Initial Level
Initial Level
Shares of The SPDR®
XBI
$96.27
$67.39, which is
$67.39, which is
11.10% per
S&P® Biotech ETF
70.00% of the
70.00% of the
90270K2Z1
US90270K2Z15
annum
Initial Level
Initial Level
Shares of The
XLP
$63.82
$44.67, which is
$44.67, which is
Consumer Staples
70.00% of the
70.00% of the
Select Sector SPDR®
Initial Level
Initial Level
Fund
The estimated initial value of the Notes as of the trade date is $976.20. 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 pages 6 and 7 of this document.
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(1)
Underwriting Discount(1)(2)
Proceeds to UBS AG(2)

Total
Per Note
Total
Per Note
Total
Per Note
Notes linked to the least performing of the shares of the
SPDR® S&P® Bank ETF, the Shares of The SPDR® S&P® $14,472,000.00 $1,000.00
$253,260.00
$17.50
$14,218,740.00
$982.50
Biotech ETF And the shares of The Consumer Staples
Select Sector SPDR® Fund

(1)
Certain registered investment advisers or fee-based advisory accounts unaffiliated from UBS may purchase Notes from a third party dealer at a
purchase price of at least $982.50 per principal amount of the Notes, and such third party dealer, with respect to sales made to such registered
investment advisers, may forgo some or al of the underwriting discount.
(2)
Our affiliate, UBS Securities LLC, wil receive an underwriting discount of $17.50 per principal amount for each Note sold in this offering. UBS
Securities LLC intends 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" herein and in "Risk Factors" in the accompanying product supplement, as the
Notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and
other advisors before deciding to invest in the Notes.
If there is any inconsistency between the terms of the Notes described in the accompanying prospectus, the accompanying product
supplement and this document, the following hierarchy will govern: first, this document; second, the accompanying product supplement;
and last, the accompanying prospectus.
UBS reserves the right to change the terms of, or reject any offer to purchase, the Notes prior to their issuance. In the event of any
changes to the terms of the Notes, UBS will notify you and you will be asked to accept such changes in connection with your purchase.
You may also choose to reject such changes in which case UBS may reject your offer to purchase.
ii
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Investor Suitability
The Notes may be suitable for you if:
The Notes may not be suitable for you if:
· You fully understand the risks inherent in an investment in the
· You do not fully understand the risks inherent in an investment
Notes, including the risk of loss of a significant portion or all of
in the Notes, including the risk of loss of a significant portion or
your initial investment.
all of your initial investment.
· You understand and accept that an investment in the Notes is
· You do not understand or are unwilling to accept that an
linked to the performance of the least performing underlying
investment in the Notes is linked to the performance of the
asset and not a basket of the underlying assets, that you will
least performing underlying asset and not a basket of the
be exposed to the individual market risk of each underlying
underlying assets, that you will be exposed to the individual
asset on each observation date and on the final valuation date
market risk of each underlying asset on each observation date
and that you may lose a significant portion or all of your initial
and on the final valuation date and that you may lose a
investment if the closing level of any underlying asset is less
significant portion or all of your initial investment if the closing
than its downside threshold on the final valuation date.
level of any underlying asset is less than its downside
threshold on the final valuation date.
· You can tolerate a loss of a significant portion or all of your
initial investment and are willing to make an investment that
· You require an investment designed to provide a full return of
may have the same downside market risk as an investment in
principal at maturity.
the least performing underlying asset.
· You cannot tolerate a loss of a significant portion or all of your
· You are willing to receive no contingent coupons and believe
initial investment or are unwilling to make an investment that
the closing level of each underlying asset will be equal to or
may have the same downside market risk as an investment in
greater than its coupon barrier on the specified observation
the least performing underlying asset.
dates and the final level of each underlying asset will be equal
to or greater than its downside threshold on the final valuation
· You are unwilling to receive no contingent coupons during the
date.
term of the Notes and believe that the closing level of at least
one underlying asset will decline during the term of the Notes
· You can accept that the risks of each underlying asset are not
and is likely to be less than its coupon barrier on at least one
mitigated by the performance of any other underlying asset
observation date or that the final level of any underlying asset
and the risks of investing in securities with a return based on
will be less than its downside threshold on the final valuation
the performance of multiple underlying assets.
date.
· You understand and accept that you will not participate in any
· You cannot accept that the risks of each underlying asset are
appreciation of any underlying asset and that your potential
not mitigated by the performance of any other underlying asset
return is limited to any contingent coupons.
or the risks of investing in securities with a return based on the
performance of multiple underlying assets.
· You can tolerate fluctuations in the price of the Notes prior to
maturity that may be similar to or exceed the downside
· You seek an investment that participates in the full
fluctuations in the levels of the underlying assets.
appreciation of the levels of the underlying assets or that has
unlimited return potential.
· You are willing to invest in the Notes based on the contingent
coupon rate, downside threshold(s) and coupon barrier(s)
· You cannot tolerate fluctuations in the price of the Notes prior
specified on the cover hereof.
to maturity that may be similar to or exceed the downside
fluctuations in the levels of the underlying assets.
· You do not seek guaranteed current income from your
investment and are willing to forgo any dividends paid on the
· You are unwil ing to invest in the Notes based on the contingent
underlying assets and the assets comprising each respective
coupon rate, downside threshold(s) or coupon barrier(s) specified
underlying asset (the "underlying constituents").
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
prefer to receive any dividends paid on the underlying assets
to maturity and you accept that there may be little or no
or the underlying constituents.
secondary market for the Notes.
· You are unable or are unwilling to invest in Notes that may be
· You understand and are willing to accept the risks associated
subject to an automatic call, you are otherwise unable or
with the underlying assets.
unwilling to hold the Notes to maturity or you seek an
investment for which there will be an active secondary market
· You are willing to assume the credit risk of UBS for all
for the Notes.
payments under the Notes, and understand that if UBS
defaults on its obligations you may not receive any amounts
· You do not understand or are unwilling to accept the risks
due to you including any repayment of principal.
associated with the underlying assets.
· You understand that the estimated initial value of the Notes
· You are unwilling to assume the credit risk of UBS for all
determined by our internal pricing models is lower than the
payments under the Notes, including any repayment of
issue price and that should UBS Securities LLC or any affiliate
principal.
make secondary markets for the Notes, the price (not including
their customary bid-ask spreads) will temporarily exceed the
internal pricing model price.
The suitability considerations identified above are not exhaustive. Whether or not the Notes are a suitable investment for you
will depend on your individual circumstances and you should reach an investment decision only after you and your
investment, legal, tax, accounting and other advisors have carefully considered the suitability of an investment in the Notes in
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light of your particular circumstances. You should review "Information About the Underlying Assets" herein for more
information on the underlying assets. You should also review carefully the "Key Risks" section herein for risks related to an
investment in the Notes.
1
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Final Terms
Issuer
UBS AG London Branch
Payment at
If the Notes are not subject to an automatic
Maturity (per call and the final level of each underlying
Principal
$1,000 per Note
Note)
asset is equal to or greater than its downside
Amount
threshold, UBS will pay you a cash payment
equal to:
Term
Approximately 2 years, unless subject to an
automatic call.
Principal Amount of $1,000
If the Notes are not subject to an automatic
Underlying
The shares of SPDR® S&P® Bank ETF, the
call and the final level of any underlying asset
Assets
shares of The SPDR® S&P® Biotech ETF and
is less than its downside threshold, UBS will
the shares of The Consumer Staples Select
pay you a cash payment that is less than the
Sector SPDR® Fund
principal amount, if anything, equal to:
$1,000 x (1+ Underlying Return of the least
Contingent
If the closing level of each underlying asset is
performing Underlying Asset)
Coupon &
equal to or greater than its coupon barrier on
Contingent
any observation date (including the final
In such a case, you will suffer a percentage
Coupon
valuation date), UBS will pay you the contingent
loss on your initial investment equal to the
Rate
coupon applicable to such observation date on
underlying return of the least performing
the related coupon payment date.
underlying asset regardless of the underlying
If the closing level of any underlying asset is
return of any other underlying asset and, in
less than its coupon barrier on any
extreme situations, you could lose all of your
observation date (including the final valuation
initial investment.
date), the contingent coupon applicable to such
observation date will not accrue or be payable
Least
The underlying asset with the lowest underlying
and UBS will not make any payment to you on
Performing
return as compared to the other underlying
the relevant coupon payment date.
Underlying
asset(s)
Asset
The contingent coupon is a fixed amount based
upon equal periodic installments at the
Underlying
For each underlying asset, the quotient,
contingent coupon rate, which is a per annum
Return
expressed as a percentage, of the following
rate. The table below sets forth the contingent
formula:
coupon rate and contingent coupon for each
Final Level Initial Level
Note that would be applicable to each
Initial Level
observation date on which the closing level of
Downside
For each underlying asset, a specified level of
each underlying asset is greater than or equal to
Threshold(1) the underlying asset that is less than its initial
its coupon barrier.
level, equal to a percentage of its initial level, as

Contingent Coupon Rate
11.10%
indicated on the cover hereof.

Contingent Coupon
$27.75
Coupon
For each underlying asset, a specified level of
Barrier(1)
the underlying asset that is less than its initial

Contingent coupons on the Notes are not
level, equal to a percentage of the initial level, as
guaranteed. UBS will not pay you the
indicated on the cover hereof.
contingent coupon for any observation date
on which the closing level of any underlying
Initial
The closing level of each underlying asset on the
asset is less than its coupon barrier.
Level(1)
trade date, as indicated on the cover hereof.
Automatic
UBS will automatically call the Notes if the
Final
The closing level of each underlying asset on the
Call
closing level of each underlying asset on any
Level(1)
final valuation date.
Feature
quarterly observation date prior to the final
valuation date is equal to or greater than its initial

level.

(1)
If the Notes are subject to an automatic call, UBS
As determined by the calculation agent and as may be
will pay you on the corresponding coupon
adjusted in the case of certain adjustment events as described
payment date (which will be the "call settlement
under "General Terms of the Securities -- Antidilution
date") a cash payment per Note equal to your
Adjustments for Securities Linked to an Underlying Equity or
principal amount plus the contingent coupon
Equity Basket Asset" and "-- Reorganization Events for
otherwise due on such date. Following an
Securities Linked to an Underlying Equity or Equity Basket Asset"
automatic call, no further payments will be made
in the accompanying product supplement.
on the Notes.
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.
¯

If the closing level of each underlying asset is
equal to or greater than its coupon barrier on
any observation date (including the final
valuation date), UBS will pay you a contingent
coupon on the applicable coupon payment
date.
The Notes will be subject to an automatic call
Observation if the closing level of each underlying asset on
Dates
any quarterly observation date prior to the final
(Quarterly) valuation date is equal to or greater than its
initial level.
If the Notes are subject to an automatic call,
UBS will pay you a cash payment per Note
equal to $1,000 plus the contingent coupon
otherwise due on such date. Following an
automatic call, no further payments will be
made on the Notes.
¯

The final level of each underlying asset is
observed on the final valuation 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 per Note equal to:
Principal Amount of $1,000
If the Notes are not subject to an automatic
call and the final level of any underlying
Maturity
asset is less than its downside threshold,
Date
UBS will pay you a cash payment per Note
that is less 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 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.
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Observation Dates (1) and Coupon Payment Dates(1)(2)
Observation Dates
Coupon Payment Dates
April 17, 2020
April 22, 2020
July 17, 2020
July 22, 2020
October 19, 2020
October 22, 2020
January 19, 2021
January 22, 2021
April 19, 2021
April 22, 2021
July 19, 2021
July 22, 2021
October 18, 2021
October 21, 2021
Final Valuation Date
Maturity Date
(1) Subject to the market disruption event provisions set forth in the accompanying product supplement.
(2) 3 business days following each 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 or its underlying constituents. 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 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
observation date, UBS will not pay you the contingent coupon applicable to such observation date. If the closing level of any
underlying asset is less than its coupon barrier on each of the observation dates, UBS will not pay you any contingent coupons
during the term of, and you will not receive a positive return on, your Notes. Generally, this non-payment of the contingent coupon
coincides with a period of greater risk of principal loss on your Notes.
·
Your potential return on the Notes is limited to any 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 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 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 or underlying constituents. 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, 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 are 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 observation date and that the final level of each 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 threshold(s) and/or coupon
barrier(s) 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 initial level on certain observation dates prior to the final valuation date as set forth under "Observation Dates and
Coupon Payment Dates" above. Because the Notes could be subject to an automatic call, the term of your investment may be
limited. In the event that the Notes are subject to an automatic call, there is no guarantee that you would be able to reinvest the
proceeds at a comparable return and/or with a comparable contingent coupon rate for a similar level of risk. In addition, to the
extent you are able to reinvest such proceeds in an investment comparable to the Notes, you may incur transaction costs such as
dealer discounts and hedging costs built into the price of the new securities. Generally, however, the longer the Notes remain
outstanding, the less likely the Notes will be subject to an automatic call due to the decline in the level of 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
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least performing underlying asset if the closing level of any underlying asset is less than its downside threshold on the final
valuation date, even if the underlying return of any other underlying asset is positive or has not declined as much. Accordingly, your
investment is subject to the market risk of each underlying asset.
·
Because the Notes are linked to the least performing underlying asset, you are exposed to a greater risk of no contingent
coupons and losing a significant portion or all of your initial investment at maturity than if the Notes were linked to a
single underlying asset or fewer underlying assets -- 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 a single underlying asset or fewer underlying assets. 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
observation date or decline to a closing level that is less than its downside threshold than if the Notes were linked to a single
underlying asset or fewer underlying assets.
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