Obligation UBSL 5.1% ( US90270KU312 ) en USD

Société émettrice UBSL
Prix sur le marché 100 %  ▲ 
Pays  Suisse
Code ISIN  US90270KU312 ( en USD )
Coupon 5.1% par an ( paiement semestriel )
Echéance 05/01/2021 - Obligation échue



Prospectus brochure de l'obligation UBS (London Branch) US90270KU312 en USD 5.1%, échue


Montant Minimal 1 000 USD
Montant de l'émission 6 650 000 USD
Cusip 90270KU31
Notation Standard & Poor's ( S&P ) N/A
Notation Moody's N/A
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 USD, avec le code ISIN US90270KU312, paye un coupon de 5.1% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 05/01/2021







424B2 1 ub54267875-424b2.htm PS - OCTOBER 31 NDX SPX LEAST OF AYN INSTITUTIONAL (US90270KU312)
PRICING SUPPLEMENT

Dated October 31, 2019
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-225551
(To Prospectus dated October 31, 2018,
Index Supplement dated October 31, 2018
and Product Supplement dated October 31, 2018)
U BS AG $ 6 ,6 5 0 ,0 0 0 Airba g Y ie ld N ot e s
Linked to the least performing of the Nasdaq-100 Index® and the S&P 500® Index due January 5, 2021
I nve st m e nt De sc ript ion
UBS AG Airbag Yield Notes (the "Notes") are unsubordinated, unsecured debt securities issued by UBS AG ("UBS" or the "issuer") linked to the least
performing of the Nasdaq-100 Index® and the S&P 500® Index (each an "underlying asset" and together the "underlying assets"). UBS will pay you a
coupon on each coupon payment date regardless of the performance of the underlying assets. If the closing level of each underlying asset on the final
valuation date (the "final level") is equal to or greater than its downside threshold, at maturity UBS will pay you a cash payment per Note equal to the
principal amount. If, however, the final level of any underlying asset is less than its downside threshold, UBS will pay you a cash payment per Note that is
less than the principal amount, if anything, and you will be exposed to the downside performance of the least performing underlying asset beyond the
threshold percentage at a rate greater than 1-for-1. Specifically, you will suffer a loss of 1.25% for each 1% decline in the least performing underlying asset
in excess of the threshold percentage from the initial level to the final level and, in extreme situations, you could lose all of your initial investment. The "least
performing underlying asset" is the underlying asset with the largest decline in its level from its initial level to its final level (the "underlying return") as
compared to any other underlying asset. I nve st ing in t he N ot e s involve s signific a nt risk s. Y ou m a y lose som e or a ll of your init ia l
inve st m e nt . Y ou w ill be e x pose d t o t he m a rk e t risk of e a c h unde rlying a sse t on t he fina l va lua t ion da t e a nd a ny de c line in
t he le ve l of one unde rlying a sse t m a y ne ga t ive ly a ffe c t your re t urn a nd w ill not be offse t or m it iga t e d by a le sse r de c line or
a ny pot e nt ia l inc re a se in t he le ve l of a ny ot he r unde rlying a sse t . H ighe r c oupon ra t e s a re ge ne ra lly a ssoc ia t e d w it h a gre a t e r
risk of loss. T he c ont inge nt re pa ym e nt of princ ipa l a pplie s only if you hold t he N ot e s t o m a t urit y. Any pa ym e nt on t he N ot e s,
inc luding a ny c ont inge nt re pa ym e nt of princ ipa l, is subje c t t o t he c re dit w ort hine ss of U BS. I f U BS w e re t o de fa ult on it s
pa ym e nt obliga t ions you m a y not re c e ive a ny a m ount s ow e d t o you unde r t he N ot e s a nd you c ould lose a ll of your init ia l
inve st m e nt .
Fe a t ure s
K e y Da t e s
· Periodic Coupons -- Regardless of the performance of the
Strike Date
October 30, 2019
underlying assets, UBS will pay you a coupon on each coupon payment
Trade Date
October 31, 2019
date.
Settlement Date
November 4, 2019
· Contingent Repayment of Principal at Maturity w ith
Coupon Payment Dates
Monthly (see page 4)
Pot e nt ia l for Full Dow nside M a rk e t Ex posure -- If the final
Final Valuation Date*
December 30, 2020
level of each underlying asset is equal to or greater than its downside
Maturity Date*
January 5, 2021

threshold, at maturity UBS will pay you a cash payment per Note equal
* Subject to postponement in the event of a market disruption event, as
to the principal amount. If, however, the final level of any underlying
described in the accompanying product supplement.
asset is less than its downside threshold, UBS will pay you a cash
payment per Note that is less than the principal amount, if anything, and
you will be exposed to the downside performance of the
least
performing underlying asset beyond the threshold percentage at a rate
greater than 1-for-1. Specifically, you will suffer a loss of 1.25% for
each 1% decline in the least performing underlying asset in excess of
the threshold percentage from the initial level to the final level and, in
extreme situations, you could lose all of your initial investment. The
contingent repayment of principal applies only if you hold the Notes to
maturity. Any payment on the Notes, including any contingent
repayment of principal, is subject to the creditworthiness of UBS.
N ot ic e t o inve st ors: t he N ot e s a re signific a nt ly risk ie r t ha n c onve nt iona l de bt inst rum e nt s. T he issue r is not ne c e ssa rily
obliga t e d t o re pa y t he princ ipa l a m ount of t he N ot e s a t m a t urit y, a nd t he N ot e s m a y ha ve t he sa m e dow nside m a rk e t risk a s
t ha t of a n inve st m e nt in t he le a st pe rform ing unde rlying a sse t . T his m a rk e t risk is in a ddit ion t o t he c re dit risk inhe re nt in
purc ha sing a de bt obliga t ion of U BS. Y ou should not purc ha se t he N ot e s if you do not unde rst a nd or a re not c om fort a ble w it h
t he signific a nt risk s involve d in inve st ing in t he N ot e s.
Y ou should c a re fully c onside r t he risk s de sc ribe d unde r "K e y Risk s" be ginning on pa ge 5 a nd unde r "Risk Fa c t ors" be ginning
on pa ge PS-9 of t he a c c om pa nying produc t supple m e nt be fore purc ha sing a ny N ot e s. Eve nt s re la t ing t o a ny of t hose risk s, or
ot he r risk s a nd unc e rt a int ie s, c ould a dve rse ly a ffe c t t he m a rk e t va lue of, a nd t he re t urn on, your N ot e s. Y ou m a y lose som e
or a ll of your init ia l inve st m e nt in t he N ot e s. T he N ot e s w ill not be list e d or displa ye d on a ny se c urit ie s e x c ha nge or a ny
e le c t ronic c om m unic a t ions ne t w ork .
N ot e Offe ring
These terms relate to the Notes. The initial level of each underlying asset is its closing level on the strike date and not its closing level on the trade date, and
the remaining final terms of the Notes were also set as of the strike date.
Bloom be rg
Coupon
I nit ia l
Dow nside
Dow nside
T hre shold
U nde rlying Asse t
T ic k e r
Ra t e
Le ve ls
T hre sholds
Le ve ra ge
Pe rc e nt a ge
CU SI P
I SI N
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8,083.113
6,466.490, which is
Nasdaq-100 Index®
NDX
80.00% of the Initial
5.10% per
Level
1.25
20.00%
90270KU31 US90270KU312
annum
3,046.77
2,437.42, which is
S&P 500® Index
SPX
80.00% of the Initial
Level
The estimated initial value of the Notes as of the trade date is $998.00. 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 document.
Se e "Addit iona l I nform a t ion a bout U BS a nd t he N ot e s" on pa ge ii. T he N ot e s w ill ha ve t he t e rm s se t fort h in the
a c c om pa nying produc t supple m e nt re la t ing t o t he N ot e s, da t e d Oc t obe r 3 1 , 2 0 1 8 , t he a c c om pa nying prospe c t us a nd t his
doc um e nt .
N e it he r t he Se c urit ie s a nd Ex c ha nge Com m ission nor a ny ot he r re gula t ory body ha s a pprove d or disa pprove d of t he se N ot e s
or pa sse d upon t he a de qua c y or a c c ura c y of t his doc um e nt , t he inde x supple m e nt , t he a c c om pa nying produc t supple m e nt or
t he a c c om pa nying prospe c t us. Any re pre se nt a t ion t o t he c ont ra ry is a c rim ina l offe nse .
The Notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.
Offe ring of N ot e s
I ssue Pric e t o Public
U nde rw rit ing Disc ount
Proc e e ds t o U BS AG

T ot a l
Pe r N ot e
T ot a l
Pe r N ot e
T ot a l
Pe r N ot e
Notes linked to the least performing of the Nasdaq-100 Index® $6,650,000.00
$1,000.00
$0.00
$0.00
$6,650,000.00
$1,000.00
and the S&P 500® Index

U BS Se c urit ie s LLC
U BS I nve st m e nt Ba nk


Addit iona l I nform a t ion a bout U BS a nd t he N ot e s
U BS has filed a registration statement (including a prospectus, as supplemented by an index supplement and a product supplement for the
Notes) with the Securities and Exchange Commission (the "SEC"), for the offering to which this document relates. In making your investment
decision, 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.
Y ou m a y a c c e ss t he se doc um e nt s on t he SEC w e bsit e a t w w w .se c .gov a s follow s:
·
Market-Linked Securities product supplement dated October 31, 2018:
http://www.sec.gov/Archives/edgar/data/1114446/000091412118002085/ub47016353-424b2.htm
·
Index Supplement dated October 31, 2018:
http://www.sec.gov/Archives/edgar/data/1114446/000091412118002083/ub46174419-424b2.htm
·
Prospectus dated October 31, 2018:
http://www.sec.gov/Archives/edgar/data/1114446/000119312518314003/d612032d424b3.htm
References to "UBS", "we", "our" and "us" refer only to UBS AG and not to its consolidated subsidiaries. In this document, "Airbag 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, references to the "index supplement" mean the
UBS index 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
, the index supplement and this document, the following hierarchy will govern: first, this document; second, the accompanying product
supplement; third, the index 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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I nve st or Suit a bilit y
T he N ot e s m a y be suit a ble for you if:
T he N ot e s m a y not be suit a ble for you if:
·
You fully understand the risks inherent in an investment in
·
You do not fully understand the risks inherent in an
the Notes, including the risk of loss of some or all of your
investment in the Notes, including the risk of loss of some or
initial investment.
all of your initial investment.
·
You understand and accept that an investment in the Notes
·
You do not understand or are unwilling to accept that an
is linked to the performance of the least
performing
investment in the Notes is linked to the performance of the
underlying asset and not a basket of the underlying assets,
least performing underlying asset and not a basket of the
that you will be exposed to the individual market risk of
underlying assets, that you will be exposed to the individual
each underlying asset on the final valuation date and that
market risk of each underlying asset on the final valuation
you may lose some or all of your initial investment if the
date or that you may lose some or all of your initial
closing level of any underlying asset is less than its
investment if the closing level of any underlying asset is less
downside threshold on the final valuation date.
than its downside threshold on the final valuation date.
·
You can tolerate a loss of some or all of your initial
·
You require an investment designed to provide a full return
investment and you are willing to make an investment that
of principal at maturity.
may have the same downside market risk as a hypothetical
·
You cannot tolerate a loss of some or all of your initial
direct investment in the least performing underlying asset or
investment or are unwilling to make an investment that may
in the stocks comprising the least performing underlying
have the same downside market risk as a hypothetical direct
asset.
investment in the least performing underlying asset or in the
·
You believe that the final level of each underlying asset will
stocks comprising the least performing underlying asset.
be equal to or greater than its downside threshold on the
·
You believe that the final level of an underlying asset will be
final valuation date.
less than its downside threshold on the final valuation date.
·
You can accept that the risks of each underlying asset are
·
You cannot accept that the risks of each underlying asset
not mitigated by the performance of any other underlying
are not mitigated by the performance of any
other
asset and the risks of investing in securities with a return
underlying asset or the risks of investing in securities with a
based on the performance of multiple underlying assets.
return based on the performance of multiple underlying
·
You understand and accept that you will not participate in
assets.
any increase in the level of any underlying asset and that
·
You seek an investment that participates in any increases
your potential return is limited to the coupons specified
of the levels of the underlying assets or that has unlimited
herein.
return potential.
·
You can tolerate fluctuations in the price of the Notes prior
·
You cannot tolerate fluctuations in the price of the Notes
to maturity that may be similar to or exceed the downside
prior to maturity that may be similar to or exceed the
fluctuations in the levels of the underlying assets.
downside fluctuations in the levels of the underlying assets.
·
You are willing to invest in the Notes based on the coupon
·
You are unwilling to invest in the Notes based on the
rate and downside thresholds (and the corresponding
coupon rate, or downside thresholds (or the corresponding
threshold percentage and downside leverage factor)
threshold percentage and downside leverage factor)
specified on the cover hereof.
specified on the cover hereof.
·
You are willing to forgo any dividends paid on the stocks
·
You prefer to receive any dividends paid on the underlying
comprising the underlying assets (the "underlying
constituents.
constituents").
·
You are unable or unwilling to hold the Notes to maturity or
·
You are willing to hold the Notes to maturity and you accept
you seek an investment for which there will be an active
that there may be little or no secondary market for the
secondary market for the Notes.
Notes.
·
You do not understand or are unwilling to accept the risks
·
You understand and are willing to accept the risks
associated with the underlying assets.
associated with the underlying assets.
·
You are unwilling to assume the credit risk of UBS for all
·
You are willing to assume the credit risk of UBS for all
payments under the Notes, including any contingent
payments under the Notes, and understand that if UBS
repayment of principal.
defaults on its obligations you may not receive any amounts
due to you including any contingent 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.
T he suit a bilit y c onside ra t ions ide nt ifie d a bove a re not e x ha ust ive . Whe t he r or not t he N ot e s a re a suit a ble
inve st m e nt for you w ill de pe nd on your individua l c irc um st a nc e s a nd you should re a c h a n inve st m e nt de c ision only
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a ft e r you a nd your inve st m e nt , le ga l, t a x , a c c ount ing a nd ot he r a dvisors ha ve c a re fully c onside re d t he suit a bilit y of
a n inve st m e nt in t he N ot e s in light of your pa rt ic ula r c irc um st a nc e s. Y ou should re vie w "I nform a t ion About t he
U nde rlying Asse t s " he re in for m ore inform a t ion on t he unde rlying a sse t s. Y ou should a lso re vie w c a re fully t he "K e y
Risk s" se c t ion he re in for risk s re la t e d t o a n inve st m e nt in t he N ot e s.
1

Fina l T e rm s

Issuer:
UBS AG London Branch
Least Performing
The underlying asset with the lowest underlying
Principal Amount:
$1,000 per Note
Underlying Asset:
return as compared to the other underlying
Term:
Approximately 14 months.
asset(s).
Underlying Assets: The Nasdaq-100 Index® and the S&P 500®
Least Performing
The underlying return of the least performing
Index
Underlying Return: underlying asset.
Coupon Payments:
Underlying Return: For each underlying asset, the quotient,
UBS will pay interest on the principal amount of
expressed as a percentage, of the following
each Note in periodic installments on each
formula:
coupon payment date (including the maturity
date) regardless of the performance of the
Final Level ­ Initial Level
underlying assets.
Initial Level
Downside Leverage The
The coupon is a fixed amount based upon equal
quotient of (i) 1 divided by (ii) 1 minus the
threshold percentage, which equals 1.25.
periodic installments at the coupon rate, which
is a per annum rate. The table below sets forth
Threshold
20.00%
the coupon rate and coupon for each Note that
Percentage:
would be paid on each coupon payment date
Downside
For each underlying asset, a specified level of
and the total coupon payable over the term of
Threshold(1)
the underlying asset that is less than its initial
the Notes.
level, equal to a percentage of its initial level,

Coupon Ra t e
5.10%
as indicated on the cover hereof.

Coupon
$4.25
Initial Level(1)
The closing level of each underlying asset on

T ot a l Coupon Pa ya ble 5.95%
the strike date and not its closing level on the
trade date, as indicated on the cover hereof.
Payment at
I f t he fina l le ve l of e a c h unde rlying
Maturity (per Note):
Final Level(1)
The closing level of each underlying asset on
a sse t is e qua l t o or gre a t e r t ha n it s
the final valuation date.
dow nside t hre shold, UBS will pay you a
cash payment equal to:
(1)
As determined by the calculation agent and as may be adjusted
Principal Amount of $1,000
as described under "General Terms of the Securities --
Discontinuance of or Adjustment to an Underlying Index;
I f t he fina l le ve l of a ny unde rlying
Alteration of Method of Calculation", as described in
the
a sse t is le ss t ha n it s dow nside
accompanying product supplement.
t hre shold, UBS will pay you a cash payment
that is less than the principal amount,
if
anything, equal to:
$1,000 + [$1,000 x Downside Leverage x (Least
Performing Underlying Return + Threshold
Percentage)]
I n t his sc e na rio, you w ill lose 1 .2 5 % of
your princ ipa l a m ount of t he N ot e s for
e a c h 1 % de c line in t he le a st
pe rform ing unde rlying a sse t in e x c e ss
of t he t hre shold pe rc e nt a ge from t he
init ia l le ve l t o t he fina l le ve l,
re ga rdle ss of t he unde rlying re t urn of
a ny ot he r unde rlying a sse t a nd, in
e x t re m e sit ua t ions, you c ould lose a ll
of your init ia l inve st m e nt .
2

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I nve st m e nt T im e line


The initial level of each underlying asset is observed and the
St rik e Da t e
final terms of the Notes are set.
¯





Coupon Pa ym e nt
UBS pays the applicable coupon.
Da t e s
¯
The final level of each underlying asset is observed on the final
valuation date.
I f t he fina l le ve l of e a c h unde rlying a sse t is e qua l t o
or gre a t e r t ha n it s dow nside t hre shold, UBS will pay
you a cash payment per Note equal to:
Principal Amount of $1,000
I f t he fina l le ve l of a ny unde rlying a sse t is le ss t ha n
it s dow nside t hre shold, UBS will pay you a cash payment
per Note that is less than the principal amount, if anything, equal
M a t urit y Da t e
to:
$1,000 + [$1,000 x Downside Leverage x (Least Performing
Underlying Return + Threshold Percentage)]
I n t his sc e na rio, you w ill lose 1 .2 5 % of your
princ ipa l a m ount of t he N ot e s for e a c h 1 % de c line
in t he le a st pe rform ing unde rlying a sse t in e x c e ss of
t he t hre shold pe rc e nt a ge from t he init ia l le ve l t o
t he fina l le ve l, re ga rdle ss of t he unde rlying re t urn of
a ny ot he r unde rlying a sse t a nd, in e x t re m e
sit ua t ions, you c ould lose a ll of your init ia l
inve st m e nt .
I nve st ing in t he N ot e s involve s signific a nt risk s. Y ou m a y lose som e or a ll of your init ia l inve st m e nt . Any pa ym e nt
on t he N ot e s, inc luding a ny c ont inge nt re pa ym e nt of princ ipa l, is subje c t t o t he c re dit w ort hine ss of U BS. I f U BS
w e re t o de fa ult on it s pa ym e nt obliga t ions, you m a y not re c e ive a ny a m ount s ow e d t o you unde r t he N ot e s a nd you
c ould lose a ll of your init ia l inve st m e nt .
I n e x c ha nge for re c e iving a c oupon on t he N ot e s, you a re a c c e pt ing t he risk of losing som e or a ll of your init ia l
inve st m e nt a t m a t urit y. I f t he fina l le ve l of a ny unde rlying a sse t is le ss t ha n it s dow nside t hre shold, you w ill lose
1 .2 5 % of your princ ipa l a m ount for e a c h 1 % de c line in t he le a st pe rform ing unde rlying a sse t in e x c e ss of t he
t hre shold pe rc e nt a ge from t he init ia l le ve l t o t he fina l le ve l, re ga rdle ss of t he unde rlying re t urn of a ny ot he r
unde rlying a sse t a nd, in e x t re m e sit ua t ions, you c ould lose a ll of your init ia l inve st m e nt . Y ou w ill be e x pose d t o t he
m a rk e t risk of e a c h unde rlying a sse t on t he fina l va lua t ion da t e a nd a ny de c line in t he le ve l of one unde rlying a sse t
m a y ne ga t ive ly a ffe c t your re t urn a nd w ill not be offse t or m it iga t e d by a le sse r de c line or a ny pot e nt ia l inc re a se in
t he le ve l of a ny ot he r unde rlying a sse t .
3

Coupon Pa ym e nt Da t e s(1)
December 5, 2019
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January 3, 2020
February 4, 2020
March 5, 2020
April 2, 2020
May 5, 2020
June 4, 2020
July 6, 2020
August 4, 2020
September 3, 2020
October 5, 2020
November 4, 2020
December 3, 2020
Maturity Date
(1)
If any such date is not a business day, the next following business day.
4

K e y Risk s
An inve st m e nt in t he N ot e s involve s signific a nt risk s. I nve st ing in t he N ot e s is not e quiva le nt t o a hypot he t ic a l
inve st m e nt in t he le a st pe rform ing unde rlying a sse t or it s unde rlying c onst it ue nt s. Som e of t he risk s t ha t a pply t o
t he N ot e s a re sum m a rize d be low , but w e urge you t o re a d t he m ore de t a ile d e x pla na t ion of risk s re la t ing t o t he
N ot e s in t he "Risk Fa c t ors" se c t ion of t he a c c om pa nying produc t supple m e nt . We a lso urge you t o c onsult your
inve st m e nt , le ga l, t a x , a c c ount ing a nd ot he r a dvisors re ga rding a n inve st m e nt in t he N ot e s.
·
Risk of loss a t m a t urit y -- The Notes differ from ordinary debt securities in that UBS will not necessarily repay the principal amount of
the Notes at maturity. If the final level of any underlying asset is less than its downside threshold, you will be exposed on a leveraged basis
to the decline of the least performing underlying asset from the initial level to the final level. Specifically, any depreciation of the least
performing underlying asset beyond the threshold percentage will result in a loss of 1.25% of your initial investment for each 1% decline in
the least performing underlying asset in excess of the threshold percentage and, in extreme situations, you could lose all of your initial
investment. For example, if the threshold percentage is 10% (resulting in a downside leverage of approximately 1.1111 and a downside
threshold that is equal to 90% of the initial level) and the percentage decline in the least performing underlying asset exceeds the threshold
percentage, you will lose approximately 1.1111% of your principal amount at maturity for each 1% decline in the level of the least
performing underlying asset in excess of the threshold percentage.
·
T he c ont inge nt re pa ym e nt of princ ipa l a pplie s only a t m a t urit y -- You should be willing to hold your Notes to maturity. If you
are able to sell your Notes prior to maturity in the secondary market, you may have to sell them at a loss relative to your initial investment
even if the then-current level of each underlying asset is equal to or greater than its downside threshold. All payments on the Notes are
subject to the creditworthiness of UBS.
·
Y our pot e nt ia l re t urn on t he N ot e s is lim it e d t o t he c oupon pa ym e nt s a nd you w ill not pa rt ic ipa t e in a ny
a ppre c ia t ion of a ny unde rlying a sse t -- The return potential of the Notes is limited to the pre-specified coupon payments
corresponding to the coupon rate, regardless of the appreciation of the underlying assets. Furthermore, you may be subject to the decline
of the least performing underlying asset in excess of the threshold percentage at an accelerated rate even though you cannot participate in
any appreciation in the level of any underlying asset. As a result, the return on an investment in the Notes could be less than the return on a
hypothetical direct investment in the underlying assets or in any or all of the underlying constituents. In addition, as an owner of the Notes,
you will not have voting rights or any other rights of a holder any underlying constituents.
·
A highe r c oupon ra t e or low e r dow nside t hre sholds m a y re fle c t gre a t e r e x pe c t e d vola t ilit y of t he unde rlying
a sse t s, a nd gre a t e r e x pe c t e d vola t ilit y ge ne ra lly indic a t e s a n inc re a se d risk of loss a t m a t urit y -- The economic
terms for the Notes, including the coupon rate 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
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asset. The greater the expected volatility of each underlying asset as of the strike date, the greater the expectation is as of that date 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 loss. All things being equal, this greater expected volatility will generally be reflected in a higher 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 than those terms on otherwise comparable securities. Therefore, a relatively higher coupon rate may indicate an increased risk of
loss. Further, relatively lower downside threshold(s) may not necessarily indicate that the Notes have a greater likelihood of a return of
principal at maturity. You should be willing to accept the downside market risk of the least performing underlying asset and the potential to
lose some or all of your initial investment.
·
Y ou a re e x pose d t o t he m a rk e t risk of e a c h unde rlying a sse t -- 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 underlying asset. Unlike an instrument with a return
linked to a basket of indices, 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 will lose of
1.25% of your initial investment for each 1% decline in the least performing underlying asset in excess of the threshold percentage 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.
·
Be c a use t he N ot e s a re link e d t o t he le a st pe rform ing unde rlying a sse t , you a re e x pose d t o a gre a t e r risk of
losing som e or a ll of your init ia l inve st m e nt a t m a t urit y t ha n if t he N ot e s w e re link e d t o a single unde rlying
a sse t -- The risk that you will lose some 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 only one underlying asset. With more underlying assets, it is
more likely that the final level of any underlying asset will be less than its downside threshold than if the Notes were linked to a single
underlying asset.

In addition, a lower correlation between the performance of a pair of underlying assets results in a greater likelihood that one of the
underlying assets will decline to a final level that is less than its downside threshold on the final valuation date. Although the correlation of
the underlying assets' performance may change over the term of the Notes, the economic terms of the Notes, including the coupon rate,
downside threshold and threshold percentage 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 are finalized. All things being equal, a higher coupon rate and
lower downside thresholds 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 the final level of any underlying asset will be less
than its downside threshold is even greater despite lower downside thresholds. Therefore, it is more likely that you will lose some or all of
your initial investment at maturity.
·
Cre dit risk of U BS -- The Notes are unsubordinated, unsecured debt obligations of UBS and are not, either directly or indirectly, an
obligation of any third party. Any payment to be made on the Notes, including any contingent 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.
·
M a rk e t risk -- The return on the Notes, which may be negative, is directly linked to the performance of the underlying assets and
indirectly linked to the performance of the underlying constituents. The levels of the underlying assets can rise or fall sharply due to factors
specific to the underlying assets and its underlying constituents and their issuers (each, an "underlying constituent issuer"), such as stock or
commodity price volatility, earnings, financial conditions, corporate, industry and regulatory developments, management changes and
decisions and other events, as well as general market factors, such as general stock market or commodity market volatility and levels,
interest rates and economic and political conditions.
5

·
Fa ir va lue c onside ra t ions.
o
T he issue pric e you pa y for t he N ot e s e x c e e ds t he ir e st im a t e d init ia l va lue -- The issue price you pay for the Notes
exceeds their estimated initial value as of the trade date due to the inclusion in the issue price of hedging costs, issuance costs and
projected profits. As of the close of the relevant markets on the trade date, we have determined the estimated initial value of the Notes
by reference to our internal pricing models and it is set forth in this pricing supplement. The pricing models used to determine the
estimated initial value of the Notes incorporate certain variables, including the levels of the underlying assets and underlying
constituents, the volatility of the underlying assets and underlying constituents, the correlation among the underlying assets, any
expected dividends on the underlying constituents, prevailing interest rates, the term of the Notes and our internal funding rate. Our
internal funding rate is typically lower than the rate we would pay to issue conventional fixed or floating rate debt securities of a similar
term. Hedging costs, issuance costs, projected profits and the difference in rates will reduce the economic value of the Notes to you. Due
to these factors, the estimated initial value of the Notes as of the trade date is less than the issue price you pay for the Notes.
o
T he e st im a t e d init ia l va lue is a t he ore t ic a l pric e ; t he a c t ua l pric e t ha t you m a y be a ble t o se ll your N ot e s in
a ny se c onda ry m a rk e t (if a ny) a t a ny t im e a ft e r t he t ra de da t e m a y diffe r from t he e st im a t e d init ia l va lue --
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The value of your Notes at any time will vary based on many factors, including the factors described above and in "--Market risk" above
and is impossible to predict. Furthermore, the pricing models that we use are proprietary and rely in part on certain assumptions about
future events, which may prove to be incorrect. As a result, after the trade date, if you attempt to sell the Notes in the secondary market,
the actual value you would receive may differ, perhaps materially, from the estimated initial value of the Notes determined by reference
to our internal pricing models. The estimated initial value of the Notes does not represent a minimum or maximum price at which we or
any of our affiliates would be willing to purchase your Notes in any secondary market at any time.
o
Our a c t ua l profit s m a y be gre a t e r or le ss t ha n t he diffe re nt ia l be t w e e n t he e st im a t e d init ia l va lue a nd t he
issue pric e of t he N ot e s a s of t he t ra de da t e -- We determined the economic terms of the Notes on the strike date, and we
may also hedge our obligations, at least in part, prior to the strike date. In addition, there may be ongoing costs to us to maintain and/or
adjust any hedges and such hedges are often imperfect. Therefore, our actual profits (or potentially, losses) in issuing the Notes cannot
be determined as of the trade date and any such differential between the estimated initial value and the issue price of the Notes as of
the trade date does not reflect our actual profits. Ultimately, our actual profits will be known only at the maturity of the Notes.
·
Lim it e d or no se c onda ry m a rk e t a nd se c onda ry m a rk e t pric e c onside ra t ions.
o
T he re m a y be lit t le or no se c onda ry m a rk e t for t he N ot e s -- The Notes will not be listed or displayed on any securities
exchange or any electronic communications network. UBS Securities LLC and its affiliates intend, but are not required, to make a market
for the Notes and may stop making a market at any time. If you are able to sell your Notes prior to maturity, you may have to sell them
at a substantial loss. Furthermore, there can be no assurance that a secondary market for the Notes will develop. The estimated initial
value of the Notes does not represent a minimum or maximum price at which we or any of our affiliates would be willing to purchase
your Notes in any secondary market at any time.
o
De pe nding on your brok e r, t he pric e a t w hic h U BS Se c urit ie s LLC a nd it s a ffilia t e s m a y offe r t o buy t he N ot e s
in t he se c onda ry m a rk e t (if a ny) m a y be le ss t ha n t he va lua t ion provide d on your c ust om e r a c c ount
st a t e m e nt -- As described above, UBS Securities LLC and its affiliates intend, but are not required, to make a market for the Notes
and may stop making a market at any time. If UBS Securities LLC or an affiliate makes secondary markets in the Notes, it will do so at
prices that reflect our estimated value determined by reference to our internal pricing models at that time, as well as its then current bid-
ask spread for similar sized trades of structured debt securities. The value provided by UBS Securities LLC on its customer statements is
based on these pricing models. As a result, depending on your broker, UBS Securities LLC or its affiliates may offer to buy or sell the
Notes in the secondary market at a price that is less than the valuation provided on your broker's customer account statements.
Investors should inquire as to the valuation provided on customer account statements provided by unaffiliated dealers.
o
Ec onom ic a nd m a rk e t fa c t ors a ffe c t ing t he t e rm s a nd m a rk e t pric e of N ot e s prior t o m a t urit y -- Because
structured notes, including the Notes, can be thought of as having a debt component and a derivative component, factors that influence
the values of debt instruments and options and other derivatives will also affect the terms and features of the Notes at issuance and the
market price of the Notes prior to maturity. These factors include the levels of the underlying assets and their underlying constituents,
the volatility of the underlying assets and their underlying constituents, the correlation among the underlying assets, any dividends paid
on the underlying constituents; the time remaining to the maturity of the Notes, interest rates in the markets, geopolitical conditions and
economic, financial, political, force majeure and regulatory or judicial events, whether each of the underlying assets is currently or has
been less than its downside threshold, the availability of comparable instruments, the creditworthiness of UBS, the then current bid-ask
spread for the Notes and the factors discussed under "-- Potential conflicts of interest" below. These and other factors are unpredictable
and interrelated and may offset or magnify each other.
o
I m pa c t of fe e s a nd t he use of int e rna l funding ra t e s ra t he r t ha n se c onda ry m a rk e t c re dit spre a ds on
se c onda ry m a rk e t pric e s -- All other things being equal, the use of the internal funding rates described above under "-- Fair value
considerations" is expected to reduce the price at which you may be able to sell the Notes in any secondary market.
·
T he re c a n be no a ssura nc e t ha t t he inve st m e nt vie w im plic it in t he N ot e s w ill be suc c e ssful -- It is impossible to
predict whether and the extent to which the levels of the underlying assets will rise or fall and there can be no assurance that the final level
of each underlying asset will be equal to or greater than its downside threshold. The level of each underlying asset will be influenced by
complex and interrelated political, economic, financial and other factors that affect the underlying constituent issuers. You should be willing
to accept the risks associated with the relevant markets tracked by each such underlying asset in general and each underlying asset's
underlying constituents in particular, and the risk of losing some or all of your initial investment.
·
T he N ot e s a re subje c t t o non -U .S. se c urit ie s m a rk e t risk -- The Notes are subject to risks associated with non-U.S.
companies and non-U.S. securities markets because the Nasdaq-100 Index® is comprised, in part, of non-U.S. companies. Market
developments may affect non-U.S. markets differently from U.S. securities markets and direct or indirect government intervention to stabilize
these non-U.S. markets, as well as cross shareholdings in non-U.S. companies, may affect trading prices and volumes in those markets.
Securities issued by non-U.S. companies are subject to political, economic, financial and social factors that may be unique to the particular
country. These factors, which could negatively affect the applicable underlying constituent(s) include the possibility of recent or future
changes in the non-U.S. government's economic and fiscal policies, the possible imposition of, or changes in, currency exchange laws or
other non-U.S. laws or restrictions applicable to non-U.S. companies or investments in non-U.S. equity securities and the possibility of
fluctuations in the rate of exchange between currencies. Moreover, certain aspects of a particular non-U.S. economy may differ favorably or
unfavorably from the U.S. economy in important respects, such as growth of gross national product, rate of inflation, capital reinvestment,
resources and self-sufficiency.
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·
T he unde rlying a sse t s re fle c t pric e re t urn, not t ot a l re t urn -- The return on your Notes is based on the performance of the
underlying assets, which reflect the changes in the market prices of the underlying constituents. It is not, however, linked to a "total return"
index or strategy, which, in addition to reflecting those price returns, would also reflect any dividends paid on the underlying constituents.
The return on your Notes will not include such a total return feature or dividend component.
6

·
Cha nge s t ha t a ffe c t a n unde rlying a sse t w ill a ffe c t t he m a rk e t va lue of, a nd a ny a m ount s pa ya ble on, your N ot e s
-- The policies of each index sponsor as specified under "Information About the Underlying Assets" (together, the "index sponsors"),
concerning additions, deletions and substitutions of the underlying constituents and the manner in which the index sponsor takes account of
certain changes affecting those underlying constituents may adversely affect the levels of the underlying assets. The policies of the index
sponsors with respect to the calculation of the underlying assets could also adversely affect the levels of the underlying assets. The index
sponsors may discontinue or suspend calculation or dissemination of the underlying assets. Any such actions could have an adverse effect
on the market value of, and any amounts payable at maturity on, the Notes.
·
U BS c a nnot c ont rol a c t ions by t he inde x sponsors a nd t he inde x sponsors ha ve no obliga t ion t o c onside r your
int e re st s -- UBS and its affiliates are not affiliated with the index sponsors and have no ability to control or predict their actions, including
any errors in or discontinuation of public disclosure regarding methods or policies relating to the calculation of the underlying assets. The
index sponsors are not involved in the Notes offering in any way and have no obligation to consider your interest as an owner of the Notes
in taking any actions that might affect the market value of, and any amount payable at maturity on, your Notes.
·
Pot e nt ia l U BS im pa c t on pric e -- Trading or transactions by UBS or its affiliates in an underlying asset or any underlying constituent,
as applicable, listed and/or over-the-counter options, futures, exchange-traded funds or other instruments with returns linked to the
performance of the underlying asset or any underlying constituent, may adversely affect the levels of the underlying assets and, therefore,
the market value of, and amount payable at maturity on, the Notes.
·
Pot e nt ia l c onflic t s of int e re st -- UBS and its affiliates may engage in business with any underlying constituent issuer, which may
present a conflict between the obligations of UBS and you, as a holder of the Notes. There are also potential conflicts of interest between
you and the calculation agent, which will be an affiliate of UBS and which will make potentially subjective judgments. The calculation agent
will determine the payment at maturity of the Notes based on observed levels of the underlying assets. The calculation agent can postpone
the determination of the final level of any underlying asset (and therefore the maturity date) on the final valuation date if a market disruption
event occurs and is continuing on such date. As UBS determines the economic terms of the Notes, including the coupon rate, downside
threshold and threshold percentage, and such terms include hedging costs, issuance costs and projected profits, the Notes represent a
package of economic terms. There are other potential conflicts of interest insofar as an investor could potentially get better economic terms
if that investor entered into exchange-traded and/or OTC derivatives or other instruments with third parties, assuming that such instruments
were available and the investor had the ability to assemble and enter into such instruments.
·
Pot e nt ia lly inc onsist e nt re se a rc h, opinions or re c om m e nda t ions by U BS -- UBS and its affiliates publish research from
time to time on financial markets and other matters that may influence the value of the Notes, or express opinions or provide
recommendations that are inconsistent with purchasing or holding the Notes. Any research, opinions or recommendations expressed by
UBS or its affiliates may not be consistent with each other and may be modified from time to time without notice. Investors should make
their own independent investigation of the merits of investing in the Notes and the underlying assets to which the Notes are linked.
·
T he N ot e s a re not ba nk de posit s -- An investment in the Notes carries risks which are very different from the risk profile of a bank
deposit placed with UBS or its affiliates. The Notes have different yield and/or return, liquidity and risk profiles and would not benefit from
any protection provided to deposits.
·
I f U BS e x pe rie nc e s fina nc ia l diffic ult ie s, FI N M A ha s t he pow e r t o ope n re st ruc t uring or liquida t ion proc e e dings
in re spe c t of, a nd/or im pose prot e c t ive m e a sure s in re la t ion t o, U BS, w hic h proc e e dings or m e a sure s m a y ha ve
a m a t e ria l a dve rse e ffe c t on t he t e rm s a nd m a rk e t va lue of t he N ot e s a nd/or t he a bilit y of U BS t o m a k e
pa ym e nt s t he re unde r -- The Swiss Financial Market Supervisory Authority ("FINMA") has broad statutory powers to take measures
and actions in relation to UBS if (i) it concludes that there is justified concern that UBS is over-indebted or has serious liquidity problems or
(ii) UBS fails to fulfill the applicable capital adequacy requirements (whether on a standalone or consolidated basis) after expiry of a
deadline set by FINMA. If one of these pre-requisites is met, FINMA is authorized to open restructuring proceedings or liquidation
(bankruptcy) proceedings in respect of, and/or impose protective measures in relation to, UBS. The Swiss Banking Act grants significant
discretion to FINMA in connection with the aforementioned proceedings and measures. In particular, a broad variety of protective measures
may be imposed by FINMA, including a bank moratorium or a maturity postponement, which measures may be ordered by FINMA either on
a stand-alone basis or in connection with restructuring or liquidation proceedings. The resolution regime of the Swiss Banking Act is further
detailed in the FINMA Banking Insolvency Ordinance ("BIO-FINMA"). In a restructuring proceeding, FINMA, as resolution authority, is
competent to approve the resolution plan. The resolution plan may, among other things, provide for (a) the transfer of all or a portion of
UBS' assets, debts, other liabilities and contracts (which may or may not include the contractual relationship between UBS and the holders
of Notes) to another entity, (b) a stay (for a maximum of two business days) on the termination of contracts to which UBS is a party, and/or
the exercise of (w) rights to terminate, (x) netting rights, (y) rights to enforce or dispose of collateral or (z) rights to transfer claims, liabilities
or collateral under contracts to which UBS is a party, (c) the conversion of UBS' debt and/or other obligations, including its obligations under
the Notes, into equity (a "debt-to-equity" swap), and/or (d) the partial or full write-off of obligations owed by UBS (a "write-off"), including its
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obligations under the Notes. The BIO-FINMA provides that a debt-to-equity swap and/or a write-off of debt and other obligations (including
the Notes) may only take place after (i) all debt instruments issued by UBS qualifying as additional tier 1 capital or tier 2 capital have been
converted into equity or written-off, as applicable, and (ii) the existing equity of UBS has been fully cancelled. While the BIO-FINMA does
not expressly address the order in which a write-off of debt instruments other than debt instruments qualifying as additional tier 1 capital or
tier 2 capital should occur, it states that debt-to-equity swaps should occur in the following order: first, all subordinated claims not qualifying
as regulatory capital; second, all other claims not excluded by law from a debt-to-equity swap (other than deposits); and third, deposits (in
excess of the amount privileged by law). However, given the broad discretion granted to FINMA as the resolution authority, any restructuring
plan in respect of UBS could provide that the claims under or in connection with the Notes will be partially or fully converted into equity or
written-off, while preserving other obligations of UBS that rank pari passu with, or even junior to, UBS' obligations under the Notes.
Consequently, holders of Notes may lose all of some of their investment in the Notes. In the case of restructuring proceedings with respect
to a systemically important Swiss bank (such as UBS), the creditors whose claims are affected by the restructuring plan will not have a right
to vote on, reject, or seek the suspension of the restructuring plan. In addition, if a restructuring plan has been approved by FINMA, the
rights of a creditor to seek judicial review of the restructuring plan (e.g., on the grounds that the plan would unduly prejudice the rights of
holders of Notes or otherwise be in violation of the Swiss Banking Act) are very limited. In particular, a court may not suspend the
implementation of the restructuring plan. Furthermore, even if a creditor successfully challenges the restructuring plan, the court can only
require the relevant creditor to be compensated ex post and there is currently no guidance as to on what basis such compensation would
be calculated or how it would be funded.
·
U nc e rt a in t a x t re a t m e nt -- Significant aspects of the tax treatment of the Notes are uncertain. You should consult your tax advisor
about your tax situation. See "What Are the Tax Consequences of the Notes?" herein and "Material U.S. Federal Income Tax
Consequences", including the section "--Securities Treated as Investment Units Containing a Debt Instrument and a Put Option Contract",
in the accompanying product supplement.
7

H ypot he t ic a l Ex a m ple s of H ow t he N ot e s M ight Pe rform
T he be low e x a m ple s a re ba se d on hypot he t ic a l t e rm s. T he a c t ua l t e rm s w e re se t on t he st rik e da t e a nd a re
indic a t e d on t he c ove r he re of.
The examples below illustrate the payment at maturity for a $1,000 Note on a hypothetical offering of the Notes, with the following assumptions
(amounts may have been rounded for ease of reference):
Principal Amount:
$1,000
Term:
Approximately 14 months
Coupon Rate:
5.10% per annum (or 0.425% per month)
Coupon:
$4.25 per month
Threshold Percentage:
20.00%
Downside Leverage:
The quotient of (i) 1 divided by (ii) 1 minus the threshold percentage, which
equals 1.25%
Coupon Payment Dates:
Monthly
Downside Threshold:
80.00% of the initial level
T he H ypot he t ic a l Fina l
Le ve l of t he Le a st
T he H ypot he t ic a l Fina l Le ve l of t he
Pe rform ing U nde rlying
Le a st Pe rform ing U nde rlying
Le a st Pe rform ing U nde rlying Asse t is
Coupons
Asse t is Equal to or
Asse t
Less Than it s H ypot he t ic a l Dow nside
Greater Than it s
T hre shold
H ypot he t ic a l Dow nside
T hre shold
H ypot he t ic a l Fina l
Le ve l of t he Le a st
Pe rform ing
U nde rlying Asse t
T ot a l
T ot a l
T ot a l
T ot a l
(Ex pre sse d a s a
Le a st
Coupons
Pa ym e nt a t
T ot a l
Pa ym e nt a t
Pa ym e nt a t
Pe rc e nt a ge of it s
Pe rform ing
Pa id on
M a t urit y +
Re t urn
M a t urit y
M a t urit y +
T ot a l
H ypot he t ic a l I nit ia l
U nde rlying
t he
Coupon
on t he
(Ex c luding
Coupon
Re t urn on
Le ve l)
Re t urn
N ot e s
Pa ym e nt s
N ot e s
Coupons)
Pa ym e nt s
t he N ot e s
140.00%
40.00%
$59.50
$1,059.50
5.95%
n/a
n/a
n/a
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Document Outline