Obligation UBSL 6.7% ( US90270KVY27 ) en USD

Société émettrice UBSL
Prix sur le marché 100 %  ⇌ 
Pays  Suisse
Code ISIN  US90270KVY27 ( en USD )
Coupon 6.7% par an ( paiement semestriel )
Echéance 27/12/2023 - Obligation échue



Prospectus brochure de l'obligation UBS (London Branch) US90270KVY27 en USD 6.7%, échue


Montant Minimal 1 000 USD
Montant de l'émission /
Cusip 90270KVY2
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 US90270KVY27, paye un coupon de 6.7% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 27/12/2023







424B2 1 ub53147511-424b2.htm PS - DECEMBER 21 RTY SPX L OF TCCYN INCAP (US90270KVY27) (UBSIC001)
PRICING SUPPLEMENT

Dated December 21, 2018
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)

UBS AG $1,471,000 Trigger Callable Contingent Yield Notes
Linked to the least performing of the Russell 2000® Index and the S&P 500® Index due December 27, 2023
I nve st m e nt De sc ript ion
UBS AG Trigger Callable 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 Russell 2000® Index and the S&P 500® Index (each an "underlying index" and together the "underlying indices"). If the closing
level of each underlying index is equal to or greater than its coupon barrier on the applicable coupon observation date, UBS will pay you a contingent coupon
on the related coupon payment date. If the closing level of any underlying index is less than its coupon barrier, no contingent coupon will be paid for that
coupon payment date. UBS may elect to call the Notes in whole, but not in part (an "issuer call"), regardless of the closing levels of the underlying indices, on
any coupon observation date (quarterly, beginning after six months and other than the final valuation date). If UBS elects to call the Notes prior to maturity,
UBS will pay you on the coupon payment date corresponding to such coupon observation date (the "call settlement date") a cash payment per Note equal to
the principal amount plus any contingent coupon otherwise due, and no further payments will be made on the Notes. If UBS does not elect to call the Notes
and a trigger event does not occur, UBS will pay you a cash payment at maturity equal to the principal amount of your Notes, in addition to any contingent
coupon otherwise due. If UBS does not elect to call the Notes and a trigger event occurs, UBS will pay you less than the principal amount, if anything, at
maturity, resulting in a loss on your initial investment that is proportionate to the decline in the closing level of the underlying index with the lowest underlying
index return (the "least performing underlying index") from its initial level to its final level over the term of the Notes and you may lose all of your initial
investment. A "trigger event" is deemed to have occurred if the closing level of any underlying index is less than its downside threshold on the "trigger
observation date", which is the final valuation date. I nve st ing in t he N ot e s involve s signific a nt risk s. Y ou w ill lose a signific a nt port ion or
a ll of your init ia l inve st m e nt if U BS doe s not e le c t t o c a ll t he N ot e s a nd a t rigge r e ve nt oc c urs. Y ou m a y not re c e ive a
signific a nt port ion or a ll of t he c ont inge nt c oupons during t he t e rm of t he N ot e s. 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 inde x on e a c h c oupon obse rva t ion da t e a nd 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
inde x 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 ls of a ny ot he r unde rlying inde x . U BS m a y e le c t t o c a ll t he N ot e s prior t o m a t urit y a t it s disc re t ion (qua rt e rly, be ginning
a ft e r six m ont hs) re ga rdle ss of t he pe rform a nc e of t he unde rlying indic e s. H ighe r c ont inge nt 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 unt il t he
m a t urit y da t e . Any pa ym e nt on t he N ot e s, inc luding a ny 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
Potential for Periodic Contingent Coupons -- UBS will pay a
Trade Date*
December 21, 2018
contingent coupon on a coupon payment date if the closing level of each
Settlement Date*
December 27, 2018
underlying index is equal to or greater than its coupon barrier on the
Coupon Observation
Quarterly (callable after six months) (see page 4)
applicable coupon observation date (including the final valuation date).
Dates**
Otherwise, if the closing level of any underlying index is less than its
Final Valuation Date**
December 21, 2023
coupon barrier on the applicable coupon observation date, no contingent
Maturity Date**
December 27, 2023
coupon will be paid for the relevant coupon payment date.


*
We expect to deliver the Notes against payment on or about the third
Issuer Callable -- UBS may elect to call the Notes (an "issuer call"),
business day following the trade date. Under Rule 15c6-1 of the
on any coupon observation date (quarterly, beginning after six months
Securities Exchange Act of 1934, as amended, trades in the secondary
and other than the final valuation date), regardless of the closing levels
market generally are required to settle in two business days (T+2),
of the underlying indices on such coupon observation date. If the Notes
unless the parties to a trade expressly agree otherwise. Accordingly,
are called, on the call settlement date UBS will pay you a cash payment
purchasers who wish to trade the Notes in the secondary market on
per Note equal to your principal amount plus any contingent coupon
any date prior to two business days before delivery of the Notes will
otherwise due, and no further payments will be made on the Notes.
be required, by virtue of the fact that each Note initially will settle in
Before UBS elects to call the Notes on an observation date, UBS will
three business days (T+3), to specify alternative settlement
deliver written notice to the trustee.
arrangements to prevent a failed settlement of the secondary market
Contingent Repayment of Principal Amount at Maturity
trade.
w it h Pot e nt ia l for Full Dow nside M a rk e t Ex posure -- If, by


maturity, the Notes have not been called and a trigger event has not
**
Subject to postponement in the event of a market disruption event, as
occurred, UBS will repay you the principal amount per Note at maturity. If,
described in the accompanying product supplement.
however, a trigger event has occurred, UBS will 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 underlying index
return of the least performing underlying index. 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 all of your initial
investment in the Notes at maturity, and the Notes may have the same downside market risk as the least performing underlying index. 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
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with the significant risks involved in investing in the Notes.
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 a signific a nt
port ion 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 s c om m unic a t ions ne t w ork .

N ot e Offe ring
These terms relate to the Notes.
Bloom be rg
Cont inge nt
I nit ia l
Dow nside
U nde rlying I nde x
T ic k e r
Coupon Ra t e
Le ve l
T hre shold
Coupon Ba rrie r
CU SI P
I SI N
Russell 2000® Index
RTY
1,292.086
839.856, which is
839.856, which is
65% of the Initial
65% of the Initial
6.70% per
Level
Level
90270KVY2
US90270KVY27
S&P 500® Index
SPX
annum
2,416.62
1,570.80, which is
1,570.80, which is
65% of the Initial
65% of the Initial
Level
Level
The estimated initial value of the Notes as of the trade date is $949.50. 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 "Key Risks -- Limited or no secondary market and
secondary market price considerations" on pages 6 and 7 herein.
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 t he 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 produc t supple m e nt , t he inde x 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
Proc e e ds t o U BS

Disc ount (1)(2)
AG(1)(2)

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 Russell 2000®
$1,471,000.00
$1,000.00
$47,807.50
$32.50
$1,423,192.50
$967.50
Index and the S&P 500® Index
(1) Our affiliate, UBS Securities LLC, will receive an underwriting discount of $32.50 per principal amount for each Note sold in this offering. UBS Securities
LLC has agreed to re-allow the full amount of this discount to a third party dealer.
(2) Certain registered investment advisers unaffiliated from UBS may have agreed to purchase Notes from such third party dealer at a purchase price of
$967.50 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 all of the underwriting discount with respect to such sales.

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
UBS 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. 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.
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, "Trigger 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, references to the "index supplement" mean the UBS
index supplement, dated October 31, 2018 and references to "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,
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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" beginning on page PS-9 of 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 accompanying index supplement and this document, the following hierarchy will govern: first, this document; second, the accompanying
product supplement; third, the accompanying 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

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 the
¨ You do not fully understand the risks inherent in an investment in
Notes, including the risk of loss of a significant portion or all of your
the Notes, including the risk of loss of a significant portion or all of
initial investment.
your initial investment.
¨ You understand and accept that an investment in the Notes is
¨ You do not understand or are unwilling to accept that an investment
linked to the performance of the least performing underlying index
in the Notes is linked to the performance of the least performing
and not a basket of the underlying indices, that you will be exposed
underlying index and not a basket of the underlying indices, that you
to the individual market risk of each underlying index on the
will be exposed to the individual market risk of each underlying
specified coupon observation dates and that you may lose a
index on the specified coupon observation dates and that you may
significant portion or all of your initial investment if the closing level
lose a significant portion or all of your initial investment if the closing
of any underlying index is less than its downside threshold on the
level of any underlying index is less than its downside threshold on
trigger observation date.
the trigger observation date.
¨ You can tolerate a loss of a significant portion or all of your initial
¨ You are not willing to make an investment that may have the same
investment and are willing to make an investment that may have
downside market risk as an investment in the underlying
the same downside market risk as a hypothetical investment in the
constituents of the least performing underlying index.
least performing underlying index.
¨ You are unwilling to receive no contingent coupons during the term
¨ You are willing to receive no contingent coupons and believe the
of the Notes and believe that the closing level of at least one of the
closing level of each underlying index will be equal to or greater
underlying indices will decline during the term of the Notes and is
than its coupon barrier on each coupon observation date and that
likely to be less than its coupon barrier on each coupon observation
the closing level of each underlying index will be equal to or greater
date or that the closing level of any underlying index will be less
than its downside threshold on the trigger observation date.
than its downside threshold on the trigger observation date.
¨ You understand and accept that you will not participate in any
¨ You seek an investment that participates in the full appreciation in
appreciation in the level of any of the underlying indices and that
the levels of the underlying indices or that has unlimited return
your potential return is limited to any contingent coupons.
potential.
¨ You can tolerate fluctuations in the price of the Notes prior to
¨ You cannot tolerate fluctuations in the price of the Notes prior to
maturity that may be similar to or exceed the downside fluctuations
maturity that may be similar to or exceed the downside fluctuations
in the levels of the underlying indices.
in the levels of the underlying indices.
¨ You are willing to invest in the Notes based on the contingent
¨ You are unwilling to invest in the Notes based on the contingent
coupon rate, coupon barriers and downside thresholds indicated on
coupon rate, coupon barriers or downside thresholds indicated on
the cover hereof.
the cover hereof.
¨ You do not seek guaranteed current income from your investment
¨ You seek guaranteed current income from your investment or prefer
and are willing to forgo any dividends paid on any stocks
to receive any dividends paid on any underlying constituents.
constituting the underlying indices (the "underlying constituents").
¨ You are unable or unwilling to hold Notes that UBS may elect to call
¨ You are willing to invest in Notes that UBS may elect to call early
early, or you are otherwise unable or unwilling to hold such Notes to
and you are otherwise willing to hold such Notes to maturity and
maturity or you seek an investment for which there will be an active
accept that there may be little or no secondary market for the Notes.
secondary market.
¨ You understand and are willing to accept the risks associated with
¨ You do not understand or are not willing to accept the risks
the underlying indices.
associated with the underlying indices.
¨ You are willing to assume the credit risk of UBS for all payments
¨ You are not willing to assume the credit risk of UBS for all
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under the Notes, and understand that if UBS defaults on its
payments under the Notes, including any repayment of principal.
obligations you may not receive any amounts due to you including
any repayment of principal.
¨ You understand that the estimated initial value of the Notes
determined by our internal pricing models is lower than the issue
price and that should UBS Securities LLC or any affiliate make
secondary markets for the Notes, the price (not including their
customary bid-ask spreads) will temporarily exceed the internal
pricing model price.
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 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 I ndic e s"
he re in for m ore inform a t ion on t he unde rlying indic e s. Y ou should a lso re vie w c a re fully t he "K e y Risk s" 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
Issuer Call
UBS may elect to call the Notes in whole, but not in
Principal
$1,000.00 per Note
Feature
part, on any coupon observation date (quarterly,
Amount
beginning after six months and other than the final
Term
Approximately 60 months, unless called earlier.
valuation date), regardless of the closing levels of the
Underlying
underlying indices on such coupon observation date.
The Russell 2000® Index and the S&P 500® Index.
Indices
If UBS elects to call the Notes, UBS will pay you on the
Contingent I f t he c losing le ve l of e a c h unde rlying inde x
coupon payment date corresponding to such coupon
Coupon &
is e qua l t o or gre a t e r t ha n it s c oupon ba rrie r
observation date (the "call settlement date") a cash
Contingent on a ny c oupon obse rva t ion da t e (inc luding
payment per Note equal to the principal amount plus
Coupon
t he fina l va lua t ion da t e ), UBS will pay you the
any contingent coupon otherwise due (the "call
Rate
contingent coupon applicable to such coupon
settlement amount"), and no further payments will be
observation date.
made on the Notes. Before UBS elects to call the
Notes on a coupon observation date, UBS will deliver
I f t he c losing le ve l of a ny unde rlying inde x is
written notice to the trustee.
le ss t ha n it s c oupon ba rrie r on a ny c oupon
obse rva t ion da t e (inc luding t he fina l
Payment at
I f U BS doe s not e le c t t o c a ll t he N ot e s a nd
va lua t ion da t e ), the contingent coupon applicable to
Maturity
a t rigge r e ve nt doe s not oc c ur, UBS will pay
such coupon observation date will not accrue or be
(per Note)
you a cash payment equal to:
payable and UBS will not make any payment to you on
Principal Amount of $1,000
the relevant coupon payment date.
I f U BS doe s not c a ll t he N ot e s a nd a t rigge r
The contingent coupon is a fixed amount based upon
e ve nt oc c urs, UBS will pay you a cash payment
equal quarterly installments at a per annum rate (the
that is less than the principal amount, if anything, equal
"contingent coupon rate"). The table below sets forth the
to:
contingent coupon amount that would be applicable to
$1,000 x (1 + Underlying Index Return of the Least
each coupon observation date on which the closing level
Performing Underlying Index)
of each underlying index is equal to or greater than its
I n suc h a c a se , you w ill suffe r a pe rc e nt a ge
coupon barrier. Amounts in the table below may have
loss on your init ia l inve st m e nt e qua l t o t he
been rounded for ease of analysis.
unde rlying inde x re t urn of t he le a st



Cont inge nt Coupon
6.70%
pe rform ing unde rlying inde x , re ga rdle ss of
Ra t e
t he unde rlying inde x re t urn of a ny ot he r

Cont inge nt Coupon
$16.75
unde rlying inde x .

Cont inge nt c oupons on t he N ot e s a re not
Underlying
With respect to each underlying index, the quotient,
gua ra nt e e d. U BS w ill not pa y you t he
Index
expressed as a percentage, of the following formula:
c ont inge nt c oupon for a ny c oupon
Return
Final Level ­ Initial Level
obse rva t ion da t e on w hic h t he c losing le ve l
Initial Level
of a ny unde rlying inde x is le ss t ha n it s
Least
The underlying index with the lowest underlying index
c oupon ba rrie r.
Performing
return as compared to any other underlying index.
Trigger
A trigger event is deemed to have occurred if the
Underlying
Event
closing level of any underlying index is less than its
Index
downside threshold on the trigger observation date.
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Downside
A specified level of each underlying index that is less
In this case, you will be exposed to the underlying
Threshold(2) than its respective initial level, equal to a percentage of
index return of the least performing underlying index.
the initial level, as specified on the cover hereof.
Trigger
December 21, 2023, which is the final valuation date.
Coupon
A specified level of each underlying index that is less
Observation
Barrier(2)
than its respective initial level, equal to a percentage of
Date(s)(1)
the initial level, as specified on the cover hereof.

Initial
The closing level of each underlying index on the trade
Level(2)
date, as specified on the cover hereof.
Final
The closing level of each underlying index on the final
Level(2)
valuation date.
(1)
Subject to the market disruption event provisions set forth in the accompanying product supplement.
(2)
As determined by the calculation agent and as may be adjusted as described under "General Terms of the Notes -- Discontinuance of or
Adjustment to an Underlying Index; Alteration of Method of Calculation", as described in the accompanying product supplement.
2

I nve st m e nt T im e line
The initial level of each underlying index is observed, and
T ra de Da t e


the terms of the Notes are set.
¯


I f t he c losing le ve l of e a c h unde rlying inde x
is e qua l t o or gre a t e r t ha n it s c oupon ba rrie r
on a ny c oupon obse rva t ion da t e (inc luding
t he fina l va lua t ion da t e ), UBS will pay you the
contingent coupon applicable to such coupon
observation date.
I f t he c losing le ve l of a ny unde rlying inde x is
le ss t ha n it s c oupon ba rrie r on a ny c oupon
obse rva t ion da t e (inc luding t he fina l
va lua t ion da t e ), the contingent coupon applicable to
such coupon observation date will not accrue or be
payable and UBS will not make any payment to you on
Qua rt e rly
the relevant coupon payment date.
(c a lla ble a ft e r six

UBS may elect to call the Notes in whole, but not in
m ont hs)
part, on any coupon observation date (quarterly,
beginning after six months and other than the final
valuation date), regardless of the closing levels of the
underlying indices on such coupon observation date.
If UBS elects to call the Notes, UBS will pay you on the
call settlement date a cash payment per Note equal to
the principal amount plus any contingent coupon
otherwise due, and no further payments will be made
on the Notes. Before UBS elects to call the Notes, UBS
will deliver written notice to the trustee by the applicable
coupon observation date. If UBS does not elect to call
the Notes, investors will have the potential for downside
market risk at maturity.
¯


The final level of each underlying index is observed on
the final valuation date (which is also the trigger
observation date) and the underlying return of each
underlying index is calculated.
I f U BS doe s not e le c t t o c a ll t he N ot e s a nd a
t rigge r e ve nt doe s not oc c ur, UBS will pay you a
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cash payment equal to:
Principal Amount of $1,000
I f U BS doe s not c a ll t he N ot e s a nd a t rigge r
M a t urit y Da t e


e ve nt oc c urs, UBS will pay you a cash payment that
is less than the principal amount, if anything, equal to:
$1,000 x (1 + Underlying Index Return of the Least
Performing Underlying Index)
I n suc h a c a se , you w ill suffe r a pe rc e nt a ge
loss on your init ia l inve st m e nt e qua l t o t he
unde rlying inde x re t urn of t he le a st
pe rform ing unde rlying inde x , re ga rdle ss of
t he unde rlying inde x re t urn of a ny ot he r
unde rlying inde x .
I nve st ing in t he N ot e s involve s signific a nt risk s. Y ou m a y lose a signific a nt port ion 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 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 .
Y ou w ill lose a signific a nt port ion or a ll of your init ia l inve st m e nt if U BS doe s not e le c t t o c a ll t he N ot e s a nd a t rigge r
e ve nt oc c urs. Y ou m a y not re c e ive a signific a nt port ion or a ll of t he c ont inge nt c oupons during t he t e rm of t he N ot e s.
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 inde x on e a c h c oupon obse rva t ion da t e a nd 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 inde x 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 inde x . U BS m a y
e le c t t o c a ll t he N ot e s a t it s disc re t ion (qua rt e rly, be ginning a ft e r six m ont hs a nd ot he r t ha n t he fina l va lua t ion da t e )
re ga rdle ss of t he pe rform a nc e of t he unde rlying indic e s. I f U BS doe s not e le c t t o c a ll t he N ot e s a nd a t rigge r e ve nt
oc c urs, you w ill lose a signific a nt port ion or a ll of your init ia l inve st m e nt a t m a t urit y.
3

Coupon Obse rva t ion Da t e s(1) a nd Coupon Pa ym e nt Da t e s(1)(2)
Coupon Pa ym e nt
Coupon Pa ym e nt
Coupon Pa ym e nt
Da t e s/Ca ll
Da t e s/Ca ll
Da t e s/Ca ll
Coupon Obse rva t ion Se t t le m e nt Da t e s
Coupon
Se t t le m e nt Da t e s
Coupon
Se t t le m e nt Da t e s (if
Da t e s
(if c a lle d)
Obse rva t ion Da t e s
(if c a lle d)
Obse rva t ion Da t e s
c a lle d)
March 21, 2019*
March 26, 2019*
December 21, 2020
December 24, 2020
September 21, 2022
September 26, 2022
June 21, 2019*
June 26, 2019
March 22, 2021
March 25, 2021
December 21, 2022
December 27, 2022
September 23, 2019
September 26, 2019
June 21, 2021
June 24, 2021
March 21, 2023
March 24, 2023
December 23, 2019
December 27, 2019
September 21, 2021
September 24, 2021
June 21, 2023
June 26, 2023
March 23, 2020
March 26, 2020
December 21, 2021
December 27, 2021
September 21, 2023
September 26, 2023
June 22, 2020
June 25, 2020
March 21, 2022
March 24, 2022
Final Valuation Date
Maturity Date
September 21, 2020
September 24, 2020
June 21, 2022
June 24, 2022




*
The Notes are not callable until the first potential call settlement date, which is June 26, 2019.
(1)
Subject to the market disruption event provisions set forth in the accompanying product supplement.
(2)
Three business days following each coupon observation date, except that the coupon payment date for the final valuation date is the maturity
date.
4

K e y Risk s
An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing in the underlying indices. Some of the key
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 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 UBS does not elect to call the Notes, UBS will repay you the principal amount of your Notes in cash only if a trigger event
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does not occur and will only make such payment at maturity. If UBS does not elect to call the Notes and a trigger event occurs, you will lose a
percentage of your principal amount equal to the underlying index return of the least performing underlying index and in extreme situations, you
could lose all of your initial investment.
¨ T he st a t e d pa yout from t he issue r a pplie s only if you hold your N ot e s t o 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 level of each underlying index at such time is equal to or greater than its downside threshold.
¨ Y ou m a y not re c e ive a ny c ont inge nt c oupons w it h re spe c t t o your N ot e s -- UBS will not necessarily make periodic coupon
payments on the Notes. If the closing level of any underlying index is less than its respective coupon barrier on a coupon observation date, UBS
will not pay you the contingent coupon applicable to such coupon observation date. This will be the case even if the closing levels of the other
underlying indices are equal to or greater than their respective coupon barriers on that coupon observation date. If the closing level of any
underlying index is less than its coupon barrier on each coupon observation date, 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 coupons coincides with a period of
greater risk of principal loss on your Notes.
¨ Y our pot e nt ia l re t urn on t he N ot e s is lim it e d t o a ny c ont inge nt c oupons, you w ill not pa rt ic ipa t e in a ny a ppre c ia t ion
of a ny unde rlying inde x a nd you w ill not ha ve t he sa m e right s a s holde rs of a ny unde rlying c onst it ue nt s -- The return
potential of the Notes is limited to the pre-specified contingent coupon rate, regardless of the appreciation of the underlying indices. In addition,
your return on the Notes will vary based on the number of coupon observation dates, if any, on which the requirements of the contingent coupon
have been met prior to maturity or an issuer call. Because UBS may elect to call the Notes 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. Further, if UBS elects to call the Notes, you will not
receive any contingent coupons or any other payment in respect of any coupon payment date after the call settlement date, and your return on
the Notes could be less than if the Notes remained outstanding until maturity. If UBS does not elect to call the Notes, you may be subject to the
decline of the least performing underlying index even though you cannot participate in any appreciation in the level of any underlying index. 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 constituents. In
addition, as an owner of the Notes, you will not have voting rights or any other rights of a holder of any underlying constituents.
¨ A highe r c ont inge nt c oupon ra t e or low e r dow nside t hre sholds or c oupon ba rrie rs m a y re fle c t gre a t e r e x pe c t e d
vola t ilit y of e a c h of t he unde rlying indic e 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 contingent coupon rate, coupon barriers and downside thresholds, are
based, in part, on the expected volatility of each underlying index 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 index. The greater the expected volatility of each of the underlying indices as of the
trade date, the greater the expectation is as of that date that the closing level of an underlying index could be less than its coupon barrier on the
coupon observation dates and that the final level of an underlying index could be less than its respective downside threshold on the trigger
observation date and, as a consequence, indicates an increased risk of not receiving a contingent coupon and an increased risk of loss,
respectively. All things being equal, this greater expected volatility will generally be reflected in a higher contingent coupon rate than the yield
payable on our conventional debt securities with a similar maturity or on otherwise comparable securities, and/or lower downside thresholds
and/or coupon barriers than those terms on otherwise comparable securities. Therefore, a relatively higher contingent coupon rate may indicate
an increased risk of loss. Further, relatively lower downside thresholds and/or coupon barriers may not necessarily indicate that the Notes have a
greater likelihood of a return of principal at maturity and/or paying contingent coupons. You should be willing to accept the downside market risk
of the least performing underlying index and the potential to lose a significant portion or all of your initial investment.
¨ U BS m a y e le c t t o c a ll t he N ot e s a nd t he N ot e s a re subje c t t o re inve st m e nt risk -- UBS may elect to call the Notes at its
discretion (quarterly, beginning after six months) prior to the maturity date. If UBS elects to call your Notes early, you will no longer have the
opportunity to receive any contingent coupons after the applicable call settlement date. The first call settlement date occurs after approximately
six months and therefore you may not have the opportunity to receive any contingent coupons after approximately six months. In the event UBS
elects to call the Notes, 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. Further, UBS' right to call the Notes may also adversely impact your ability to sell your Notes in
the secondary market.
It is more likely that UBS will elect to call the Notes prior to maturity when the expected contingent coupons payable on the Notes are greater
than the interest that would be payable on other instruments issued by UBS of comparable maturity, terms and credit rating trading in the
market. The greater likelihood of UBS calling the Notes in that environment increases the risk that you will not be able to reinvest the proceeds
from the called Notes in an equivalent investment with a similar contingent coupon rate. 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 notes. UBS is less likely to call the Notes prior to maturity when the expected contingent coupons payable on the Notes are less than the
interest that would be payable on other comparable instruments issued by UBS, which includes when the level of any of the underlying indices is
less than its coupon barrier. Therefore, the Notes are more likely to remain outstanding when the expected amount payable on the Notes is less
than what would be payable on other comparable instruments and when your risk of not receiving a contingent coupon is relatively higher.
¨ An inve st m e nt in N ot e s w it h c ont inge nt c oupon a nd issue r c a ll fe a t ure s m a y be m ore se nsit ive t o int e re st ra t e risk
t ha n a n inve st m e nt in se c urit ie s w it hout suc h fe a t ure s -- Because of the issuer call and contingent coupon features of the Notes,
you will bear greater exposure to fluctuations in interest rates than if you purchased securities without such features. In particular, you may be
negatively affected if prevailing interest rates begin to rise, and the contingent coupon rate on the Notes may be less than the amount of interest
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you could earn on other investments with a similar level of risk available at such time. In addition, if you tried to sell your Notes at such time, the
value of your Notes in any secondary market transaction would also be adversely affected. Conversely, in the event that prevailing interest rates
are low relative to the contingent coupon rate and UBS elects to call the Notes, there is no guarantee that you will be able to reinvest the
proceeds from an investment in the Notes at a comparable rate of return for a similar level of risk.
5

¨ 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 inde x -- Your return on the Notes is not linked to a basket consisting of
the underlying indices. Rather, it will be contingent upon the performance of each underlying index. 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 index. Poor performance by any one of the underlying indices 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 index. For instance, you may receive a negative
return equal to the underlying index return of the least performing underlying index if the closing level of one underlying index is less than its
downside threshold on the trigger observation date, even if the underlying index return of another underlying index is positive or has not declined
as much. Accordingly, your investment is subject to the market risk of each underlying index.
¨ 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 inde x , you a re e x pose d t o a gre a t e r risk of no
c ont inge nt c oupons a nd losing a signific a nt port ion 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 inde x or fe w e r unde rlying indic e s -- 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 only one underlying index or fewer underlying indices. With more underlying
indices, it is more likely that the closing level or final level of an underlying index will be less than its coupon barrier or downside threshold on any
coupon observation date or the final valuation date (which is also the trigger observation date), respectively, than if the Notes were linked to a
single underlying index or fewer underlying indices.
In addition, the lower the correlation is between a pair of underlying indices, the greater the likelihood that one underlying index will decline to a
closing level or final level that is less than its coupon barrier or downside threshold, as applicable. Although the correlation of the underlying
indices' performance may change over the term of the Notes, the economic terms of the Notes, including the contingent coupon rate, downside
thresholds and coupon barriers are determined, in part, based on the correlation of the underlying indices' performance calculated using our
internal models at the time when the terms of the Notes are finalized. All things being equal, a higher contingent coupon rate and lower downside
thresholds and coupon barriers are generally associated with lower correlation of the underlying indices. Therefore, if the performance of a pair
of underlying indices is not correlated to each other or is negatively correlated, the risk that you will not receive any contingent coupons or a
trigger event will occur is even greater despite a lower downside threshold and coupon barrier. With three underlying indices, it is more likely that
the performance of one pair of underlying indices will not be correlated, or will be negatively correlated. Therefore, it is more likely that you will
not receive any contingent coupons and that you will lose a significant portion or all of your initial investment at maturity.
¨ Any pa ym e nt on t he N ot e s is subje c t t o t he c re dit w ort hine ss 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
repayment of principal, depends on the ability of UBS to satisfy its obligations as they come due. As a result, UBS' 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 indices and indirectly
linked to the performance of the underlying constituents. The levels of the underlying indices can rise or fall sharply due to factors specific to
each underlying index or its underlying constituents, 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 levels, interest rates and economic and political conditions.
¨ Fa ir va lue c onside ra t ions.
¨
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 the underwriting discount, 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 the estimated initial value of the Notes 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 indices, the volatility of the underlying indices, the correlation among the underlying indices, any
dividends paid 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. The
underwriting discount, 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.
¨
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.
¨
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 may determine the economic terms of the Notes, as well as hedge our
obligations, at least in part, prior to the trade 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.
¨
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.
6

¨
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 gre a t e r t ha n U BS' va lua t ion of t he N ot e s a t t ha t t im e , gre a t e r t ha n a ny ot he r se c onda ry
m a rk e t pric e s provide d by una ffilia t e d de a le rs (if a ny) a nd, de pe nding on your brok e r, gre a t e r 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 s -- For a limited period of time following the issuance of the
Notes, UBS Securities LLC or its affiliates may offer to buy or sell such Notes at a price that exceeds (i) our valuation of the Notes at
that time based on our internal pricing models, (ii) any secondary market prices provided by unaffiliated dealers (if any) and (iii)
depending on your broker, the valuation provided on customer account statements. The price that UBS Securities LLC may initially
offer to buy such Notes following issuance will exceed the valuations indicated by our internal pricing models due to the inclusion for a
limited period of time of the aggregate value of the underwriting discount, hedging costs, issuance costs and theoretical projected
trading profit. The portion of such amounts included in our price will decline to zero on a straight line basis over a period ending no later
than the date specified under "Supplemental Plan of Distribution (Conflicts of Interest); Secondary Markets (if any)." Thereafter, 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. The temporary positive differential relative to our internal pricing models arises
from requests from and arrangements made by UBS Securities LLC with the selling agents of structured debt securities such as the
Notes. 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. The price at which UBS Securities LLC or an affiliate may make secondary markets at any time (if at
all) will also reflect its then current bid-ask spread for similar sized trades of structured debt securities. UBS Securities LLC reflects this
temporary positive differential on their customer statements. Investors should inquire as to the valuation provided on customer account
statements provided by unaffiliated dealers.
¨
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 each underlying index and the underlying constituents;
the volatility of each underlying index and the underlying constituents; the correlation among the underlying indices, 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; the creditworthiness of UBS; the then current bid-ask
spread for the Notes and the factors discussed under "-- Potential conflict of interest" below. These and other factors are unpredictable
and interrelated and may offset or magnify each other.
¨
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" as well as the inclusion in the issue price of the underwriting discount, hedging costs, issuance costs and any projected
profits are, subject to the temporary mitigating effect of UBS Securities LLC's and its affiliates' market making premium, expected to
reduce the price at which you may be able to sell the Notes in any secondary market.
¨ T he N ot e s a re subje c t t o sm a ll -c a pit a liza t ion st oc k risk s -- The Notes are subject to risks associated with small-capitalization
companies because the Russell 2000® Index is comprised of underlying constituents that may be considered small-capitalization companies.
These companies often have greater stock price volatility, lower trading volume and less liquidity than large-capitalization companies and
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therefore the underlying index may be more volatile than an index in which a greater percentage of the underlying constituents are issued by
large-capitalization companies. Stock prices of small-capitalization companies are also more vulnerable than those of large-capitalization
companies to adverse business and economic developments, and the stocks of small-capitalization companies may be thinly traded. In addition,
small-capitalization companies are typically less stable financially than large-capitalization companies and may depend on a small number of key
personnel, making them more vulnerable to loss of personnel. Small-capitalization companies are often given less analyst coverage and may be
in early, and less predictable, periods of their corporate existences. Such companies tend to have smaller revenues, less diverse product lines,
smaller shares of their product or service markets, fewer financial resources and less competitive strengths than large-capitalization companies
and are more susceptible to adverse developments related to their products.
¨ 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 indices will rise or fall. There can be no assurance that the closing level of each
underlying index will be equal to or greater than its coupon barrier on each coupon observation date, or, if UBS does not elect to call the Notes,
that a trigger event will not occur. The levels of the underlying indices will be influenced by complex and interrelated political, economic, financial
and other factors that affect the issuers of each underlying constituent (each an "underlying constituent issuer"). You should be willing to accept
the risks associated with the relevant markets tracked by each such underlying index in general and each index's underlying constituents in
particular, and the risk of losing a significant portion or all of your initial investment.
¨ T he unde rlying indic e 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 indices, 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.
¨ Cha nge s t ha t a ffe c t a n unde rlying inde x w ill a ffe c t t he m a rk e t va lue of your N ot e s -- The policies of each index sponsor as
specified under "Information About the Underlying Indices" (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 indices. The policies of the index sponsors with respect to the calculation of the underlying
indices could also adversely affect the levels of the underlying indices. The index sponsors may discontinue or suspend calculation or
dissemination of the underlying indices. Any such actions could have an adverse effect on the value of 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 indices. The index
sponsors are not involved in the Notes offering in any way and has no obligation to consider your interest as an owner of the Notes in taking any
actions that might affect the market value of 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 index 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 index or any underlying constituent, may adversely affect the levels of the underlying indices and, therefore, the market value of
the Notes. Further, UBS is less likely to call the Notes when the closing level of any underlying index is trading less than its coupon barrier, and,
therefore, any hedging activities that adversely affect the level of such index may also diminish the probability of UBS calling the Notes.
7

¨ Pot e nt ia l c onflic t of int e re st -- UBS and its affiliates may engage in business with the underlying constituent issuers or trading activities
related to one or more underlying index or any underlying constituents, which may present a conflict between the interests of UBS and you, as a
holder of the Notes. Moreover, UBS may elect to call the Notes pursuant to the issuer call feature. If UBS so elects, the decision may be based
on factors contrary to those favorable to a holder of the Notes, such as, but not limited to, those described above under "-- UBS may elect to call
the Notes and the Notes are subject to reinvestment risk" and "-- An investment in Notes with contingent coupon and issuer call features may
be more sensitive to interest rate risk than an investment in securities without such features". There are also potential conflicts of interest
between you and the calculation agent, which will be an affiliate of UBS. The calculation agent will determine whether the contingent coupon is
payable to you on any coupon payment date and the payment at maturity of the Notes, if any, based on observed closing levels of the underlying
indices. The calculation agent can postpone the determination of the initial level, closing level or final level of any underlying index (and therefore
the related coupon payment date or maturity date, as applicable) if a market disruption event occurs and is continuing on the trade date, any
coupon observation date, any trigger observation date or final valuation date, respectively. As UBS determines the economic terms of the Notes,
including the contingent coupon rate, downside thresholds and coupon barriers, and such terms include the underwriting discount, 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.
Additionally, UBS and its affiliates act in various capacities with respect to the Notes, including as a principal, agent or dealer in connection with
the sale of the Notes. Such affiliates, and any other third-party dealers, will derive compensation from the distribution of the Notes and such
compensation may serve as an incentive to sell these Notes instead of other investments. Furthermore, given that UBS Securities LLC and its
affiliates temporarily maintain a market making premium, it may have the effect of discouraging UBS Securities LLC and its affiliates from
https://www.sec.gov/Archives/edgar/data/1114446/000091412118002471/ub53147511-424b2.htm[12/26/2018 10:29:31 AM]


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