Obligation UBSL 6% ( US90270KX613 ) en USD

UBSL

100 % ▲

Suisse

US90270KX613 ( en USD )

6% par an ( paiement semestriel )

16/12/2022 - Obligation échue

Prospectus brochure de l'obligation UBS (London Branch) US90270KX613 en USD 6%, échue

1 000 USD

11 524 000 USD

90270KX61

N/A

UBS (London Branch) est une succursale de la banque suisse UBS, offrant une large gamme de services financiers aux particuliers, aux entreprises et aux institutions financières au Royaume-Uni et au-delà.

L'Obligation émise par UBSL ( Suisse ) , en USD, avec le code ISIN US90270KX613, paye un coupon de 6% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 16/12/2022

12/18/2019
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424B2 1 ub54489518-424b2.htm PS - DECEMBER 13 RTY SPX NDX WOF TCCYN MS 5657 (US90270KX613)
December 2019
(To Prospectus dated October 31, 2018,
Pricing Supplement
Index Supplement dated October 31, 2018
Dated December 13, 2019
and Product Supplement dated October 31, 2018)
Registration Statement No. 333-225551
STRUCTURED INVESTMENTS
Opportunities in U.S. and International Equities
Trigger Callable Contingent Yield Securities due December 16, 2022
$11,524,000 Based on the worst performing of the Nasdaq-100 Index®, the Russell 2000® Index and the S&P 500® Index
UBS AG Trigger Cal able Contingent Yield Securities (the "securities") are unsubordinated, unsecured debt securities issued by UBS AG ("UBS" or the "issuer") linked to
the worst performing of the Nasdaq-100 Index®, the Russel 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 wil pay you a contingent coupon
on the corresponding coupon payment date. If the closing level of any underlying index is less than its coupon barrier on the applicable coupon observation date, no
contingent coupon wil be paid on the corresponding coupon payment date. UBS may elect, on or before any applicable coupon observation date, to cal the securities at
its discretion in whole, but not in part (an "issuer cal "), on the coupon payment date corresponding to such coupon observation date (the "cal settlement date"),
regardless of the closing levels of the underlying indices on such coupon observation date. If UBS elects to cal the securities prior to maturity, UBS wil pay you on the cal
settlement date a cash payment per security equal to the stated principal amount plus any contingent coupon otherwise due, and no further payments wil be made on the
securities. If UBS does not elect to cal the securities and a trigger event does not occur, UBS wil pay you a cash payment per security at maturity equal to the stated
principal amount, in addition to any contingent coupon otherwise due. If, however, UBS does not elect to cal the securities and a trigger event occurs, UBS wil pay you
less than the ful stated principal amount per security, 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 largest percentage decline from its initial level to its final level (the "worst performing underlying index") over the term of the securities
and you wil lose a significant portion or al of your initial investment. A "trigger event" is deemed to have occurred if the closing level of any underlying index is less than
its trigger level on the "trigger observation date", which is the final determination date. The securities are for investors who are wil ing to risk their principal and seek
interest at a potential y above-market rate in exchange for the risk of receiving few or no contingent coupons if the closing level of any underlying index is less than its
coupon barrier on one or more coupon observation dates and the risk of an early cal at UBS' discretion. Investing in the securities involves significant risks. You will
lose a significant portion or all of your initial investment if UBS does not elect to call the securities and a trigger event occurs. The securities will not pay a
contingent coupon on a coupon payment date if the closing level of any underlying index is less than its coupon barrier on the corresponding coupon
observation date. UBS may elect to call the securities at its discretion regardless of the performance of the underlying indices. Higher contingent coupon
rates are generally associated with a greater risk of loss. Investors will not participate in any appreciation of any of the underlying indices. The contingent
repayment of principal only applies if you hold the securities until the call settlement date or the maturity date, as applicable. Any payment on the securities,
including any repayment of principal, is subject to the creditworthiness of UBS. If UBS were to default on its payment obligations you may not receive any
amounts owed to you under the securities and you could lose all of your initial investment.
SUMMARY TERMS

Issuer:
UBS AG London Branch
Underlying indices:
Nasdaq-100 Index® (Bloomberg Ticker: "NDX")
Russel 2000® Index (Bloomberg Ticker: "RTY")
S&P 500® Index (Bloomberg Ticker: "SPX")
Aggregate principal
$11,524,000
amount:
Stated principal
$1,000 per security
amount:
Issue price:
$1,000 per security (see "Commissions and issue price" below)
Term:
Approximately 3 years, unless cal ed earlier.
Trade date:
December 13, 2019
Settlement date:
December 18, 2019. We expect to deliver the securities against payment on the third business day fol owing the trade date. Under Rule 15c6-1
of the Securities Exchange Act of 1934, as amended, trades in the secondary market general y are required to settle in two business days
(T+2), unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade the securities in the secondary
market on any date prior to two business days before delivery of the securities wil be required, by virtue of the fact that each security initial y
wil settle in three business days (T+3), to specify alternative settlement arrangements to prevent a failed settlement of the secondary market
trade.
Final determination
December 13, 2022, subject to postponement for certain market disruption events and as described under "General Terms of the Securities --
date:
Market Disruption Events" and "-- Valuation Dates -- Final Valuation Date" in the accompanying product supplement.
Maturity date:
December 16, 2022, subject to postponement for certain market disruption events and as described under "General Terms of the Securities --
Market Disruption Events" and "-- Payment Dates -- Maturity Date" in the accompanying product supplement.
Issuer call feature:
UBS may elect, on or before any coupon observation date (other than the final determination date), to cal the securities at its discretion in
whole, but not in part (an "issuer cal "), on the coupon payment date corresponding to such coupon observation date (the "cal settlement
date"), regardless of the closing levels of the underlying indices on such coupon observation date.
Issuer call amount:
If UBS elects to cal the securities, UBS wil pay you on the cal settlement date a cash payment per security equal to the stated principal
amount plus any contingent coupon otherwise due, and no further payments wil be made on the securities. Before UBS elects to cal the
securities, UBS wil deliver written notice to the trustee by the applicable coupon observation date.
Contingent coupon:
· If the closing level of each underlying index is equal to or greater than its coupon barrier on the applicable coupon observation date
(including the final determination date), UBS wil pay you the contingent coupon for that coupon observation date on the corresponding
coupon payment date.
· If the closing level of any underlying index is less than its coupon barrier on the applicable coupon observation date, the contingent
coupon for that coupon observation date wil not accrue or be payable and UBS wil not make any payment to you on the corresponding
coupon payment date.
The contingent coupon is a fixed amount based upon equal quarterly instal ments at the contingent coupon rate.
The contingent coupon per security that would be applicable to each coupon payment date for which the closing level of each underlying
index is equal to or greater than its coupon barrier on the applicable coupon observation date wil be: $15.00
Contingent coupons on the securities are not guaranteed. UBS will not pay you the contingent coupon for any coupon observation
date on which the closing level of any underlying index is less than its coupon barrier.
Contingent coupon
The contingent coupon rate is 6.00% per annum.
rate:
Coupon payment
Three business days fol owing the applicable coupon observation date, except that the coupon payment date for the final determination date
dates:
wil be the maturity date.
Coupon observation
March 13, 2020, June 15, 2020, September 14, 2020, December 14, 2020, March 15, 2021, June 14, 2021, September 13, 2021, December
dates:
13, 2021, March 14, 2022, June 13, 2022, September 13, 2022 and December 13, 2022, subject to postponement for non-trading days and
certain market disruption events (as described under "General Terms of the Securities -- Valuation Date -- Final Valuation Date" and "--
Market Disruption Events" in the accompanying product supplement). We also refer to December 13, 2022 as the final determination date.
Trigger event:
A trigger event is deemed to have occurred if the closing level of any of the underlying indices is less than its respective trigger level on the
trigger observation date.
In this case, you wil be ful y exposed to the underlying index return of the worst performing underlying index.
Trigger observation
December 13, 2022, which is the final determination date. The final determination date is subject to postponement for non-trading days and
date:
certain market disruption events (as described under "General Terms of the Securities -- Market Disruption Events" and "-- Valuation Dates --
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Final Valuation Date" in the accompanying product supplement).
Payment at maturity:
· If UBS does not elect to cal the securities and a trigger event does not occur, UBS wil pay you a cash payment per security on the maturity
date equal to the stated principal amount of $1,000 plus any contingent coupon otherwise due on the maturity date.
· If UBS does not elect to cal the securities and a trigger event occurs, UBS wil pay you a cash payment per security on the maturity date
that is significantly less than the stated principal amount, if anything, equal to:
$1,000 x (1 + Underlying Index Return of the Worst Performing Underlying Index)
You will lose a significant portion or all of your initial investment if UBS does not elect to call the securities and a trigger event
occurs.
Underlying index
With respect to each underlying index, the quotient, expressed as a percentage, of the fol owing formula:
return:
Final Level Initial Level
Initial Level
Worst performing
The underlying index with the lowest underlying index return as compared to any other underlying index.
underlying index:
Final level:
The closing level of each underlying index on the final determination date, as determined by the calculation agent.
Initial level:
8,487.708, which is the closing level of the Nasdaq-100 Index® on the trade date; 1,637.976, which is the closing level of the Russel 2000®
Index on the trade date; 3,168.80, which is the closing level of the S&P 500® Index on the trade date
Coupon barrier:
5,092.625, which is equal to 60% of the initial level of the Nasdaq-100 Index®; 982.786, which is equal to 60% of the initial level of the Russel
2000® Index; 1,901.28, which is equal to 60% of the initial level of the S&P 500® Index
Trigger level:
5,092.625, which is equal to 60% of the initial level of the Nasdaq-100 Index®; 982.786, which is equal to 60% of the initial level of the Russel
2000® Index; 1,901.28, which is equal to 60% of the initial level of the S&P 500® Index
CUSIP/ISIN:
90270KX61 / US90270KX613
Listing:
The securities wil not be listed or displayed on any securities exchange or electronic communications network.
Calculation agent:
UBS Securities LLC
Commissions and
Price to Public(1)
Fees and Commissions(1)
Proceeds to Issuer

issue price:
Per security:
100.00%
1.50%(a)
98.00%

+0.50%(b)

2.00%

Total:
$11,524,000.00
$230,480.00
$11,293,520.00

(1)
UBS Securities LLC has agreed to purchase from UBS AG the securities at the price to public less a fee of $20.00 per $1,000.00 stated principal amount of
securities. UBS Securities LLC has agreed to resel al of the securities to Morgan Stanley Smith Barney LLC ("Morgan Stanley Wealth Management") at an
underwriting discount which reflects:

(a)
a fixed sales commission of $15.00 per $1,000.00 stated principal amount of securities that Morgan Stanley Wealth Management sel s and

(b)
a fixed structuring fee of $5.00 per $1,000.00 stated principal amount of securities that Morgan Stanley Wealth Management sel s, each payable to Morgan
Stanley Wealth Management. See "Supplemental information regarding plan of distribution (conflicts of interest); secondary markets (if any)".
The estimated initial value of the securities as of the trade date is $970.00. The estimated initial value of the securities 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 securities, see "Risk Factors -- Fair value considerations" and "-- Limited or no secondary market and secondary market price
considerations" beginning on pages 12 and 13 of this document. The securities involve risks not associated with an investment in ordinary debt securities. See
"Risk Factors" beginning on page 11 and "Risk Factors" beginning on page PS-9 of the accompanying product supplement.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the
accuracy or adequacy of this document, the accompanying product supplement, the accompanying index supplement, or the accompanying prospectus. Any
representation to the contrary is a criminal offense. The securities are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or
any other governmental agency. You should read this document together with the accompanying product supplement, the accompanying index supplement
and the accompanying prospectus, each of which can be accessed via the hyperlinks below, before you decide to invest.
Product supplement dated October 31, 2018
Index supplement dated October 31, 2018
Prospectus dated October 31, 2018

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Trigger Callable Contingent Yield Securities due December 16, 2022
$11,524,000 Based on the worst performing of the Nasdaq-100 Index®, the Russel 2000® Index and the S&P 500® Index
Additional Information about UBS and the Securities
UBS AG ("UBS") has filed a registration statement (including a prospectus as supplemented by a product supplement and an index supplement) with
the Securities and Exchange Commission (the "SEC") for the securities to which this document relates. Before you invest, you should read these
documents and any other documents relating to this offering 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 web site is
0001114446.
You may access these documents on the SEC website at www.sec.gov as follows:
§
Prospectus dated October 31, 2018:
http://www.sec.gov/Archives/edgar/data/1114446/000119312518314003/d612032d424b3.htm
§
Index Supplement dated October 31, 2018:
http://www.sec.gov/Archives/edgar/data/1114446/000091412118002083/ub46174419-424b2.htm
§
Product Supplement dated October 31, 2018:
https://www.sec.gov/Archives/edgar/data/1114446/000091412118002085/ub47016353-424b2.htm
References to "UBS", "we", "our" and "us" refer only to UBS AG and not to its consolidated subsidiaries. In this document, the "securities" refer to the
Trigger Callable Contingent Yield Securities that are offered hereby. Also, references to the "accompanying prospectus" mean the UBS prospectus
titled "Debt Securities and Warrants", dated October 31, 2018, references to the "accompanying index supplement" mean the UBS index supplement,
dated October 31, 2018 and references to the "accompanying product supplement" mean the UBS product supplement titled "Market-Linked Securities
Product Supplement", dated October 31, 2018.
You should rely only on the information incorporated by reference or provided in this document, the accompanying product supplement, index
supplement or the accompanying prospectus. We have not authorized anyone to provide you with different information. We are not making an offer of
these securities in any state where the offer is not permitted. You should not assume that the information in this document, the accompanying product
supplement or the accompanying prospectus is accurate as of any date other than the date on the front of the document.
UBS reserves the right to change the terms of, or reject any offer to purchase, the securities prior to their issuance. In the event of any changes to the
terms of the securities, 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.
In the event of any discrepancies between this document, the accompanying product supplement, the accompanying index supplement and the
accompanying prospectus, the following hierarchy will govern: first, this document; second, the accompanying product supplement; third the
accompanying index supplement; and finally, the accompanying prospectus.
December 2019
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Trigger Callable Contingent Yield Securities due December 16, 2022
$11,524,000 Based on the worst performing of the Nasdaq-100 Index®, the Russel 2000® Index and the S&P 500® Index
Investment Summary
The Trigger Callable Contingent Yield Securities due December 16, 2022 based on the worst performing of the Nasdaq-100 Index®, the Russell 2000®
Index and the S&P 500® Index, which we refer to as the securities, provide an opportunity for investors to earn a contingent coupon, which will be an
amount equal to $15.00 (equivalent to 6.00% per annum of the stated principal amount) per security, but only if the closing level of each underlying
index is equal to or greater than 60% of its respective initial level, which we refer to as the coupon barrier, on the applicable coupon observation date.
The contingent coupon, if any, will be payable on the corresponding coupon payment date, which will be three business days after the applicable
coupon observation date. It is possible that the closing levels of one or more of the underlying indices could remain below their respective
coupon barriers for extended periods of time or even throughout the term of the securities so that you may receive few or no contingent
coupons.
If the closing level of any underlying index is less than its coupon barrier on the applicable coupon observation date, the contingent coupon for that
coupon observation date will not accrue or be payable and UBS will not make any payment to you on the corresponding coupon payment date. UBS
may elect, on or before any applicable coupon observation date (other than the final determination date), to call the securities at its discretion in whole,
but not in part (an "issuer call"), on the coupon payment date corresponding to such coupon observation date (the "call settlement date"), regardless of
the closing levels of the underlying indices on such coupon observation date. If UBS elects to call the securities, UBS will pay you on the call
settlement date a cash payment per security equal to the stated principal amount plus any contingent coupon otherwise due, and no further payments
will be made on the securities. Before UBS elects to call the securities, UBS will deliver written notice to the trustee by the applicable coupon
observation date. If UBS does not elect to call the securities and a trigger event does not occur, UBS will pay you a cash payment per security on the
maturity date equal to the stated principal amount of $1,000 plus any contingent coupon otherwise due on the maturity date. If UBS does not elect to
call the securities and a trigger event occurs, UBS will pay you a cash payment per security on the maturity date that is significantly less than the stated
principal amount, if anything, equal to: (i) the stated principal amount times (ii) one plus the underlying index return of the worst performing underlying
index. A trigger event is deemed to have occurred if the closing level of any underlying index is less than its trigger level on the trigger observation
date. You will lose a significant portion or all of your initial investment if UBS does not elect to call the securities and a trigger event occurs.
The value of such cash payment will be significantly less than the stated principal amount of the securities and could be zero. Investors in
the securities must be willing to accept the risk of losing a significant portion or all of their initial investment and also the risk of not
receiving any contingent coupons. In addition, investors will not participate in any appreciation of the underlying indices.
UBS may elect to call the securities at its discretion prior to the maturity date. UBS is less likely to exercise its issuer call right when the closing level of
any of the underlying indices is less than its coupon barrier. As such, UBS will be more likely to exercise its issuer call right when the closing level of
each underlying index is above its coupon barrier, which would otherwise result in an amount of interest payable on the securities that is greater than
instruments of a comparable maturity and credit rating trading in the market. On the other hand, UBS will be less likely to exercise its issuer call right
when the closing level of any underlying index is less than its coupon barrier and/or when the final level of any underlying index is expected to be less
than its trigger level, such that you will receive no contingent coupons and/or that you will suffer a significant loss on your initial investment in the
securities at maturity. Therefore, if UBS does not exercise its issuer call right, it is more likely that you will receive few or no contingent coupons and
suffer a significant loss at maturity.
December 2019
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Trigger Callable Contingent Yield Securities due December 16, 2022
$11,524,000 Based on the worst performing of the Nasdaq-100 Index®, the Russel 2000® Index and the S&P 500® Index
Key Investment Rationale
The securities do not guarantee the payment of interest or the repayment of the stated principal amount. Instead, the securities offer the opportunity for
investors to earn a contingent coupon equal to $15.00 (equivalent to 6.00% per annum of the stated principal amount) per security, but only if the
closing level of each underlying index is equal to or greater than 60% of its respective initial level, which we refer to as the coupon barrier, on the
applicable coupon observation date. UBS may elect, on or before any applicable coupon observation date (other than the final determination date), to
call the securities at its discretion in whole, but not in part, on the call settlement date for a cash payment equal to the stated principal amount per
security plus any contingent coupon otherwise due. The payment at maturity, if any, will vary as follows:
Scenario 1
On or before any coupon observation date other than the final determination date, UBS elects to call the securities in
whole, but not in part.
§ On the call settlement date, the securities will be called and UBS will pay a cash payment equal to (i) the stated principal
amount plus (ii) any contingent coupon otherwise due, and no further payments will be made on the securities.
§ Investors will not participate in any appreciation of the underlying indices from their respective initial levels.
Scenario 2
UBS does not elect to call the securities and a trigger event does not occur.
§ The closing level of each underlying index is equal to or greater than its respective trigger level.
§ UBS will pay you a cash payment per security on the maturity date equal to (i) the stated principal amount plus (ii) any
contingent coupon otherwise due on the maturity date.
§ Investors will not participate in any appreciation of the underlying indices from their respective initial levels.
Scenario 3
UBS does not elect to call the securities prior to maturity and a trigger event occurs.
§ The closing level of any underlying index is less than its respective trigger level.
§ UBS will pay you a cash payment per security on the maturity date, if anything, that is significantly less than the stated
principal amount, equal to (i) the stated principal amount times (ii) one plus the underlying index return of the worst
performing underlying index.
§ Investors will lose a significant portion or all of their initial investment in this scenario.
Investing in the securities involves significant risks. You may lose a significant portion or all of your initial investment. Any payment on the
securities, including payments in respect of an issuer call, contingent coupon or any repayment of principal provided at maturity, is
dependent on the ability of UBS to satisfy its obligations when they become due. If UBS were to default on its payment obligations, you may
not receive any amounts due to you under the securities and you could lose all of your initial investment.
The securities will not pay a contingent coupon on a coupon payment date (including the maturity date) if the closing level of any underlying
index is less than its coupon barrier on the corresponding coupon observation date, and you may receive few or no contingent coupons
during the term of the securities. UBS may elect, on or before any applicable coupon observation date (other than the final determination
date), to call the securities on the call settlement date, regardless of the closing levels of the underlying indices on such coupon
observation date. If UBS does not elect to call the securities and a trigger event occurs, you will lose a significant portion or all of your initial
investment at maturity.
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Trigger Callable Contingent Yield Securities due December 16, 2022
$11,524,000 Based on the worst performing of the Nasdaq-100 Index®, the Russel 2000® Index and the S&P 500® Index
Investor Suitability
The securities may be suitable for you if:
§ You fully understand the risks of an investment in the securities, including the risk of loss of a significant portion or all of your initial investment.
§ You can tolerate a loss of a significant portion or all of your investment and are willing to make an investment that may have the same downside
market risk as an investment in the stocks comprising the worst performing underlying index.
§ You understand and accept that an investment in the securities is linked to the performance of the worst performing underlying index and not a
basket of the underlying indices, and that you will lose a significant portion or all of your initial investment if the closing level of any underlying index
is less than its trigger level on the trigger observation date.
§ You are willing to risk receiving no contingent coupons and believe the closing level of each underlying index will be equal to or greater than its
coupon barrier on each coupon observation date.
§ You believe a trigger event will not occur, meaning the closing level of each underlying index will be equal to or greater than its trigger level on the
trigger observation date.
§ You accept that the risks of each underlying index are not mitigated by the performance of any other underlying index and the risks of investing in
securities with a return based on the performance of multiple underlying indices.
§ You understand and accept that you will not participate in any appreciation in the level of any of the underlying indices and that your potential return
is limited to any contingent coupons received.
§ You can tolerate fluctuations in the price of the securities prior to maturity that may be similar to or exceed the downside fluctuations in the levels of
the underlying indices.
§ You are willing to invest in the securities based on the coupon barriers, trigger levels and contingent coupon rate specified on the cover hereof.
§ You do not seek guaranteed current income from your investment and are willing to forgo any dividends paid on the stocks comprising the underlying
indices (the "index constituents").
§ You are willing to invest in securities that UBS may elect to call early at its discretion and you are otherwise willing to hold such securities to maturity
and accept that there may be little or no secondary market for the securities.
§ You understand and are willing to accept the risks associated with the underlying indices.
§ You are willing to assume the credit risk of UBS for all payments under the securities, and understand that if UBS defaults on its obligations you may
not receive any amounts due to you including any repayment of principal.
§ You understand that the estimated initial value of the securities 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 securities, the price (not including their customary bid-ask spreads) will
temporarily exceed the internal pricing model price.
The securities may not be suitable for you if:
§ You do not fully understand the risks of an investment in the securities, including the risk of loss of a significant portion or all of your initial investment.
§ You are not willing to make an investment that may have the same downside market risk as an investment in the index constituents of the worst
performing underlying index.
§ You do not understand or are unwilling to accept that an investment in the securities is linked to the performance of the worst performing underlying
index and not a basket of the underlying indices, and that you will lose a significant portion or all of your initial investment if the closing level of any
underlying index is less than its trigger level on the trigger observation date.
§ You require an investment designed to provide a full return of principal at maturity.
§ You are unwilling to risk receiving no contingent coupons during the term of the securities or believe that the closing level of at least one of the
underlying indices will decline during the term of the securities and is likely to be less than its coupon barrier on a coupon observation date.
§ You believe a trigger event will occur, meaning the closing level of any underlying index will be less than its trigger level on the trigger observation
date.
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Trigger Callable Contingent Yield Securities due December 16, 2022
$11,524,000 Based on the worst performing of the Nasdaq-100 Index®, the Russel 2000® Index and the S&P 500® Index
§ You cannot accept that the risks of each underlying index are not mitigated by the performance of any other underlying index and the risks of
investing in securities with a return based on the performance of multiple underlying indices.
§ You seek an investment that participates in the full appreciation in the levels of the underlying indices or that has unlimited return potential.
§ You cannot tolerate fluctuations in the price of the securities prior to maturity that may be similar to or exceed the downside fluctuations in the levels
of the underlying indices.
§ You are unwilling to invest in the securities based on the coupon barriers, trigger levels or contingent coupon rate specified on the cover hereof.
§ You seek guaranteed current income from this investment or prefer to receive any dividends paid on the index constituents.
§ You are unable or unwilling to hold securities that UBS may elect to call early at its discretion, or you are otherwise unable or unwilling to hold such
securities to maturity or you seek an investment for which there will be an active secondary market.
§ You do not understand or are not willing to accept the risks associated with the underlying indices.
§ You are not willing to assume the credit risk of UBS for all payments under the securities, including any repayment of principal.
December 2019
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12/18/2019
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Trigger Callable Contingent Yield Securities due December 16, 2022
$11,524,000 Based on the worst performing of the Nasdaq-100 Index®, the Russel 2000® Index and the S&P 500® Index
How the Securities Work
The following diagrams illustrate the potential outcomes for the securities depending on (1) the closing levels, (2) whether UBS elects to call the
securities and (3) the final levels.
Diagram #1: Coupon Observation Dates Other Than the Final Determination Date
Diagram #2: Payment at Maturity if No Issuer Call Occurs
For more information about the payout upon an issuer call or at maturity in different hypothetical scenarios, see "Hypothetical Examples" starting on
page 8.
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12/18/2019
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Trigger Callable Contingent Yield Securities due December 16, 2022
$11,524,000 Based on the worst performing of the Nasdaq-100 Index®, the Russel 2000® Index and the S&P 500® Index
Hypothetical Examples
The below examples are based on the following terms and are purely hypothetical (the actual terms of your security are specified on the cover hereof;
amounts may have been rounded for ease of analysis):
Hypothetical Initial Level:

Underlying Index A:
8,000
Underlying Index B:
1,500
Underlying Index C:
3,000
Hypothetical Coupon Barrier:

Underlying Index A:
4,800, which is 60% of the initial level
Underlying Index B:
900, which is 60% of the initial level
Underlying Index C:
1,800, which is 60% of the initial level
Hypothetical Trigger Level:
4,800, which is 60% of the initial level
Underlying Index A:
900, which is 60% of the initial level
Underlying Index B:
1,800, which is 60% of the initial level
Underlying Index C:
Hypothetical Term:
Approximately 3 years
Hypothetical Contingent Coupon:
$15.00 per security (equivalent to 6.00% per annum of
the stated principal amount)
Stated Principal Amount:
$1,000.00 per security
In Examples 1 and 2, on a specified coupon observation date UBS elects and delivers written notice to the trustee to call the securities on the
corresponding call settlement date. In Examples 3 and 4, UBS does not elect to call the securities and the securities and remain outstanding until
maturity.

Example 1 UBS elects on the first coupon observation
Example 2 - UBS elects on the third coupon observation
date to call the securities.
date to call the securities.
Coupon
Closing
Closing
Closing
Contingent
Payment
Closing
Closing
Closing
Contingent
Payment
Observation
Level of
Level of
Level of
Coupon
(per
Level of
Level of
Level of
Coupon
(per
Dates
Underlying
Underlying
Underlying
security)
Underlying
Underlying
Underlying
security)
Index A
Index B
Index C
Index A
Index B
Index C
#1
5,600
1,200
2,450
--
$1,015.00
4,500
1,200
2,200
$0
N/A
(at or
(at or
(at or
(below
(at or
(at or
above
above
above
coupon
above
above
coupon
coupon
coupon
barrier)
coupon
coupon
barrier)
barrier)
barrier)
barrier)
barrier)
#2
N/A
N/A
N/A
N/A
N/A
5,900
1,150
2,450
$15.00
N/A
(at or
(at or
(at or
above
above
above
coupon
coupon
coupon
barrier)
barrier)
barrier)
#3
N/A
N/A
N/A
N/A
N/A
9,600
1,800
3,600
--
$1,015.00
(at or
(at or
(at or
above
above
above
coupon
coupon
coupon
barrier)
barrier)
barrier)
#4 - #11
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Final
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Determination
Date
Payment at
N/A
N/A
Maturity
§ In Example 1,UBS notifies the trustee on the first coupon observation date that it would like to call the securities and the closing level of each
underlying index is equal to or greater than its coupon barrier on such coupon observation date. You receive the issuer call amount (reflecting your
principal amount plus the contingent coupon otherwise due), calculated as follows:
Stated Principal Amount + Contingent Coupon = $1,000.00 + $15.00 = $1,015.00
In this example, the issuer call feature limits the term of your investment to approximately 3 months and you may not be able to reinvest at
comparable terms or returns. If the securities are subject to issuer call, you will stop receiving contingent coupons. Your total payment per security in
this example is $1,015.00 (a 1.50% total return on the securities).
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Trigger Callable Contingent Yield Securities due December 16, 2022
$11,524,000 Based on the worst performing of the Nasdaq-100 Index®, the Russel 2000® Index and the S&P 500® Index
§ In Example 2, UBS notifies the trustee on the third coupon observation date that it would like to call the securities and the closing level of each
underlying index is equal to or greater than its coupon barrier on such coupon observation date. UBS will pay on the call settlement date a total of
$1,015.00 per security (reflecting your principal amount plus the contingent coupon otherwise due). When added to the contingent coupon of $15.00
received in respect of the prior coupon observation dates, you will have received a total of $1,030.00. You will not receive any further payments on
the securities.
In this example, the issuer call feature limits the term of your investment to approximately 9 months and you may not be able to reinvest at comparable
terms or returns. If the securities are subject to an issuer call, you will stop receiving contingent coupons. Further, although all of the underlying indices
have appreciated by 20% from their respective initial levels on the third coupon observation date, you receive only $1,015.00 per security and do not
benefit from such appreciation. Your total payment per security in this example is $1,030.00 (a 3.00% total return on the securities).

Example 3- UBS does not elect to call the securities and a
Example 4- UBS does not elect to call the securities and a
trigger event does not occur.
trigger event occurs.
Coupon
Closing
Closing
Closing
Contingent
Payment
Closing
Closing
Closing
Contingent
Payment
Observation
Level of
Level of
Level of
Coupon
(per
Level of
Level of
Level of
Coupon
(per
Dates
Underlying
Underlying
Underlying
security)
Underlying
Underlying
Underlying
security)
Index A
Index B
Index C
Index A
Index B
Index C
#1
4,000
1,200
2,200
$0
N/A
4,000
1,150
2,200
$0
N/A
(below
(at or
(at or
(below
(at or
(at or
coupon
above
above
coupon
above
above
barrier)
coupon
coupon
barrier)
coupon
coupon
barrier)
barrier)
barrier)
barrier)
#2
4,500
1,250
2,400
$0
N/A
3,700
1,200
2,150
$0
N/A
(below
(at or
(at or
(below
(at or
(at or
coupon
above
above
coupon
above
above
barrier)
coupon
coupon
barrier)
coupon
coupon
barrier)
barrier)
barrier)
barrier)
#3 - #11
Various
Various
Various
$0
N/A
Various
Various
Various
$0
N/A
(all at or
(all below
(all below
(all at or
(all below
(all at or
above
coupon
coupon
above
coupon
above
coupon
barrier)
barrier)
coupon
barrier)
coupon
barrier)
barrier)
barrier)
Final
5,700
1,400
2,150
$15.00
N/A
5,800
600
2,300
$0
N/A
Determination
(at or
(at or
(at or
(at or
(below
(at or above
Date
above
above
above
above
coupon
coupon
coupon
coupon
coupon
coupon
barrier
barrier and
barrier
barrier
barrier
barrier
and trigger trigger level)
and trigger
and trigger
and trigger
and trigger
level)
level)
level)
level)
level)
Payment at
$1,015.00
$400.00
Maturity
§ In Example 3, UBS does not elect to call the securities and the final level of each underlying index is equal to or greater than its coupon barrier and
its trigger level. Because a trigger event has not occurred, at maturity, UBS will pay you the stated principal amount and, because the final level of
each underlying index is equal to or greater than its coupon barrier on the final determination date, a contingent coupon with respect to the final
determination date. Your payment at maturity is calculated as follows:
Stated Principal Amount + Contingent Coupon = $1,000.00 + $15.00 = $1,015.00
In this example, you receive the stated principal amount per security plus the contingent coupon, equal to a total payment of $1,015.00 per security
at maturity. Your total payment per security in this example is $1,015.00 (a 1.50% total return on the securities). You will not participate in the
appreciation of any of the underlying indices.
December 2019
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