Obligation UBSL 0% ( US90276BAD55 ) en USD

UBSL

100 % ▼

Suisse

US90276BAD55 ( en USD )

05/05/2022 - Obligation échue

Prospectus brochure de l'obligation UBS (London Branch) US90276BAD55 en USD 0%, échue

1 000 USD

16 802 000 USD

90276BAD5

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 US90276BAD55, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 05/05/2022

424B2 1 ub54898033-424b2.htm FORM 424B2
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-225551

U BS AG
$16,802,000

Capped Leveraged Buffered S&P 500® Index-Linked Medium-Term Notes due
May 5, 2022
T he not e s do not be a r int e re st . The amount that you will be paid on your notes on the stated maturity date (May 5, 2022) is based on the
performance of the S&P 500® Index as measured from the trade date (March 26, 2020) to and including the determination date (May 3, 2022). If
the final underlier level on the determination date is greater than the initial underlier level of 2,630.07, the return on your notes will be positive,
subject to the maximum settlement amount of $1,279.00 for each $1,000 face amount of your notes. If the final underlier level declines by up to
20.00% from the initial underlier level, you will receive the face amount of your notes. I f t he fina l unde rlie r le ve l de c line s by m ore
t ha n 2 0 .0 0 % from t he init ia l unde rlie r le ve l, t he re t urn on your not e s w ill be ne ga t ive . Spe c ific a lly, you w ill lose
1 .2 5 % for e ve ry 1 % ne ga t ive unde rlie r re t urn be low t he buffe r le ve l of 8 0 .0 0 % of t he init ia l unde rlie r le ve l. Y ou
c ould lose your e nt ire inve st m e nt in t he not e s.
To determine your cash settlement amount, we will calculate the underlier return, which is the percentage increase or decrease in the final
underlier level from the initial underlier level. On the stated maturity date, for each $1,000 face amount of your notes, you will receive an amount
in cash equal to:
·
if the underlier return is positive (the final underlier level is greater than the initial underlier level), the sum of (i) $1,000 plus (ii) the product of
(a) $1,000 times (b) the upside participation rate of 150.00% times (c) the underlier return, subject to the maximum settlement amount;
·
if the underlier return is zero or negative but not below -20.00% (the final underlier level is equal to or less than the initial underlier level but
not by more than 20.00%), $1,000; or
·
if the underlier return is negative and is below -20.00% (the final underlier level is less than the initial underlier level by more than 20.00%),
the sum of (i) $1,000 plus (ii) the product of (a) 125.00% times (b) the sum of the underlier return plus 20.00% times (c) $1,000.
Y our inve st m e nt in t he not e s involve s c e rt a in risk s, inc luding, a m ong ot he r t hings, our c re dit risk . Se e "Addit iona l
Risk Fa c t ors Spe c ific T o Y our N ot e s" be ginning on pa ge 1 0 of t his pric ing supple m e nt . You should read the additional
disclosure herein so that you may better understand the terms and risks of your investment.
T he e st im a t e d init ia l va lue of t he not e s a s of t he t ra de da t e is $ 9 7 8 .0 0 pe r $ 1 ,0 0 0 fa c e a m ount . T he e st im a t e d
init ia l va lue of t he not e s w a s de t e rm ine d a s of t he c lose of t he re le va nt m a rk e t s on t he da t e he re of by re fe re nc e t o
U BS' int e rna l pric ing m ode ls, inc lusive of t he int e rna l funding ra t e . For m ore inform a t ion a bout se c onda ry m a rk e t
offe rs a nd t he e st im a t e d init ia l va lue of t he not e s, se e "Addit iona l Risk Fa c t ors Spe c ific T o Y our N ot e s -- Fa ir V a lue
Conside ra t ions" a nd "Addit iona l Risk Fa c t ors Spe c ific T o Y our N ot e s -- Lim it e d or N o Se c onda ry M a rk e t a nd
Se c onda ry M a rk e t Pric e Conside ra t ions" be ginning on pa ge 1 1 of t his pric ing supple m e nt .
Origina l issue da t e :

April 2, 2020 Origina l issue pric e :

100.00% of the face amount
U nde rw rit ing disc ount :

0.00% of the face amount N e t proc e e ds t o t he issue r:

100.00% of the face amount
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 not e s or pa sse d upon t he a c c ura c y or a de qua c y of t his pric ing supple m e nt , t he a c c om pa nying produc t
supple m e nt , t he a c c om pa nying 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 . T he not e s a re not ba nk de posit s a nd a re not insure d by t he Fe de ra l De posit
I nsura nc e Corpora t ion or a ny ot he r gove rnm e nt a l a ge nc y.
U BS Se c urit ie s LLC
Pricing Supplement dated March 26, 2020

The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We may decide to sell additional notes
after the date of this pricing supplement, at issue prices and with underwriting discounts and net proceeds that differ from the amounts set forth
above. The return (whether positive or negative) on your investment in the notes will depend in part on the issue price you pay for such notes.
UBS Securities LLC, our affiliate, will purchase the notes from UBS for distribution to one or more registered broker dealers ("dealers"). UBS
Securities LLC, the dealers or any of their respective affiliates may use this pricing supplement in market-making transactions in notes after their
initial sale. U nle ss U BS, U BS Se c urit ie s LLC, t he de a le rs or a ny of t he ir re spe c t ive a ffilia t e s se lling suc h not e s t o you
inform s you ot he rw ise in t he c onfirm a t ion of sa le , t his pric ing supple m e nt is be ing use d in a m a rk e t -m a k ing
t ra nsa c t ion . See "Supplemental plan of distribution (conflicts of interest); secondary markets (if any)" in this pricing supplement and
"Supplemental Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement.

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SU M M ARY I N FORM AT I ON
UBS has filed a registration statement (including a prospectus, as supplemented by a product supplement for the notes and an
index supplement for various securities we may offer, including the notes), with the Securities and Exchange Commission, or
SEC, for the offering to which this pricing supplement 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 without cost by visiting EDGAR on the SEC website at www.sec.gov. Our Central Index Key, or
CIK, on the SEC website is 0001114446.
You may access these documents on the SEC website at www.sec.gov as follows:
· Underlier-Linked Notes product supplement dated November 1, 2018:
http://www.sec.gov/Archives/edgar/data/1114446/000091412118002089/ub46174527-424b2.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 pricing supplement,
"notes" refer to the Capped Leveraged Buffered S&P 500® Index-Linked Medium-Term Notes that are offered hereby, unless the
context otherwise requires. Also, references to the "accompanying product supplement" mean the UBS Underlier-Linked Notes
product supplement, dated November 1, 2018, references to the "accompanying index supplement" mean the UBS index
supplement dated October 31, 2018 and references to the "accompanying prospectus" mean the UBS prospectus titled "Debt
Securities and Warrants," dated October 31, 2018.
This pricing supplement, 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 preliminary or indicative pricing terms,
correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours.
You should carefully consider, among other things, the matters set forth in "Additional Risk Factors Specific To Your Notes"
beginning on page 10 and in "Risk Factors" on page PS-31 in the accompanying product supplement, as the notes involve risks
not associated with conventional debt securities. We urge you to consult your investment, legal, tax and other advisors before
deciding to invest in the notes.
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 N V EST OR SU I T ABI LI T Y
T he not e s m a y be suit a ble for you if:
¨
You fully understand the risks inherent in an investment in the notes, including the risk of loss of your entire initial investment.
¨
You can tolerate a loss of all or a substantial portion of your investment and are willing to make an investment that may have
the full downside market risk of an investment in the stocks comprising the underlier (the "underlier stocks"), subject to the
buffer level.
¨
You believe that the level of the underlier will appreciate over the term of the notes and that the final underlier level is unlikely
to exceed the cap level, which is 118.60% of the initial underlier level.
¨
You understand and accept that your return on the notes is limited by the maximum settlement amount and you are willing to
invest in the notes based on the maximum settlement amount of $1,279.00 for each $1,000.00 face amount of your notes.
¨
You can tolerate fluctuations in the price of the notes throughout their term that may be similar to or exceed the downside
fluctuations in the level of the underlier or the price of the underlier stocks.
¨
You do not seek guaranteed current income from your investment and are willing to forgo any dividends paid on the underlier
stocks.
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¨
You are willing to hold the notes to maturity, a term of approximately 25 months, and accept that there may be little or no
secondary market for the notes.
¨
You are willing to assume the credit risk of UBS for all payments under the notes, 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 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 not e s m a y not be suit a ble for you if:
¨
You do not fully understand the risks inherent in an investment in the notes, including the risk of loss of your entire initial
investment.
¨
You require an investment designed to guarantee a full return of principal at maturity.
¨
You cannot tolerate a loss of all or a substantial portion of your investment or are not willing to make an investment that may
have the full downside market risk of an investment in the underlier or the underlier stocks, subject to the buffer level.
¨
You believe that the level of the underlier will decline during the term of the notes and the final underlier level will likely be less
than the initial underlier level by more than 20.00%, or you believe that the level of the underlier will appreciate over the term of
the notes and that the final underlier level is likely to exceed the cap level, which is 118.60% of the initial underlier level.
¨
You seek an investment that has unlimited return potential without a cap on appreciation or you are unwilling to invest in the
notes based on the maximum settlement amount of $1,279.00 for each $1,000.00 face amount of your notes.
¨
You cannot tolerate fluctuations in the price of the notes throughout their term that may be similar to or exceed the downside
fluctuations in the level of the underlier or the price of the underlier stocks.

1

¨
You seek guaranteed current income from this investment or prefer to receive the dividends paid on the underlier stocks.
¨
You are unable or unwilling to hold the notes to maturity, a term of approximately 25 months, or you seek an investment for
which there will be an active secondary market.
¨
You are not willing to assume the credit risk of UBS for all payments under the notes.
The investor suitability considerations identified above are not exhaustive. Whether or not the notes are a suitable investment for
you will depend on your individual circumstances and you should reach an investment decision only after you and your investment,
legal, tax, accounting and other advisors have carefully considered the suitability of an investment in the notes in light of your
particular circumstances. You should also review "Additional Risk Factors Specific To Your Notes" in this pricing supplement and
the more detailed "Risk Factors" in the accompanying product supplement for risks related to an investment in the notes.

2

K EY T ERM S
I ssue r: UBS AG London Branch
U nde rlie r: S&P 500® Index (Bloomberg symbol, "SPX" <Index>), as maintained by S&P Dow Jones Indices LLC ("S&P" or the
"underlier sponsor")
Spe c ifie d c urre nc y: U.S. dollars ("$")
T e rm s t o be spe c ifie d in a c c orda nc e w it h t he a c c om pa nying produc t supple m e nt :
·
type of notes: notes linked to a single underlier
·
averaging dates: not applicable
·
cap level: yes, as described below
·
buffer level: yes, as described below
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·
interest: not applicable
Fa c e a m ount : Each note will have a face amount of $1,000; $16,802,000 in the aggregate for all the offered notes; the
aggregate face amount of the offered notes may be increased if the issuer, at its sole option, decides to sell an additional
aggregate face amount of the notes subsequent to the date of this pricing supplement. The issue price, underwriting discount, and
net proceeds of the notes in the subsequent sale may differ substantially (higher or lower) from the original issue price you paid as
provided on the cover of this pricing supplement. The return (whether positive or negative) on your investment in the notes will
depend in part on the issue price you pay for such notes.
Purc ha se a t a m ount ot he r t ha n fa c e a m ount : The amount we will pay you at the stated maturity date for your notes will
not be adjusted based on the issue price you pay for your notes, so if you acquire notes at a premium (or discount) to face amount
and hold them to the stated maturity date, it could affect your investment in a number of ways. The return on your investment in
such notes will be lower (or higher) than it would have been had you purchased the notes at face amount. Also, the stated buffer
level would not offer the same measure of protection to your investment as would be the case if you had purchased the notes at
face amount. Additionally, the cap level would be triggered at a lower (or higher) percentage return than indicated below, relative to
your initial investment. See "Additional Risk Factors Specific To Your Notes -- If You Purchase Your Notes at a Premium to Face
Amount, the Return on Your Investment Will Be Lower Than the Return on Notes Purchased at Face Amount and the Impact of
Certain Key Terms of the Notes Will be Negatively Affected" in this pricing supplement.
Supple m e nt a l disc ussion of U .S. fe de ra l inc om e t a x c onse que nc e s: You will be obligated pursuant to the terms of
the notes -- in the absence of a statutory or regulatory change or an administrative determination or a judicial ruling to the contrary
-- to characterize each note for all tax purposes as a prepaid derivative contract in respect of the underlier, as described under
"Material U.S. Federal Income Tax Consequences" in the accompanying product supplement. Pursuant to this approach, based on
certain factual representations received from us, our counsel, Cadwalader, Wickersham & Taft LLP, is of the opinion that upon the
taxable disposition of your notes, it would be reasonable for you to recognize capital gain or loss equal to the difference, if any,
between the amount of cash you receive at such time and your tax basis in your notes. The U.S. Internal Revenue Service (the
"IRS") might not agree with this treatment, however, in which case, the timing and character of income or loss on your note could
be materially and adversely affected.
A 30% withholding tax (which may be reduced by an applicable income tax treaty) is imposed under Section 871(m) of the Internal
Revenue Code of 1986, as amended (the "Code") on certain "dividend equivalents" paid or deemed paid to a non-U.S. holder with
respect to a "specified equity-linked instrument" that references one or more dividend-paying U.S. equity securities or indices
containing U.S. equity securities. The withholding tax can apply even if the instrument does not provide for payments that reference
dividends. U.S. Treasury Department (the "Treasury") regulations provide that the withholding tax applies to all dividend equivalents
paid or deemed paid on specified equity-linked instruments that have a delta of one ("delta-one specified equity-linked instruments")
issued after 2016 and to all dividend equivalents paid or deemed paid on all other specified equity-linked instruments issued after
2018. However, the IRS has issued guidance that states that the Treasury and the IRS intend to amend the effective dates of the
Treasury regulations to provide that withholding on dividend equivalents paid or deemed paid will not apply to specified equity-
linked instruments that are not delta-one specified equity-linked instruments and are issued before January 1, 2023.
3

Based on our determination that the notes are not "delta-one" with respect to the underlier or any U.S. underlier stocks, our counsel
is of the opinion that the notes should not be delta-one specified equity-linked instruments and thus should not be subject to
withholding on dividend equivalents. Our determination is not binding on the IRS, and the IRS may disagree with this
determination. Furthermore, the application of Section 871(m) of the Code will depend on our determinations made upon issuance
of the notes. If withholding is required, we will not make payments of any additional amounts.
Nevertheless, after issuance, it is possible that your notes could be deemed to be reissued for tax purposes upon the occurrence of
certain events affecting the underlier, underlier stocks or your notes, and following such occurrence your notes could be treated as
delta-one specified equity-linked instruments that are subject to withholding on dividend equivalents. It is also possible that
withholding tax or other tax under Section 871(m) of the Code could apply to the notes under these rules if you enter, or have
entered, into certain other transactions in respect of the underlier, underlier stocks or the notes. If you enter, or have entered, into
other transactions in respect of the underlier, underlier stocks or the notes, you should consult your tax advisor regarding the
application of Section 871(m) of the Code to your notes in the context of your other transactions.
Because of the uncertainty regarding the application of the 30% withholding tax on dividend equivalents to the notes, you are urged
to consult your tax advisor regarding the potential application of Section 871(m) of the Code and the 30% withholding tax to an
investment in the notes.
Pursuant to final and temporary Treasury regulations and other IRS guidance, the withholding and reporting requirements under the
Foreign Account Tax Compliance Act ("FATCA") generally apply to certain "withholdable payments" and will generally not apply to
gross proceeds on a sale or disposition and will generally apply to certain foreign passthru payments only to the extent that such
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payments are made after the date that is two years after final regulations defining the term "foreign passthru payment" are
published. We will not pay additional amounts with respect to such withholding taxes discussed above. Foreign financial institutions
and non-financial foreign entities located in jurisdictions that have an intergovernmental agreement with the U.S. governing FATCA
may be subject to different rules.
Subject to the paragraph above, you should read the discussion under "Material U.S. Federal Income Tax Consequences --
Foreign Account Tax Compliance Act" in the accompanying product supplement and consult your tax advisor concerning the
potential application of FATCA.
For more information about the tax consequences of an investment in the notes, you should review carefully the section of the
accompanying product supplement entitled "Material U.S. Federal Income Tax Consequences".
Ca sh se t t le m e nt a m ount (on t he st a t e d m a t urit y da t e ): For each $1,000 face amount of your notes, we will pay you on
the stated maturity date an amount in cash equal to:
·
if the final underlier level is greater than or equal to the cap level, the maximum settlement amount;
·
if the final underlier level is greater than the initial underlier level but less than the cap level, the sum of (1) $1,000 plus (2) the
product of (i) $1,000 times (ii) the upside participation rate times (iii) the underlier return;
·
if the final underlier level is equal to or less than the initial underlier level but greater than or equal to the buffer level, $1,000;
or
·
if the final underlier level is less than the buffer level, the sum of (1) $1,000 plus (2) the product of (i) $1,000 times (ii) the
buffer rate times (iii) the sum of the underlier return plus the buffer amount.
I nit ia l unde rlie r le ve l: 2,630.07
Fina l unde rlie r le ve l: the closing level of the underlier on the determination date, except in the limited circumstances described
under "General Terms of the Notes -- Market Disruption Event -- Consequences of a Market Disruption Event or a Non-Trading
Day" and "General Terms of the Notes -- Discontinuance of or Adjustments to the Index Underlier or an Index Basket Underlier;
Alteration of Method of Calculation" in the accompanying product supplement
U nde rlie r re t urn: the quotient of (1) the final underlier level minus the initial underlier level divided by (2) the initial underlier
level, expressed as a percentage
U pside pa rt ic ipa t ion ra t e : 150.00%
Ca p le ve l: 118.60% of the initial underlier level
4

M a x im um se t t le m e nt a m ount : $1,279.00
Buffe r le ve l: 2,104.056, which is 80.00% of the initial underlier level
Buffe r a m ount : 20.00%
Buffe r ra t e : the quotient of the initial underlier level divided by the buffer level, which equals 125.00%
T ra de da t e : March 26, 2020
Origina l issue da t e (se t t le m e nt da t e ): April 2, 2020
De t e rm ina t ion da t e : May 3, 2022, subject to adjustment as described under "General Terms of the Notes -- Determination
Date" in the accompanying product supplement.
St a t e d m a t urit y da t e : May 5, 2022, subject to adjustment as described under "General Terms of the Notes -- Stated Maturity
Date" in the accompanying product supplement, provided, however, that if the determination date is postponed as provided under
"Determination date" above, the stated maturity date will be postponed by the same number of business day(s) from but excluding
the originally scheduled determination date to and including the actual determination date.
N o int e re st : The offered notes do not bear interest.
N o re de m pt ion: The offered notes will not be subject to a redemption right or price dependent redemption right.
N o list ing: The offered notes will not be listed on any securities exchange or interdealer quotation system.
Closing le ve l: as described under "General Terms of the Notes -- Closing Level" in the accompanying product supplement
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Busine ss da y: as described under "General Terms of the Notes -- Business Day" in the accompanying product supplement
T ra ding da y: as described under "General Terms of the Notes -- Trading Day" in the accompanying product supplement
U se of proc e e ds a nd he dging: as described under "Use of Proceeds and Hedging" in the accompanying product supplement
ERI SA: as described under "ERISA Considerations" in the accompanying product supplement
Supple m e nt a l pla n of dist ribut ion (c onflic t s of int e re st ); se c onda ry m a rk e t s (if a ny): UBS has agreed to sell to
UBS Securities LLC, and UBS Securities LLC has agreed to purchase from UBS, the aggregate face amount of the notes specified
on the front cover of this pricing supplement. UBS Securities LLC initially offered the notes to certain unaffiliated securities dealers
at the original issue price set forth on the cover page of this pricing supplement.

5

We expect to deliver the notes against payment therefor in New York, New York on April 2, 2020, which is the fifth business day
following the date of this pricing supplement and of the pricing of the notes. Under Rule 15c6-1 of the Securities Exchange Act of
1934, as amended, trades in the secondary market generally are required to settle in two business days (T + 2), unless the parties
to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes on any date prior to two business
days before delivery will be required, by virtue of the fact that the notes are initially expected to settle in five business days (T + 5),
to specify alternative settlement arrangements to prevent a failed settlement.
Conflicts of interest: UBS Securities LLC is an affiliate of UBS and, as such, has a "conflict of interest" in the offering within
the meaning of the Financial Industry Regulatory Authority, Inc. ("FINRA") Rule 5121. In addition, UBS will receive the net proceeds
from the initial public offering of the notes, thus creating an additional conflict of interest within the meaning of FINRA Rule 5121.
Consequently, the offering is being conducted in compliance with the provisions of FINRA Rule 5121.
UBS Securities LLC and its affiliates may offer to buy or sell the notes in the secondary market (if any) at prices greater
than UBS' internal valuation: The value of the notes at any time will vary based on many factors that cannot be predicted.
However, the price (not including UBS Securities LLC's or any affiliate's customary bid-ask spreads) at which UBS Securities LLC
or any affiliate would offer to buy or sell the notes immediately after the trade date in the secondary market is expected to exceed
the estimated initial value of the notes as determined by reference to our internal pricing models. The amount of the excess will
decline to zero on a straight line basis over a period ending no later than 3 months after the trade date, provided that UBS
Securities LLC may shorten the period based on various factors, including the magnitude of purchases and other requests from and
negotiated arrangements with selling agents. Notwithstanding the foregoing, UBS Securities LLC and its affiliates are not required to
make a market for the notes and may stop making a market at any time. For more information about secondary market offers and
the estimated initial value of the notes, see "Additional Risk Factors Specific To Your Notes -- Fair value considerations" and
"Additional Risk Factors Specific To Your Notes -- Limited or No Secondary Market and Secondary Market Price Considerations" in
this pricing supplement.
Prohibition of Sales to EEA Retail Investors: The notes are not intended to be offered, sold or otherwise made available to
and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA"). For
these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of
Directive 2014/65/EU, as amended ("MiFID II"); (ii) a customer within the meaning of Directive 2002/92/EC, as amended, where
that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified
investor as defined in Directive 2003/71/EC, as amended. Consequently no key information document required by Regulation (EU)
No 1286/2014, as amended (the "PRIIPs Regulation"), for offering or selling the notes or otherwise making them available to retail
investors in the EEA has been prepared and therefore offering or selling the notes or otherwise making them available to any retail
investor in the EEA may be unlawful under the PRIIPs Regulation.
Ca lc ula t ion a ge nt : UBS Securities LLC
CU SI P no.: 90276BAD5
I SI N no.: US90276BAD55
FDI C: The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other
governmental agency.

6

H Y POT H ET I CAL EX AM PLES
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The following table and chart are provided for purposes of illustration only. They should not be taken as an indication or prediction
of future investment results and are intended merely to illustrate the impact that the various hypothetical final underlier levels on the
determination date could have on the cash settlement amount at maturity assuming all other variables remain constant.
The examples below are based on a range of final underlier levels that are entirely hypothetical; no one can predict what the
underlier level will be on any day throughout the life of your notes, and no one can predict what the final underlier level will be on
the determination date. The underlier has been volatile in the past -- meaning that the underlier level has changed considerably in
relatively short periods -- and its performance cannot be predicted for any future period.
The information in the following examples reflects hypothetical rates of return on the offered notes assuming that they are
purchased on the original issue date at the face amount and held to the stated maturity date. If you sell your notes in a secondary
market prior to the stated maturity date, your return will depend upon the market value of your notes at the time of sale, which may
be affected by a number of factors that are not reflected in the table below such as interest rates, the volatility of the underlier and
our creditworthiness. In addition, the estimated value of your notes at the time the terms of your notes were set on the trade date
(as determined by reference to our pricing models) is less than the original issue price of your notes. For more information on the
estimated value of your notes, see "Additional Risk Factors Specific To Your Notes -- Fair Value Considerations -- The Issue
Price You Pay for the Notes Exceeds Their Estimated Initial Value" in this pricing supplement. The information in the table also
reflects the key terms and assumptions in the box below.
Key Terms and Assumptions

Face amount
$1,000.00

Upside participation rate
150.00%

Cap level
118.60% of the initial underlier level

Maximum settlement amount
$1,279.00

Buffer level
80.00% of the initial underlier level

Buffer rate
125.00%

Buffer amount
20.00%

Neither a market disruption event nor a non-trading day occurs on the originally scheduled determination date.

No change in or affecting any of the underlier stocks or the method by which the underlier sponsor calculates the underlier.
Notes are purchased on original issue date at the face amount and held to the stated maturity date.

7

The actual performance of the underlier over the life of your notes, as well as the amount payable at maturity, if any, may bear little
relation to the hypothetical examples shown below or to the historical underlier levels shown elsewhere in this pricing supplement.
For information about the historical levels of the underlier during recent periods, see "The Underlier -- Historical Closing Levels of
the Underlier" in this pricing supplement.
Also, the hypothetical examples shown below do not take into account the effects of applicable taxes. Because of the U.S. tax
treatment applicable to your notes, tax liabilities could affect the after-tax rate of return on your notes to a comparatively greater
extent than the after-tax return on the underlier stocks.
The levels in the left column of the table below represent hypothetical final underlier levels and are expressed as percentages of
the initial underlier level. The amounts in the right column represent the hypothetical cash settlement amounts, based on the
corresponding hypothetical final underlier level (expressed as a percentage of the initial underlier level), and are expressed as
percentages of the face amount of a note (rounded to the nearest one-thousandth of a percent). Thus, a hypothetical cash
settlement amount of 100.000% means that the value of the cash payment that we would pay for each $1,000.00 of the
outstanding face amount of the offered notes on the stated maturity date would equal 100.000% of the face amount of a note,
based on the corresponding hypothetical final underlier level (expressed as a percentage of the initial underlier level) and the
assumptions noted above.

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H ypot he t ic a l Fina l U nde rlie r Le ve l
H ypot he t ic a l Ca sh Se t t le m e nt Am ount
(a s Pe rc e nt a ge of I nit ia l U nde rlie r Le ve l)
(a s Pe rc e nt a ge of Fa c e Am ount )
150.000%
127.900%
140.000%
127.900%
130.000%
127.900%
120.000%
127.900%
1 1 8 .6 0 0 %
1 2 7 .9 0 0 %
115.000%
122.500%
110.000%
115.000%
105.000%
107.500%
1 0 0 .0 0 0 %
1 0 0 .0 0 0 %
95.000%
100.000%
90.000%
100.000%
85.000%
100.000%
8 0 .0 0 0 %
1 0 0 .0 0 0 %
70.000%
87.500%
60.000%
75.000%
50.000%
62.500%
25.000%
31.250%
0 .0 0 0 %
0 .0 0 0 %
If, for example, the final underlier level were determined to be 25.000% of the initial underlier level, the cash settlement amount that
we would pay on your notes at maturity would be approximately 31.250% of the face amount of your notes, as shown in the table
above. As a result, if you purchased your notes on the original issue date at the face amount and held them to the stated maturity
date, you would lose approximately 68.750% of your investment (if you purchased your notes at a premium to face amount you
would lose a correspondingly higher percentage of your investment). In addition, if the final underlier level were determined to be
150.000% of the initial underlier level, the cash settlement amount that we would pay on your notes at maturity would be capped at
the maximum settlement amount (expressed as a percentage of the face amount), or 127.900% of each $1,000.00 face amount of
your notes, as shown in the table above. As a result, if you held your notes to the stated maturity date, you would not benefit from
any increase in the final underlier level over 118.600% of the initial underlier level.

8

The following chart also shows a graphical illustration of the hypothetical cash settlement amounts (expressed as a percentage of
the face amount of your notes) that we would pay on your notes on the stated maturity date, if the final underlier level (expressed
as a percentage of the initial underlier level) were any of the hypothetical levels shown on the horizontal axis. The chart shows that
any hypothetical final underlier level (expressed as a percentage of the initial underlier level) of less than 80.000% (the section left
of the 80.000% marker on the horizontal axis) would result in a hypothetical cash settlement amount of less than 100.000% of the
face amount of your notes (the section below the 100.000% marker on the vertical axis) and, accordingly, in a loss of principal to
the holder of the notes. The chart also shows that any hypothetical final underlier level (expressed as a percentage of the initial
underlier level) of greater than or equal to 118.600% (the section right of the 118.600% marker on the horizontal axis) would result
in a capped return on your investment.
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The cash settlement amounts shown above are entirely hypothetical; they are based on market prices for the underlier stocks that
may not be achieved on the determination date and on assumptions that may prove to be erroneous. The actual market value of
your notes on the stated maturity date or at any other time, including any time you may wish to sell your notes, may bear little
relation to the hypothetical cash settlement amounts shown above, and these amounts should not be viewed as an indication of the
financial return on an investment in the offered notes. The hypothetical cash settlement amounts on notes held to the stated
maturity date in the examples above assume you purchased your notes at their face amount and have not been adjusted to reflect
the actual issue price you pay for your notes. The return on your investment (whether positive or negative) in your notes will be
affected by the amount you pay for your notes. If you purchase your notes for a price other than the face amount, the return on
your investment will differ from, and may be significantly lower than, the hypothetical returns suggested by the above examples.
Please read "Additional Risk Factors Specific To Your Notes Market Risk" and "Additional Risk Factors Specific To Your Notes
If You Purchase Your Notes at a Premium to Face Amount, the Return on Your Investment Will Be Lower Than the Return on
Notes Purchased at Face Amount and the Impact of Certain Key Terms of the Notes Will be Negatively Affected" in this pricing
supplement.

We cannot predict the actual final underlier level or what the market value of your notes will be on any particular trading day, nor
can we predict the relationship between the underlier level and the market value of your notes at any time prior to the stated
maturity date. The actual amount that you will receive, if any, at maturity and the rate of return on the offered notes will depend
on the actual final underlier level, which will be determined by the calculation agent as described above. Moreover, the
assumptions on which the hypothetical returns are based may turn out to be inaccurate. Consequently, the amount of cash to be
paid in respect of your notes, if any, on the stated maturity date may be very different from the information reflected in the table
and chart above.
9

ADDI T I ON AL RI SK FACT ORS SPECI FI C T O Y OU R N OT ES
An investment in your notes is subject to the risks described below, as well as the risks described under "Considerations
Relating to Indexed Securities" in the accompanying prospectus, dated October 31, 2018, and "Risk Factors" in the
accompanying product supplement, dated November 1, 2018. You should carefully review these risks as well as the terms of the
notes described herein and in the accompanying prospectus, dated October 31, 2018, as supplemented by the accompanying
index supplement, dated October 31, 2018 and the accompanying product supplement, dated November 1, 2018, of UBS. Your
notes are a riskier investment than ordinary debt securities. Also, your notes are not equivalent to investing directly in the
underlier stocks, i.e., the stocks comprising the underlier to which your notes are linked. You should carefully consider whether
the offered notes are suited to your particular circumstances.
Y ou M a y Lose Y our Ent ire I nve st m e nt I n T he N ot e s
You can lose your entire investment in the notes. The cash payment on your notes, if any, on the stated maturity date will be
based on the performance of the underlier as measured from the initial underlier level set on the trade date to the closing level on
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the determination date. If the final underlier level is less than the buffer level, you will have a loss for each $1,000 of the face
amount of your notes equal to the product of (a) the buffer rate times (b) the sum of the underlier return plus the buffer amount
times (c) $1,000. Thus, you may lose your entire investment in the notes, which would include any premium to face amount you
paid when you purchased the notes. Specifically, you will lose 1.25% for every 1% negative underlier return below the buffer level.
Also, the market price of your notes prior to the stated maturity date may be significantly lower than the purchase price you pay for
your notes. Consequently, if you sell your notes before the stated maturity date, you may receive far less than the amount of your
investment in the notes.
T he U pside Pa rt ic ipa t ion Ra t e Applie s Only At 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, the
price you receive will likely not reflect the full economic value of the upside participation rate of the notes and the return you realize
may be less than the then-current underlier return multiplied by the upside participation rate, even if such return is positive and is
less than the return implied by the maximum settlement amount. You can receive the full benefit of any positive underlier return
multiplied by the upside participation rate subject to the maximum settlement amount, only if you hold your notes to maturity.
T he Pot e nt ia l for t he V a lue of Y our N ot e s t o I nc re a se Will Be Lim it e d
Your ability to participate in any change in the value of the underlier over the life of your notes and the positive effects of the
upside participation rate on any positive underlier return will be limited because of the cap level. The maximum settlement amount
will limit the cash settlement amount you may receive for each of your notes at maturity, no matter how much the level of the
underlier may rise beyond the cap level over the life of your notes. Accordingly, the amount payable for each of your notes may be
significantly less than it would have been had you invested directly in the underlier.
Y our N ot e s Do N ot Be a r I nt e re st
You will not receive any interest payments on your notes. As a result, even if the cash settlement amount payable for your notes
on the stated maturity date exceeds the face amount of your notes, the overall return you earn on your notes may be less than you
would have earned by investing in a conventional debt security of comparable maturity that bears interest at a prevailing market
rate.
T he N ot e s Are Subje c t t o t he Cre dit Risk of t he I ssue r
The notes are unsubordinated, unsecured debt obligations of the issuer, 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, the actual and perceived creditworthiness of UBS may affect the market value
of the notes and, in the event 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 your entire initial investment.

10

M a rk e t Risk
The return on the notes is directly linked to the performance of the underlier and indirectly linked to the value of the underlier
stocks, and the extent to which the underlier return is positive or negative. The level of the underlier can rise or fall sharply due to
factors specific to the underlier stocks, as well as general market factors, such as general market volatility and levels, interest rates
and economic and political conditions. Recently, the coronavirus infection has caused volatility in the global financial markets and
threatened a slowdown in the global economy. Coronavirus or any other communicable disease or infection may adversely affect
the issuers of the underlier stocks and, therefore, the underlier. You may lose some or all of your initial investment.
Fa ir V a lue Conside ra t ions
T he I ssue Pric e Y ou Pa y for t he N ot e s Ex c e e ds T he ir Est im a t e d I nit ia l V a lue
The issue price you pay for the notes exceeds their estimated initial value as of the trade date due to the inclusion in the issue
price of hedging costs, issuance costs and projected profits. As of the close of the relevant markets on the trade date, we have
determined the estimated initial value of the notes by reference to our internal pricing models and it is set forth in this pricing
supplement. The pricing models used to determine the estimated initial value of the notes incorporate certain variables, including
the level of the underlier, the volatility of the underlier, any expected dividends on the underlier stocks, prevailing interest rates, the
term of the notes and our internal funding rate. Our internal funding rate is typically lower than the rate we would pay to issue
conventional fixed or floating rate debt securities of a similar term. Hedging costs, issuance costs, projected profits and the
difference in rates will reduce the economic value of the notes to you. Due to these factors, the estimated initial value of the notes
as of the trade date is less than the issue price you pay for the notes.
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