Obligation UBSL 0% ( US90276BAT08 ) en USD

Société émettrice UBSL
Prix sur le marché 100 %  ▼ 
Pays  Suisse
Code ISIN  US90276BAT08 ( en USD )
Coupon 0%
Echéance 14/04/2022 - Obligation échue



Prospectus brochure de l'obligation UBS (London Branch) US90276BAT08 en USD 0%, échue


Montant Minimal 1 000 USD
Montant de l'émission 1 623 000 USD
Cusip 90276BAT0
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 US90276BAT08, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 14/04/2022







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424B2 1 ub54941883-424b2.htm FORM 424B2
PRICING SUPPLEMENT

Dated April 9, 2020
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 $1,623,000 Trigger Autocallable Contingent Yield Notes
Linked to the least performing of the Dow Jones Industrial Average® and the Russell 2000® Index due April 14, 2022
Investment Description
UBS AG Trigger Autocal able Contingent Yield Notes (the "Notes") are unsubordinated, unsecured debt securities issued by UBS AG ("UBS" or the "issuer")
linked to the least performing of the Dow Jones Industrial Average® and the Russel 2000® Index. UBS wil pay a contingent coupon on the coupon payment
date only if the closing level of each underlying asset on the applicable observation date (including the final valuation date) is equal to or greater than its
coupon barrier. Otherwise, no contingent coupon wil be paid for the relevant coupon payment date. UBS wil automatical y cal the Notes early if the closing
level of each underlying asset on any observation date (quarterly) prior to the final valuation date is equal to or greater than its initial level. If the Notes are
subject to an automatic cal , UBS wil pay on the applicable coupon payment date fol owing such observation date (the "cal settlement date") a cash
payment per Note equal to your principal amount plus the contingent coupon otherwise due, and no further payments wil be owed to you under the Notes. If
the Notes are not subject to an automatic cal and the closing level of each underlying asset on the final valuation date (the "final level") is equal to or greater
than its downside threshold, UBS wil pay you a cash payment per Note equal to the principal amount. If, however, the Notes are not subject to an automatic
cal and the final level of any underlying asset is less than its downside threshold, UBS wil pay you a cash payment per Note that is less than the principal
amount, if anything, resulting in a percentage loss on your initial investment equal to the percentage decline in the least performing underlying asset from
the trade date to the final valuation date (the "underlying return") and, in extreme situations, you could lose al of your initial investment. The "least
performing underlying asset" is the underlying asset with the lowest underlying return as compared to any other underlying asset. Investing in the Notes
involves significant risks. You may lose a significant portion or all of your initial investment and may not receive any contingent coupon during
the term of the Notes. You will be exposed to the market risk of each underlying asset on each observation date and on the final valuation date
and any decline in the level of one underlying asset may negatively affect your return and will not be offset or mitigated by a lesser decline or
any potential increase in the level of any other underlying asset. Generally, a higher contingent coupon rate on a Note is associated with a
greater risk of loss and a greater risk that you will not receive contingent coupons over the term of the Notes. The contingent repayment of
principal applies only at maturity. Any payment on the Notes, including any repayment of principal, is subject to the creditworthiness of UBS. If
UBS were to default on its payment obligations you may not receive any amounts owed to you under the Notes and you could lose all of your
initial investment.
Features
Key Dates
· Potential for Periodic Contingent Coupons -- UBS wil pay a
Trade Date*
April 9, 2020
contingent coupon on a coupon payment date only if the closing level of
Settlement Date*
April 15, 2020
each underlying asset is equal to or greater than its coupon barrier on
Observation Dates**
Quarterly (see page 4)
the applicable observation date (including the final valuation date).
Final Valuation Date**
April 11, 2022
Otherwise, if the closing level of any underlying asset is less than its
Maturity Date**
April 14, 2022
coupon barrier on the applicable observation date, no contingent

coupon wil be paid for the relevant coupon payment date.
* We expect to deliver the Notes against payment on the fourth business
· Automatic Call Feature -- UBS wil automatical y cal the Notes and
day fol owing the trade date. Under Rule 15c6-1 of the Securities
pay you the principal amount of your Notes plus the contingent coupon
Exchange Act of 1934, as amended, trades in the secondary market
otherwise due on the related coupon payment date if the closing level
general y are required to settle in two business days (T+2), unless the
of each underlying asset is equal to or greater than its initial level on
parties to a trade expressly agree otherwise. Accordingly, purchasers
any observation date (quarterly) prior to the final valuation date. If the
who wish to trade the Notes in the secondary market on any date prior
Notes were previously subject to an automatic cal , no further payments
to two business days before delivery of the Notes wil be required, by
wil be owed to you under the Notes.
virtue of the fact that each Note initial y wil settle in four business days
· Contingent Repayment of Principal at Maturity with Potential for
(T+4), to specify alternative settlement arrangements to prevent a failed
Full Downside Market Exposure -- If the Notes have not been
settlement of the secondary market trade.
subject to an automatic cal and the final level of each underlying asset
** Subject to postponement in the event of a market disruption event, as
is equal to or greater than its downside threshold, UBS wil repay you
described in the accompanying product supplement.
the principal amount per Note at maturity. If, however, the final level of
any underlying asset is less than its downside threshold, UBS wil pay
you a cash payment per Note that is less than the principal amount, if
anything, resulting in a percentage loss on your investment equal to the
underlying return of the least performing underlying asset. The
contingent repayment of principal applies only if you hold the Notes to
maturity. Any payment on the Notes including any repayment of
principal, is subject to the creditworthiness of UBS.

Notice to investors: the Notes are significantly riskier than conventional debt instruments. The issuer is not necessarily obligated to repay the
principal amount of the Notes at maturity, and the Notes may have the same downside market risk as the least performing underlying asset. This
market risk is in addition to the credit risk inherent in purchasing a debt obligation of UBS. You should not purchase the Notes if you do not
understand or are not comfortable with the significant risks involved in investing in the Notes.
You should carefully consider the risks described under "Key Risks" beginning on page 5 and under "Risk Factors" beginning on page PS-9 of
the accompanying product supplement before purchasing any Notes. Events relating to any of those risks, or other risks and uncertainties,
could adversely affect the market value of, and the return on, your Notes. You may lose a significant portion or all of your initial investment in the
Notes. The Notes will not be listed or displayed on any securities exchange or any electronic communications network.
Note Offering
These terms relate to Notes we are offering linked to the least performing of the Dow Jones Industrial Average® and the Russel 2000® Index.
Bloomberg
Contingent
Initial
Downside
Underlying Asset
Ticker
Coupon Rate
Levels
Thresholds
Coupon Barriers
CUSIP
ISIN
Dow
Jones
Industrial
11.00% per
14,231.62, which is
14,231.62, which is
90276BAT0 US90276BAT08
annum
23,719.37
60.00% of its Initial
60.00% of its Initial
Average®
INDU
Level
Level
Russel 2000® Index
RTY
1,246.726
748.036, which is
748.036, which is
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60.00% of its Initial
60.00% of its Initial
Level
Level
The estimated initial value of the Notes as of the trade date is $944.30. The range of the estimated initial value of the Notes was determined as of the close
of the relevant markets on the date hereof by reference to UBS' internal pricing models, inclusive of the internal funding rate. For more information about
secondary market offers and the estimated initial value of the Notes, see "Key Risks -- Fair value considerations" and "-- Limited or no secondary market
and secondary market price considerations" on page 6 of this document.
See "Additional Information about UBS and the Notes" on page ii. The Notes will have the terms set forth in the accompanying product
supplement relating to the Notes, dated October 31, 2018, the index supplement dated October 31, 2018, the accompanying prospectus and this
document. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these Notes or
passed upon the adequacy or accuracy of this document, the index supplement, the accompanying product supplement or the accompanying
prospectus. Any representation to the contrary is a criminal offense.
The Notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.
Offering of Notes
Issue Price to Public
Underwriting Discount(1)(2)
Proceeds to UBS AG(1)(2)

Total
Per Note
Total
Per Note
Total
Per Note
Notes linked to the least performing of the Dow Jones $1,623,000.00 $1,000.00
$44,632.50
$27.50
$1,578,367.50
$972.50
Industrial Average® and the Russel 2000® Index
(1) Notwithstanding the underwriting discount received by one or more third-party dealers from UBS Securities LLC described below, certain registered
investment advisers or fee-based advisory accounts unaffiliated from UBS may have agreed to purchase Notes from one or more third-party dealers at
a purchase price of at least $972.50 per principal amount of the Notes, and any such third-party dealer, with respect to such sales, may have agreed to
forgo some or al of the underwriting discount.
(2) Our affiliate, UBS Securities LLC, wil receive an underwriting discount of $27.50 per principal amount for each Note sold in this offering. UBS
Securities LLC has agreed to re-al ow the ful amount of this discount to one or more third-party dealers. Certain of such other third-party dealers may
resel the Notes to other securities dealers at the issue price to the public less an underwriting discount up to the underwriting discount indicated in the
above table.
UBS Securities LLC
UBS Investment Bank

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Additional Information about UBS and the Notes
UBS has filed a registration statement (including a prospectus, as supplemented by 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.
You may access these documents on the SEC website at www.sec.gov as follows:
·
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
Autocallable Contingent Yield Notes" or the "Notes" refer to the Notes that are offered hereby. Also, references to the "accompanying
product supplement" or "Market-Linked Securities product supplement" mean the UBS product supplement, dated October 31, 2018,
references to the "index supplement" mean the UBS index supplement, dated October 31, 2018 and references to the "accompanying
prospectus" mean the UBS prospectus, titled "Debt Securities and Warrants", dated October 31, 2018.
This document, together with the documents listed above, contains the terms of the Notes and supersedes all other prior or
contemporaneous oral statements as well as any other written materials including all other prior pricing terms, correspondence, trade
ideas, structures for implementation, sample structures, brochures or other educational materials of ours. You should carefully consider,
among other things, the matters set forth in "Key Risks" herein and in "Risk Factors" 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 index supplement and this document, the following hierarchy will govern: first, this document; second, the accompanying
product supplement; third, the index supplement; and last, the accompanying prospectus.
UBS reserves the right to change the terms of, or reject any offer to purchase, the Notes prior to their issuance. In the event of any
changes to the terms of the Notes, UBS will notify you and you will be asked to accept such changes in connection with your purchase.
You may also choose to reject such changes in which case UBS may reject your offer to purchase.
ii
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Investor Suitability
The Notes may be suitable for you if:
The Notes may not be suitable for you if:
· You fully understand the risks inherent in an investment in the
· You do not fully understand the risks inherent in an investment
Notes, including the risk of loss of a significant portion or all of
in the Notes, including the risk of loss of a significant portion or
your initial investment.
all of your initial investment.
· You understand and accept that an investment in the Notes is
· You do not understand or are unwilling to accept that an
linked to the performance of the least performing underlying
investment in the Notes is linked to the performance of the least
asset and not a basket of the underlying assets, that you will be
performing underlying asset and not a basket of the underlying
exposed to the individual market risk of each underlying asset
assets, that you will be exposed to the individual market risk of
on each observation date and on the final valuation date and
each underlying asset on each observation date and on the final
that you may lose a significant portion or all of your initial
valuation date and that you may lose a significant portion or all
investment if the closing level of any underlying asset is less
of your initial investment if the closing level of any underlying
than its downside threshold on the final valuation date.
asset is less than its downside threshold on the final valuation
date.
· You can tolerate a loss of a significant portion or all of your
initial investment and are willing to make an investment that
· You require an investment designed to provide a full return of
may have the same downside market risk as a hypothetical
principal at maturity.
investment in the least performing underlying asset or the
stocks comprising the least performing underlying asset.
· You cannot tolerate a loss of a significant portion or all of your
initial investment or are unwilling to make an investment that
· You are willing to receive no contingent coupons and believe
may have the same downside market risk as a hypothetical
the closing level of each underlying asset will be equal to or
investment in the least performing underlying asset.
greater than its coupon barrier on the specified observation
dates and the final level of each underlying asset will be equal
· You are unwilling to receive no contingent coupons during the
to or greater than its downside threshold on the final valuation
term of the Notes and believe that the closing level of at least
date.
one underlying asset will decline during the term of the Notes
and is likely to be less than its coupon barrier on at least one
· You can accept that the risks of each underlying asset are not
observation date or that the final level of any underlying asset
mitigated by the performance of any other underlying asset and
will be less than its downside threshold on the final valuation
the risks of investing in securities with a return based on the
date.
performance of multiple underlying assets.
· You cannot accept that the risks of each underlying asset are
· You understand and accept that you will not participate in any
not mitigated by the performance of any other underlying asset
appreciation of any underlying asset and that your potential
or the risks of investing in securities with a return based on the
return is limited to the contingent coupons specified in the
performance of multiple underlying assets.
applicable pricing supplement.
· You seek an investment that participates in the full appreciation
· You can tolerate fluctuations in the price of the Notes prior to
of the levels of the underlying assets or that has unlimited return
maturity that may be similar to or exceed the downside
potential.
fluctuations in the levels of the underlying assets.
· You cannot tolerate fluctuations in the price of the Notes prior to
· You are willing to invest in the Notes based on the contingent
maturity that may be similar to or exceed the downside
coupon rate, downside thresholds and coupon barriers specified
fluctuations in the levels of the underlying assets.
on the cover hereof.
· You are unwilling to invest in the Notes based on the contingent
· You do not seek guaranteed current income from your
coupon rate, downside thresholds or coupon barriers specified
investment and are willing to forgo any dividends paid on the
on the cover hereof.
stocks comprising the underlying assets (the "underlying
constituents").
· You seek guaranteed current income from this investment or
prefer to receive any dividends paid on the underlying
· You are willing to invest in Notes that may be subject to an
constituents.
automatic call and you are otherwise willing to hold such Notes
to maturity and you accept that there may be little or no
· You are unable or are unwilling to invest in Notes that may be
secondary market for the Notes.
subject to an automatic call, you are otherwise unable or
unwilling to hold the Notes to maturity or you seek an
· You understand and are willing to accept the risks associated
investment for which there will be an active secondary market
with the underlying assets.
for the Notes.
· You are willing to assume the credit risk of UBS for all payments
· You do not understand or are unwilling to accept the risks
under the Notes, and understand that if UBS defaults on its
associated with the underlying assets.
obligations you may not receive any amounts due to you
including any repayment of principal.
· You are unwilling to assume the credit risk of UBS for all
payments under the Notes, including any repayment of
· You understand that the estimated initial value of the Notes
principal.
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.

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The suitability considerations identified above are not exhaustive. Whether or not the Notes are a suitable investment for you
will depend on your individual circumstances and you should reach an investment decision only after you and your investment,
legal, tax, accounting and other advisors have carefully considered the suitability of an investment in the Notes in light of your
particular circumstances. You should review "Information About the Underlying Assets " herein for more information on the
underlying assets. You should also review carefully the "Key Risks" section herein for risks related to an investment in the
Notes.
1
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Final Terms
Issuer:
UBS AG London Branch
Payment at
If the Notes are not subject to an
Principal Amount: $1,000 per Note
Maturity (per
automatic call and the final level of each
Note):
underlying asset is equal to or greater
Term:
Approximately 24 months, unless subject to
than its downside threshold, UBS will pay
an automatic call.
you a cash payment equal to:
Underlying
The Dow Jones Industrial Average® and the
Principal Amount of $1,000
Assets:
Russell 2000® Index
If the Notes are not subject to an
Contingent
If the closing level of each underlying
automatic call and the final level of any
Coupon and
asset is equal to or greater than its
underlying asset is less than its downside
Contingent
coupon barrier on any observation date
threshold, UBS will pay you a cash payment
Coupon Rate:
(including the final valuation date), UBS
that is less than the principal amount, if
will pay you the contingent coupon
anything, equal to:
applicable to such observation date on the
$1,000 x (1+ Underlying Return of the
related coupon payment date.
Least Performing Underlying Asset)
If the closing level of any underlying
In such a case, you will suffer a
asset is less than its coupon barrier on
percentage loss on your initial investment
any observation date (including the final
equal to the underlying return of the least
valuation date), the contingent coupon
performing underlying asset regardless of
applicable to such observation date will not
the underlying return of any other
accrue or be payable and UBS will not make
underlying
asset
and,
in
extreme
any payment to you on the relevant coupon
situations, you could lose all of your
payment date.
initial investment.
The contingent coupon is a fixed amount
Least Performing The underlying asset with the lowest
based upon equal periodic installments at a
Underlying Asset: underlying return as compared to any other
per annum rate (the "contingent coupon
underlying asset.
rate"). The table below sets forth the
Underlying
For each underlying asset, the quotient,
contingent coupon rate and contingent
Return:
expressed as a percentage, of the following
coupon for each Note that would be
formula:
applicable to each observation date on
which the closing level of each underlying
Final Level ­ Initial Level
asset is greater than or equal to its coupon
Initial Level
barrier.
Downside
For each underlying asset, a specified level

Contingent Coupon Rate
11.00%
Threshold:(1)
of the underlying asset that is less than its
initial level, equal to a percentage of its initial

Contingent Coupon
$27.50
level, as indicated on the cover hereof and as

Contingent coupons on the Notes are not
determined by the calculation agent.
guaranteed. UBS will not pay you the
contingent coupon for any observation
Coupon Barrier:
For each underlying asset, a specified level
date on which the closing level of any
(1)
of the underlying asset that is less than its
underlying asset is less than its coupon
initial level, equal to a percentage of the initial
barrier.
level, as indicated on the cover hereof and as

determined by the calculation agent.
Automatic Call
UBS will automatically call the Notes if the
Feature:
closing level of each underlying asset on any
Initial Level:(1)
The closing level of each underlying asset on
the trade date, as specified on the cover
observation date (quarterly) prior to the final
hereof and as determined by the calculation
valuation date is equal to or greater than its
agent.
initial level.
If the Notes are subject to an automatic call,
Final Level:(1)
The closing level of each underlying asset on
the final valuation date, as determined by the
UBS will pay you on the corresponding
calculation agent.
coupon payment date (which will be the "call
settlement date") a cash payment per Note
Closing Level:
The closing level of the Russell 2000® Index
equal to your principal amount plus the
as reported on Bloomberg Professional®
contingent coupon otherwise due on such
service ("Bloomberg") is published to fewer
date. Following an automatic call, no further
decimal places than the level published by
payments will be made on the Notes.
FTSE Russell and, as a result, its closing
level (as reported by Bloomberg) may be
lower or higher than the closing level
published by FTSE Russell.
(1) As determined by the calculation agent
and as may be adjusted as described
under "General Terms of the Securities --
Discontinuance of or Adjustments to an
Underlying Index; Alteration of Method of
Calculation" in the accompanying product
supplement.
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Investment Timeline
The initial level of each underlying asset is observed and the final terms
Trade Date
of the Notes are set.
¯


If the closing level of each underlying asset is equal to or greater than its
coupon barrier on any observation date (including the final valuation
date), UBS will pay you a contingent coupon on the applicable coupon
payment date.
Observation Dates
The Notes will be subject to an automatic call if the closing level of each
(Quarterly)
underlying asset on any observation date (quarterly) prior to the final
valuation date is equal to or greater than its initial level.
If the Notes are subject to an automatic call, UBS will pay you a cash
payment per Note equal to $1,000 plus the contingent coupon otherwise
due on such date.
¯


The final level of each underlying asset is observed on the final valuation
date.
If the Notes are not subject to an automatic call and the final level of
each underlying asset is equal to or greater than its downside
threshold, UBS will pay you a cash payment per Note equal to:
Principal Amount of $1,000
If the Notes are not subject to an automatic call and the final level of
any underlying asset is less than its downside threshold, UBS will
Maturity Date
pay you a cash payment per Note that is less than the principal amount,
if anything, equal to:
$1,000 ´ (1 + Underlying Return of the Least Performing Underlying
Asset)
In such a case, you will suffer a percentage loss on your initial
investment equal to the underlying return of the least performing
underlying asset and, in extreme situations, you could lose all of
your initial investment.
Investing in the Notes involves significant risks. You may lose a significant portion or all of your initial investment. Any payment
on the Notes, including any repayment of principal, is subject to the creditworthiness of UBS. If UBS were to default on its
payment obligations, you may not receive any amounts owed to you under the Notes and you could lose all of your initial
investment.
If the Notes are not subject to an automatic call, you may lose a significant portion or all of your initial investment. Specifically, if
the Notes are not subject to an automatic call and the final level of any underlying asset is less than its downside threshold, you
will lose a percentage of your principal amount equal to the underlying return of the least performing underlying asset and, in
extreme situations, you could lose all of your initial investment. You will be exposed to the market risk of each underlying asset
on each observation date and on the final valuation date and any decline in the level of one underlying asset may negatively
affect your return and will not be offset or mitigated by a lesser decline or any potential increase in the level of any other
underlying asset.
3
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Observation Dates(1) and Coupon Payment Dates(1)(2)
Observation Dates
Coupon Payment Dates
July 9, 2020
July 14, 2020
October 9, 2020
October 15, 2020
January 11, 2021
January 14, 2021
April 9, 2021
April 14, 2021
July 9, 2021
July 14, 2021
October 11, 2021
October 14, 2021
January 10, 2022
January 13, 2022
Final Valuation Date
Maturity Date
(1)
Subject to the market disruption event provisions set forth in the accompanying product supplement.
(2)
3 business days following each observation date, except that the coupon payment date for the final valuation date is the maturity date.
4
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Key Risks
An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to a hypothetical investment in the
least performing underlying asset or its underlying constituents. Some of the risks that apply to the Notes are summarized
below, but we urge you to read the more detailed explanation of risks relating to the Notes in the "Risk Factors" section of the
accompanying product supplement. We also urge you to consult your investment, legal, tax, accounting and other advisors
before you invest in the Notes.
· Risk of loss at maturity -- The Notes differ from ordinary debt securities in that UBS will not necessarily make periodic coupon
payments or repay the principal amount of the Notes at maturity. If the Notes are not subject to an automatic call and the final level of
any underlying asset is less than its downside threshold, you will lose a percentage of your principal amount equal to the underlying
return of the least performing underlying asset and, in extreme situations, you could lose all of your initial investment.
· The contingent repayment of principal applies only at maturity -- You should be willing to hold your Notes to maturity. If you are
able to sell your Notes prior to an automatic call or maturity in the secondary market, you may have to sell them at a loss relative to your
initial investment even if the level of each underlying asset is equal to or greater than its downside threshold. All payments on the Notes
are subject to the creditworthiness of UBS.
· You may not receive any contingent coupons with respect to your Notes -- UBS will not necessarily make periodic coupon
payments on the Notes. UBS will pay a contingent coupon for each observation date on which the closing level of each underlying asset
is equal to or greater than its coupon barrier. If the closing level of any underlying asset is less than its coupon barrier on any
observation date, UBS will not pay you the contingent coupon applicable to such observation date. If the closing level of any underlying
asset is less than its coupon barrier on each of the observation dates, UBS will not pay you any contingent coupons during the term of,
and you will not receive a positive return on, your Notes. Generally, this non-payment of the contingent coupon coincides with a period of
greater risk of principal loss on your Notes.
· Your potential return on the Notes is limited to the contingent coupons and you will not participate in any appreciation of any
underlying asset or underlying constituents -- The return potential of the Notes is limited to the pre-specified contingent coupon
rate, regardless of any appreciation of any underlying asset. In addition, your return on the Notes will vary based on the number of
observation dates, if any, on which the requirements of the contingent coupon have been met prior to maturity or an automatic call.
Further, if the Notes are subject to an automatic call, you will not receive any contingent coupons or any other payment in respect of any
observation dates after the applicable call settlement date. Because the Notes may be subject to an automatic call as early as the first
potential call settlement date, the total return on the Notes could be less than if the Notes remained outstanding until maturity.
Furthermore, if the Notes are not subject to an automatic call, you may be subject to the decline of the least performing underlying asset
even though you cannot participate in any appreciation of any underlying asset or underlying constituents. As a result, the return on an
investment in the Notes could be less than the return on a hypothetical direct investment in any or all of the underlying assets or
underlying constituents. In addition, as an owner of the Notes, you will not have voting rights or any other rights of a holder of the
underlying constituents.
· A higher contingent coupon rate or lower downside thresholds or coupon barriers may reflect greater expected volatility of the
underlying assets, and greater expected volatility generally indicates an increased risk of loss at maturity -- The economic
terms for the Notes, including the contingent coupon rate, coupon barriers and downside thresholds, are based, in part, on the expected
volatility of each underlying asset at the time the terms of the Notes are set. "Volatility" refers to the frequency and magnitude of changes
in the level of each underlying asset. The greater the expected volatility of each underlying asset as of the trade date, the greater the
expectation is as of that date that the closing level of each underlying asset could be less than its coupon barrier on any observation
date and that the final level of each underlying asset could be less than its downside threshold on the final valuation date and, as a
consequence, indicates an increased risk of not receiving a contingent coupon and an increased risk of loss, respectively. All things
being equal, this greater expected volatility will generally be reflected in a higher contingent coupon rate than the yield payable on our
conventional debt securities with a similar maturity or on otherwise comparable securities, and/or lower downside thresholds and/or
coupon barriers than those terms on otherwise comparable securities. Therefore, a relatively higher contingent coupon rate may indicate
an increased risk of loss. Further, relatively lower downside 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 asset and the potential to lose a significant portion or all of your initial
investment.
· Reinvestment risk -- The Notes will be subject to an automatic call if the closing level of each underlying asset is equal to or greater
than its initial level on certain observation dates prior to the final valuation date as set forth under "Observation Dates and Coupon
Payment Dates" above. Because the Notes could be subject to an automatic call, the term of your investment may be limited. In the
event that the Notes are subject to an automatic call, there is no guarantee that you would be able to reinvest the proceeds at a
comparable return and/or with a comparable contingent coupon rate for a similar level of risk. In addition, to the extent you are able to
reinvest such proceeds in an investment comparable to the Notes, you may incur transaction costs such as dealer discounts and
hedging costs built into the price of the new securities. Generally, however, the longer the Notes remain outstanding, the less likely the
Notes will be subject to an automatic call due to the decline in the level of an underlying asset and the shorter time remaining for the
level of any such underlying asset to recover. Such periods generally coincide with a period of greater risk of principal loss on your
Notes.
· You are exposed to the market risk of each underlying asset -- Your return on the Notes is not linked to a basket consisting of the
underlying assets. Rather, it will be contingent upon the performance of each individual underlying asset. Unlike an instrument with a
return linked to a basket of indices, common stocks or other underlying securities, in which risk is mitigated and diversified among all of
the components of the basket, you will be exposed equally to the risks related to each underlying asset. Poor performance by any
underlying asset over the term of the Notes will negatively affect your return and will not be offset or mitigated by a positive performance
by any other underlying asset. For instance, you may receive a negative return equal to the underlying return of the least performing
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