Obligation UBSL 8% ( US90281E8527 ) en USD

Société émettrice UBSL
Prix sur le marché 100 %  ⇌ 
Pays  Suisse
Code ISIN  US90281E8527 ( en USD )
Coupon 8% par an ( paiement semestriel )
Echéance 14/11/2022 - Obligation échue



Prospectus brochure de l'obligation UBS (London Branch) US90281E8527 en USD 8%, échue


Montant Minimal 1 000 USD
Montant de l'émission 11 607 000 USD
Cusip 90281E852
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 US90281E8527, paye un coupon de 8% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 14/11/2022







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424B2 1 ub54298637-424b2.htm PS - NOVEMBER 8 AAPL ADBE RCL TACYN WMA (US90281E8527 US90281E8600 US90281E8782)
UBSWM225
PRICING SUPPLEMENT

Dated November 8, 2019
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-225551
(To Prospectus dated October 31, 2018
and Product Supplement dated October 31, 2018)
UBS AG Trigger Autocallable Contingent Yield Notes
UBS AG $11,606,500 linked to the common stock of Apple Inc. due November 14, 2022
UBS AG $3,920,000 linked to the common stock of Adobe Inc. due November 14, 2022
UBS AG $5,618,800 linked to the common stock of Royal Caribbean Cruises Ltd. due November 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 performance of the common stock of a specific company (the "underlying asset"). UBS wil pay a contingent coupon on a coupon payment date
only if the closing level of the underlying asset on the applicable observation date (including the final valuation date) is equal to or greater than the 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
the underlying asset on any observation date (quarterly, beginning after 6 months) prior to the final valuation date is equal to or greater than the 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 the underlying asset on the final valuation date (the "final level") is
equal to or greater than the 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 is less than the 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 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. 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. 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 the issuer. 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
q Potential for Periodic Contingent Coupons -- UBS wil pay a
Trade Date*
November 8, 2019
contingent coupon on a coupon payment date only if the closing level of
Settlement Date*
November 14, 2019
the underlying asset is equal to or greater than the coupon barrier on
Observation Dates**
Quarterly (cal able after 6 months)
the applicable observation date (including the final valuation date). If,
(see page 4)
however, the closing level of the underlying asset is less than the
Final Valuation Date**
November 8, 2022
coupon barrier on the applicable observation date, no contingent
Maturity Date**
November 14, 2022
coupon wil be paid for the relevant coupon payment date.
* We expect to deliver the Notes against payment on the third business
q 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 (the "Exchange Act"), trades in the
otherwise due on the related coupon payment date if the closing level of
secondary market general y are required to settle in two business days
the underlying asset is equal to or greater than the initial level on any
(T+2), unless the parties to a trade expressly agree otherwise.
observation date (quarterly, beginning after 6 months) prior to the final
Accordingly, purchasers who wish to trade the Notes in the secondary
valuation date. If the Notes were previously subject to an automatic cal ,
market on any date prior to two business days before delivery of the
no further payments wil be owed to you under the Notes.
Notes wil be required, by virtue of the fact that each Note initial y wil
q Contingent Repayment of Principal at Maturity with Potential for
settle in three business days (T+3), to specify alternative settlement
Full Downside Market Exposure -- If by maturity the Notes have not
arrangements to prevent a failed settlement of the secondary market
been subject to an automatic cal and the final level of the underlying
trade.
asset is equal to or greater than the downside threshold, UBS wil repay

you the principal amount per Note at maturity. If, however, the final level
** Subject to postponement in the event of a market disruption event, as
of the underlying asset is less than the downside threshold, UBS wil
described in the accompanying product supplement.
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. 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 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 Offerings
These terms relate to the separate Note offerings listed below. Each of the Notes is linked to a different underlying asset and each of the Notes has its own
contingent coupon rate, initial level, downside threshold and coupon barrier. Each of the Notes is offered at a minimum investment of 100 Notes at $10 per
Note (representing a $1,000 investment), and integral multiples of $10 in excess thereof. The performance of each Note will not depend on the
performance of any other Note.
Bloomberg
Contingent
Underlying Asset
Ticker
Coupon Rate
Initial Level Downside Threshold
Coupon Barrier
CUSIP
ISIN
Common stock of Apple Inc.
AAPL
8.00% per annum
$260.14
$181.19, which is
$181.19, which is
90281E852 US90281E8527
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69.65% of the
69.65% of the
Initial Level
Initial Level
$186.44, which is
$186.44, which is
Common stock of Adobe Inc.
ADBE
8.00% per annum
$292.46
63.75% of the
63.75% of the
90281E860 US90281E8600
Initial Level
Initial Level
$60.70, which is
$60.70, which is
Common stock of Royal
RCL
8.00% per annum
$114.53
53.00% of the
53.00% of the
90281E878 US90281E8782
Caribbean Cruises Ltd.
Initial Level
Initial Level
The estimated initial value of the Notes as of the trade date is (i) $9.773 for Notes linked to the common stock of Apple Inc., (i ) $9.781 for Notes linked to
the common stock of Adobe Inc. and (i i) $9.749 for Notes linked to the common stock of Royal Caribbean Cruises Ltd. 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 pages 6 and 7 herein.
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 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 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
Proceeds to UBS AG

Total
Per Note
Total
Per Note
Total
Per Note
Notes linked to the common stock of Apple Inc.
$11,606,500.00
$10.00
$232,130.00
$0.20
$11,374,370.00
$9.80
Notes linked to the common stock of Adobe Inc.
$3,920,000.00
$10.00
$78,400.00
$0.20
$3,841,600.00
$9.80
Notes linked to the common stock of Royal Caribbean Cruises $5,618,800.00
$10.00
$112,376.00
$0.20
$5,506,424.00
$9.80
Ltd.
UBS Financial Services Inc.
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 a product supplement for the Notes) with the
Securities and Exchange Commission (the "SEC"), for the Notes 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
the Notes. 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
¨ 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 three different Notes that are offered hereby. Also, references to the
"accompanying product supplement" mean the UBS product 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" beginning on page 5 and in "Risk Factors" beginning on page PS-9 in the
accompanying product supplement, as the Notes involve risks not associated with conventional debt securities. We urge you to consult
your investment, legal, tax, accounting and other advisors before deciding to invest in the Notes.
If there is any inconsistency between the terms of the Notes described in the accompanying prospectus, the accompanying product
supplement and this document, the following hierarchy will govern: first, this document; second, the accompanying product 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.
i
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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 can tolerate a loss of a significant portion or all of your
¨ You require an investment designed to provide a full return of
initial investment and are willing to make an investment that
principal at maturity.
may have the same downside market risk as an investment in
the underlying asset.
¨ You cannot tolerate a loss of all or a significant portion of your
investment or you are not willing to make an investment that
¨ You are willing to receive no contingent coupons and believe
may have the same downside market risk as an investment in
the closing level of the underlying asset will be equal to or
the underlying asset.
greater than the coupon barrier on the specified observation
dates and that the final level will be equal to or greater than the
¨ You believe that the level of the underlying asset will decline
downside threshold on the final valuation date.
during the term of the Notes and that the closing level is likely to
be less than the coupon barrier on the specified observation
¨ You understand and accept that you will not participate in any
dates or less than the downside threshold on the final valuation
appreciation of the underlying asset and that your potential
date.
return is limited to any contingent coupons.
¨ You seek an investment that participates in the appreciation of
¨ You can tolerate fluctuations in the price of the Notes prior to
the underlying asset or that has unlimited return potential.
maturity that may be similar to or exceed the downside
fluctuations in the level of the underlying asset.
¨ You cannot tolerate fluctuations in the price of the Notes prior to
maturity that may be similar to or exceed the downside
¨ You are willing to invest in the Notes based on the contingent
fluctuations of the underlying asset.
coupon rate, downside threshold and coupon barrier specified
on the cover hereof.
¨ You are unwilling to invest in the Notes based on the contingent
coupon rate, downside threshold or coupon barrier specified on
¨ You do not seek guaranteed current income from your
the cover hereof.
investment and are willing to forgo any dividends paid on the
underlying asset.
¨ You seek guaranteed current income from your investment or
are unwilling to forgo any dividends paid on the underlying
¨ You are willing to invest in Notes that may be subject to an
asset.
automatic call and you are otherwise willing to hold such Notes
to maturity and you accept that there may be little or no
¨ You do not understand or accept the single equity risk
secondary market for the Notes.
associated with the Notes or do not understand or are unwilling
to accept the risks associated with the underlying asset.
¨ You understand and accept the single equity risk associated
with the Notes and understand and are willing to accept the
¨ You are unable or unwilling to invest in Notes that may be
risks associated with the underlying asset.
subject to an automatic call, you are otherwise unable or
unwilling to hold the Notes to maturity or you seek an
¨ You are willing to assume the credit risk of UBS for all payments
investment for which there will be an active secondary market.
under the Notes, and understand that if UBS defaults on its
obligations you may not receive any amounts due to you
¨ You are not willing to assume the credit risk of UBS for all
including any repayment of principal.
payments under the Notes, 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.
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 Asset" 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.
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Final Terms for Each Offering of the Notes
Issuer
UBS AG London Branch
Automatic
UBS will automatically call the Notes if the closing
Principal
$10 per Note
Call Feature level of the underlying asset on any observation
Amount
date (quarterly, beginning after six months) prior to
Term
Approximately 36 months, unless subject to an
the final valuation date is equal to or greater than
automatic call.
the initial level.
Underlying The common stock of a specific company, as
If the Notes are subject to an automatic call, UBS
Asset
indicated on the cover hereof.
will pay you on the corresponding coupon payment
date (which will be the "call settlement date") a
Contingent If the closing level of the underlying asset is
cash payment per Note equal to your principal
Coupon & equal to or greater than the coupon barrier on
amount plus the contingent coupon otherwise due
Contingent any observation date (including the final
on such date (the "call settlement amount").
Coupon
valuation date), UBS will pay you the contingent
Following an automatic call, no further payments
Rate
coupon applicable to such observation date.
will be made on the Notes.
If the closing level of the underlying asset is
Payment at If the Notes are not subject to an automatic call
less than the coupon barrier on any observation
Maturity
and the final level is equal to or greater than
date (including the final valuation date), the
(per Note)
the downside threshold, UBS will pay you a cash
contingent coupon applicable to such observation
payment equal to:
date will not accrue or be payable and UBS will not
make any payment to you on the relevant coupon
Principal Amount of $10
payment date.
If the Notes are not subject to an automatic call
The contingent coupon is a fixed amount based
and the final level is less than the downside
upon equal periodic installments at the contingent
threshold, UBS will pay you a cash payment that
coupon rate, which is a per annum rate. The table
is less than the principal amount, if anything, equal
below sets forth the contingent coupon rate and
to:
contingent coupon for each Note that would be
$10 ´ (1 + Underlying Return)
applicable to each observation date on which the
In such a case, you will suffer a percentage
closing level of the underlying asset is equal to or
loss on your initial investment equal to the
greater than the coupon barrier.
underlying return and, in extreme situations,

Apple Inc.
Adobe Inc.
Royal
you could lose all of your initial investment.
Caribbean
Underlying
The quotient, expressed as a percentage, of the
Cruises Ltd.
Return
following formula:
Contingent Coupon
8.00%
8.00%
8.00%
Final Level ­ Initial Level
Rate
Initial Level
Contingent Coupon
$0.20
$0.20
$0.20
Downside
A specified level of the underlying asset that is



Threshold(1) less than the initial level, equal to a percentage of

Contingent coupons on the Notes are not
the initial level, as specified on the cover hereof.
guaranteed. UBS will not pay you the contingent
Initial
The closing level of the underlying asset on the
coupon for any observation date on which the
Level(1)
trade date, as specified on the cover hereof.
closing level of the underlying asset is less than
the coupon barrier.
Final
The closing level of the underlying asset on the
final valuation date.
Coupon
A specified level of the underlying asset that is less
Level(1)
Barrier(1)
than the initial level, equal to a percentage of the
(1) As determined by the calculation agent and as may be
initial level, as specified on the cover hereof.
adjusted in the case of certain adjustment events as

described under "General Terms of the Securities --
Antidilution Adjustments for Securities Linked to an
Underlying Equity or Equity Basket Asset" and "--
Reorganization Events for Securities Linked to an Underlying
Equity or Equity Basket Asset" in the accompanying product
supplement.
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Investment Timeline
The initial level of the underlying asset is
Trade Date
observed and the final terms of the Notes are
set.
¯


If the closing level is equal to or greater than
the coupon barrier on any observation date
(including the final valuation date), UBS will
pay you a contingent coupon on the
applicable coupon payment date.
The Notes will be subject to an automatic call
if the closing level of the underlying asset on
Observation Dates
any observation date (quarterly, beginning
(Quarterly, callable
after six months) prior to the final valuation
after six months)
date is equal to or greater than the initial
level.
If the Notes are subject to an automatic call
UBS will pay you a cash payment per Note
equal to your principal amount plus the
contingent coupon otherwise due on such
date. Following an automatic call, no further
payments will be made on the Notes.
¯


The final level is observed on the final
valuation date and the underlying return of
the underlying asset is calculated.
If the Notes are not subject to an
automatic call and the final level is equal
to or greater than the downside threshold,
UBS will pay you a cash payment per Note
equal to:
Principal Amount of $10
If the Notes are not subject to an
Maturity Date
automatic call and the final level is less
than the downside threshold, UBS will pay
you a cash payment per Note that is less
than the principal amount, if anything, equal
to:
$10 ´ (1 + Underlying Return)
In such a case, you will suffer a
percentage loss on your initial investment
equal to the underlying return 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 is less than the downside threshold, you will lose a percentage
of your principal amount equal to the underlying return and, in extreme situations, you could lose all of your initial investment.
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Observation Dates(1)(2) and Coupon Payment Dates(1)(2)(3)
Coupon
Coupon
Coupon
Observation Dates
Payment Dates
Observation Dates
Payment Dates
Observation Dates
Payment Dates
February 10, 2020*
February 12, 2020*
February 8, 2021
February 10, 2021
February 8, 2022
February 10, 2022
May 11, 2020*
May 13, 2020
May 10, 2021
May 12, 2021
May 9, 2022
May 11, 2022
August 10, 2020
August 12, 2020
August 9, 2021
August 11, 2021
August 8, 2022
August 10, 2022
November 9, 2020
November 12, 2020
November 8, 2021
November 10, 2021 Final Valuation Date
Maturity Date
*
The Notes are not callable until the first potential call settlement date, which is May 13, 2020.
(1)
Subject to the market disruption event provisions set forth in the accompanying product supplement.
(2)
If you are able to sell the Notes in the secondary market on an observation date, the purchaser of the Notes will be deemed to be the
record holder on the applicable record date and, therefore, you will not be entitled to any payment attributable to that observation
date.
(3)
Two business days following each observation date, except that the coupon payment date for the final valuation date is the maturity
date.
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Key Risks
An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing in the underlying asset. Some of
the key risks that apply to the Notes are summarized below, but we urge you to read the more detailed explanation of risks relating to the
Notes in the "Risk Factors" section of the accompanying product supplement. We also urge you to consult your investment, legal, tax,
accounting and other advisors before you invest in the Notes.
¨ Risk of loss 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 is
less than the downside threshold, you will lose a percentage of your principal amount equal to the underlying return 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 then-current level of the underlying asset at that time is equal to or greater than the 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 the underlying asset
is equal to or greater than the coupon barrier. If the closing level of the underlying asset is less than the coupon barrier on any
observation date, UBS will not pay you the contingent coupon applicable to such observation date. If the closing level of the underlying
asset is less than the 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 any contingent coupons and you will not participate in any appreciation of the
underlying asset -- The return potential of the Notes is limited to the pre-specified contingent coupon rate, regardless of any
appreciation of the underlying asset. In addition, your return on the Notes will vary based on the number of observation dates, if any, in
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 underlying asset even though you cannot participate in any
appreciation of the underlying asset. As a result, the return on an investment in the Notes could be less than the return on a direct
investment in the underlying asset. In addition, as an owner of the Notes, you will not have voting rights or any other rights of a holder of
the underlying asset.
¨ A higher contingent coupon rate or lower downside threshold or coupon barrier may reflect greater expected volatility of the
underlying asset, 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 barrier and downside threshold, are based, in part, on the expected volatility
of the 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 the underlying asset. The greater the expected volatility of the underlying asset as of the trade date, the greater the expectation
is as of that date that the closing level of the underlying asset could be less than the coupon barrier on any observation date and that
the final level of the underlying asset could be less than the 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 a lower downside threshold and/or coupon barrier than
those terms on otherwise comparable securities. Therefore, a relatively higher contingent coupon rate may indicate an increased risk of
loss. Further, a relatively lower downside threshold and/or coupon barrier 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 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 the underlying asset is equal to or greater
than the 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 the underlying asset and the shorter time remaining for the
level of the underlying asset to recover. Such periods generally coincide with a period of greater risk of principal loss on your Notes.
¨ Credit risk of UBS -- The Notes are unsubordinated, unsecured debt obligations of UBS and are not, either directly or indirectly, an
obligation of any third party. Any payment to be made on the Notes, including any repayment of principal, depends on the ability of UBS
to satisfy its obligations as they come due. As a result, UBS' actual and perceived creditworthiness of UBS may affect the market value
of the Notes. If UBS were to default on its obligations, you may not receive any amounts owed to you under the terms of the Notes and
you could lose all of your initial investment.
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¨ Single equity risk -- The level of the underlying asset can rise or fall sharply due to factors specific to that underlying asset and the
issuer of such underlying asset (the "underlying asset issuer"), such as stock price volatility, earnings, financial conditions, corporate,
industry and regulatory developments, management changes and decisions and other events, as well as general market factors, such
as general market volatility and levels, interest rates and economic and political conditions. You, as an investor in the Notes, should
make your own investigation into the underlying asset issuer and the underlying asset for your Notes. For additional information
regarding the underlying asset issuer, please see "Information about the Underlying Asset" in this document and the underlying asset
issuer's SEC filings referred to in that section. We urge you to review financial and other information filed periodically by the
applicable underlying asset issuer with the SEC.
¨ Fair value considerations.
¨ The issue price you pay for the Notes exceeds their estimated initial value -- The issue price you pay for the Notes
exceeds their estimated initial value as of the trade date due to the inclusion in the issue price of the underwriting discount,
hedging costs, issuance costs and projected profits. As of the close of the relevant markets on the trade date, we have
determined the estimated initial value of the Notes by reference to our internal pricing models and 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 and volatility of the underlying asset, any expected dividends on the underlying asset, prevailing interest
rates, the term of the Notes and our internal funding rate. Our internal funding rate is typically lower than the rate we would pay
to issue conventional fixed or floating rate debt securities of a similar term. The underwriting discount, hedging costs, issuance
costs, projected profits and the difference in rates will reduce the economic value of the Notes to you. Due to these factors, the
estimated initial value of the Notes as of the trade date is less than the issue price you pay for the Notes.
¨ The estimated initial value is a theoretical price; the actual price that you may be able to sell your Notes in any
secondary market (if any) at any time after the trade date may differ from the estimated initial value -- The value of your
Notes at any time will vary based on many factors, including the factors described above and in "--Single equity risk" above
and is impossible to predict. Furthermore, the pricing models that we use are proprietary and rely in part on certain
assumptions about future events, which may prove to be incorrect. As a result, after the trade date, if you attempt to sell the
Notes in the secondary market, the actual value you would receive may differ, perhaps materially, from the estimated initial
value of the Notes determined by reference to our internal pricing models. The estimated initial value of the Notes does not
represent a minimum or maximum price at which we or any of our affiliates would be willing to purchase your Notes in any
secondary market at any time.
¨ Our actual profits may be greater or less than the differential between the estimated initial value and the issue price of
the Notes as of the trade date -- We may determine the economic terms of the Notes, as well as hedge our obligations, at
least in part, prior to the trade date. In addition, there may be ongoing costs to us to maintain and/or adjust any hedges and
such hedges are often imperfect. Therefore, our actual profits (or potentially, losses) in issuing the Notes cannot be determined
as of the trade date and any such differential between the estimated initial value and the issue price of the Notes as of the
trade date does not reflect our actual profits. Ultimately, our actual profits will be known only at the maturity of the Notes.
¨ Limited or no secondary market and secondary market price considerations.
¨ There may be little or no secondary market for the Notes -- The Notes will not be listed or displayed on any securities
exchange or any electronic communications network. UBS Securities LLC and its affiliates intend, but are not required, to
make a market for the Notes and may stop making a market at any time. If you are able to sell your Notes prior to maturity, you
may have to sell them at a substantial loss. Furthermore, there can be no assurance that a secondary market for the Notes will
develop. The estimated initial value of the Notes does not represent a minimum or maximum price at which we or any of our
affiliates would be willing to purchase your Notes in any secondary market at any time.
¨ The price at which UBS Securities LLC and its affiliates may offer to buy the Notes in the secondary market (if any)
may be greater than UBS' valuation of the Notes at that time, greater than any other secondary market prices
provided by unaffiliated dealers (if any) and, depending on your broker, greater than the valuation provided on your
customer account statements -- For a limited period of time following the issuance of the Notes, UBS Securities LLC or its
affiliates may offer to buy or sell such Notes at a price that exceeds (i) our valuation of the Notes at that time based on our
internal pricing models, (ii) any secondary market prices provided by unaffiliated dealers (if any) and (iii) depending on your
broker, the valuation provided on customer account statements. The price that UBS Securities LLC may initially offer to buy
such Notes following issuance will exceed the valuations indicated by our internal pricing models due to the inclusion for a
limited period of time of the aggregate value of the underwriting discount, hedging costs, issuance costs and theoretical
projected trading profit. The portion of such amounts included in our price will decline to zero on a straight line basis over a
period ending no later than the date specified under "Supplemental Plan of Distribution (Conflicts of Interest); Secondary
Markets (if any)". Thereafter, if UBS Securities LLC or an affiliate makes secondary markets in the Notes, it will do so at prices
that reflect our estimated value determined by reference to our internal pricing models at that time. The temporary positive
differential relative to our internal pricing models arises from requests from and arrangements made by UBS Securities LLC
with the selling agents of structured debt securities such as the Notes. As described above, UBS Securities LLC and its
affiliates intend, but are not required, to make a market for the Notes and may stop making a market at any time. The price at
which UBS Securities LLC or an affiliate may make secondary markets at any time (if at all) will also reflect its then current bid-
ask spread for similar sized trades of structured debt securities. UBS Financial Services Inc. and UBS Securities LLC reflect
this temporary positive differential on their customer statements. Investors should inquire as to the valuation provided on
customer account statements provided by unaffiliated dealers.
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¨ Economic and market factors affecting the terms and market price of Notes prior to maturity -- Because structured
notes, including the Notes, can be thought of as having a debt component and a derivative component, factors that influence
the values of debt instruments and options and other derivatives will also affect the terms and features of the Notes at issuance
and the market price of the Notes prior to maturity. These factors include the level of the underlying asset; the volatility of the
underlying asset; any dividends paid on the underlying asset; the time remaining to the maturity of the Notes; interest rates in
the markets; geopolitical conditions and economic, financial, political, force majeure and regulatory or judicial events; whether
the underlying asset is currently or has been less than the coupon barrier; the availability of comparable instruments; and the
creditworthiness of UBS; the then current bid-ask spread for the Notes and the factors discussed under "-- Potential conflict of
interest" below. These and other factors are unpredictable and interrelated and may offset or magnify each other.
¨ Impact of fees and the use of internal funding rates rather than secondary market credit spreads on secondary market
prices -- All other things being equal, the use of the internal funding rates described above under "-- Fair value
considerations" as well as the inclusion in the issue price of the underwriting discount, hedging costs, issuance costs and any
projected profits are, subject to the temporary mitigating effect of UBS Securities LLC's and its affiliates' market making
premium, expected to reduce the price at which you may be able to sell the Notes in any secondary market.
¨ There can be no assurance that the investment view implicit in the Notes will be successful -- It is impossible to predict whether
and the extent to which the level of the underlying asset will rise or fall and there can be no assurance that the closing level of the
underlying asset will be equal to or greater than the coupon barrier on any observation date, or, if the Notes are not subject to an
automatic call, that the final level will be equal to or greater than the downside threshold. The level of the underlying asset will be
influenced by complex and interrelated political, economic, financial and other factors that affect the underlying asset issuer. You should
be willing to accept the downside risks of owning equities in general and the underlying asset in particular, and the risk of losing a
significant portion or all of your initial investment.
¨ Risks associated with non-U.S. companies -- An investment in Notes linked to the value of non-U.S. companies, such as the
common stock of Royal Caribbean Cruises Ltd., involves risks associated with the home country of such non-U.S. company. The prices
of Royal Caribbean Cruises Ltd.'s common stock may be affected by political, economic, financial and social factors in the home country
of Royal Caribbean Cruises Ltd. including changes in such country's government, economic and fiscal policies, currency exchange laws
or other laws or restrictions.
¨ There is no affiliation between the underlying asset issuer and UBS, and UBS is not responsible for any disclosure by such
issuer -- We are not affiliated with the underlying asset issuer. However, we and our affiliates may currently, or from time to time in the
future engage in business with the underlying asset issuer. However, we are not affiliated with the underlying asset issuer and are not
responsible for such issuer's public disclosure of information, whether contained in SEC filings or otherwise. You, as an investor in the
Notes, should conduct your own investigation into the underlying asset and the underlying asset issuer for your Notes. The underlying
asset issuer is not involved in the Notes offered hereby in any way and has no obligation of any sort with respect to your Notes. The
underlying asset issuer has no obligation to take your interests into consideration for any reason, including when taking any corporate
actions that might affect the market value of, and any amounts payable on, your Notes.
¨ The calculation agent can make antidilution and reorganization adjustments that affect the market value of the Notes and any
payment to you at maturity -- For antidilution and reorganization events affecting the underlying asset, the calculation agent may
make adjustments to the initial level, coupon barrier, downside threshold and/or final level, as applicable, and any other term of the
Notes. However, the calculation agent will not make an adjustment in response to every corporate event that could affect the underlying
asset. If an event occurs that does not require the calculation agent to make an adjustment, the market value of the Notes and the
payment at maturity may be materially and adversely affected. In addition, all determinations and calculations concerning any such
adjustments will be made by the calculation agent. You should be aware that the calculation agent may make any such adjustment,
determination or calculation in a manner that differs from that discussed in the accompanying product supplement or this document as
necessary to achieve an equitable result. Following certain reorganization events relating to the underlying asset issuer where such
issuer is not the surviving entity, the determination as to whether the contingent coupon is payable to you on any coupon payment date,
whether the Notes are subject to an automatic call or the amount you receive at maturity may be based on the equity security of a
successor to the underlying asset issuer in combination with any cash or any other assets distributed to holders of the underlying asset
in such reorganization event. If the underlying asset issuer becomes subject to (i) a reorganization event whereby the underlying asset
is exchanged solely for cash, (ii) a merger or consolidation with UBS or any of its affiliates, or (iii) the underlying asset is delisted or
otherwise suspended from trading, the determination as to whether the contingent coupon is payable to you on any coupon payment
date, whether the Notes are subject to an automatic call or the amount you receive at maturity may be based on a substitute security.
The occurrence of any antidilution or reorganization event and the consequent adjustments may materially and adversely affect the
value of the Notes and any payment of any contingent coupons or at maturity. For more information, see the sections "General Terms of
the Securities -- Antidilution Adjustments for Securities Linked to an Underlying Equity or Equity Basket Asset" and "--Reorganization
Events for Securities Linked to an Underlying Equity or Equity Basket Asset" in the accompanying product supplement.
¨ Potential UBS impact on the underlying asset -- Trading or transactions by UBS or its affiliates in the underlying asset, listed and/or
over-the-counter options, futures, exchange-traded funds or other instruments with returns linked to the performance of the underlying
asset, may adversely affect the market price of that underlying asset on any observation date (including the final valuation date) and,
therefore, the market value of the Notes and any payment of any contingent coupons or at maturity.
¨ Potential conflict of interest -- UBS and its affiliates may engage in business with an underlying asset issuer, which may present a
conflict between the obligations of UBS and you, as a holder of the Notes. There are also potential conflicts of interest between you and
the calculation agent, which will be an affiliate of UBS and which will make potentially subjective judgments. The calculation agent will
determine whether the contingent coupon is payable to you on any coupon payment date, whether the Notes are subject to an
automatic call and the payment at maturity of the Notes, if any, based on observed levels of the underlying asset. The calculation agent
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