Obligation UBSL 0% ( US90281F6280 ) en USD

UBSL

100 % ⇌

Suisse

US90281F6280 ( en USD )

26/02/2021 - Obligation échue

Prospectus brochure de l'obligation UBS (London Branch) US90281F6280 en USD 0%, échue

1 000 USD

6 583 000 USD

90281F628

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 US90281F6280, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 26/02/2021

424B2 1 ub54543100-424b2.htm PS - DECEMBER 27 SX5E CAPPED GEARS WMA (US90281F6280) UBSWM258
PRICING SUPPLEMENT
Dated December 27, 2019

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)
U BS AG $ 6 ,5 8 3 ,4 8 0 Ca ppe d GEARS
Link e d t o t he EU RO ST OX X 5 0 ® I nde x due Fe brua ry 2 6 , 2 0 2 1
I nve st m e nt De sc ript ion
UBS AG Capped GEARS (the "Securities") are unsubordinated, unsecured debt securities issued by UBS AG ("UBS" or the "issuer") linked to the
performance of the EURO STOXX 50® Index (the "underlying asset"). The amount you receive at maturity will be based on the direction and percentage
change in the level of the underlying asset from the trade date to the final valuation date (the "underlying return") and whether the closing level of the
underlying asset on the final valuation date (the "final level") is less than the initial level. If the underlying return is positive, at maturity, UBS will pay you a
cash payment per Security equal to the principal amount plus a percentage return equal to the lesser of (a) the underlying return multiplied by the upside
gearing and (b) the maximum gain. If the underlying return is zero, at maturity, UBS will pay you a cash payment per Security equal to the principal amount.
If, however, the underlying return is negative, at maturity, UBS will pay you a cash payment per Security that is less than the principal amount, if anything,
resulting in a percentage loss on your initial investment equal to the underlying return and, in extreme situations, you could lose all of your initial investment.
I nve st ing in t he Se c urit ie s involve s signific a nt risk s. T he Se c urit ie s do not pa y int e re st . Y ou m a y lose som e or a ll of your
init ia l inve st m e nt . Any pa ym e nt on t he Se c urit ie s, inc luding a ny re pa ym e nt of princ ipa l, is subje c t t o t he c re dit w ort hine ss of
U BS. I f U BS w e re t o de fa ult on it s pa ym e nt obliga t ions you m a y not re c e ive a ny a m ount s ow e d t o you unde r t he Se c urit ie s
a nd you c ould lose a ll of your init ia l inve st m e nt .
Fe a t ure s
K e y Da t e s

Enha nc e d Ex posure t o Posit ive U nde rlying Re t urn up t o
Trade Date
December 27, 2019
t he M a x im um Ga in: At maturity, the Securities provide exposure
Settlement Date*
December 31, 2019
to any positive underlying return multiplied by the upside gearing up to
the maximum gain.
Final Valuation Date*
February 23, 2021

Full Dow nside M a rk e t Ex posure : If the underlying return is
Maturity Date*
February 26, 2021
zero, at maturity UBS will pay you a cash payment per Security equal
*
Subject to postponement in the event of a market disruption event, as
to the principal amount. If, however, the underlying return is negative,
described in the accompanying product supplement.
UBS will pay you a cash payment per Security that is less than the

principal amount, if anything, resulting in a percentage loss on your
initial investment equal to the underlying return and, in extreme
situations, you could lose all of your initial investment. Any payment
on the Securities, including any repayment of principal, is subject to
the creditworthiness of UBS.

N ot ic e t o inve st ors: t he Se c urit ie s a re signific a nt ly risk ie r t ha n c onve nt iona l de bt inst rum e nt s. T he issue r is not ne c e ssa rily
obliga t e d t o re pa y t he princ ipa l a m ount of t he Se c urit ie s a t m a t urit y, a nd t he Se c urit ie s ha ve t he sa m e dow nside m a rk e t risk
a s t ha t of t he unde rlying a sse t . T his m a rk e t risk is in a ddit ion t o t he c re dit risk inhe re nt in purc ha sing a de bt obliga t ion of
U BS. Y ou should not purc ha se t he Se c urit ie s if you do not unde rst a nd or a re not c om fort a ble w it h t he signific a nt risk s
involve d in inve st ing in t he Se c urit ie s.
Y ou should c a re fully c onside r t he risk s de sc ribe d unde r "K e y Risk s" be ginning on pa ge 3 a nd unde r "Risk Fa c t ors" be ginning
on pa ge PS-9 of t he a c c om pa nying produc t supple m e nt be fore purc ha sing a ny Se c urit ie s. Eve nt s re la t ing t o a ny of t hose
risk s, or ot he r risk s a nd unc e rt a int ie s, c ould a dve rse ly a ffe c t t he m a rk e t va lue of, a nd t he re t urn on your Se c urit ie s. Y ou m a y
lose som e or a ll of your init ia l inve st m e nt in t he Se c urit ie s. T he Se c urit ie s w ill not be list e d or displa ye d on a ny se c urit ie s
e x c ha nge or a ny e le c t ronic c om m unic a t ions ne t w ork .
Se c urit y Offe ring
These terms relate to the Securities. The return on the Securities is subject to, and will not exceed, the "maximum gain" or the corresponding "maximum
payment at maturity per Security". The Securities are offered at a minimum investment of $1,000, or 100 Securities at $10 per Security, and integral
multiples of $10 in excess thereof.
M a x im um
Pa ym e nt a t
U pside
I nit ia l
M a x im um
M a t urit y
U nde rlying Asse t
Bloom be rg T ic k e r
Ge a ring
Le ve l
Ga in
pe r Se c urit y
CU SI P
I SI N
EURO STOXX 50®
SX5E
3.00
3,782.27
20.91%
$12.091
90281F628
US90281F6280
The estimated initial value of the Securities as of the trade date is $9.782. The estimated initial value of the Securities was determined as of the close of the
relevant markets on the date hereof by reference to UBS' internal pricing models, inclusive of the internal funding rate. For more information about
secondary market offers and the estimated initial value of the Securities, see "Key Risks -- Fair value considerations" and "Key Risks -- Limited or no
secondary market and secondary market price considerations" on pages 3 and 4 herein.
Se e "Addit iona l I nform a t ion a bout U BS a nd t he Se c urit ie s" on pa ge ii. T he Se c urit ie s w ill ha ve t he t e rm s spe c ifie d in t he
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a c c om pa nying produc t supple m e nt re la t ing t o t he Se c urit ie s, da t e d Oc t obe r 3 1 , 2 0 1 8 , t he a c c om pa nying prospe c t us a nd t his
doc um e nt .
N e it he r t he Se c urit ie s a nd Ex c ha nge Com m ission nor a ny ot he r re gula t ory body ha s a pprove d or disa pprove d of t he se
se c urit ie s or pa sse d upon t he a de qua c y or a c c ura c y of t his doc um e nt , t he a c c om pa nying produc t supple m e nt , t he inde x
supple m e nt or t he a c c om pa nying prospe c t us. Any re pre se nt a t ion t o t he c ont ra ry is a c rim ina l offe nse .
The Securities are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.
Offe ring of Se c urit ie s
I ssue Pric e t o Public
U nde rw rit ing Disc ount
Proc e e ds t o U BS AG

T ot a l
Pe r Se c urit y
T ot a l
Pe r Se c urit y
T ot a l
Pe r Se c urit y
Securities linked to the EURO STOXX 50® Index
$6,583,480.00
$10.00
$131,669.60
$0.20
$6,451,810.40
$9.80
UBS Financial Services Inc.
UBS Investment Bank

Addit iona l I nform a t ion a bout U BS a nd t he Se c urit ie s
UBS has filed a registration statement (including a prospectus, as supplemented by a product supplement for the Securities and an index
supplement for various securities we may offer, including the Securities), with the Securities and Exchange Commission (the "SEC"), for the
Securities to which this document relates. Before you invest, you should read these documents and any other documents relating to the
Securities 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.
Y ou m a y a c c e ss t he se doc um e nt s on t he SEC w e bsit e a t w w w .se c .gov a s follow s:
¨
Market-Linked Securities product supplement dated October 31, 2018:
http://www.sec.gov/Archives/edgar/data/1114446/000091412118002085/ub47016353-424b2.htm
¨
Index supplement dated October 31, 2018:
http://www.sec.gov/Archives/edgar/data/1114446/000091412118002083/ub46174419-424b2.htm
¨
Prospectus dated October 31, 2018:
http://www.sec.gov/Archives/edgar/data/1114446/000119312518314003/d612032d424b3.htm
References to "UBS," "we," "our" and "us" refer only to UBS AG and not to its consolidated subsidiaries and references to "Securities" refer to
the Capped GEARS that are offered hereby, unless the context otherwise requires. Also, references to the "accompanying 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 Securities 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" of the accompanying product supplement, as the Securities 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 Securities.
If there is any inconsistency between the terms of the Securities described in the accompanying prospectus, the accompanying index
supplement, the accompanying product supplement and this document, the following hierarchy will govern: first, this document; second, the
accompanying product supplement; third, the accompanying index supplement and last, the accompanying prospectus.
UBS reserves the right to change the terms of, or reject any offer to purchase, the Securities prior to their issuance. In the event of any changes
to the terms of the Securities, UBS will notify you and you will be asked to accept such changes in connection with your purchase. You may also
choose to reject such changes in which case UBS may reject your offer to purchase.
ii

I nve st or Suit a bilit y
T he Se c urit ie s m a y be suit a ble for you if:
T he Se c urit ie s m a y not be suit a ble for you if:
¨
You fully understand the risks inherent in an investment in the
¨
You do not fully understand the risks inherent in an investment
Securities, including the risk of loss of all of your initial
in the Securities, including the risk of loss of all of your initial
investment.
investment.
¨
You can tolerate a loss of some or all of your initial investment
¨
You require an investment designed to provide a full return of
and are willing to make an investment that has the same
principal at maturity.
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downside market risk as that of the underlying asset or the
¨
You cannot tolerate a loss of some or all of your
initial
stocks comprising the underlying asset (the "underlying equity
investment or are unwilling to make an investment that has the
constituents").
same downside market risk as that of the underlying asset or the
¨
You believe that the level of the underlying asset will appreciate
underlying equity constituents.
over the term of the Securities and that the percentage of
¨
You believe that the level of the underlying asset will decline
appreciation, when multiplied by the upside gearing, is unlikely to
during the term of the Securities and that the final level is likely
exceed the maximum gain indicated on the cover hereof.
to be less than the initial level, or you believe that the level of
¨
You understand and accept that your potential return is limited
the underlying asset will appreciate over the term of the
to the maximum gain and you are willing to invest in the
Securities by more than the maximum gain indicated on the
Securities based on the maximum gain indicated on the cover
cover hereof.
hereof.
¨
You seek an investment that has unlimited return potential
¨
You are willing to invest in the Securities based on the upside
without a cap on appreciation, or you are unwilling to invest in
gearing indicated on the cover hereof.
the Securities based on the maximum gain indicated on the
cover hereof.
¨
You can tolerate fluctuations in the price of the Securities prior
to maturity that may be similar to or exceed the downside
¨
You are unwilling to invest in the Securities based on the upside
fluctuations in the level of the underlying asset.
gearing indicated on the cover hereof.
¨
You do not seek current income from your investment and are
¨
You cannot tolerate fluctuations in the price of the Securities
willing to forgo any dividends paid on the underlying equity
prior to maturity that may be similar to or exceed the downside
constituents.
fluctuations in the level of the underlying asset.
¨
You understand and are willing to accept the risks associated
¨
You do not understand or are not willing to accept the risks
with the underlying asset.
associated with the underlying asset.
¨
You are willing to hold the Securities to maturity and accept that
¨
You seek current income from your investment or prefer to
there may be little or no secondary market for the Securities.
receive any dividends paid on the underlying equity constituents.
¨
You are willing to assume the credit risk of UBS for all payments
¨
You are unable or unwilling to hold the Securities to maturity or
under the Securities, and understand that if UBS defaults on its
you seek an investment for which there will be an active
obligations you may not receive any amounts due to you
secondary market.
including any repayment of principal.
¨
You are not willing to assume the credit risk of UBS for all
¨
You understand that the estimated initial value of the Securities
payments under the Securities, including any repayment of
determined by our internal pricing models is lower than the issue
principal.
price and that should UBS Securities LLC or any affiliate make
secondary markets for the Securities, the price (not including
their customary bid-ask spreads) will temporarily exceed the
internal pricing model price.
T he inve st or suit a bilit y c onside ra t ions ide nt ifie d a bove a re not e x ha ust ive . Whe t he r or not t he Se c urit ie s a re a
suit a ble inve st m e nt for you w ill de pe nd on your individua l c irc um st a nc e s a nd you should re a c h a n inve st m e nt
de c ision only a ft e r you a nd your inve st m e nt , le ga l, t a x , a c c ount ing a nd ot he r a dvisors ha ve c a re fully c onside re d t he
suit a bilit y of a n inve st m e nt in t he Se c urit ie s in light of your pa rt ic ula r c irc um st a nc e s. Y ou should re vie w
"I nform a t ion About t he U nde rlying Asse t " he re in for m ore inform a t ion on t he unde rlying a sse t . Y ou should a lso
re vie w "K e y Risk s" he re in a nd t he m ore de t a ile d "Risk Fa c t ors" in t he a c c om pa nying produc t supple m e nt for risk s
re la t e d t o a n inve st m e nt in t he Se c urit ie s.
1

Fina l T e rm s
I nve st m e nt T im e line
Issuer
UBS AG London Branch
T ra de

The initial level is observed and the final terms of the
Da t e
Securities are set.
Principal
$10 per Security (subject to a minimum
Amount
investment of 100 Securities)
¯

Term
Approximately 14 months.

The final level is observed on the final valuation date
and the underlying return is calculated.
Underlying
EURO STOXX 50® Index
Asset
I f t he unde rlying re t urn is posit ive , UBS will
pay you an amount in cash per Security equal to:
Maximum Gain 20.91%.
$10 × (1 + the lesser of (a) Underlying Return ×
Maximum
$12.091.
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Upside Gearing and (b) Maximum Gain)
Payment at
Maturity per
I f t he unde rlying re t urn is ze ro , UBS will pay
Security
you an amount in cash per Security equal to:
M a t urit y
Upside Gearing 3.00
Da t e
Principal Amount of $10
Payment at
I f t he unde rlying re t urn is posit ive , UBS
I f t he unde rlying re t urn is ne ga t ive , UBS will
Maturity (per
will pay you an amount in cash equal to:
pay you an amount in cash per Security that is less
Security)
than your principal amount, if anything, equal to:

$10 × (1 + the lesser of (a) Underlying Return ×
$10 × (1 + Underlying Return)
Upside Gearing and (b) Maximum Gain)
In this scenario, you will suffer a percentage loss

I f t he unde rlying re t urn is ze ro , UBS will
on your initial investment equal to the underlying
pay you an amount in cash equal to:
return and, in extreme situations, you could lose all
of your initial investment.
Principal Amount of $10

I f t he unde rlying re t urn is ne ga t ive , UBS
will pay you an amount in cash that is less than
your principal amount, if anything, equal to:

$10 × (1 + Underlying Return)
In this scenario, 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.
Underlying
The quotient, expressed as a percentage, of the
Return
following formula:
Final Level - Initial Level
Initial Level
Initial Level(1)
The closing level of the underlying asset on the
trade date, as indicated on the cover hereof.
Final Level(1)
The closing level of the underlying asset on the
final valuation date.
(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", as described in the accompanying product
supplement.
I nve st ing in t he Se c urit ie s involve s signific a nt risk s. Y ou m a y lose som e or a ll of your init ia l inve st m e nt . Any
pa ym e nt on t he Se c urit ie s, inc luding a ny re pa ym e nt of princ ipa l, is subje c t t o t he c re dit w ort hine ss of U BS. I f U BS
w e re t o de fa ult on it s pa ym e nt obliga t ions, you m a y not re c e ive a ny a m ount s ow e d t o you unde r t he Se c urit ie s a nd
you c ould lose a ll of your init ia l inve st m e nt .
2

K e y Risk s
An investment in the Securities involves significant risks. Some of the key risks that apply to the Securities are summarized here, but we urge
you to read the more detailed explanation of risks relating to the Securities generally 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 Securities.
¨
Risk of loss a t m a t urit y -- The Securities differ from ordinary debt securities in that UBS will not necessarily repay the principal
amount of the Securities at maturity. You will be exposed to any decline in the underlying asset from the initial level to the final level.
Therefore, if the underlying return is negative, 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.
¨
T he st a t e d pa yout from t he issue r a pplie s only a t m a t urit y -- You should be willing to hold your Securities to maturity. The
stated payout by the issuer is available only if you hold your Securities to maturity. If you are able to sell your Securities prior to maturity in
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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 is equal to or greater than the initial level.
¨
T he upside ge a ring a pplie s only a t m a t urit y -- You should be willing to hold your Securities to maturity. If you are able to sell
your Securities prior to maturity in the secondary market, the price you receive will likely not reflect the full economic value of the upside
gearing, and the percentage return you realize may be less than the then-current underlying return multiplied by the upside gearing, even if
such return is positive and does not exceed the maximum gain. You can receive the full benefit of the upside gearing, subject to the
maximum gain, only if you hold your Securities to maturity.
¨
Y our pot e nt ia l re t urn on t he Se c urit ie s is lim it e d t o t he m a x im um ga in -- The return potential of the Securities is limited to
the maximum gain. Therefore, you will not benefit from any positive underlying return in excess of an amount that, when multiplied by the
upside gearing, exceeds the maximum gain and your return on the Securities may be less than it would be in a hypothetical direct
investment in the underlying asset.
¨
N o int e re st pa ym e nt s -- UBS will not pay any interest with respect to the Securities.
¨
Cre dit risk of U BS -- The Securities 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 Securities, including any repayment of principal at maturity, depends on the
ability of UBS to satisfy its obligations as they come due. As a result, UBS' actual and perceived creditworthiness may affect the market
value of the Securities. If UBS were to default on its obligations, you may not receive any amounts owed to you under the terms of the
Securities and you could lose all of your initial investment.
¨
M a rk e t risk -- The return on the Securities, which may be negative, is directly linked to the performance of the underlying asset and
indirectly linked to the performance of the underlying equity constituents, and will depend on whether, and the extent to which, the
underlying return is positive or negative. The level of the underlying asset can rise or fall sharply due to factors specific to the underlying
equity constituents, such as stock price volatility, earnings and 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.
¨
Fa ir va lue c onside ra t ions.
¨
T he issue pric e you pa y for t he Se c urit ie s e x c e e ds t he ir e st im a t e d init ia l va lue -- The issue price you pay
for the Securities 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 Securities 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 Securities incorporate
certain variables, including the level and volatility of the underlying asset and underlying equity constituents, any expected
dividends on the underlying equity constituents, prevailing interest rates, the term of the Securities 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 Securities to you. Due to these factors, the estimated initial value of the Securities
as of the trade date is less than the issue price you pay for the Securities.
¨
T he e st im a t e d init ia l va lue is a t he ore t ic a l pric e ; t he a c t ua l pric e t ha t you m a y be a ble t o se ll your
Se c urit ie s in a ny se c onda ry m a rk e t (if a ny) a t a ny t im e a ft e r t he t ra de da t e m a y diffe r from t he
e st im a t e d init ia l va lue -- The value of your Securities at any time will vary based on many factors, including the factors
described above and in "-- Market risk" above and is impossible to predict. Furthermore, the pricing models that we use are
proprietary and rely in part on certain assumptions about future events, which may prove to be incorrect. As a result, after the
trade date, if you attempt to sell the Securities in the secondary market, the actual value you would receive may differ, perhaps
materially, from the estimated initial value of the Securities determined by reference to our internal pricing models. The
estimated initial value of the Securities does not represent a minimum or maximum price at which we or any of our affiliates
would be willing to purchase your Securities in any secondary market at any time.
3

¨
Our a c t ua l profit s m a y be gre a t e r or le ss t ha n t he diffe re nt ia l be t w e e n t he e st im a t e d init ia l va lue a nd
t he issue pric e of t he Se c urit ie s a s of t he t ra de da t e -- We may determine the economic terms of the Securities,
as well as hedge our obligations, at least in part, prior to pricing the Securities on 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 Securities cannot be determined as of the trade date and any such differential between
the estimated initial value and the issue price of the Securities as of the trade date does not reflect our actual profits.
Ultimately, our actual profits will be known only at the maturity of the Securities.
¨
Lim it e d or no se c onda ry m a rk e t a nd se c onda ry m a rk e t pric e c onside ra t ions .
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¨
T he re m a y be lit t le or no se c onda ry m a rk e t for t he Se c urit ie s -- The Securities 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 Securities and may stop making a market at any time. If you are able to sell your Securities
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 Securities will develop. The estimated initial value of the Securities does not represent a minimum or maximum
price at which we or any of our affiliates would be willing to purchase your Securities in any secondary market at any time.
¨
T he pric e a t w hic h U BS Se c urit ie s LLC a nd it s a ffilia t e s m a y offe r t o buy t he Se c urit ie s in t he
se c onda ry m a rk e t (if a ny) m a y be gre a t e r t ha n U BS' va lua t ion of t he Se c urit ie s a t t ha t t im e , gre a t e r
t ha n a ny ot he r se c onda ry m a rk e t pric e s provide d by una ffilia t e d de a le rs (if a ny) a nd, de pe nding on
your brok e r, gre a t e r t ha n t he va lua t ion provide d on your c ust om e r a c c ount st a t e m e nt s -- For a limited
period of time following the issuance of the Securities, UBS Securities LLC or its affiliates may offer to buy or sell such
Securities at a price that exceeds (i) our valuation of the Securities 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 Securities 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 Securities, 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 Securities. As described above, UBS Securities LLC and its affiliates intend, but are not required,
to make a market for the Securities 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.
¨
Ec onom ic a nd m a rk e t fa c t ors a ffe c t ing t he t e rm s a nd m a rk e t pric e of Se c urit ie s prior t o m a t urit y --
Because structured notes, including the Securities, 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 Securities at issuance and the market price of the Securities prior to maturity. These factors include the
level of the underlying asset and the underlying equity constituents; the volatility of the underlying asset and the underlying
equity constituents; any dividends paid on the underlying equity constituents; the time remaining to the maturity of the
Securities; interest rates in the markets; geopolitical conditions and economic, financial, political, force majeure and regulatory
or judicial events; the availability of comparable instruments; the creditworthiness of UBS; the then current bid-ask spread for
the Securities. These and other factors are unpredictable and interrelated and may offset or magnify each other.
¨
I m pa c t of fe e s a nd t he use of int e rna l funding ra t e s ra t he r t ha n se c onda ry m a rk e t c re dit spre a ds on
se c onda ry m a rk e t pric e s -- All other things being equal, the use of the internal funding rates described above under "--
Fair value considerations" as well as the inclusion in the issue price of the underwriting discount, hedging costs, issuance costs
and any projected profits are, subject to the temporary mitigating effect of UBS Securities LLC's and its affiliates' market
making premium, expected to reduce the price at which you may be able to sell the Securities in any secondary market.
¨
Ow ning t he Se c urit ie s is not t he sa m e a s ow ning t he unde rlying e quit y c onst it ue nt s -- The return on your Securities
may not reflect the return you would realize if you actually owned the underlying equity constituents. For instance, you will not benefit from
any positive underlying return in excess of an amount that, when multiplied by the upside gearing, exceeds the maximum gain. Furthermore,
you will not receive or be entitled to receive any dividend payments or other distributions during the term of the Securities, and any such
dividends or distributions will not be factored into the calculation of the payment at maturity on your Securities. In addition, as an owner of
the Securities, you will not have voting rights or any other rights that a holder of the underlying equity constituents may have.
¨
T he re c a n be no a ssura nc e t ha t t he inve st m e nt vie w im plic it in t he Se c urit ie s w ill be suc c e ssful -- 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 final level
of the underlying asset will be equal to or greater than the initial level. The final level of the underlying asset will be influenced by complex
and interrelated political, economic, financial and other factors that affect the respective issuers of the underlying equity constituents (each,
an "underlying constituent issuer"). You should be willing to accept the risks of owning equities in general and the underlying equity
constituents in particular, and the risk of losing some or all of your initial investment.
4

¨
T he Se c urit ie s a re subje c t t o c urre nc y e x c ha nge risk -- The Securities are subject to currency exchange risk because the
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value of your Securities will not be adjusted for exchange rate fluctuations between the U.S. dollar and the currencies in which the
underlying equity constituents are based. Therefore, if the applicable currencies appreciate or depreciate relative to the U.S. dollar over the
term of the Securities, you will not receive any additional payment or incur any reduction in your return, if any, at maturity.
¨
T he Se c urit ie s a re subje c t t o non -U .S. se c urit ie s m a rk e t s risk s -- The Securities are subject to risks associated with non-
U.S. securities markets because the underlying equity constituents are issued by non-U.S. companies and are traded on various non-U.S.
exchanges. Generally, non-U.S. securities markets may be more volatile than U.S. securities markets, and market developments may affect
non-U.S. markets differently from U.S. securities markets. Direct or indirect government intervention to stabilize these non-U.S. markets, as
well as cross shareholdings in non-U.S. companies, may affect trading prices and volumes in those markets. There is generally less publicly
available information about non-U.S. companies than about those U.S. companies that are subject to the reporting requirements of the
SEC, and non-U.S. companies are subject to accounting, auditing and financial reporting standards and requirements that differ from those
applicable to U.S. reporting companies. Securities prices in non-U.S. countries are subject to political, economic, financial and social factors
that may be unique to the particular country. These factors, which could negatively affect the non-U.S. securities markets, include the
possibility of recent or future changes in the non-U.S. government's economic and fiscal policies, the possible imposition of, or changes in,
currency exchange laws or other non-U.S. laws or restrictions applicable to non-U.S. companies or investments in non-U.S. equity
securities and the possibility of fluctuations in the rate of exchange between currencies. The United Kingdom has voted to leave the
European Union (popularly known as "Brexit"). The effect of Brexit is uncertain, and Brexit has and may continue to contribute to volatility in
the prices of securities of companies located in Europe and currency exchange rates, including the valuation of the euro and British pound
in particular. Moreover, certain aspects of a particular non-U.S. economy may differ favorably or unfavorably from the U.S. economy in
important respects, such as growth of gross national product, rate of inflation, capital reinvestment, resources and self-sufficiency.
¨
T he unde rlying a sse t re fle c t s pric e re t urn, not t ot a l re t urn -- The return on your Securities is based on the performance of the
underlying asset, which reflects the changes in the market prices of the underlying equity constituents. It is not, however, linked to a "total
return" index or strategy, which, in addition to reflecting those price returns, would also reflect any dividends paid on the underlying equity
constituents. The return on your Securities will not include such a total return feature or any dividend component.
¨
Cha nge s a ffe c t ing t he unde rlying a sse t c ould ha ve a n a dve rse e ffe c t on t he m a rk e t va lue of, a nd a ny a m ount
pa ya ble on, t he Se c urit ie s -- The policies of the sponsor of the underlying asset as specified under "Information About the Underlying
Asset" (the "index sponsor"), concerning additions, deletions and substitutions of the underlying equity constituents and the manner in which
the index sponsor takes account of certain changes affecting those underlying equity constituents may adversely affect the level of the
underlying asset. The policies of the index sponsor with respect to the calculation of the underlying asset could also adversely affect the
level of the underlying asset. The index sponsor may discontinue or suspend calculation or dissemination of the underlying asset. Any such
actions could have an adverse effect on the market value of, and any amount payable on, the Securities.
¨
U BS c a nnot c ont rol a c t ions by t he inde x sponsor a nd t he inde x sponsor ha s no obliga t ion t o c onside r your
int e re st s -- UBS and its affiliates are not affiliated with the index sponsor and have no ability to control or predict its actions, including any
errors in or discontinuation of public disclosure regarding methods or policies relating to the calculation of the underlying asset. The index
sponsor is not involved in the Securities offering in any way and has no obligation to consider your interest as an owner of the Securities in
taking any actions that might affect the market value of, and any amount payable on, your Securities.
¨
Pot e nt ia l U BS im pa c t on pric e -- Trading or transactions by UBS or its affiliates in the underlying equity constituents, listed and/or
over-the-counter options, futures or other instruments with returns linked to the performance of the underlying asset or any underlying
equity constituent may adversely affect the performance of the underlying asset or applicable underlying equity constituent and, therefore,
the market value of, and any amount payable on, the Securities.
¨
Pot e nt ia l c onflic t of int e re st -- UBS and its affiliates may engage in business with any underlying constituent issuer, which may
present a conflict between the obligations of UBS and you, as a holder of the Securities. There are also potential conflicts of interest
between you and the calculation agent, which will be an affiliate of UBS. The calculation agent can postpone the determination of the terms
of the Securities on the trade date and the final level on the final valuation date, if a market disruption event occurs and is continuing on that
day. As UBS determines the economic terms of the Securities, including the maximum gain and upside gearing, and such terms include the
underwriting discount, hedging costs, issuance costs and projected profits, the Securities represent a package of economic terms. There
are other potential conflicts of interest insofar as an investor could potentially get better economic terms if that investor entered into
exchange-traded and/or OTC derivatives or other instruments with third parties, assuming that such instruments were available and the
investor had the ability to assemble and enter into such instruments.
¨
Pot e nt ia lly inc onsist e nt re se a rc h, opinions or re c om m e nda t ions by U BS -- UBS and its affiliates publish research from
time to time on financial markets and other matters that may influence the value of the Securities, or express opinions or provide
recommendations that are inconsistent with purchasing or holding the Securities. Any research, opinions or recommendations expressed by
UBS or its affiliates may not be consistent with each other and may be modified from time to time without notice. Investors should make
their own independent investigation of the merits of investing in the Securities and the underlying asset.
¨
T he Se c urit ie s a re not ba nk de posit s -- An investment in the Securities carries risks which are very different from the risk profile of
a bank deposit placed with UBS or its affiliates. The Securities have different yield and/or return, liquidity and risk profiles and would not
benefit from any protection provided to deposits.
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5

¨
I f U BS e x pe rie nc e s fina nc ia l diffic ult ie s, FI N M A ha s t he pow e r t o ope n re st ruc t uring or liquida t ion proc e e dings
in re spe c t of, a nd/or im pose prot e c t ive m e a sure s in re la t ion t o, U BS, w hic h proc e e dings or m e a sure s m a y ha ve
a m a t e ria l a dve rse e ffe c t on t he t e rm s a nd m a rk e t va lue of t he Se c urit ie s a nd/or t he a bilit y of U BS t o m a k e
pa ym e nt s t he re unde r -- The Swiss Financial Market Supervisory Authority ("FINMA") has broad statutory powers to take measures
and actions in relation to UBS if (i) it concludes that there is justified concern that UBS is over-indebted or has serious liquidity problems or
(ii) UBS fails to fulfill the applicable capital adequacy requirements (whether on a standalone or consolidated basis) after expiry of a
deadline set by FINMA. If one of these pre-requisites is met, FINMA is authorized to open restructuring proceedings or liquidation
(bankruptcy) proceedings in respect of, and/or impose protective measures in relation to, UBS. The Swiss Banking Act grants significant
discretion to FINMA in connection with the aforementioned proceedings and measures. In particular, a broad variety of protective measures
may be imposed by FINMA, including a bank moratorium or a maturity postponement, which measures may be ordered by FINMA either on
a stand-alone basis or in connection with restructuring or liquidation proceedings. The resolution regime of the Swiss Banking Act is further
detailed in the FINMA Banking Insolvency Ordinance ("BIO-FINMA"). In a restructuring proceeding, FINMA, as resolution authority, is
competent to approve the resolution plan. The resolution plan may, among other things, provide for (a) the transfer of all or a portion of
UBS' assets, debts, other liabilities and contracts (which may or may not include the contractual relationship between UBS and the holders
of Securities) to another entity, (b) a stay (for a maximum of two business days) on the termination of contracts to which UBS is a party,
and/or the exercise of (w) rights to terminate, (x) netting rights, (y) rights to enforce or dispose of collateral or (z) rights to transfer claims,
liabilities or collateral under contracts to which UBS is a party, (c) the conversion of UBS' debt and/or other obligations, including its
obligations under the Securities, into equity (a "debt-to-equity" swap), and/or (d) the partial or full write-off of obligations owed by UBS (a
"write-off"), including its obligations under the Securities. The BIO-FINMA provides that a debt-to-equity swap and/or a write-off of debt and
other obligations (including the Securities) may only take place after (i) all debt instruments issued by UBS qualifying as additional tier 1
capital or tier 2 capital have been converted into equity or written-off, as applicable, and (ii) the existing equity of UBS has been fully
cancelled. While the BIO-FINMA does not expressly address the order in which a write-off of debt instruments other than debt instruments
qualifying as additional tier 1 capital or tier 2 capital should occur, it states that debt-to-equity swaps should occur in the following order: first,
all subordinated claims not qualifying as regulatory capital; second, all other claims not excluded by law from a debt-to-equity swap (other
than deposits); and third, deposits (in excess of the amount privileged by law). However, given the broad discretion granted to FINMA as the
resolution authority, any restructuring plan in respect of UBS could provide that the claims under or in connection with the Securities will be
partially or fully converted into equity or written-off, while preserving other obligations of UBS that rank pari passu with, or even junior to,
UBS' obligations under the Securities. Consequently, holders of Securities may lose all of some of their investment in the Securities. In the
case of restructuring proceedings with respect to a systemically important Swiss bank (such as UBS), the creditors whose claims are
affected by the restructuring plan will not have a right to vote on, reject, or seek the suspension of the restructuring plan. In addition, if a
restructuring plan has been approved by FINMA, the rights of a creditor to seek judicial review of the restructuring plan (e.g., on the grounds
that the plan would unduly prejudice the rights of holders of Securities or otherwise be in violation of the Swiss Banking Act) are very
limited. In particular, a court may not suspend the implementation of the restructuring plan. Furthermore, even if a creditor successfully
challenges the restructuring plan, the court can only require the relevant creditor to be compensated ex post and there is currently no
guidance as to on what basis such compensation would be calculated or how it would be funded.
¨
De a le r inc e nt ive s -- UBS and its affiliates act in various capacities with respect to the Securities. We and our affiliates may act as a
principal, agent or dealer in connection with the sale of the Securities. Such affiliates, including the sales representatives, will derive
compensation from the distribution of the Securities and such compensation may serve as an incentive to sell these Securities instead of
other investments. We will pay a total underwriting compensation in an amount equal to the underwriting discount listed on the cover hereof
per Security to any of our affiliates acting as agents or dealers in connection with the distribution of the Securities. Given that UBS
Securities LLC and its affiliates temporarily maintain a market making premium, it may have the effect of discouraging UBS Securities LLC
and its affiliates from recommending sale of your Securities in the secondary market.
¨
U nc e rt a in t a x t re a t m e nt -- Significant aspects of the tax treatment of the Securities are uncertain. You should consult your tax
advisor about your tax situation. See "What Are the Tax Consequences of the Securities?" herein and "Material U.S. Federal Income Tax
Consequences", including the section "--Securities Treated as Prepaid Derivatives or Prepaid Forwards", in the accompanying product
supplement.
6

H ypot he t ic a l Ex a m ple s a nd Re t urn T a ble of t he Se c urit ie s a t M a t urit y
T he be low e x a m ple s a nd t a ble a re ba se d on hypot he t ic a l t e rm s. T he a c t ua l t e rm s a re indic a t e d on t he c ove r
he re of.
The examples and table below illustrate the Payment at Maturity for a $10 Security on a hypothetical offering of the Securities, with the following
assumptions (amounts may have been rounded for ease of analysis):
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Term:
Approximately 14 months

Initial Level:
3,200

Upside Gearing:
3.00

Maximum Gain
20.91%

Range of Underlying Return:
-100.00% to 50.00%
Ex a m ple 1 : T he U nde rlying Re t urn is 3 .0 0 % .
Because the underlying return is positive and, when multiplied by the upside gearing, is less than the maximum gain, the payment at maturity per
Security will be calculated as follows:
$10 x (1 +the lesser of (a) 3.00% x 3.00 and (b) 20.91%)
= $10 × (1 + 3.00% × 3.00)
= $10.90 per Security (a 9.00% total return).
Ex a m ple 2 : T he U nde rlying Re t urn is 1 5 .0 0 % .
Because the underlying return is positive and, when multiplied by the upside gearing, is greater than the maximum gain, the payment at maturity
will be calculated as follows:
$10 x (1 +the lesser of (a) 15.00% x 3.00 and (b) 20.91%)
=$10 × (1 + 20.91%)
= $12.091 per Security (a 20.91% total return).
Ex a m ple 3 : T he U nde rlying Re t urn is 0 .0 0 % .
Because the underlying return is 0.00%, the payment at maturity per Security will be equal to the principal amount of $10 (a 0% total return).
Ex a m ple 4 : T he U nde rlying Re t urn is -6 0 .0 0 % .
Because the underlying return is negative, UBS will pay you less than the principal amount and the payment at maturity per Security will be
calculated as follows:
$10 x (1 + -60.00%)
= $10 × 0.4
= $4.00 per Security (a 60.00% loss).
In this scenario, 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.
7

U nde rlying Asse t
Pa ym e nt a nd Re t urn a t M a t urit y
Se c urit y T ot a l Re t urn a t
Fina l Le ve l
U nde rlying Re t urn(1)
Pa ym e nt a t M a t urit y
M a t urit y
4,800.00
50.000%
$12.091
20.91%
4,480.00
40.000%
$12.091
20.91%
4,160.00
30.000%
$12.091
20.91%
3,840.00
20.000%
$12.091
20.91%
3,520.00
10.000%
$12.091
20.91%
3,456.00
8.000%
$12.091
20.91%
3,423.04
6.970%
$12.091
20.91%
3,360.00
5.000%
$11.500
15.00%
3,296.00
3.000%
$10.900
9.00%
3,264.00
2.000%
$10.600
6.00%
3,232.00
1.000%
$10.300
3.00%
3,200.00
0.000%
$10.000
0.00%
2,880.00
-10.000%
$9.000
-10.00%
2,560.00
-20.000%
$8.000
-20.00%
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2,240.00
-30.000%
$7.000
-30.00%
1,920.00
-40.000%
$6.000
-40.00%
1,600.00
-50.000%
$5.000
-50.00%
1,280.00
-60.000%
$4.000
-60.00%
960.00
-70.000%
$3.000
-70.00%
640.00
-80.000%
$2.000
-80.00%
320.00
-90.000%
$1.000
-90.00%
0.00
-100.000%
$0.000
-100.00%
(1)
The underlying return excludes any cash dividend payments.
8

I nform a t ion About t he U nde rlying Asse t
All disclosures contained in this document regarding the underlying asset are derived from publicly available information. UBS has not conducted
any independent review or due diligence of any publicly available information with respect to the underlying asset. Y ou should m a k e your
ow n inve st iga t ion int o t he unde rlying a sse t .
Included on the following pages is a brief description of the underlying asset. This information has been obtained from publicly available sources.
Set forth below is a graph that illustrates the past performance for the underlying asset. The information given below is for the period indicated.
We obtained the closing level information set forth below from Bloomberg Professional® service ("Bloomberg") without independent verification.
You should not take the historical levels of the underlying asset as an indication of future performance.
EU RO ST OX X 5 0 ® I nde x
We have derived all information regarding the EURO STOXX 50® Index ("SX5E") contained in this document, including without limitation, its
make-up, method of calculation and changes in its components from publicly available information. Such information reflects the policies of, and
is subject to change by STOXX Limited (its "index sponsor" or "STOXX Limited").
SX5E is published by STOXX Limited, but STOXX Limited has no obligation to continue to publish SX5E, and may discontinue publication of
SX5E at any time. SX5E is determined, comprised and calculated by STOXX Limited without regard to the Securities.
As discussed more fully in the index supplement under "Non-U.S. Indices - EURO STOXX 50® Index", SX5E covers 50 stocks of market sector
leaders mainly from 11 Eurozone countries: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal
and Spain. SX5E captures a selection of the largest stocks among the 19 EURO STOXX regional Supersector indices. The largest stocks within
those indices are added to the selection list until coverage is approximately 60% of the free float market capitalization of the corresponding
EURO STOXX Total Market Index (the "EURO STOXX TMI") Supersector Index and from that selection list the 50 stocks are selected. SX5E
universe is defined as all components of the 19 EURO STOXX Regional Supersector indices. The EURO STOXX Supersector indices represent
the Eurozone portion of the STOXX 600 Supersector indices, which contain the 600 largest stocks traded on the major exchanges of 18
European countries. Each component's weight is capped at 10% of SX5E's total free-float market capitalization.
Information from outside sources is not incorporated by reference in, and should not be considered part of, this document or any document
incorporated herein by reference. UBS has not conducted any independent review or due diligence of any publicly available information with
respect to the underlying asset.
H ist oric a l I nform a t ion
The graph below illustrates the performance of the underlying asset from January 1, 2009 through December 27, 2019, based on the daily
closing levels as reported by Bloomberg, without independent verification. UBS has not conducted any independent review or due diligence of
publicly available information obtained from Bloomberg. The closing level of the underlying asset on December 27, 2019 was 3,782.27. Past
performance of the underlying asset is not indicative of the future performance of the underlying asset during the term of the
Securities.
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Document Outline

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