Obligation UBSL 15.65% ( US90281F7684 ) en USD

UBSL

100 % ▲

Suisse

US90281F7684 ( en USD )

15.65% par an ( paiement semestriel )

23/12/2022 - Obligation échue

Prospectus brochure de l'obligation UBS (London Branch) US90281F7684 en USD 15.65%, échue

1 000 USD

12 554 000 USD

90281F768

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 identifiée par le code ISIN US90281F7684 et le code CUSIP 90281F768, émise par UBS (London Branch), une entité du groupe bancaire suisse UBS Group AG, a récemment atteint sa pleine maturité et a été intégralement remboursée. Basé en Suisse, UBS est un acteur majeur des services financiers mondiaux, reconnu pour son expertise en gestion de fortune, banque d'investissement et gestion d'actifs, bénéficiant d'une solide réputation sur les marchés internationaux. Il s'agissait d'une obligation libellée en dollars américains (USD), offrant un taux d'intérêt fixe de 15,65%. Le montant total de l'émission s'élevait à 12 554 000 USD, avec une taille minimale d'acquisition fixée à 1 000 USD, permettant un accès à divers investisseurs. Les paiements d'intérêts étaient effectués avec une fréquence de deux fois par an. La date d'échéance de cet instrument était fixée au 23 décembre 2022, et elle était cotée à 100% de sa valeur nominale sur le marché secondaire avant son remboursement. L'information clé concernant cette obligation est qu'elle a atteint sa date de maturité le 23 décembre 2022 et a été entièrement remboursée à ses porteurs. Cela signifie que les investisseurs ayant détenu cette obligation ont reçu le principal de leur investissement, en plus des derniers intérêts dus, marquant ainsi la fin réussie de son cycle de vie financière et confirmant la capacité de l'émetteur, UBS, à honorer ses engagements financiers.

424B2 1 ub54522005-424b2.htm PS - DECEMBER 20 UBER CIAS MS 6179 (US90281F7684)

De c e m be r 2 0 1 9
Pricing Supplement
Dated December 20, 2019
Registration Statement No. 333-225551
Filed pursuant to Rule 424(b)(2)
(To Prospectus dated October 31, 2018
and Product Supplement dated October 31, 2018)
STRUCTURED INVESTMENTS
Opportunities in U.S. Equities
Contingent Income Auto-Callable Securities due December 23, 2022
$12,554,420 Based on the Performance of the Common Stock of Uber Technologies, Inc.
Contingent Income Auto-Callable Securities (the "securities") offer the opportunity for investors to earn a contingent payment with respect to each
determination date on which the closing price of the underlying equity is equal to or greater than 60.00% of the initial price, which we refer to as the
downside threshold level. In addition, if the closing price of the underlying equity is equal to or greater than the call threshold level on any determination date
(other than the final determination date), the securities will be redeemed early for an amount per security equal to the stated principal amount plus the
applicable contingent payment. However, if on any determination date (other than the final determination date) the closing price of the underlying equity is
less than the call threshold level, the securities will not be redeemed early and if that closing price is less than the downside threshold level, you will not
receive any contingent payment for that period. As a result, investors must be willing to accept the risk of not receiving any contingent payments.
Furthermore, UBS has elected to deliver cash in lieu of shares and investors will receive less than the stated principal amount, if anything, if the securities
are not redeemed early and the closing price of the underlying equity is less than the downside threshold level on the final determination date. In this case,
you will be exposed to the decline in the closing price of the underlying equity over the term of the securities and, in extreme situations, you could lose all of
your initial investment. Ac c ordingly, t he se c urit ie s do not gua ra nt e e a ny re t urn of princ ipa l a t m a t urit y. I nve st ors w ill not
pa rt ic ipa t e in a ny a ppre c ia t ion of t he unde rlying e quit y a nd m ust be w illing t o a c c e pt t he risk of not re c e iving a ny c ont inge nt
pa ym e nt s ove r t he t e rm of t he se c urit ie s. T he se c urit ie s a re unsubordina t e d, unse c ure d de bt obliga t ions issue d by U BS AG,
a nd a ll pa ym e nt s on t he se c urit ie s a re subje c t t o t he c re dit risk of U BS AG.
SU M M ARY T ERM S

I ssue r:
UBS AG London Branch
U nde rlying e quit y:
Common Stock of Uber Technologies, Inc. (Bloomberg Ticker: "UBER")
Aggre ga t e princ ipa l
$12,554,420
a m ount :
St a t e d princ ipa l
$10.00 per security
a m ount :
I ssue pric e :
$10.00 per security (see "Commissions and issue price" below)
Pric ing da t e :
December 20, 2019
Origina l issue da t e :
December 26, 2019. We expect to deliver each offering of the securities against payment on the third business day following
the trade date. Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market
generally are required to settle in two business days (T+2), unless the parties to a trade expressly agree otherwise.
Accordingly, purchasers who wish to trade the securities in the secondary market on any date prior to two business days
before delivery of the securities will be required, by virtue of the fact that each security initially will settle in three business days
(T+3), to specify alternative settlement arrangements to prevent a failed settlement of the secondary market trade.
M a t urit y da t e :
December 23, 2022, subject to postponement for certain market disruption events and as described under "General Terms of
the Securities -- Market Disruption Events" and "-- Payment Dates -- Maturity Date" in the accompanying product supplement.
Ea rly re de m pt ion:
If, on any determination date (other than the final determination date), the closing price of the underlying equity is equal to or
greater than the call threshold level, the securities will be redeemed early and we will pay the early redemption amount on the
first contingent payment date immediately following the related determination date.
Ea rly re de m pt ion
The early redemption amount will be an amount equal to (i) the stated principal amount plus (ii) the contingent payment with
a m ount :
respect to the related determination date.
Cont inge nt pa ym e nt :

If, on any determination date, the closing price or the final price is equal to or greater than the downside threshold level,
we will pay a contingent payment of $0.3913 (equivalent to approximately 15.65% per annum of the stated principal
amount) per security on the related contingent payment date.

If, on any determination date, the closing price or the final price is less than the downside threshold level, no contingent
payment will be made with respect to that determination date.
De t e rm ina t ion da t e s:
March 20, 2020, June 22, 2020, September 21, 2020, December 21, 2020, March 22, 2021, June 21, 2021, September 20,
2021, December 20, 2021, March 21, 2022, June 20, 2022, September 20, 2022 and December 20, 2022, subject to
postponement for non-trading days and certain market disruption events (as described under "General Terms of the Securities
-- Valuation Dates", "-- Final Valuation Date" and "-- Market Disruption Events" in the accompanying product supplement). We
also refer to December 20, 2022 as the final determination date. References in the accompanying product supplement to one or
more "valuation dates" shall mean the determination dates for purposes of the market disruption event provisions in the
accompanying product supplement.
Cont inge nt pa ym e nt
With respect to each determination date other than the final determination date, the third business day after the related
da t e s:
determination date. The payment of the contingent payment, if any, with respect to the final determination date will be made on
the maturity date.
Pa ym e nt a t m a t urit y:

If the final price is e qua l t o or gre a t e r t ha n the(i) the stated principal amount plus (ii) the contingent payment
https://www.sec.gov/Archives/edgar/data/1114446/000091412119003594/ub54522005-424b2.htm[12/26/2019 11:48:53 AM]

downside threshold
with respect to the final determination date
level:

If the final price is le ss t ha n the downside thresholdthe cash value
level:

U BS ha s e le c t e d t o de live r t o you c a sh in lie u of sha re s, a nd your pa ym e nt a t m a t urit y for e a c h
se c urit y w ill be t he c a sh va lue . I f t he fina l pric e is le ss t ha n t he dow nside t hre shold le ve l, inve st ors
w ill lose a signific a nt port ion a nd m a y lose a ll of t he ir init ia l inve st m e nt .
Ex c ha nge ra t io:
The quotient of the stated principal amount divided by the initial price.
Ca sh va lue :
The exchange ratio multiplied by the final price.
Ca ll t hre shold le ve l:
$30.45, which is equal to 100.00% of the initial price (as may be 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).
Dow nside t hre shold
$18.27, which is equal to 60.00% of the initial price (as may be adjusted in the case of certain adjustment events as described
le ve l:
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).
I nit ia l pric e :
$30.45, which is equal to the closing price of the underlying equity on the pricing date (as may be 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).
Fina l pric e :
The closing price of the underlying equity on the final determination date.
CU SI P / I SI N :
90281F768 / US90281F7684
List ing:
The securities will not be listed or displayed on any securities exchange or any electronic communications network.
Ca lc ula t ion Age nt :
UBS Securities LLC
Com m issions a nd

Pric e t o Public (1)
Fe e s a nd Com m issions (1)
Proc e e ds t o I ssue r
issue pric e :
Pe r se c urit y

100.00%
2.00%(a)
97.50%

+ 0.50%(b)

2.50%

T ot a l

$12,554,420.00
$313,860.50
$12,240,559.50

(1)
UBS Securities LLC has agreed to purchase from UBS AG the securities at the price to public less a fee of $0.25 per $10.00 stated principal amount
of securities. UBS Securities LLC has agreed to resell all of the securities to Morgan Stanley Smith Barney LLC ("Morgan Stanley Wealth
Management") at an underwriting discount which reflects:

(a)
a fixed sales commission of $0.20 per $10.00 stated principal amount of securities that Morgan Stanley Wealth Management sells and

(b)
a fixed structuring fee of $0.05 per $10.00 stated principal amount of securities that Morgan Stanley Wealth Management sells,

each payable to Morgan Stanley Wealth Management. See "Supplemental information regarding plan of distribution (conflicts of interest); secondary
markets (if any)".

The estimated initial value of the securities as of the pricing date is $9.784. The estimated initial value of the securities was determined as of the close of
the relevant markets on the date hereof by reference to UBS' internal pricing models, inclusive of the internal funding rate. For more information about
secondary market offers and the estimated initial value of the securities, see "Risk Factors -- Fair value considerations" and "-- Limited or no secondary
market and secondary market price considerations" beginning on page 11 of this document.
The securities involve risks not associated with an investment in ordinary debt securities. See "Risk Factors" beginning on page 10.
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 c c ura c y or a de qua c y of t his doc um e nt , t he a c c om pa nying produc t supple m e nt or t he
a c c om pa nying prospe c t us. Any re pre se nt a t ion t o t he c ont ra ry is a c rim ina l offe nse .
T he se c urit ie s a re not ba nk de posit s a nd a re not insure d by t he Fe de ra l De posit I nsura nc e Corpora t ion or a ny ot he r
gove rnm e nt a l a ge nc y.
Y ou should re a d t his doc um e nt t oge t he r w it h t he a c c om pa nying produc t supple m e nt a nd t he a c c om pa nying prospe c t us, e a c h
of w hic h c a n be a c c e sse d via t he hype rlink s be low , be fore you de c ide t o inve st .
Product supplement dated October 31, 2018
Prospectus dated October 31, 2018

Contingent Income Auto-Callable Securities due December 23, 2022
$12,554,420 Based on the Performance of the Common Stock of Uber Technologies, Inc.

Addit iona l I nform a t ion a bout U BS a nd t he Se c urit ie s
UBS AG ("UBS") has filed a registration statement (including a prospectus as supplemented by a product supplement) with the Securities and
Exchange Commission (the "SEC") for the securities to which this document relates. Before you invest, you should read these documents and
https://www.sec.gov/Archives/edgar/data/1114446/000091412119003594/ub54522005-424b2.htm[12/26/2019 11:48:53 AM]

any other documents relating to this offering that UBS has filed with the SEC for more complete information about UBS and this offering. You
may obtain these documents for free from the SEC website at www.sec.gov. Our Central Index Key, or CIK, on the SEC web site is
0001114446.
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:

Prospectus dated October 31, 2018:
http://www.sec.gov/Archives/edgar/data/1114446/000119312518314003/d612032d424b3.htm

Product supplement dated October 31, 2018:
http://www.sec.gov/Archives/edgar/data/1114446/000091412118002085/ub47016353-424b2.htm
References to "UBS," "we," "our" and "us" refer only to UBS AG and not to its consolidated subsidiaries. In this document, the "securities" refers
to the Contingent Income Auto-Callable Securities that are offered hereby. Also, references to the "accompanying prospectus" mean the UBS
prospectus titled "Debt Securities and Warrants," dated October 31, 2018, and references to the "accompanying product supplement" mean the
UBS product supplement titled "Market-Linked Securities Product Supplement", dated October 31, 2018.
You should rely only on the information incorporated by reference or provided in this document, the accompanying product supplement or the
accompanying prospectus. We have not authorized anyone to provide you with different information. We are not making an offer of these
securities in any state where the offer is not permitted. You should not assume that the information in this document, the accompanying product
supplement or the accompanying prospectus is accurate as of any date other than the date on the front of the document.
UBS reserves the right to change the terms of, or reject any offer to purchase, the securities prior to their issuance. In the event of any changes
to the terms of the securities, UBS will notify you and you will be asked to accept such changes in connection with your purchase. You may also
choose to reject such changes in which case UBS may reject your offer to purchase.
In the event of any discrepancies between this document, the accompanying product supplement and the accompanying prospectus, the
following hierarchy will govern: first, this document; second, the accompanying product supplement; and finally, the accompanying prospectus.

December 2019
Page 2
Contingent Income Auto-Callable Securities due December 23, 2022
$12,554,420 Based on the Performance of the Common Stock of Uber Technologies, Inc.
I nve st m e nt Sum m a ry
The Contingent Income Auto-Callable Securities due December 23, 2022 based on the performance of the common stock of Uber Technologies,
Inc., which we refer to as the securities, provide an opportunity for investors to earn a contingent payment, which is an amount equal to $0.3913
(equivalent to approximately 15.65% per annum of the stated principal amount) per security, with respect to each determination date on which
the closing price or the final price, as applicable, is equal to or greater than 60.00% of the initial price, which we refer to as the downside
threshold level. The contingent payment, if any, will be payable on the relevant contingent payment date, which is the third business day after the
related determination date, except that the contingent payment date for the final determination date will be the maturity date. I t is possible
t ha t t he c losing pric e of t he unde rlying e quit y c ould re m a in le ss t ha n t he dow nside t hre shold le ve l for e x t e nde d
pe riods of t im e or e ve n t hroughout t he t e rm of t he se c urit ie s so t ha t you m a y re c e ive fe w or no c ont inge nt
pa ym e nt s.
If the closing price is equal to or greater than the call threshold level on any of the determination dates other than the final determination date,
the securities will be automatically redeemed for an early redemption amount equal to (i) the stated principal amount plus (ii) the contingent
payment otherwise payable with respect to the related determination date. If the securities have not previously been redeemed early and the
final price is equal to or greater than the downside threshold level, the payment at maturity will also be the sum of (i) the stated principal amount
and (ii) the contingent payment otherwise payable with respect to the final determination date. If, however, the securities are not redeemed early
and the final price is less than the downside threshold level, investors will be exposed to the decline in the closing price of the underlying equity,
as compared to the initial price, on a 1 to 1 basis and investors will be entitled to receive the cash value, which will be equal to the exchange
ratio multiplied by the final price. The cash value on the final determination date will be less than 60.00% of the stated principal amount of the
securities and could be zero. I nve st ors in t he se c urit ie s m ust be w illing t o a c c e pt t he risk of losing a signific a nt port ion
a nd, in e x t re m e sit ua t ions, a ll of t he ir init ia l inve st m e nt a nd a lso t he risk of not re c e iving a ny c ont inge nt pa ym e nt s.
I n a ddit ion, inve st ors w ill not pa rt ic ipa t e in a ny a ppre c ia t ion of t he unde rlying e quit y.

December 2019
Page 3
https://www.sec.gov/Archives/edgar/data/1114446/000091412119003594/ub54522005-424b2.htm[12/26/2019 11:48:53 AM]

Contingent Income Auto-Callable Securities due December 23, 2022
$12,554,420 Based on the Performance of the Common Stock of Uber Technologies, Inc.
K e y I nve st m e nt Ra t iona le
The securities offer the opportunity for investors to earn a contingent payment equal to $0.3913 (equivalent to approximately 15.65% per annum
of the stated principal amount) per security, with respect to each determination date on which the closing price or the final price is equal to or
greater than 60.00% of the initial price, which we refer to as the downside threshold level. The securities may be redeemed early for an early
redemption amount equal to (i) the stated principal amount per security plus (ii) the applicable contingent payment and the payment at maturity
will vary depending on the final price, as follows:
Sc e na rio 1
On any determination date other than the final determination date, the closing price is equal to
or greater than t he c a ll t hre shold le ve l.

The securities will be automatically redeemed early for an early redemption amount equal to (i) the stated
principal amount plus (ii) the contingent payment with respect to the related determination date.

Investors will not participate in any appreciation of the underlying equity from the initial price.

Sc e na rio 2
The securities are not automatically redeemed early and the final price is equal to or greater than
t he dow nside t hre shold le ve l.

The payment due at maturity will be (i) the stated principal amount plus (ii) the contingent payment with respect
to the final determination date.

Investors will not participate in any appreciation of the underlying equity from the initial price.

Sc e na rio 3
The securities are not automatically redeemed early and the final price is less than the
dow nside t hre shold le ve l.

The payment due at maturity will be the cash value.

I nve st ors w ill lose a signific a nt port ion a nd m a y lose a ll of t he ir init ia l inve st m e nt in t his
sc e na rio.
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 a signific a nt port ion a nd, in e x t re m e sit ua t ions
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 .
T he se c urit ie s w ill not pa y a c ont inge nt pa ym e nt on a c ont inge nt pa ym e nt da t e (inc luding t he m a t urit y da t e ) if t he
c losing pric e is le ss t ha n t he dow nside t hre shold le ve l on t he re la t e d de t e rm ina t ion da t e . T he se c urit ie s w ill not be
subje c t t o a n e a rly re de m pt ion if t he c losing pric e is le ss t ha n t he c a ll t hre shold le ve l on a de t e rm ina t ion da t e . I f
t he se c urit ie s a re not re de e m e d e a rly, you w ill lose a signific a nt port ion a nd, in e x t re m e sit ua t ions, a ll of your
init ia l inve st m e nt a t m a t urit y if t he fina l pric e is le ss t ha n t he dow nside t hre shold le ve l.

December 2019
Page 4
Contingent Income Auto-Callable Securities due December 23, 2022
$12,554,420 Based on the Performance of the Common Stock of Uber Technologies, Inc.
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:
You fully understand the risks of an investment in the securities, including the risk of loss of all of your initial investment.
You can tolerate a loss of a significant portion or all of your initial investment and are willing to make an investment that may have the same
downside market risk as an investment in the underlying equity.
You believe that the closing price of the underlying equity will be equal to or greater than the downside threshold level on the specified
determination dates (including the final determination date).
You understand and accept that you will not participate in any appreciation in the price of the underlying equity and that any potential
positive return is limited to the contingent payments specified herein.
You can tolerate fluctuations in the price of the securities prior to maturity that may be similar to or exceed the downside price fluctuations of
https://www.sec.gov/Archives/edgar/data/1114446/000091412119003594/ub54522005-424b2.htm[12/26/2019 11:48:53 AM]

the underlying equity.
You are willing to invest in the securities based on the contingent payment, the downside threshold level and the call threshold level
specified on the cover hereof.
You are willing to forgo any dividends paid on the underlying equity and you do not seek guaranteed current income from this investment.
You are willing to invest in securities that may be redeemed prior to the maturity date and you are otherwise willing to hold such securities
to maturity, a term of approximately 36 months, and accept that there may be little or no secondary market.
You are willing to assume the credit risk of UBS for all payments under the securities, and understand that if UBS defaults on its obligations
you may not receive any amounts due to you including any repayment of principal.
You understand that the estimated initial value of the securities determined by our internal pricing models is lower than the issue price and
that should UBS Securities LLC or any affiliate make secondary markets for the securities, the price (not including their customary bid-ask
spreads) will temporarily exceed the internal pricing model price.
T he se c urit ie s m a y not be suit a ble for you if:
You do not fully understand the risks of an investment in the securities, including the risk of loss of all of your initial investment.
You require an investment designed to provide a full return of principal at maturity.
You cannot tolerate a loss of a significant portion or all of your initial investment, or you are not willing to make an investment that may have
the same downside market risk as an investment in the underlying equity.
You believe that the price of the underlying equity will decline during the term of the securities and is likely to be less than the downside
threshold level on the determination dates (including the final determination date).
You seek an investment that participates in the full appreciation in the price of the underlying equity or that has unlimited return potential.
You cannot tolerate fluctuations in the price of the securities prior to maturity that may be similar to or exceed the downside price
fluctuations of the underlying equity.
You are unwilling to invest in the securities based on the contingent payment, the downside threshold level or the call threshold level
specified on the cover hereof.
You prefer to receive any dividends paid on the underlying equity or you seek guaranteed current income from this investment.
You are unable or unwilling to hold securities that may be redeemed prior to the maturity date, or you are otherwise unable or unwilling to
hold such securities to maturity, a term of approximately 36 months, or you seek an investment for which there will be an active secondary
market.
You are not willing to assume the credit risk of UBS for all payments under the securities, including any repayment of principal.

December 2019
Page 5
Contingent Income Auto-Callable Securities due December 23, 2022
$12,554,420 Based on the Performance of the Common Stock of Uber Technologies, Inc.
H ow t he Se c urit ie s Work
The following diagrams illustrate the potential outcomes for the securities depending on (1) the closing price and (2) the final price.
Dia gra m # 1 : De t e rm ina t ion Da t e s Ot he r T ha n t he Fina l De t e rm ina t ion Da t e
https://www.sec.gov/Archives/edgar/data/1114446/000091412119003594/ub54522005-424b2.htm[12/26/2019 11:48:53 AM]

Dia gra m # 2 : Pa ym e nt a t M a t urit y if N o Ea rly Re de m pt ion Oc c urs

For more information about the payout upon an early redemption or at maturity in different hypothetical scenarios, see "Hypothetical Examples"
beginning on the following page.

December 2019
Page 6
Contingent Income Auto-Callable Securities due December 23, 2022
$12,554,420 Based on the Performance of the Common Stock of Uber Technologies, Inc.
https://www.sec.gov/Archives/edgar/data/1114446/000091412119003594/ub54522005-424b2.htm[12/26/2019 11:48:53 AM]

H ypot he t ic a l Ex a m ple s
The below examples are based on the following terms and are purely hypothetical (the actual terms of your security are specified on the cover
hereof; amounts may have been rounded for ease of analysis):
Hypothetical Initial Price:
$30.00
Hypothetical Call Threshold Level:
$30.00, which is equal to 100.00% of the hypothetical initial price
Hypothetical Downside Threshold Level:
$18.00, which is 60.00% of the hypothetical initial price
Hypothetical Exchange Ratio*:
The quotient of the stated principal amount divided by the
hypothetical initial price
Hypothetical Contingent Payment:
$0.3913 (equivalent to approximately 15.65% per annum of the
stated principal amount) per security
Stated Principal Amount:
$10.00 per security
* UBS has elected to pay the cash value if the final price is less than the downside threshold level.
In Examples 1 and 2 the closing price of the underlying equity fluctuates over the term of the securities and the closing price of the underlying
equity is equal to or greater than the hypothetical call threshold level of $30.00 on one of the determination dates (other than the final
determination date). Because the closing price is equal to or greater than the call threshold level on one of the determination dates (other than
the final determination date), the securities are redeemed early following the relevant determination date. In Examples 3 and 4, the closing price
on each of the determination dates (other than the final determination date) is less than the call threshold level, and, consequently, the securities
are not redeemed early, and remain outstanding until maturity.

Ex a m ple 1
Ex a m ple 2
Ea rly
Ea rly
De t e rm ina t ion
H ypot he t ic a l
Cont inge nt
Re de m pt ion
H ypot he t ic a l
Cont inge nt
Re de m pt ion
Da t e s
Closing Pric e
Pa ym e nt
Am ount *
Closing Pric e
Pa ym e nt
Am ount
# 1
$32.00
--*
$10.3913
$26.00
$0.3913
N/A
# 2
N/A
N/A
N/A
$17.10
$0
N/A
# 3
N/A
N/A
N/A
$36.00
--*
$10.3913
# 4
N/A
N/A
N/A
N/A
N/A
N/A
# 5
N/A
N/A
N/A
N/A
N/A
N/A
# 6
N/A
N/A
N/A
N/A
N/A
N/A
# 7
N/A
N/A
N/A
N/A
N/A
N/A
# 8
N/A
N/A
N/A
N/A
N/A
N/A
# 9
N/A
N/A
N/A
N/A
N/A
N/A
# 1 0
N/A
N/A
N/A
N/A
N/A
N/A
# 1 1
N/A
N/A
N/A
N/A
N/A
N/A
Fina l
N/A
N/A
N/A
N/A
N/A
N/A
De t e rm ina t ion
Da t e
Pa ym e nt a t
N/A
N/A
M a t urit y
* The early redemption amount includes the unpaid contingent payment with respect to the determination date on which the closing price is
equal to or greater than the call threshold level and the securities are redeemed early as a result.
? In Ex a m ple 1 , the securities are redeemed early following the first determination date as the closing price on the first determination
date is equal to or greater than the call threshold level. You receive the early redemption amount, calculated as follows:
Stated Principal Amount + Contingent Payment = $10.00 + $0.3913 = $10.3913
In this example, the early redemption feature limits the term of your investment to approximately 3 months and you may not be able to reinvest
at comparable terms or returns. If the securities are redeemed early, you will stop receiving contingent payments. Your total return per security in
this example is $10.3913 (a 3.913% total return on the securities).

December 2019
Page 7
https://www.sec.gov/Archives/edgar/data/1114446/000091412119003594/ub54522005-424b2.htm[12/26/2019 11:48:53 AM]

Contingent Income Auto-Callable Securities due December 23, 2022
$12,554,420 Based on the Performance of the Common Stock of Uber Technologies, Inc.

? In Ex a m ple 2 , the securities are redeemed early following the third determination date as the closing price on the third determination
date is equal to or greater than the call threshold level. As the closing price on the first determination date is equal to or greater than
the downside threshold level, you receive the contingent payment of $0.3913 with respect to such determination date. Following the
third determination date, you receive an early redemption amount of $10.3913, which includes the contingent payment with respect to
the third determination date.
In this example, the early redemption feature limits the term of your investment to approximately 9 months and you may not be able to reinvest
at comparable terms or returns. If the securities are redeemed early, you will stop receiving contingent payments. Further, although the
underlying equity has appreciated by 20% from its initial price on the third determination date, you only receive $10.3913 per security and do not
benefit from such appreciation. When added to the contingent payment of $0.3913 received in respect of the prior determination dates, UBS will
have paid you a total of $10.7826 per security for a 7.826% total return on the securities.

Ex a m ple 3
Ex a m ple 4
Ea rly
Ea rly
De t e rm ina t ion
H ypot he t ic a l
Cont inge nt
Re de m pt ion
H ypot he t ic a l
Cont inge nt
Re de m pt ion
Da t e s
Closing Pric e
Pa ym e nt
Am ount
Closing Pric e
Pa ym e nt
Am ount
# 1
$14.40
$0
N/A
$12.60
$0
N/A
# 2
$15.00
$0
N/A
$13.20
$0
N/A
# 3
$17.40
$0
N/A
$17.40
$0
N/A
# 4
$13.50
$0
N/A
$14.40
$0
N/A
# 5
$15.60
$0
N/A
$16.20
$0
N/A
# 6
$16.80
$0
N/A
$16.80
$0
N/A
# 7
$14.40
$0
N/A
$14.88
$0
N/A
# 8
$13.20
$0
N/A
$15.60
$0
N/A
# 9
$13.08
$0
N/A
$13.80
$0
N/A
# 1 0
$16.20
$0
N/A
$14.40
$0
N/A
# 1 1
$17.28
$0
N/A
$16.80
$0
N/A
Fina l
$12.00
--*
N/A
$27.00
--*
N/A
De t e rm ina t ion
Da t e
Pa ym e nt a t
$ 4 .0 0
$ 1 0 .3 9 1 3
M a t urit y
* The final contingent payment, if any, will be paid at maturity.
Examples 3 and 4 illustrate the payment at maturity per security based on the final price.
? In Ex a m ple 3 , the closing price of the underlying equity remains less than the downside threshold level throughout the term of the
securities. As a result, you do not receive any contingent payments during the term of the securities and, at maturity, you are fully
exposed to the decline in the closing price of the underlying equity. As the final price is less than the downside threshold level,
investors will receive the cash value at maturity, calculated as follows:
Cash Value = Exchange Ratio x Final Price
$4.00 = ($10.00 / $30.00) x $12.00
In this example, your payment at maturity is significantly less than the stated principal amount. Your total return per security in this example is
$4.00 (a 60.00% loss on the securities).
? In Ex a m ple 4 , the closing price of the underlying equity is less than the downside threshold on each determination date and, as a
result, you do not receive any contingent payments during the term of the securities. On the final determination date, the closing price
of the underlying equity decreases from the initial price to the final price. Although the final price is less than the initial price, because
the final price is equal to or greater than the downside threshold level, you receive the stated principal amount plus a contingent
payment with respect to the final determination date. Your payment at maturity is calculated as follows:
$10.00 + $0.3913 = $10.3913

December 2019
Page 8
https://www.sec.gov/Archives/edgar/data/1114446/000091412119003594/ub54522005-424b2.htm[12/26/2019 11:48:53 AM]

Contingent Income Auto-Callable Securities due December 23, 2022
$12,554,420 Based on the Performance of the Common Stock of Uber Technologies, Inc.

In this example, although the final price represents a 10.00% decline from the initial price, you receive the stated principal amount per security
plus the contingent payment, equal to a total payment of $10.3913 per security at maturity. Your total return per security in this example is
$10.3913 (a 3.913% total return on the securities).
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 diffe r from ordina ry de bt se c urit ie s in t ha t U BS
is not ne c e ssa rily obliga t e d t o re pa y t he full a m ount of your init ia l inve st m e nt . I f t he se c urit ie s a re not re de e m e d
e a rly, you m a y lose a signific a nt port ion or a ll of your init ia l inve st m e nt . Spe c ific a lly, if t he se c urit ie s a re not
re de e m e d e a rly a nd t he fina l pric e is le ss t ha n t he dow nside t hre shold le ve l, U BS ha s e le c t e d t o de live r t o you t he
c a sh va lue , w hic h w ill be w ort h signific a nt ly le ss t ha n your st a t e d princ ipa l a m ount re sult ing in a loss of a
signific a nt port ion or a ll of your init ia l inve st m e nt .
T he se c urit ie s w ill not pa y a c ont inge nt pa ym e nt if t he c losing pric e is le ss t ha n it s dow nside t hre shold le ve l on
a ny de t e rm ina t ion da t e . T he se c urit ie s w ill not be subje c t t o a n e a rly re de m pt ion if t he c losing pric e is le ss t ha n it s
c a ll t hre shold le ve l on a ny de t e rm ina t ion da t e .
Any pa ym e nt t o be m a de on t he se c urit ie s, inc luding a ny re pa ym e nt of princ ipa l, de pe nds on t he a bilit y of U BS t o
sa t isfy it s obliga t ions a s t he y c om e due . 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 .

December 2019
Page 9
Contingent Income Auto-Callable Securities due December 23, 2022
$12,554,420 Based on the Performance of the Common Stock of Uber Technologies, Inc.
Risk Fa c t ors
The following is a non-exhaustive list of certain key risk factors for investors in the securities. For further discussion of these and other risks, you
should read the section entitled "Risk Factors" in the accompanying product supplement. We urge to consult your investment, legal, tax,
accounting and other advisors before you invest in the securities.
The securities do not guarantee the return of any principal and your investment in the securities may result in a
loss. The terms of the securities differ from those of ordinary debt securities in that the securities do not guarantee the payment of regular
interest or the return of any of the stated principal amount at maturity. Instead, if the securities have not been redeemed early and if the final
price is less than the downside threshold level, you will be exposed to the decline in the closing price of the underlying equity, as compared to
the initial price, on a 1 to 1 basis and you will receive for each security that you hold at maturity the cash value, which is equal to the
exchange ratio multiplied by the final price. The cash value of those shares on the final determination date will be less than 60.00% of the
stated principal amount and could be zero.
The contingent payment, if any, is based solely on the closing prices of the underlying equity on the specified
de t e rm ina t ion da t e s. Whether the contingent payment will be made with respect to a determination date will be based on the closing
price or the final price, as applicable, of the underlying equity on such date. As a result, you will not know whether you will receive the
contingent payment until the related determination date. Moreover, because the contingent payment is based solely on the closing price on a
specific determination date or the final price, if that closing price or final price is less than the downside threshold level, you will not receive
any contingent payment with respect to that determination date, even if the closing price of the underlying equity was higher on other days
during the term of the securities.
You w ill not receive any contingent payment for any quarterly period w here the closing price of the underlying
e quit y on t he de t e rm ina t ion da t e is le ss t ha n t he dow nside t hre shold le ve l. A contingent payment will be made with respect
to a period only if the closing price is equal to or greater than the downside threshold level. If the closing price remains less than the downside
threshold level on each determination date over the term of the securities, you will not receive any contingent payment.
Higher contingent payments are generally associated w ith a greater risk of loss. Greater expected volatility with respect to
the underlying equity reflects a higher expectation as of the pricing date that the closing price of such stock may be less than its downside
threshold level on the final determination date of the securities. This greater expected risk will generally be reflected in a higher contingent
payment rate for that security. "Volatility" refers to the frequency and magnitude of changes in the price of the underlying equity. However,
while the contingent payment rate was set on the pricing date, a stock's volatility can change significantly over the term of the securities. The
https://www.sec.gov/Archives/edgar/data/1114446/000091412119003594/ub54522005-424b2.htm[12/26/2019 11:48:53 AM]

closing price of the underlying equity for your securities could fall sharply, which could result in the loss of all or a substantial portion of your
initial investment.
Early redemption risk. The term of your investment in the securities may be limited to as short as approximately three months by the
early redemption feature of the securities. If the securities are redeemed early, you will receive no more contingent payments and may be
forced to invest in a lower interest rate environment and may not be able to reinvest the proceeds from an investment in the securities at a
comparable return for a similar level of risk.
The securities are subject to the credit risk of UBS AG, and any actual or anticipated changes to our credit
ra t ings or c re dit spre a ds m a y a dve rse ly a ffe c t t he m a rk e t va lue of t he se c urit ie s. Investors are dependent on UBS AG's
ability to pay all amounts due on the securities, and therefore investors are subject to our credit risk and to changes in the market's view of
our creditworthiness. Any actual or anticipated decline in our credit ratings or increase in the credit spreads charged by the market for taking
our credit risk is likely to affect adversely the market value of the securities. If we were to default on our payment obligations, you may not
receive any amounts owed to you under the securities and you could lose a significant portion or all of your initial investment.
Single equity risk. The closing price of the underlying equity can rise or fall sharply due to factors specific to that underlying equity and
the issuer of such underlying equity (the "underlying equity 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 stock market volatility and levels, interest rates and economic and political conditions. You, as an investor in the securities, should
make your own investigation into the underlying equity issuer and the underlying equity for your securities. For additional information
regarding the underlying equity, please see "Information about the Underlying Equity" below and the underlying equity issuer's SEC filings
referred to in this section. We urge you t o re vie w fina nc ia l a nd ot he r inform a t ion file d pe riodic a lly by t he unde rlying
e quit y issue r w it h t he SEC.

December 2019
Page 10
Contingent Income Auto-Callable Securities due December 23, 2022
$12,554,420 Based on the Performance of the Common Stock of Uber Technologies, Inc.

Fair value considerations.
o 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 pricing date due to the inclusion in the issue price of the underwriting discount,
hedging costs, issuance costs, projected profits and a fee paid to an unaffiliated broker-dealer providing an electronic platform for this
offering. As of the close of the relevant markets on the pricing date, we have determined the estimated initial value of the securities by
reference to our internal pricing models and the estimated initial value of the securities 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 price, volatility and any
dividends paid on the underlying equity, 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 and other 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 pricing date is less than the issue price
you pay for the securities.
o 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 a nd 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 pric ing 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 "--
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 pricing 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.
o 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 pric ing da t e . We may determine the economic terms of the securities, as well as hedge our
obligations, at least in part, prior to the pricing 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 pricing date and any such differential between the estimated initial value and the issue price of the securities as of the pricing date
does not reflect our actual profits. Ultimately, our actual profits will be known only at the maturity of the securities.
Limited or no secondary market and secondary market price considerations.
o 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
https://www.sec.gov/Archives/edgar/data/1114446/000091412119003594/ub54522005-424b2.htm[12/26/2019 11:48:53 AM]

Document Outline

#1">
- #1">