Obligation UBSL 0% ( US90281K1060 ) en USD

UBSL

100 % ▲

Suisse

US90281K1060 ( en USD )

08/06/2023 - Obligation échue

Prospectus brochure de l'obligation UBS (London Branch) US90281K1060 en USD 0%, échue

1 000 USD

14 089 000 USD

90281K106

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 US90281K1060, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 08/06/2023

6/10/2020
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424B2 1 ub55050543-424b2.htm FORM 424B2

June 2020
Pricing Supplement
Dated June 5, 2020
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 June 8, 2023
$14,088,600 Based on the Performance of the Common Stock of The Goldman Sachs Group, Inc.
Contingent Income Auto-Cal able 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 cal threshold level on any determination
date (other than the final determination date), the securities wil 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 cal threshold level, the securities wil not be redeemed early and if that closing price is less than the downside threshold level, you
wil not receive any contingent payment for that period. As a result, investors must be wil ing to accept the risk of not receiving any contingent payments.
Furthermore, UBS has elected to deliver cash in lieu of shares and investors wil 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 wil 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 al of your initial investment. Accordingly, the securities do not guarantee any return of principal at maturity. Investors will not participate in
any appreciation of the underlying equity and must be willing to accept the risk of not receiving any contingent payments over the term of the
securities. The securities are unsubordinated, unsecured debt obligations issued by UBS AG, and all payments on the securities are subject to
the credit risk of UBS AG.
SUMMARY TERMS

Issuer:
UBS AG London Branch
Underlying equity:
Common Stock of The Goldman Sachs Group, Inc. (Bloomberg Ticker: "GS UN")
Aggregate principal
$14,088,600
amount:
Stated principal amount: $10.00 per security
Issue price:
$10.00 per security (see "Commissions and issue price" below)
Pricing date:
June 5, 2020
Original issue date:
June 10, 2020 (3 business days after the pricing date). Under Rule 15c6-1 of the Securities Exchange Act of 1934, as
amended, trades in the secondary market general y 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 wil be required, by virtue of the fact that each security
initial y wil settle in three business days (T+3), to specify alternative settlement arrangements to prevent a failed settlement
of the secondary market trade.
Maturity date:
June 8, 2023, 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.
Early redemption:
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 cal threshold level, the securities wil be redeemed early and we wil pay the early redemption amount on
the first contingent payment date immediately fol owing the related determination date.
Early redemption amount:The early redemption amount wil be an amount equal to (i) the stated principal amount plus (i ) the contingent payment with
respect to the related determination date.
Contingent payment:
§
If, on any determination date, the closing price or the final price is equal to or greater than the downside threshold level,
we wil pay a contingent payment of $0.2625 (equivalent to 10.50% 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 wil be made with respect to that determination date.
Determination dates:
September 8, 2020, December 7, 2020, March 5, 2021, June 7, 2021, September 7, 2021, December 6, 2021, March 7,
2022, June 6, 2022, September 6, 2022, December 5, 2022, March 6, 2023 and June 5, 2023, 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 June 5, 2023 as the final determination date. References in the accompanying product supplement to one or more
"valuation dates" shal mean the determination dates for purposes of the market disruption event provisions in the
accompanying product supplement.
Contingent payment
With respect to each determination date other than the final determination date, the third business day after the related
dates:
determination date. The payment of the contingent payment, if any, with respect to the final determination date wil be made
on the maturity date.
Payment at maturity:
§
If the final price is equal to or greater than the(i) the stated principal amount plus (i ) the contingent payment
downside threshold
with respect to the final determination date
level:

§
If the final price is less than the downside thresholdthe cash value
level:

UBS has elected to deliver to you cash in lieu of shares, and your payment at maturity for each security will be the
cash value. If the final price is less than the downside threshold level, investors will lose a significant portion and
may lose all of their initial investment.
Exchange ratio:
The quotient of the stated principal amount divided by the initial price.
Cash value:
The exchange ratio multiplied by the final price.
Call threshold level:
$217.92, 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
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or Equity Basket Asset" and "-- Reorganization Events for Securities Linked to an Underlying Equity or Equity Basket Asset"
in the accompanying product supplement).
Downside threshold level:$130.75, which is equal to 60.00% 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).
Initial price:
$217.92, 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).
Final price:
The closing price of the underlying equity on the final determination date.
CUSIP / ISIN:
90281K106 / US90281K1060
Listing:
The securities wil not be listed or displayed on any securities exchange or any electronic communications network.
Calculation Agent:
UBS Securities LLC
Commissions and issue

Price to Public(1)
Fees and Commissions(1)
Proceeds to Issuer
price:
Per security

100.00%
2.00%(a)
97.50%

+ 0.50%(b)

2.50%

Total

$14,088,600.00
$352,215.00
$13,736,385.00

(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 resel al 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 sel s and

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

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 $9.75. 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.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed
upon the accuracy or adequacy of this document, the accompanying product supplement or the accompanying prospectus. Any
representation to the contrary is a criminal offense.
The securities are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.
You should read this document together with the accompanying product supplement and the accompanying prospectus, each of which can be
accessed via the hyperlinks below, before you decide to invest.
Product supplement dated October 31, 2018
Prospectus dated October 31, 2018

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Contingent Income Auto-Cal able Securities due June 8, 2023
$14,088,600 Based on the Performance of the Common Stock of The Goldman Sachs Group, Inc.

Additional Information about UBS and the Securities
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 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.
You may access these documents on the SEC website at www.sec.gov as follows:
§
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.
June 2020
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Contingent Income Auto-Cal able Securities due June 8, 2023
$14,088,600 Based on the Performance of the Common Stock of The Goldman Sachs Group, Inc.
Investment Summary
The Contingent Income Auto-Callable Securities due June 8, 2023 based on the performance of the common stock of The Goldman
Sachs Group, Inc., which we refer to as the securities, provide an opportunity for investors to earn a contingent payment, which is an
amount equal to $0.2625 (equivalent to 10.50% 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. It is possible that the closing price of the underlying equity could remain less than the downside
threshold level for extended periods of time or even throughout the term of the securities so that you may receive few or no
contingent payments.
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. Investors in the securities must be
willing to accept the risk of losing a significant portion and, in extreme situations, all of their initial investment and also the
risk of not receiving any contingent payments. In addition, investors will not participate in any appreciation of the underlying
equity.
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Contingent Income Auto-Cal able Securities due June 8, 2023
$14,088,600 Based on the Performance of the Common Stock of The Goldman Sachs Group, Inc.
Key Investment Rationale
The securities offer the opportunity for investors to earn a contingent payment equal to $0.2625 (equivalent to 10.50% 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:
Scenario 1
On any determination date other than the final determination date, the closing price is equal to or
greater than the call threshold level.

§
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.

Scenario 2
The securities are not automatically redeemed early and the final price is equal to or greater than the
downside threshold level.

§
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.

Scenario 3
The securities are not automatically redeemed early and the final price is less than the downside
threshold level.

§
The payment due at maturity will be the cash value.
§
Investors will lose a significant portion and may lose all of their initial investment in this
scenario.
Investing in the securities involves significant risks. You may lose a significant portion and, in extreme situations all of your
initial investment. Any payment on the securities, including any repayment of principal, is subject to the creditworthiness of
UBS. If UBS were to default on its payment obligations, you may not receive any amounts owed to you under the securities
and you could lose all of your initial investment.
The securities will not pay a contingent payment on a contingent payment date (including the maturity date) if the closing
price is less than the downside threshold level on the related determination date. The securities will not be subject to an early
redemption if the closing price is less than the call threshold level on a determination date. If the securities are not redeemed
early, you will lose a significant portion and, in extreme situations, all of your initial investment at maturity if the final price is
less than the downside threshold level.
June 2020
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Contingent Income Auto-Cal able Securities due June 8, 2023
$14,088,600 Based on the Performance of the Common Stock of The Goldman Sachs Group, Inc.
Investor Suitability
The securities may be suitable 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 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.
The securities may not be suitable 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.
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Contingent Income Auto-Cal able Securities due June 8, 2023
$14,088,600 Based on the Performance of the Common Stock of The Goldman Sachs Group, Inc.
How the Securities Work
The following diagrams illustrate the potential outcomes for the securities depending on (1) the closing price and (2) the final price.
Diagram #1: Determination Dates Other Than the Final Determination Date
Diagram #2: Payment at Maturity if No Early Redemption Occurs
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.
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Contingent Income Auto-Cal able Securities due June 8, 2023
$14,088,600 Based on the Performance of the Common Stock of The Goldman Sachs Group, Inc.
Hypothetical Examples
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:
$210.00
Hypothetical Call Threshold Level:
$210.00, which is equal to 100.00% of the hypothetical initial price
Hypothetical Downside Threshold Level:
$126.00, 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:
$0.2625 (equivalent to 10.50% 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 $210.00 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.

Example 1
Example 2
Early
Early
Determination
Hypothetical
Contingent
Redemption
Hypothetical
Contingent
Redemption
Dates
Closing Price
Payment
Amount*
Closing Price
Payment
Amount
#1
$221.00
--*
$10.2625
$185.00
$0.2625
N/A
#2
N/A
N/A
N/A
$119.70
$0
N/A
#3
N/A
N/A
N/A
$252.00
--*
$10.2625
#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
#10
N/A
N/A
N/A
N/A
N/A
N/A
#11
N/A
N/A
N/A
N/A
N/A
N/A
Final
N/A
N/A
N/A
N/A
N/A
N/A
Determination
Date
Payment at
N/A
N/A
Maturity
*
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 Example 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 + $0.2625 = $10.2625
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 $10.2625 (a 2.625% total return on the securities).
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$14,088,600 Based on the Performance of the Common Stock of The Goldman Sachs Group, Inc.

In Example 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 $0.2625 with respect to such
determination date. Following the third determination date, you receive an early redemption amount of $10.2625, 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 $10.2625
per security and do not benefit from such appreciation. When added to the contingent payment of $0.2625 received in respect of the
prior determination dates, UBS will have paid you a total of $10.5250 per security for a 5.25% total return on the securities.

Example 3
Example 4
Early
Early
Determination
Hypothetical
Contingent
Redemption
Hypothetical
Contingent
Redemption
Dates
Closing Price
Payment
Amount
Closing Price
Payment
Amount
#1
$100.80
$0
N/A
$88.20
$0
N/A
#2
$105.00
$0
N/A
$92.40
$0
N/A
#3
$121.80
$0
N/A
$121.80
$0
N/A
#4
$94.50
$0
N/A
$100.80
$0
N/A
#5
$109.20
$0
N/A
$113.40
$0
N/A
#6
$117.60
$0
N/A
$117.60
$0
N/A
#7
$100.80
$0
N/A
$104.16
$0
N/A
#8
$92.40
$0
N/A
$109.20
$0
N/A
#9
$91.56
$0
N/A
$96.60
$0
N/A
#10
$113.40
$0
N/A
$100.80
$0
N/A
#11
$120.96
$0
N/A
$117.60
$0
N/A
Final
$84.00
--*
N/A
$189.00
--*
N/A
Determination
Date
Payment at
$4.00
$10.2625
Maturity
*
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 Example 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 / $210.00) x $84.00
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 Example 4, the closing price of the underlying equity is less than the downside threshold on each determination date prior to
the final 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 + $0.2625 = $10.2625
June 2020
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6/10/2020
https://www.sec.gov/Archives/edgar/data/1114446/000091412120002074/ub55050543-424b2.htm

Contingent Income Auto-Cal able Securities due June 8, 2023
$14,088,600 Based on the Performance of the Common Stock of The Goldman Sachs Group, 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 $10.2625 per security at maturity. Your total return per security in this
example is $10.2625 (a 2.625% total return on the securities).
Investing in the securities involves significant risks. The securities differ from ordinary debt securities in that UBS is not
necessarily obligated to repay the full amount of your initial investment. If the securities are not redeemed early, you may lose
a significant portion or all of your initial investment. Specifically, if the securities are not redeemed early and the final price is
less than the downside threshold level, UBS has elected to deliver to you the cash value, which will be worth significantly less
than your stated principal amount resulting in a loss of a significant portion or all of your initial investment.
The securities will not pay a contingent payment if the closing price is less than its downside threshold level on any
determination date. The securities will not be subject to an early redemption if the closing price is less than the call threshold
level on any determination date.
Any payment to be made on the securities, including any repayment of principal, depends on the ability of UBS to satisfy its
obligations as they come due. If UBS were to default on its payment obligations you may not receive any amounts owed to you
under the securities and you could lose all of your initial investment.
June 2020
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