[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_154":155},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","btrlnnssty60c3lze7lf07bft","revision",2,"title","UBS发行挂钩白银ETF的结构性票据，期限约4年","originalTitle","UBS AG (0001114446) (Filer)","summary","UBS AG发行挂钩iShares Silver Trust的结构性票据，期限约4年（至2030年10月21日），最低投资$1,000，票息率8.86%。若资产价格在观察日≥初始水平将自动赎回；若最终水平<下行门槛（$35.03），支付金额=本金×(1+底层回报)，投资者可能损失全部本金。该产品存在信用、市场、流动性及税务风险，且未在交易所上市。","reason","该文件披露了UBS发行的结构性票据条款及多重风险，包括底层资产价格波动、UBS信用风险、税务不确定性及二级市场流动性缺失，投资者需仔细评估本金损失可能。","source",{"_12":145,"_146":147,"_9":148,"_149":42,"_150":151,"_152":153},"links",{"_142":143,"_135":144},"publishedAt","2026-10-21T17:29:55.000Z","discoveredAt","2026-10-21T17:45:51.948Z","timelineAt","category","ai-products","tags",[140,141],"stockSymbols",[],"score",61,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":134,"_135":-5,"_136":137,"_138":139},"outline",[77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fyiHZ_qNjZnw",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","ddf14e88-037b-4c31-b626-5139838439bd","UBS发行挂钩白银ETF的结构性票据",{"_73":74,"_16":75},{"_12":132,"_96":133,"_98":121},{"_12":130,"_96":131,"_98":15},{"_12":128,"_96":129,"_98":15},{"_12":126,"_96":127,"_98":15},{"_12":124,"_96":125,"_98":15},{"_12":122,"_96":123,"_98":121},{"_12":119,"_96":120,"_98":121},{"_12":117,"_96":118,"_98":15},{"_12":115,"_96":116,"_98":15},{"_12":113,"_96":114,"_98":15},{"_12":111,"_96":112,"_98":15},{"_12":109,"_96":110,"_98":15},{"_12":107,"_96":108,"_98":15},{"_12":105,"_96":106,"_98":15},{"_12":103,"_96":104,"_98":15},{"_12":101,"_96":102,"_98":15},{"_12":99,"_96":100,"_98":15},{"_12":95,"_96":97,"_98":15},"sec-18","text","Validity of the Notes","level","sec-17","Supplemental Plan of Distribution (Conflicts of Interest); Secondary Markets (if","sec-16","What Are the Tax Consequences of the Notes?","sec-15","Information About the Underlying Asset","sec-14","Hypothetical Examples of How the Notes Might Perform","sec-13","关键风险","sec-12","观察日(1) 和附息支付日(1)(2)","sec-11","投资时间表","sec-10","最终条款","sec-9","投资者适合性","sec-8","关于UBS和票据的附加信息","sec-7","UBS投资银行",3,"sec-6","UBS金融服务公司","sec-5","票据发行","sec-4","关键日期","sec-3","特点","sec-2","投资说明","sec-1","瑞银集团125,000美元触发自动赎回附条件收益票据","\n\n\n\n\n\n\n

\n\n

\n $\"Logo\"$

2026年10月20日修订第1号†

关于定价补充文件

2026年10月16日

根据规则424(b)(3)提交

注册声明编号333-283672

(关于2025年2月6日的招股说明书和2025年2月6日的产品补充文件)

\n\n

瑞银集团125,000美元触发自动赎回附条件收益票据

与iShares®白银信托的股份相关（到期日为2030年10月21日）

\n\n\n\n

投资说明

瑞银集团触发自动赎回附条件收益票据（“票据”）是由瑞银集团（“瑞银”或“发行人”）发行的无担保、无优先权的债务义务，与iShares®白银信托（“标的资产”）的股份相关。我们在此也将交易所交易基金称为“ETF”。如果在相关观察日（包括最终估值日）标的资产的收盘价等于或高于票息障碍，则瑞银将在票息支付日支付附条件票息。否则，相关票息支付日将不支付附条件票息。如果在最终估值日前任何观察日（每季度一次，从6个月后开始）标的资产的收盘价等于或高于初始水平，瑞银将提前自动赎回票据。如果票据被自动赎回，瑞银将在与该观察日对应的票息支付日（“赎回结算日”）按每张票据支付等于本金金额加上任何应计附条件票息的现金支付，此后票据不再有其他付款义务。如果票据未被自动赎回，且在最终估值日（“最终水平”）标的资产的收盘价等于或高于下行阈值，到期时，瑞银将按每张票据支付等于本金金额的现金支付。然而，如果票据未被自动赎回，且最终水平低于下行阈值，到期时，瑞银将按每张票据支付少于本金金额的现金支付，这可能导致您初始投资的百分比损失等于标的资产从初始水平到最终水平的百分比下降（“标的资产回报”），在极端情况下，您可能会损失全部初始投资。投资票据涉及重大风险。您可能会损失初始投资的大部分或全部，且在票据期限内可能无法获得任何附条件票息。一般来说，票据的附条件票息率越高，损失风险越大，且在票据期限内无法获得附条件票息的风险也越大。附条件本金偿还仅在到期时适用。票据的任何付款，包括任何本金偿还，均受瑞银的信用状况影响。如果瑞银未能履行其义务，您可能无法获得票据项下的任何应付金额，且可能损失全部初始投资。\n

\n\n\n\n

特点

\n\n\n\n\n\n\n\n\n\n

\n • \n	\n \n定期附条件票息的潜力 — 如果在观察日（包括最终估值日）标的资产的收盘价等于或高于票息障碍，则瑞银将在相关票息支付日支付附条件票息。否则，如果在观察日标的资产的收盘价低于票息障碍，则相关票息支付日将不支付附条件票息。 \n
\n • \n	\n \n自动呼叫功能 — 如果在最终估值日之前的任何观察日（每季度一次，从6个月后开始）标的资产的收盘价等于或高于初始水平，UBS将自动呼叫票据，并向您支付票据的本金金额以及相关付息日应支付的或有票息。如果票据之前已处于自动呼叫状态，则票据不再向您支付任何进一步的款项。如果票据未处于自动呼叫状态，您在到期时可能会面临下行市场风险。\n \n
\n • \n	\n \n到期时可能全额下行市场风险的本金或有偿付 — 如果票据未处于自动呼叫状态，且最终水平等于或高于下行阈值，则在到期时，UBS将按每张票据支付等于本金金额的现金。然而，如果票据未处于自动呼叫状态，且最终水平低于下行阈值，则在到期时，UBS将按每张票据支付少于本金金额的现金，这可能导致您初始投资的百分比损失等于标的资产的回报，在极端情况下，您可能会损失全部初始投资。只有在您持有票据至到期时，才适用本金的或有偿付。票据的任何付款，包括任何本金的偿付，均受UBS信用状况的影响。\n \n

\n\n\n\n

关键日期

\n\n\n\n\n\n\n

\n 交易日期* \n	\n 2026年10月16日 \n
\n 结算日期* \n	\n 2026年10月20日 \n

\n\n\n\n

观察日期**

每季度（6个月后可呼叫）（见第4页）

\n\n\n\n\n\n\n

\n 最终估值日期** \n	\n 2030年10月17日 \n
\n 到期日期** \n	\n 2030年10月21日 \n

*我们预计将在交易日后第二个营业日交付票据并收取款项。根据《1934年证券交易法》（以下简称“证券交易法”）第15c6-1条的规定，二级市场中的交易通常要求在一天内结算（T+1），除非交易双方明确同意其他方式。因此，希望在票据交付前至少一天在二级市场交易票据的购买者，由于每张票据最初将在两个营业日（T+2）内结算，必须指定替代结算安排，以防止二级市场交易结算失败。\n

**如发生市场中断事件，将根据附带的产品补充文件所述进行推迟。\n

\n致投资者的通知：票据比传统债务工具要风险大得多。发行人并不一定有义务在到期时偿还票据的本金金额，且票据可能具有与标的资产相同的下行市场风险。这种市场风险是在购买UBS债务义务时固有信用风险之外的额外风险。如果您不理解或不熟悉投资票据所涉及的重大风险，请不要购买票据。\n

\n您应仔细考虑第5页开始的“关键风险”部分以及第PS-9页开始的“风险因素”部分中描述的风险。与这些风险或其他风险和不确定性相关的事件可能会对您的票据的市场价格和回报产生不利影响。您可能会损失初始投资的大部分或全部。这些票据不会在任何证券交易所或任何电子通讯网络上上市或展示。\n

\n\n\n\n

票据发行

这些票据的最低投资金额为100张，每张10美元（代表1000美元的投资），且在此基础上的10美元整数倍。

\n\n\n\n

\n标的资产\n

\n彭博代码\n

\n附带票息率\n

\n初始水平\n

\n下行阈值\n

\n票息障碍\n

\n CUSIP\n

\nISIN\n

\n\n\n\n

iShares®白银信托的份额

SLV

每年8.86%

$51.51

$35.03，这是初始水平的68.00%

90312Y760

US90312Y7601

\n\n\n\n

\n\n

根据交易日的估计，票据的初始价值为9.55美元。票据的估计初始价值是根据UBS内部定价模型，在参考相关市场在本文件发布之日的收盘价时确定的，包括内部资金利率。有关二级市场报价和票据估计初始价值的更多信息，请参见第5页开始的“关键风险 —— 估计价值考虑”和“有关流动性和二级市场价格考虑的风险”部分。

\n详见第ii页的“关于UBS和票据的附加信息”。这些票据将具有随附的产品补充文件中规定的条款，该文件日期为2025年2月6日，随附的招股说明书日期为2025年2月6日，以及本文档。\n

\n证券交易委员会或其他监管机构未批准或否决这些票据，也未对本文件、随附的产品补充文件或随附的招股说明书的充分性或准确性进行审查。与此相反的任何陈述都是刑事犯罪。\n

这些票据不是银行存款，也不受联邦存款保险公司或任何其他政府机构的保险。

\n\n\n\n\n\n\n

\n \n票据发行\n \n	\n \n公众发行价\n \n	\n \n承销折扣(1)\n \n	\n \nUBS AG的收益(1)\n \n
\n\n	\n \n总计\n \n	\n \n每张\n \n	\n \n总计\n \n	\n \n每张\n \n	\n \n总计\n \n	\n \n每张\n \n

\n\n\n\n

与iShares®白银信托份额挂钩的票据

$125,000.00

$10.00

$2,812.50

$0.225

$122,187.50

$9.775

(1) 有关更多信息，请参见“补充分销计划（利益冲突）；二级市场（如有）”部分。

† 本修订和重述的定价补充文件全面修订、重述并取代了日期为2026年10月16日的与之相关的定价补充文件。

\n\n\n\n

UBS金融服务公司

UBS投资银行

\n\n\n\n

关于UBS和票据的附加信息

UBS已向证券交易委员会（“SEC”）提交了注册声明（包括招股说明书，以及针对票据的产品补充文件），涉及本文件所涉的发行。您应阅读这些文件以及UBS向SEC提交的任何与票据相关的其他文件，以获取有关UBS和此次发行的更完整信息。您可以通过SEC网站sec.gov免费获取这些文件。我们在SEC网站上的中央索引键（CIK）是0001114446。

您可以通过SEC网站sec.gov访问这些文件，如下所示：

• 2025年2月6日发布的与市场挂钩证券产品补充文件：

http://www.sec.gov/Archives/edgar/data/1114446/000183988225007685/ubs_424b2-03670.htm

• 2025年2月6日发布的招股说明书：

http://www.sec.gov/Archives/edgar/data/1114446/000119312525021845/d936490d424b3.htm

对“UBS”、“我们”、“我们的”和“我们”的引用仅指UBS AG，而不是其合并子公司。在本文中，“触发自动赎回可赎回条件收益票据”或“票据”指本次发行的票据。此外，“配套产品补充文件”或“与市场挂钩证券产品补充文件”指的是2025年2月6日发布的UBS产品补充文件，“配套招股说明书”指的是标题为“债务证券和认股权证”、2025年2月6日发布的UBS招股说明书。

本文档以及上述列出的文件包含票据的条款，并取代所有其他先前或同时的口头陈述以及任何其他书面材料，包括所有其他先前的定价条款、通信、交易想法、实施方案结构、示例结构、宣传册或其他教育材料。您应仔细考虑本文中“关键风险”和配套产品补充文件中的“风险因素”中提到的事项，因为票据涉及与传统债务证券无关的风险。我们敦促您就投资票据咨询您的投资、法律、税务、会计和其他顾问。

如果配套招股说明书、配套产品补充文件和本文档中描述的票据条款之间存在不一致，以下优先顺序将适用：首先，本文档；其次，配套产品补充文件；最后，配套招股说明书。

UBS保留更改票据条款或在发行前拒绝任何购买要约的权利。如果票据条款有任何变更，UBS将通知您，并要求您在购买时接受这些变更。您也可以选择拒绝这些变更，此时UBS可能会拒绝您的购买要约。

本修订和重述的定价补充文件全面修订、重述并取代了与之相关的2026年10月16日发布的定价补充文件。

\n\n\n\n

投资者适合性

如果您符合以下条件，票据可能适合您：

\n\n\n\n

•

您完全了解投资票据所固有的风险，包括损失大部分或全部初始投资的风险。

\n\n\n\n

•

您能够承受大部分或全部初始投资的损失，并愿意进行一项可能具有与投资标的资产相同下行市场风险的投资。

\n\n\n\n

•

您愿意接受很少或没有附条件的票息，并且相信标的资产的收盘价在每个观察日将等于或高于票息门槛，并且最终价格将等于或高于下行阈值。

\n\n\n\n

•

您了解并接受您将不会参与标的资产价格的任何增值，且您的潜在回报仅限于任何附条件票息。

\n\n\n\n

•

您能够承受票据到期前价格波动的风险，这些波动可能与标的资产价格的下行波动相似或更严重。

\n\n\n\n

•

您愿意根据此处封面中规定的或有票息率投资该票据。

\n\n\n\n

•

您愿意根据此处封面中规定的下行阈值和票息障碍水平投资该票据。

\n\n\n\n

•

您不寻求从投资中获得保证的当前收入，并愿意放弃对底层资产的任何股息或其他分配。

\n\n\n\n

•

您愿意投资可能面临自动赎回的票据，并且愿意将此类票据持有至到期，并接受该票据可能几乎没有或没有二级市场。

\n\n\n\n

•

您了解并愿意接受与底层资产及其组成部分（“底层构成资产”）相关的风险，这些资产主要由白银组成。

\n\n\n\n

•

您愿意承担UBS的所有票据支付的信用风险，并了解如果UBS未能履行其义务，您可能无法收到任何应付款项，包括任何本金的偿还。

\n\n\n\n

•

您了解我们内部定价模型确定的票据估计初始价值低于发行价格，如果UBS Securities LLC或其任何关联公司为票据建立二级市场，价格（不包括其常规买卖价差）将暂时超过内部定价模型价格。

如果以下情况，该票据可能不适合您：

\n\n\n\n

•

您不完全了解投资票据所固有的风险，包括损失大部分或全部初始投资的风险。

\n\n\n\n

•

您需要一种设计为在到期时全额返还本金的投资。

\n\n\n\n

•

您无法承受大部分或全部初始投资的损失，或者您不愿意进行可能具有与投资底层资产相同下行市场风险的投资。

\n\n\n\n

•

您不愿意在票据期限内获得少量或没有或有票息，或者您认为底层资产的收盘价在票据期限内可能会下降，并且在每个观察日可能低于票息障碍水平，或者最终水平可能低于下行阈值。

\n\n\n\n

•

您寻求一种能够参与底层资产价格升值的投资，或具有无限回报潜力的投资。

\n\n\n\n

•

您无法承受票据到期前价格波动的风险，这些波动可能与底层资产价格的下行波动相似或更严重。

\n\n\n\n

•

您不愿意根据此处封面中规定的或有票息率投资该票据。

\n\n\n\n

•

您不愿意根据此处封面中规定的下行阈值或票息障碍水平投资该票据。

\n\n\n\n

•

您寻求从投资中获得保证的当前收入，或更倾向于获得底层资产的任何股息或其他分配。

\n\n\n\n

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您无法或不愿意投资可能面临自动赎回的票据，或者您无法或不愿意将此类票据持有至到期，或者您寻求一种会有活跃二级市场的投资。

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您不理解或不愿意接受与底层资产或底层构成资产相关的风险。

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您不愿意承担UBS对票据所有支付（包括任何本金偿还）的信用风险。

\n上述确定的适合性考虑因素并非详尽无遗。您是否适合投资这些票据将取决于您的具体情况。我们敦促您咨询您的投资、法律、税务、会计及其他顾问，并根据您的具体情况仔细考虑投资这些票据的适合性。您应查阅“关于基础资产的信息”以获取有关基础资产的更多信息。您还应仔细查阅“主要风险”部分，以了解与投资票据相关的风险。\n

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最终条款

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发行人：

UBS AG，伦敦分行

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本金金额：

每张票据10美元

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期限：

大约4年，除非被自动赎回。

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基础资产：

iShares®白银信托的股份

\n\n\n\n

附条件票息和附条件票息率：

\n如果在任何观察日（包括最终估值日）基础资产的收盘价等于或高于票息障碍水平， UBS将在相关票息支付日向您支付适用于该观察日的附条件票息。

\n如果在任何观察日（包括最终估值日）基础资产的收盘价低于票息障碍水平，则适用于该观察日的附条件票息将不会累积或支付，且UBS在相关票息支付日不会向您支付任何款项。

附条件票息是基于按年率（“附条件票息率”）的等额定期分期付款的固定金额。下表列出了在满足上述条件的每个观察日，每张票据适用的附条件票息率和附条件票息。

\n\n\n\n

\n\n

\n附条件票息率\n

8.86%每年

\n\n\n\n

\n\n

\n附条件票息\n

$0.2215

\n\n\n\n

\n\n	\n \n票据的附条件票息并非保证。如果在任何观察日基础资产的收盘价低于票息障碍水平，UBS不会向您支付该观察日的附条件票息。\n \n

\n\n\n\n

自动赎回特性：

如果在任何观察日（每季度一次，从6个月后开始）除最终估值日外，基础资产的收盘价等于或高于初始水平，UBS将自动赎回票据。

如果票据被自动赎回，UBS将在相应的票息支付日（“赎回结算日”）按每张票据支付等于您的本金金额加上任何应计附条件票息的现金金额（“赎回结算金额”）。自动赎回后，票据将不再支付任何款项。

\n\n\n\n

到期时的支付（每张票据）：

\n如果票据未被自动赎回且最终水平等于或高于下行阈值，UBS将向您支付现金金额：

本金金额10美元

\n如果票据未被自动赎回且最终水平低于其下行阈值， UBS将向您支付少于本金金额的现金金额，如果有的话，等于：

10美元 x (1+基础资产回报率)

\n在这种情况下，您将遭受初始投资的百分比损失，而在极端情况下，您可能会损失全部初始投资。\n

\n\n\n\n

基础资产回报率：

以下公式的商，以百分比表示：

\n $\"Formula\"$

\n\n\n\n

下行阈值：(1)

挂钩资产的特定水平，低于初始水平，等于初始水平的一定百分比，如本封面所述。

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附息障碍：(1)

挂钩资产的特定水平，低于初始水平，等于初始水平的一定百分比，如本封面所述。

\n\n\n\n

初始水平：(1)

交易日挂钩资产的收盘水平，如本封面所述。

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最终水平：(1)

最终估值日挂钩资产的收盘水平。

(1) 由计算代理方确定，并且在某些调整事件的情况下可能根据随附的产品补充文件中所述的“证券一般条款——与挂钩权益或权益篮子资产相关的证券的反稀释调整”、“— 与挂钩权益或权益篮子资产相关的重组事件”以及“对挂钩权益的退市、交易暂停或法律变更的影响”进行调整。

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投资时间表

\n\n\n\n\n\n\n\n\n\n

\n\n

\n $\"Investment$

\n\n

观察挂钩资产的初始水平，并确定票据的最终条款。

如果在任何观察日（包括最终估值日）挂钩资产的收盘价等于或高于附息障碍，UBS将在适用的附息支付日向您支付附息。

如果在任何观察日（季度，从6个月后开始）而非最终估值日，挂钩资产的收盘价等于或高于初始水平，票据将被自动赎回。

如果票据被自动赎回，UBS将在赎回结算日按每张票据支付等于本金金额加上任何应计附息的现金支付。自动赎回后，票据将不再支付任何进一步的款项。

在最终估值日观察最终水平，并计算挂钩资产的回报。

\n如果票据未被自动赎回且最终水平等于或高于下行阈值，UBS将向您支付每张票据的现金支付，金额为：

面值为10美元

\n如果票据未被自动赎回且最终水平低于其下行阈值，UBS将向您支付每张票据的现金支付，金额小于本金，如果有的话，为：

10美元 x (1+挂钩资产回报)

\n在这种情况下，您将遭受初始投资的百分比损失，等于挂钩资产的回报，在极端情况下，您可能会损失全部初始投资。\n

\n投资票据涉及重大风险。您可能会损失初始投资的大部分或全部。票据的任何支付，包括任何本金偿还，均受UBS的信用状况影响。如果UBS未能履行其义务，您可能无法收到票据项下的任何应付款项，您可能会损失全部初始投资。\n

\n如果票据未被自动赎回且最终水平低于下行阈值，您将损失初始投资的大部分或全部。在票据期限内，您可能无法收到任何附息。\n

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观察日(1) 和附息支付日(1)(2)

\n\n

\n\n\n\n

\n观察日\n

\n附息支付日\n

\n\n

\n\n\n\n

2027年1月15日*

2027年1月20日*

\n\n

\n\n\n\n

2027年4月16日*

2027年4月20日

\n\n

\n\n\n\n

2027年7月16日

2027年7月20日

\n\n

\n\n\n\n

2027年10月18日

2027年10月20日

\n\n

\n\n\n\n

2028年1月18日

2028年1月20日

\n\n

\n\n\n\n

2028年4月18日

2028年4月20日

\n\n

\n\n\n\n

2028年7月18日

2028年7月20日

\n\n

\n\n\n\n

2028年10月18日

2028年10月20日

\n\n

\n\n\n\n

2029年1月18日

2029年1月22日

\n\n

\n\n\n\n

2029年4月18日

2029年4月20日

\n\n

\n\n\n\n

2029年7月18日

2029年7月20日

\n\n

\n\n\n\n

2029年10月18日

2029年10月22日

\n\n

\n\n\n\n

2030年1月17日

2030年1月22日

\n\n

\n\n\n\n

2030年4月17日

2030年4月22日

\n\n

\n\n\n\n

2030年7月18日

2030年7月22日

\n\n

\n\n\n\n

最终估值日

到期日

\n\n

\n\n\n\n

这些票据在第一个潜在的赎回结算日之前不可被赎回，该日期为2027年4月20日。

\n\n\n\n\n\n\n

\n (1) \n	\n 受随附的产品补充文件中规定的市场中断事件条款的约束。 \n
\n (2) \n	\n 在每个观察日之后两个营业日，但最终估值日的票息支付日为到期日。如果您能够在观察日将票据在二级市场上出售，那么票据的购买者将被视为有关记录日的记录持有人，因此您将无权获得与该观察日相关的任何支付。 \n

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关键风险

\n投资票据涉及重大风险。投资票据并不等同于对标的资产的假设投资。以下总结了一些适用于票据的关键风险，但我们敦促您阅读随附的产品补充文件中有关票据风险的更详细说明。我们还建议您就投资票据咨询您的投资、法律、税务、会计及其他顾问。\n

\n\n\n\n

\n\n	\n \n与回报特性相关的风险\n \n

\n\n\n\n

•

\n到期时可能损失本金 - 票据不同于普通债务证券，因为瑞银（UBS）不一定在到期时进行定期票息支付或偿还票据的全部本金。如果票据未被自动赎回且最终水平低于下行阈值，您将损失相当于标的资产回报率的本金比例，在极端情况下，您可能会损失全部初始投资。

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•

\n发行人规定的支付仅在您持有票据至到期时适用 - 您应愿意持有票据至到期。如果您能够在二级市场上在自动赎回或到期前出售票据，即使标的资产在该时间点的水平等于或高于下行阈值，您可能仍需以低于初始投资的价格出售票据。票据的所有支付均受瑞银信用状况的影响。

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\n您可能无法获得与票据相关的任何或有票息 - 瑞银不一定在票据上进行定期票息支付。如果标的资产的收盘价在观察日低于票息障碍，瑞银将不会支付该观察日适用的或有票息。如果标的资产的收盘价在每个观察日均低于票息障碍，瑞银将在票据期限内不会支付任何或有票息，您也不会从票据中获得正回报。通常，这种或有票息的不支付与票据本金损失风险更大的时期相吻合。

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您从票据中获得的收益仅限于任何或有票息，您不会参与基础资产或基础构成部分的价值增长，也不会收到基础资产的股息支付，也不会拥有与基础资产或任何基础构成部分的持有者相同的权利 - 票据的收益潜力仅限于事先规定的或有票息率，无论基础资产是否增值。此外，您的票据收益将根据在到期前或自动赎回前满足或有票息要求的观察日期数量而有所不同。由于票据可能在第一个潜在赎回结算日就面临自动赎回，因此票据的总收益可能低于如果票据一直持有至到期的情况。此外，如果票据面临自动赎回，您将不会在赎回结算日之后的任何票息支付日收到任何或有票息或其他付款，您的票据收益可能低于如果票据一直持有至到期的情况。因此，投资于票据的收益可能低于假设投资于基础资产或基础构成部分的收益。此外，作为票据的持有者，您在票据期限内不会收到或有权收到基础资产的任何股息或其他分配，且任何此类股息或分配都不会计入对您的票据付款的计算中。同样，您也不会拥有基础资产或任何基础构成部分持有者的投票权或其他任何权利。

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•

\n更高的或有票面利率或更低的下行阈值或票面障碍可能反映出标的资产预期波动率更大，而预期波动率通常表明到期时损失风险增加 - 本票据的经济条款，包括或有票面利率、票面障碍和下行阈值，部分基于票据条款设定时标的资产的预期波动率。\"波动率\"指的是标的资产水平变化的频率和幅度。在交易日，标的资产的预期波动率越大，该日期的预期就越有可能是，在观察日标的资产的收盘水平可能低于票面障碍，且最终水平可能低于下行阈值，从而分别表明无法获得或有票面利息的风险增加和损失风险增加。在其他条件相同的情况下，这种更大的预期波动率通常会反映为比我们具有相似期限的常规债务证券或 otherwise 可比证券的收益率更高的或有票面利率，以及/或比 otherwise 可比证券的下行阈值和/或票面障碍更低。因此，相对较高的或有票面利率可能表明损失风险增加。此外，相对较低的下行阈值和/或票面障碍可能不一定表明票据在到期时本金返还和/或支付或有票面利息的可能性更大。您应愿意承担标的资产的下行市场风险以及可能损失大部分或全部初始投资的潜在风险。

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\n再投资风险 - 根据本文“观察日和票面利息支付日”部分所述，如果在最终估值日之前的某些观察日，标的资产的收盘水平等于或高于初始水平，本票据将面临自动赎回。由于本票据可能在第一个潜在赎回结算日就面临自动赎回，您的投资期限可能会受到限制。如果本票据面临自动赎回，不能保证您能够以可比的回报率和/或可比的或有票面利率进行再投资，且风险水平相似。此外，如果您能够将这些收益再投资于与本票据类似的资产，您可能会产生交易成本，如新证券价格中包含的经销商折扣和对冲成本。然而，通常情况下，本票据存续时间越长，由于标的资产水平的下降，本票据面临自动赎回的可能性就越小，且标的资产水平恢复的时间也越短。这些时期通常与您的本票据本金损失风险更大的时期相吻合。

\n\n\n\n

\n\n	\n \\n与标的资产特性相关的风险\n \n

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\n市场风险 - 本票据的收益可能为负，直接与基础资产的表现相关，也间接与基础资产构成部分的表现相关。由于与基础资产或其构成部分相关的特定因素，如股票或商品价格波动、收益、财务状况、公司、行业和监管发展、管理层变动和决策以及其他事件（如白银的供需情况），以及一般市场因素（如股票和商品市场波动性和水平、利率以及经济、政治和其他状况），基础资产的水平可能大幅上升或下降。作为票据的投资者，您应自行调查基础资产的投资顾问（“基础资产发行人”）和您票据的基础资产。有关基础资产和基础资产发行人的更多信息，请参见本文中的“关于基础资产的信息”以及该部分中提到的基础资产发行人的美国证券交易委员会（SEC）文件。我们敦促您查阅基础资产发行人定期向SEC提交的财务和其他信息。\n

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\n无法保证票据中隐含的投资观点会取得成功 - 无法预测基础资产的水平会上涨或下跌的程度。无法保证基础资产的收盘水平在任何观察日等于或高于票息门槛，或者如果票据不受自动赎回条款约束，则无法保证最终水平等于或高于下行门槛。基础资产的水平将受到影响基础资产构成部分的复杂且相互关联的政治、经济、金融和其他因素的影响。您应愿意接受一般股票和特别是基础资产的下行风险，以及可能损失大部分或全部初始投资的风险。\n

\n\n\n\n

•

\n基础资产发行人与瑞银（UBS）没有关联，瑞银不对此类发行人任何披露负责 - 我们与基础资产发行人没有关联。我们及我们的关联方目前或将来可能不时与基础资产发行人开展业务。然而，我们与基础资产发行人没有关联，也不对这些发行人的信息披露负责，无论该信息是否包含在SEC文件中或其他方式。作为票据的投资者，您应自行调查基础资产、基础资产构成部分和基础资产发行人。本票据提供的基础资产发行人以任何方式参与其中，且对您的票据没有任何类型的义务。基础资产发行人没有任何义务出于任何原因（包括在可能影响您的票据价值或收益的任何公司行为中）考虑您的利益。

\n\n\n\n

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\n底层资产的价值可能无法完全跟踪其底层成分的价值- 尽管ETF的交易特性和估值通常会与其底层成分的特性和估值相匹配，但ETF的净值可能无法完全跟踪其底层成分的价值。底层资产的净值将反映ETF所投资的底层成分所没有的交易成本和费用。此外，尽管ETF目前可能在交易所上市交易，但无法保证ETF的活跃交易市场会持续存在，也无法保证交易市场会有流动性。

\n\n\n\n

•

\n净值波动 - ETF的净值（“NAV”）可能随着其底层成分的市场价值变化而波动。ETF的市场价格可能根据其NAV的变化以及相关证券交易所的供需情况而波动。此外，ETF的市场价格可能与其每份的NAV不同；ETF可能以、高于或低于其每份NAV的价格交易，这意味着底层资产的净值可能无法反映其NAV。

\n\n\n\n

•

\niShares®白银信托仅持有单一商品，其表现可能比持有更多元化资产的ETF更具波动性- iShares®白银信托是一个仅持有单一商品的ETF。此类ETF的持仓缺乏多元化，没有其他可能在其他成分下降时增加的对冲成分。由于此类ETF仅持有单一商品，因此其表现可能比持有多种商品或广泛商品指数的ETF更具波动性，且此类ETF的成分价格可能与一般商品价格不相关，可能显著偏离一般商品价格。

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\n与伦敦金银市场协会（LBMA）商品交易相关的风险- iShares®白银信托的价值与白银价格密切相关。白银在伦敦金银市场协会（“LBMA”）交易。LBMA是金银市场参与者的自律协会。尽管LBMA的所有做市商成员都受到英格兰银行的监管，并且必须满足资本充足性测试，但LBMA本身并不是受监管的实体。如果LBMA停止运营，或者金银交易可能受到增值税或其他税种或目前尚未实施的其他形式监管的影响，那么LBMA价格定盘作为白银价值全球基准的作用可能会受到不利影响。LBMA是一个交易商市场，其运作方式更类似于场外实物商品市场，而非受监管的期货市场，在LBMA交易中并不具备某些美国期货合约的特征。例如，LBMA没有每日价格限制，这本来可以限制在LBMA交易的商品价格波动。在下跌市场中，有可能在交易日内或一段时间内价格持续下跌而没有限制。

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iShares®白银信托的价值不一定代表白银行业，可能不会跟踪其组成资产的价值- iShares®白银信托的表现可能无法完全复制白银价格的表现，这是由于此类ETF收取的费用和开支，或由于对白银获取的限制，或由于其他情况。此类ETF不会产生任何收入，由于此类ETF定期出售白银以支付其持续开支，因此此类ETF所代表的白银数量随时间逐渐减少。无论此类ETF的交易价格因白银价格变化而上涨或下跌，此类ETF都会持续出售白银以支付开支。在白银价格较低时出售此类ETF的白银可能会对这类ETF的价值产生不利影响。此外，由于战争、恐怖主义、盗窃、自然灾害等原因，此类ETF的白银部分或全部可能会丢失、损坏或被盗。尽管ETF的交易特征和估值通常会反映其组成资产的特征和估值，但ETF的价格可能不会完全跟踪其组成资产的价值。iShares®白银信托的价格将反映交易成本和费用。此外，尽管ETF目前可能在交易所上市交易，但无法保证ETF的交易市场会持续活跃，也无法保证交易市场会有流动性。

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\n\n	\n 估计价值考虑因素 \n

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您为票据支付的发行价格高于其估计的初始价值 - 由于发行价格中包含了承销折扣、对冲成本、发行和其他成本以及预期利润，您在交易日为票据支付的发行价格高于其估计的初始价值。在交易日相关市场的收盘时，我们根据内部定价模型确定了票据的估计初始价值，并在本定价补充文件中列示。用于确定票据估计初始价值的定价模型包括某些变量，包括基础资产和基础组成资产的水平和波动性、基础资产的预期股息或其他分配、现行利率、票据的期限以及我们的内部资金成本。我们的内部资金成本通常低于我们发行类似期限的传统固定或浮动利率债务证券所支付的利率。承销折扣、对冲成本、发行和其他成本、预期利润以及利率差异会降低票据对您的经济价值。由于这些因素，交易日票据的估计初始价值低于您为票据支付的发行价格。

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\n估算的初始价值是一个理论价格；您在交易日后任何时间可能在任何二级市场（如有）出售凭证的实际价格可能与估算的初始价值不同 - 您的凭证在任何时间的价值将根据许多因素而变化，包括上述因素和“与标的资产特性相关的风险——市场风险”中所述的因素，且无法预测。此外，我们使用的定价模型是专有的，并部分依赖于对未来事件的某些假设，这些假设可能被证明是错误的。因此，在交易日后，如果您尝试在二级市场出售凭证，您实际收到的价值可能与根据我们的内部定价模型确定的凭证估算初始价值不同，可能差异很大。凭证的估算初始价值并不代表我们或任何我们的关联方在任何时间在任何二级市场愿意购买您的凭证的最低或最高价格。\n

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\n我们的实际利润可能高于或低于交易日凭证估算初始价值与发行价之间的差额 - 我们可能在交易日前至少部分决定凭证的经济条款以及对冲我们的义务。此外，我们可能需要持续承担维护和/或调整任何对冲的成本，而这样的对冲通常并不完美。因此，在交易日，我们发行凭证的实际利润（或可能的损失）无法确定，且交易日凭证的估算初始价值与发行价之间的任何差额并不代表我们的实际利润。最终，我们的实际利润只有在凭证到期时才能确定。\n

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\n\n	\n \n与流动性及二级市场价格考虑因素相关的风险\n \n

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\n凭证可能几乎没有或没有二级市场 - 凭证不会在任何证券交易所或任何电子通讯网络上上市或展示。无法保证凭证的二级市场会发展起来。UBS Securities LLC及其关联方有意但没有义务在凭证上做市，且可能随时停止做市。如果您能在到期前出售您的凭证，您可能不得不以重大损失出售。凭证的估算初始价值并不代表我们或任何我们的关联方在任何时间在任何二级市场愿意购买您的凭证的最低或最高价格。

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瑞银证券有限责任公司及其关联公司可能在二级市场（如有）以高于瑞银当时对票据的估值、高于任何其他独立交易商提供的二级市场价格（如有）以及根据您的经纪商情况高于您的客户账户声明上提供的估值的价格购买票据 - 在票据发行后的一段时间内，瑞银证券有限责任公司或其关联公司可能以超过（i）我们基于内部定价模型在该时间点对票据的估值、（ii）任何其他独立交易商（如有）提供的二级市场价格以及（iii）根据您的经纪商情况，高于客户账户声明上提供的估值的价格买卖此类票据。在票据发行后，瑞银证券有限责任公司最初可能以高于我们内部定价模型所指示的估值的价格购买此类票据，这是由于在有限时间内包含了承销折扣、对冲成本、发行成本和理论预期交易利润的总价值。这部分金额在不超过“补充分销计划（利益冲突）；二级市场（如有）”下指定日期的期限内将按直线法逐步减少至零。此后，如果瑞银证券有限责任公司或其关联公司进行票据的二级市场交易，其价格将反映我们根据当时内部定价模型确定的估计价值。相对于我们内部定价模型的临时正差价是由于瑞银证券有限责任公司与结构化债务证券（如票据）的销售代理之间的请求和安排所产生的。如上所述，瑞银证券有限责任公司及其关联公司有意但并非必须为票据做市，且可能随时停止做市。瑞银金融服务公司和瑞银证券有限责任公司会在其客户声明中反映这一临时正差价。投资者应询问独立交易商提供的客户账户声明上的估值。

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\n影响票据条款和到期前市场价格的经济和市场因素 - 由于结构化票据（包括票据）可以被视为具有债务部分和衍生部分，影响债务工具和期权及其他衍生工具价值的因素也将影响票据的条款和特征在发行时以及到期前的市场价格。这些因素包括基础资产及其构成部分的水平；基础资产及其构成部分的波动性；基础资产的预期股息或其他分配；票据到期剩余时间；市场利率；地缘政治状况和经济、金融、政治、不可抗力及监管或司法事件；瑞银的信用状况；票据的当前买卖价差以及下文“与对冲活动和利益冲突相关的风险 —— 潜在的利益冲突”中讨论的因素。这些因素不可预测且相互关联，可能会相互抵消或放大。\n

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\n费用以及使用内部资金利率而非次级市场信用利差对次级市场价格的影响 - 在其他条件相同的情况下，使用上述“— 估值考虑因素”下所述的内部资金利率，以及在发行价格中包含承销折扣、对冲成本、发行和其他成本以及任何预期利润，考虑到瑞银证券有限责任公司及其关联公司的做市溢价的临时缓解效应，预计会降低您在任何次级市场出售票据的价格。\n

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\n\n	\n \n与对冲活动和利益冲突相关的风险\n \n

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\n潜在的利益冲突 - 瑞银及其关联公司可能与基础资产发行人进行业务往来，这可能在瑞银的利益与您作为票据持有人的利益之间产生冲突。您与计算代理机构之间也存在潜在的利益冲突，计算代理机构将是瑞银的关联公司。计算代理机构将根据观察到的基础资产收盘水平来决定在任何付息日是否向您支付或有票息、票据是否受自动赎回条款约束以及到期时的支付（如有）。如果在交易日、任何观察日或最终估值日发生或持续发生市场中断事件，计算代理机构可以推迟确定票据的条款。由于瑞银确定票据的经济条款，包括或有票息率、下行阈值和票息障碍，且此类条款包括承销折扣、对冲成本、发行和其他成本以及预期利润，因此票据代表了一揽子经济条款。此外，如果投资者能够与第三方进行场内交易和/或场外交易衍生品或其他工具（假设此类工具可用且投资者有能力组装并进行此类交易），投资者可能会获得更好的经济条款，这也存在其他潜在的利益冲突。

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在某些事件发生后，计算代理可能会对基础资产和票据的条款进行调整，这可能对票据的市场价值和回报产生不利影响-在影响基础资产的某些事件发生后，计算代理可能会根据适用情况对初始水平、票息障碍、下行阈值和/或最终水平以及票据的任何其他条款进行调整，并且在某些情况下可能会替换该基础资产。然而，计算代理不会对每一个可能影响基础资产的事件都进行调整。如果发生不需要计算代理进行调整的事件，票据的市场价值和回报可能会受到重大不利影响。此外，有关此类调整的所有决定和计算都将由计算代理做出。您应了解，计算代理可能会以与随附的产品补充文件或本文中讨论的方式不同的方式做出任何此类调整、决定或计算，只要计算代理认为适当，即可尽可能抵消您作为票据持有人因任何此类事件导致的经济地位的任何变化，以实现公平的结果。在与基础资产相关的某些事件发生后，例如其终止、退市或交易暂停，或重大修改，票据的回报可能基于另一只ETF的份额、计算代理确定的与受影响ETF的基础成分相当的证券组合、期货合约、商品和其他资产，或对该ETF的替代计算方式。此类事件的发生和随后的调整可能会对票据的价值和回报产生重大不利影响。有关更多信息，请参见随附的产品补充文件中的“证券一般条款——与基础股权或股权组合资产挂钩证券的反稀释调整”、“——与基础股权或股权组合资产挂钩证券的重组事件”以及“——基础股权的退市、交易暂停或法律变更”部分。

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UBS对价格的潜在影响- UBS或其关联方在基础资产或任何基础成分、上市和/或场外期权、期货、交易所交易基金或其他与基础资产或任何基础成分表现挂钩的工具中的交易或交易，可能会影响基础资产的水平，从而影响票据的市场价值和回报。

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\n经销商激励 - UBS及其关联公司就票据（Notes）以多种方式行事。我们及我们的关联公司可能作为交易商、代理人或经纪人在票据的销售中行事。这些关联公司，包括销售代表，将从票据的分销中获得报酬，而这种报酬可能成为促使他们销售这些票据而非其他投资的激励。我们将按照此处封面所列的每张票据的承销折扣金额，向任何作为代理人或交易商参与票据分销的关联公司支付总承销报酬。鉴于UBS Securities LLC及其关联公司暂时维持做市溢价，这可能会产生抑制UBS Securities LLC及其关联公司推荐在二级市场出售您的票据的效果。

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\nUBS可能发布的不一致的研究、意见或建议 - UBS及其关联公司会不定期发布有关金融市场和其他事项的研究，这些研究可能会影响票据的价值和回报，或表达与购买或持有票据不一致的意见或提供建议。UBS或其关联公司发布的任何研究、意见或建议可能彼此不一致，并可能在未通知的情况下随时修改。投资者应自行独立调查投资票据及其底层资产的优劣。

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\n\n	\n \n与一般信用特征相关的风险\n \n

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\nUBS的信用风险 - 票据是UBS的无担保、无优先级债务义务，无论是直接还是间接，都不是任何第三方的义务。任何应支付给票据的款项，包括任何本金的偿还，都取决于UBS履行其到期义务的能力。因此，UBS的实际和感知信用状况可能会影响票据的市场价值。如果UBS未能履行其义务，您可能无法按照票据条款获得任何应付的款项，您可能会损失全部初始投资。

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\n票据不是银行存款 - 投资票据所承担的风险与在UBS或其关联公司处存入的银行存款的风险非常不同。票据具有不同的收益率和/或回报率、流动性和风险特征，且不会受益于为存款提供的任何保护。

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\n如果瑞银集团遭遇严重的财务困难，FINMA 有权针对瑞银集团启动重组或清算程序，并/或对其采取保护性措施，此类程序或措施可能对凭证的条款和市场价值以及瑞银集团支付凭证的能力产生重大不利影响- 1934 年 11 月 8 日颁布的《瑞士银行与储蓄银行联邦法》（以下简称“瑞士银行法”）经修订后，赋予瑞士金融市场监管局（“FINMA”）广泛的权力，可在其认为有正当理由担心瑞银集团过度负债或存在严重流动性问题，或在截止期限届满后瑞银集团未能满足适用的资本充足率要求（无论是在单独还是合并基础上）时，针对瑞银集团采取措施和行动。如果满足上述任何前提条件，FINMA 有权针对瑞银集团启动重组程序或清算（破产）程序，并/或对其采取保护性措施。根据瑞士银行法，FINMA 在上述程序和措施方面拥有很大的自由裁量权。特别是，FINMA 可以施加各种各样的保护性措施，包括银行暂停支付或到期日延期，这些措施可以单独实施，也可以与重组或清算程序一并实施。

在重组程序中，FINMA作为解决机构，有权批准重组计划。该重组计划可能包括以下内容：(a) 将瑞银集团的所有或部分资产、债务、其他负债和合同（可能包括也可能不包括瑞银与票据持有人之间的合同关系）转让给另一实体；(b) 对瑞银作为一方的合同的终止进行暂停（最多两个营业日），以及/或行使（w）终止权利、（x）净额结算权利、（y）执行或处置担保物的权利或（z）根据瑞银作为一方的合同转让债权、债务或担保物的权利；(c) 将瑞银的债务和/或其它义务（包括其在票据下的义务）部分或全部转换为股权（“债转股”），以及/或(d) 部分或全部核销瑞银的债务（“核销”），包括其在票据下的债务。在任何针对票据的债转股或核销之前，必须将瑞银发行的、符合附加一级资本或二级资本的现有股权和债务工具按适用情况转换或减记并注销。瑞士银行法规定了债转股或核销债务工具（不包括符合附加一级资本或二级资本的债务工具）的顺序：首先，所有不符合监管资本的次级义务；其次，根据2012年6月1日《关于银行和证券交易商资本充足率和风险分散的瑞士条例》（经修订）规定的破产措施中的损失吸收债务工具（Schuldinstrumente zur Verlusttragung im Falle von Insolvenzmassnahmen）；第三，所有未被法律排除在债转股或核销之外的其他义务（不包括存款），如票据；第四，超过法律规定的优先金额的存款。然而，鉴于FINMA被授予的广泛裁量权，FINMA在与瑞银重组程序相关的重组计划中批准的任何计划都可能规定，与票据相关的或与票据有关的债权将被全部或部分转换为股权或核销，同时保留与瑞银在票据下的义务具有pari passu地位的其他义务。因此，FINMA行使任何法定解决权力或提出任何此类行使的建议，可能会对票据持有人的权利、其在票据中的投资价格或价值以及瑞银履行其在票据下的义务的能力产生重大不利影响，并可能导致持有人损失其在票据中的全部或部分投资。

一旦FINMA就瑞银集团（UBS）的重组程序展开调查，它在决定是否行使任何法定清算权力时，可能会考虑诸如经营成果、财务状况（特别是债务水平、潜在未来损失和/或重组成本）、流动性状况和监管资本充足率，以及瑞银集团及其子公司的其他任何因素。在决定是否行使这些权力时，例如选择下令进行债务转股权交换和/或核销，是否全部或部分执行，FINMA可能会有相当大的自由裁量权。因此，票据持有人可能无法参考公开可用的标准来预测任何此类权力的潜在行使及其对票据和/或瑞银集团的潜在影响。

If UBS were to be subject to restructuring proceedings, the creditors whose claims are affected by the restructuring plan would not have a right to vote on, reject, or seek the suspension of the restructuring plan. In addition, if a restructuring plan with respect to UBS has been approved by FINMA, the rights of a creditor to challenge the restructuring plan or have the restructuring plan reviewed by a judicial or administrative process or otherwise (e.g., on the grounds that the plan would unduly prejudice the rights of holders of Notes or otherwise be in violation of the Swiss Banking Act) are very limited. Even if any of UBS’ creditors were to successfully challenge the restructuring plan in court, the court could only require the relevant creditors to be compensated ex post and there is currently no guidance as to on what basis such compensation would be calculated and how it would be funded. Any such challenge (even if successful) would not suspend, or result in the suspension of, the implementation of the restructuring plan.

\n\n\n\n

\n\n	\n \nRisks Relating to U.S. Federal Income Taxation\n \n

\n\n\n\n

•

\nUncertain tax treatment - Significant aspects of the tax treatment of the Notes are uncertain. You should consult your tax advisor about your tax situation. See “What Are the Tax Consequences of the Notes?” herein and “Material U.S. Federal Income Tax Consequences”, including the section “Securities Treated as Prepaid Derivatives or Prepaid Forwards with Associated Contingent Coupons”, in the accompanying product supplement.

\n\n\n\n

Hypothetical Examples of How the Notes Might Perform

\nThe below examples are based on hypothetical terms. The actual terms are indicated on the cover hereof.\n

The examples below illustrate the payment upon an automatic call or at maturity for a $10 Note on a hypothetical offering of the Notes, with the following assumptions (amounts may have been rounded for ease of reference):

\n\n\n\n\n\n\n\n\n\n\n\n\n

\n Principal Amount: \n	\n $10 \n
\n Term: \n	\n Approximately 4 years \n
\n Contingent Coupon Rate: \n	\n 8.86% per annum \n
\n Contingent Coupon: \n	\n $0.2215 \n

\n\n\n\n

Observation Dates:

Quarterly (callable after 6 months)

\n\n\n\n

Initial Level:

$100.00

\n\n\n\n\n\n\n

\n Downside Threshold: \n	\n $68.00 (which is 68.00% of the Initial Level) \n
\n Coupon Barrier: \n	\n $68.00 (which is 68.00% of the Initial Level) \n

\nExample 1 — The Closing Level of the Underlying Asset is equal to or greater than the Initial Level on the Observation Date corresponding to the first potential Call Settlement Date.\n

\n\n\n\n

\nDate\n

\nClosing Level\n

\n\n

\nPayment (per Note)\n

\n\n\n\n

First Observation Date

$105.00 (equal to or greater than Initial Level and Coupon Barrier)

\n\n

$0.2215 (Contingent Coupon - Not Callable)

\n\n\n\n

Second Observation Date

$105.00 (equal to or greater than Initial Level and Coupon Barrier)

\n\n

$10.2215 (Call Settlement Amount)

\n\n\n\n

\n\n

Total Payment:

\n\n

$10.443 (4.43% total return)

Because the Notes are subject to an automatic call on the first potential call settlement date (which is approximately 6 months after the trade date), UBS will pay you on the call settlement date a total of $10.2215 per Note, reflecting your principal amount plus the applicable contingent coupon. When added to the contingent coupon(s) of $0.2215 received in respect of the prior observation date(s), UBS will have paid you a total of $10.443 per Note, for a total return of 4.43% on the Notes. You will not receive any further payments on the Notes.

\nExample 2 — The Notes are NOT subject to an Automatic Call and the Final Level of the Underlying Asset is equal to or greater than the Downside Threshold and Coupon Barrier.\n

\n\n\n\n

\nDate\n

\nClosing Level\n

\n\n

\nPayment (per Note)\n

\n\n\n\n

First Observation Date

$82.32 (equal to or greater than Coupon Barrier; less than Initial Level)

\n\n

$0.2215 (Contingent Coupon)

\n\n\n\n

Second through Fifteenth Observation Date

Various (all less than Initial Level and Coupon Barrier)

\n\n

$0.00

\n\n\n\n

Final Valuation Date

$74.80 (equal to or greater than Coupon Barrier and Downside Threshold)

\n\n

$10.2215 (Payment at Maturity)

\n\n\n\n

\n\n

Total Payment:

\n\n

$10.443 (4.43% total return)

Because the Notes are not subject to an automatic call and the final level of the underlying asset is equal to or greater than the downside threshold, UBS will pay you a cash payment per Note at maturity equal to the principal amount. Because the final level of the underlying asset was also equal to or greater than the coupon barrier, a contingent coupon will be paid with respect to the final valuation date. At maturity, UBS will pay you a total of $10.2215 per Note (reflecting your principal amount plus the applicable contingent coupon). When added to the contingent coupon(s) of $0.2215 received in respect of the prior observation date(s), UBS will have paid you a total of $10.443 per Note, for a total return of 4.43% on the Notes.

\nExample 3 — The Notes are NOT subject to an Automatic Call and the Final Level of the Underlying Asset is less than the Downside Threshold and Coupon Barrier.\n

\n\n\n\n

\nDate\n

\nClosing Level\n

\n\n

\nPayment (per Note)\n

\n\n\n\n

First Observation Date

$82.32 (equal to or greater than Coupon Barrier; less than Initial Level)

\n\n

$0.2215 (Contingent Coupon)

\n\n\n\n

Second through Fifteenth Observation Date

Various (all less than Initial Level and Coupon Barrier)

\n\n

$0.00

\n\n\n\n

Final Valuation Date

$40.80 (less than Coupon Barrier and Downside Threshold)

\n\n

$10.00 x (1 + Underlying Return) =

$10.00 x [1 + (-59.2% )] =

$10.00 x 0.408 =

$4.08 (Payment at Maturity)

\n\n\n\n

\n\n

Total Payment:

\n\n

$4.3015 (56.985% loss)

Because the Notes are not subject to an automatic call and the final level is less than the downside threshold, at maturity you will be exposed to the negative return of the underlying asset and UBS will pay you $4.08 per Note. When added to the contingent coupon(s) of $0.2215 received in respect of the prior observation date(s), UBS will have paid you $4.3015 per Note, for a loss on the Notes of 56.985%.

\nInvesting in the Notes involves significant risks. The Notes differ from ordinary debt securities in that UBS is not necessarily obligated to repay the full amount of your initial investment. If the Notes are not subject to an automatic call, you may lose a significant portion or all of your initial investment. Specifically, if the Notes are not subject to an automatic call and the final level of the underlying asset is less than its downside threshold, you will lose a percentage of your principal amount equal to the underlying return and, in extreme situations, you could lose all of your initial investment.\n

\nAny payment on the Notes, including any payments in respect of an automatic call, contingent coupon or any repayment of principal, is subject to the creditworthiness of UBS. If UBS were to default on its obligations, you may not receive any payments owed to you under the Notes and you could lose all of your initial investment.\n

\n\n\n\n

Information About the Underlying Asset

\n\n\n\n

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. You should make your own investigation into the underlying asset.

Included below 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 past performance 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.

\n\n\n\n

The underlying asset is registered under the Securities Act of 1933, the Securities Exchange Act of 1934 and/or the Investment Company Act of 1940, each as amended. Companies with securities registered with the SEC are required to file financial and other information specified by the SEC periodically. Information filed by the underlying asset issuer with the SEC can be reviewed electronically through a website maintained by the SEC. The address of the SEC’s website is www.sec.gov. Information filed with the SEC by the underlying asset issuer can be located by reference to its SEC file number provided below.

\n\n\n\n

\n iShares® Silver Trust\n

\n\n\n\n

\n\n

We have derived all information contained herein regarding the iShares® Silver Trust (the “SLV Trust”) from publicly available information. Such information reflects the policies of, and is subject to changes by, the sponsor of the SLV Trust, iShares® Delaware Trust Sponsor LLC, an indirect subsidiary of BlackRock, Inc. (the “sponsor” or its “investment adviser”), the trustee of the SLV Trust, The Bank of New York Mellon (the “trustee”), and the custodian of the SLV Trust, JPMorgan Chase Bank N.A., London branch (the “custodian”).
The SLV Trust seeks to reflect generally, before fees and expenses, the performance of the price of silver, and the assets of the SLV Trust consist primarily of silver held by the custodian on behalf of the SLV Trust. The SLV Trust holds silver bars, issues shares representing units of fractional undivided beneficial interest in the assets of the SLV Trust in exchange for deposits of silver and distributes silver in connection with the redemption of shares. The SLV Trust issues shares only in baskets of 50,000 shares or integral multiples thereof. The SLV Trust’s silver is valued on the basis of each day’s announced LBMA Silver Price, which is the price per ounce, in U.S. dollars, of unallocated silver delivered in London determined by the ICE Benchmark Administration following an electronic auction consisting of one or more rounds. The SLV Trust is not actively managed. The activities of the SLV Trust are limited to issuing baskets in exchange for the silver deposited with the custodian as consideration, selling silver as necessary to cover the sponsor’s fee, other expenses not assumed by the sponsor and other liabilities and delivering silver in exchange for baskets surrendered for redemption.
Select information regarding the SLV Trust’s expense ratio and its holdings may be made available on the SLV Trust’s website. Expenses of the SLV Trust reduce the net asset value of the assets held by the SLV Trust and, therefore, reduce the value of the shares of the SLV Trust.
Shares of the SLV Trust are listed on the NYSE Arca under the ticker symbol “SLV”.
Information from outside sources including, but not limited to, the prospectus relating to the SLV Trust and any other website referenced in this section, is not incorporated by reference in, and should not be considered part of, this document or any document incorporated herein by reference. We have not undertaken an independent review or due diligence of any publicly available information with respect to the SLV Trust.
Information filed by the SLV Trust with the SEC can be found by reference to its SEC file number: 001-32863 or its CIK Code: 0001330568.

\n\n\n\n

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.

\n\n\n\n

\nHistorical Information\n

\n\n\n\n

The graph below illustrates the performance of the SLV Trust's shares for the period indicated, based on the daily closing levels as reported by Bloomberg, without independent verification. UBS has not conducted any independent review or due diligence of any publicly available information obtained from Bloomberg. The solid line represents its coupon barrier and downside threshold of $35.03, which is equal to 68.00% of the closing level on October 16, 2026. Past performance of the underlying asset is not indicative of the future performance of the underlying asset during the term of the Notes.\n

\n\n\n\n

What Are the Tax Consequences of the Notes?

\n\n\n\n

\nThe U.S. federal income tax consequences of your investment in the Notes are uncertain. There are no statutory provisions, regulations, published rulings or judicial decisions addressing the characterization for U.S. federal income tax purposes of securities with terms that are substantially the same as the Notes. Some of these tax consequences are summarized below, but we urge you to read the more detailed discussion in “Material U.S. Federal Income Tax Consequences”, including the section “Securities Treated as Prepaid Derivatives or Prepaid Forwards with Associated Contingent Coupons”, in the accompanying product supplement and to discuss the tax consequences of your particular situation with your tax advisor. This discussion is based upon the U.S. Internal Revenue Code of 1986, as amended (the “Code”), final, temporary and proposed U.S. Department of the Treasury (the “Treasury”) regulations, rulings and decisions, in each case, as available and in effect as of the date hereof, all of which are subject to change, possibly with retroactive effect. Tax consequences under state, local and non-U.S. laws are not addressed herein. No ruling from the U.S. Internal Revenue Service (the “IRS”) has been sought as to the U.S. federal income tax consequences of your investment in the Notes, and the following discussion is not binding on the IRS.\n

\n\n\n\n

\nU.S. Tax Treatment. Pursuant to the terms of the Notes, UBS and you agree, in the absence of a statutory or regulatory change or an administrative determination or judicial ruling to the contrary, to characterize the Notes as prepaid derivative contracts with respect to the underlying asset. If your Notes are so treated, any contingent coupon that is paid by UBS (including on the maturity date or call settlement date) should be included in your income as ordinary income in accordance with your regular method of accounting for U.S. federal income tax purposes. In determining our information reporting obligations, if any, we intend to treat the contingent coupons as ordinary income.

\n\n\n\n

In addition, excluding amounts or proceeds attributable to any contingent coupon, you should generally recognize gain or loss upon the taxable disposition of your Notes in an amount equal to the difference between the amount you receive at such time (other than amounts or proceeds attributable to a contingent coupon or any amount attributable to any accrued but unpaid contingent coupon) and the amount you paid for your Notes. Subject to the “constructive ownership” rules of Section 1260 of the Code, discussed below, such gain or loss should generally be long-term capital gain or loss if you have held your Notes for more than one year (otherwise such gain or loss should be short-term capital gain or loss if held for one year or less). The deductibility of capital losses is subject to limitations. Although uncertain, it is possible that proceeds received from the taxable disposition of your Notes prior to a coupon payment date, but that could be attributed to an expected contingent coupon, could be treated as ordinary income. You should consult your tax advisor regarding this risk.

\n\n\n\n

\n\n

We will not attempt to ascertain whether the underlying asset issuer or any underlying constituent issuer would be treated as a “passive foreign investment company” (a “PFIC”) within the meaning of Section 1297 of the Code or as a “United States real property holding corporation” (a “USRPHC”) within the meaning of Section 897 of the Code. If any such entity were so treated, certain adverse U.S. federal income tax consequences might apply, to a U.S. holder in the case of a PFIC and to a non-U.S. holder in the case of a USRPHC, upon the taxable disposition of a Note. Both U.S. holders and non-U.S. holders should refer to information filed with the SEC or the equivalent governmental authority by any such entity and consult their tax advisors regarding the possible consequences to them in the event that any such entity is or becomes a PFIC or USRPHC.

\n\n\n\n

\nBased on certain factual representations received from us, our special U.S. tax counsel, Hogan Lovells Cadwalader US LLP, is of the opinion that it would be reasonable to treat your Notes in the manner described above. However, because there is no authority that specifically addresses the tax treatment of the Notes, it is possible that your Notes could alternatively be treated for tax purposes as a single contingent payment debt instrument, or pursuant to some other characterization, (including possible treatment as a “constructive ownership transaction” under Section 1260 of the Code), such that the timing and character of your income from the Notes could differ materially and adversely from the treatment described above, as described further under “Material U.S. Federal Income Tax Consequences”, including the section “Securities Treated as Prepaid Derivatives or Prepaid Forwards with Associated Contingent Coupons” in the accompanying product supplement. \n

\n\n

Except to the extent otherwise required by law, UBS intends to treat your Notes for U.S. federal income tax purposes in accordance with the treatment described above and under “Material U.S. Federal Income Tax Consequences — Securities Treated as Prepaid Derivatives or Prepaid Forwards with Associated Contingent Coupons” in the accompanying product supplement unless and until such time as the IRS and the Treasury determine that some other treatment is more appropriate.

\n\n\n\n

\nSection 1260. Because an underlying asset that is an ETF would be treated as a “pass-thru entity” for purposes of Section 1260 of the Code, it is possible that the Notes could be treated as a constructive ownership transaction under Section 1260 of the Code. If the Notes were treated as a constructive ownership transaction certain adverse U.S. federal income tax consequences could apply (i.e., all or a portion of any long-term capital gain that you recognize upon the taxable disposition of your Notes could be recharacterized as ordinary income and you could be subject to an interest charge on any deferred tax liability with respect to such recharacterized gain). We urge you to read the discussion concerning the possible treatment of the Notes as a constructive ownership transaction under “Material U.S. Federal Income Tax Consequences — Securities Treated as Prepaid Derivatives or Prepaid Forwards — Section 1260” in the accompanying product supplement.

\n\n\n\n

\nNotice 2008-2. In 2007, the IRS released a notice that may affect the taxation of holders of the Notes. According to Notice 2008-2, the IRS and the Treasury are actively considering whether the holder of an instrument such as the Notes should be required to accrue ordinary income on a current basis. It is not possible to determine what guidance they will ultimately issue, if any. It is possible, however, that under such guidance, holders of the Notes will ultimately be required to accrue income currently in excess of any receipt of contingent coupons and this could be applied on a retroactive basis. The IRS and the Treasury are also considering other relevant issues, including whether additional gain or loss from such instruments should be treated as ordinary or capital, whether non-U.S. holders of such instruments should be subject to withholding tax on any deemed income accruals, and whether the special “constructive ownership rules” of Section 1260 of the Code (discussed above) should be applied to such instruments. Both U.S. and non-U.S. holders are urged to consult their tax advisors concerning the significance, and potential impact, of the above considerations.\n

\n\n

\nMedicare Tax on Net Investment Income. U.S. holders that are individuals, estates or certain trusts are subject to an additional 3.8% tax on all or a portion of their “net investment income”, which may include any income or gain realized with respect to the Notes, to the extent of their net investment income that when added to their other modified adjusted gross income, exceeds $200,000 for an unmarried individual, $250,000 for a married taxpayer filing a joint return (or a surviving spouse), $125,000 for a married individual filing a separate return or the dollar amount at which the highest tax bracket begins for an estate or trust. The 3.8% Medicare tax is determined in a different manner than the income tax. U.S. holders should consult their tax advisors as to the consequences of the 3.8% Medicare tax.

\n\n

\nSpecified Foreign Financial Assets. U.S. holders may be subject to reporting obligations with respect to their Notes if they do not hold their Notes in an account maintained by a financial institution and the aggregate value of their Notes and certain other “specified foreign financial assets” (applying certain attribution rules) exceeds an applicable threshold. Significant penalties can apply if a U.S. holder is required to disclose its Notes and fails to do so.

\n\n

\nNon-U.S. Holders. The U.S. federal income tax treatment of the contingent coupons is unclear. Subject to FATCA (as defined below), our special U.S. tax counsel is of the opinion that contingent coupons paid to a non-U.S. holder that provides us (and/or the applicable withholding agent) with a fully completed and validly executed applicable IRS Form W-8 should not be subject to U.S. withholding tax and we do not intend to withhold any tax on contingent coupons. However, it is possible that the IRS could assert that such payments are subject to U.S. withholding tax, or that another withholding agent may otherwise determine that withholding is required, in which case the other withholding agent may withhold up to 30% on such payments (subject to reduction or elimination of such withholding tax pursuant to an applicable income tax treaty). We will not pay any additional amounts in respect of such withholding. Gain realized from the taxable disposition or maturity of the Notes generally should not be subject to U.S. tax unless (i) such gain is effectively connected with a trade or business conducted by the non-U.S. holder in the U.S., (ii) the non-U.S. holder is a non-resident alien individual and is present in the U.S. for 183 days or more during the taxable year of such taxable disposition and certain other conditions are satisfied or (iii) the non-U.S. holder has certain other present or former connections with the U.S.

\n\n

\n\n\n\n

\n\n\n\n\n

\n\n\n\n

\nForeign Account Tax Compliance Act. The Foreign Account Tax Compliance Act (“FATCA”) was enacted on March 18, 2010, and imposes a 30% U.S. withholding tax on “withholdable payments” (i.e., certain U.S.-source payments, including interest (and original issue discount), dividends, other fixed or determinable annual or periodical gain, profits, and income, and on the gross proceeds from a disposition of property of a type which can produce U.S.-source interest or dividends) and “passthru payments” (i.e., certain payments attributable to withholdable payments) made to certain foreign financial institutions (and certain of their affiliates) unless the payee foreign financial institution agrees (or is required), among other things, to disclose the identity of any U.S. individual with an account of the institution (or the relevant affiliate) and to annually report certain information about such account. FATCA also requires withholding agents making withholdable payments to certain foreign entities that do not disclose the name, address, and taxpayer identification number of any substantial U.S. owners (or do not certify that they do not have any substantial U.S. owners) to withhold tax at a rate of 30%. Under certain circumstances, a holder may be eligible for refunds or credits of such taxes.

Pursuant to final and temporary Treasury regulations and other IRS guidance, the withholding and reporting requirements under FATCA will generally apply to certain “withholdable payments”, will not apply to gross proceeds on a sale or disposition, and will apply to certain foreign passthru payments only to the extent that such payments are made after the date that is two years after final regulations defining the term “foreign passthru payment” are published. If withholding is required, we (or the applicable paying agent) will not be required to pay additional amounts with respect to the amounts so withheld. Foreign financial institutions and non-financial foreign entities located in jurisdictions that have an intergovernmental agreement with the U.S. governing FATCA may be subject to different rules.

Investors should consult their tax advisors about the application of FATCA, in particular if they may be classified as financial institutions (or if they hold their Notes through a foreign entity) under the FATCA rules.

\n\n

\nProposed Legislation. In 2007, legislation was introduced in Congress that, if it had been enacted, would have required holders of Notes purchased after the bill was enacted to accrue interest income over the term of the Notes despite the fact that there may be no interest payments over the term of the Notes.

Furthermore, in 2013, the House Ways and Means Committee released in draft form certain proposed legislation relating to financial instruments. If it had been enacted, the effect of this legislation generally would have been to require instruments such as the Notes to be marked to market on an annual basis with all gains and losses to be treated as ordinary, subject to certain exceptions.

It is not possible to predict whether any similar or identical bills will be enacted in the future, or whether any such bill would affect the tax treatment of your Notes. You are urged to consult your tax advisor regarding the possible changes in law and their possible impact on the tax treatment of your Notes.

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\nBoth U.S. and non-U.S. holders are urged to consult their tax advisors concerning the application of U.S. federal income tax laws to their particular situations, as well as any tax consequences of the purchase, beneficial ownership and disposition of the Notes, arising under the laws of any state, local, non-U.S. or other taxing jurisdiction.\n

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Supplemental Plan of Distribution (Conflicts of Interest); Secondary Markets (if any)

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We have agreed to sell to UBS Securities LLC and UBS Securities LLC has agreed to purchase, all of the Notes at the issue price to the public less the underwriting discount indicated on the cover hereof. UBS Securities LLC has agreed to resell all of the Notes to UBS Financial Services Inc. at a discount from the issue price to the public equal to the underwriting discount indicated on the cover hereof. Additionally, we or one of our affiliates will also pay a fee to LFT Securities, LLC, an entity in which an affiliate of UBS Financial Services Inc. and UBS Securities LLC has an ownership interest, for providing certain electronic platform services with respect to this offering.

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\nConflicts of Interest — Each of UBS Securities LLC and UBS Financial Services Inc. is an affiliate of UBS and, as such, has a “conflict of interest” in this offering within the meaning of Financial Industry Regulatory Authority, Inc. (“FINRA”) Rule 5121. In addition, UBS will receive the net proceeds (excluding the underwriting discount) from the initial public offering of the Notes, thus creating an additional conflict of interest within the meaning of FINRA Rule 5121. Consequently, the offering is being conducted in compliance with the provisions of FINRA Rule 5121. Neither UBS Securities LLC nor UBS Financial Services Inc. is permitted to sell Notes in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder.

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\nUBS Securities LLC and its affiliates may offer to buy or sell the Notes in the secondary market (if any) at prices greater than UBS’ internal valuation — The value of the Notes at any time will vary based on many factors that cannot be predicted. However, the price (not including UBS Securities LLC’s or any affiliates' customary bid-ask spreads) at which UBS Securities LLC or any affiliate would offer to buy or sell the Notes immediately after the trade date in the secondary market is expected to exceed the estimated initial value of the Notes as determined by reference to our internal pricing models. The amount of the excess will decline to zero on a straight line basis over a period ending no later than 6 months after the trade date, provided that UBS Securities LLC may shorten the period based on various factors, including the magnitude of purchases and other negotiated provisions with selling agents. Notwithstanding the foregoing, UBS Securities LLC and its affiliates intend, but are not required to make a market for the Notes and may stop making a market at any time. For more information about secondary market offers and the estimated initial value of the Notes, see “Key Risks — Estimated Value Considerations” and “—Risks Relating to Liquidity and Secondary Market Price Considerations” herein.

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\nProhibition on Sales to EEA Retail Investors — The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (the “EEA”). For these purposes, a retail investor means a person who is one (or more) of the following: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); (ii) a customer within the meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129, as amended. Consequently no key information document required by Regulation (EU) No 1286/2014 (the “EU PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the EU PRIIPs Regulation.

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\nProhibition on Sales to UK Retail Investors — The Notes are not intended to be offered, sold, distributed or otherwise made available to and should not be offered, sold, distributed or otherwise made available to any retail investor in the United Kingdom (the “UK”). For these purposes, a retail investor means a person who is either one (or both) of the following: (i) not a professional client as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”) or (ii) not a qualified investor as defined in paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024. Consequently no disclosure document required by the UK Financial Conduct Authority (the “FCA”) Product Disclosure Sourcebook (“DISC”) for offering, selling or distributing the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering, selling or distributing the Notes or otherwise making them available to any retail investor in the UK may be unlawful under DISC and the Consumer Composite Investments (Designated Activities) Regulation 2024.

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Validity of the Notes

In the opinion of Fried, Frank, Harris, Shriver & Jacobson LLP, as special counsel to the issuer, when the Notes offered by this pricing supplement have been executed and issued by the issuer and authenticated by the trustee pursuant to the indenture and delivered, paid for and sold as contemplated herein, the Notes will be valid and binding obligations of the issuer, enforceable against the issuer in accordance with their terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, receivership or other laws relating to or affecting creditors' rights generally, and to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). This opinion is given as of the date hereof and is limited to the laws of the State of New York. Insofar as this opinion involves matters governed by Swiss law, Fried, Frank, Harris, Shriver & Jacobson LLP has assumed, without independent inquiry or investigation, the validity of the matters opined on by Homburger AG, Swiss legal counsel for the issuer, in its opinion dated July 9, 2026 filed on that date with the Securities and Exchange Commission as an exhibit to a Current Report on Form 6-K and incorporated by reference into the issuer's registration statement on Form F-3 (the \"Registration Statement\"). In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the indenture and, with respect to the Notes, authentication of the Notes and the genuineness of signatures and certain factual matters, all as stated in the opinion of Fried, Frank, Harris, Shriver & Jacobson LLP dated December 6, 2024 filed with the Securities and Exchange Commission as Exhibit 5.4 to the Registration Statement.

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