[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_96":97},"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","xr63bq59pvot9dy7l36q00gsg","revision",2,"title","UBS AG发行与SpaceX（SPCX）股票挂钩的结构性票据，名义本金1,000美元","originalTitle","UBS AG (0001114446) (Filer)","summary","UBS AG发行了与Space Exploration Technologies Corp.（SPCX）股票挂钩的结构性票据，材料称名义本金为1,000美元，并列出约两年期限、每月观察及或有记忆票息机制。若股价低于下行阈值，投资者可能按标的跌幅承受本金损失，极端情况下可能损失全部本金；票据还面临UBS信用、流动性及税务风险。材料所列到期日和阈值等条款存在不一致，且部分日期未定。","reason","材料披露了与SpaceX股票挂钩的结构性票据条款及本金、流动性、发行人信用和税务风险。","source",{"_12":87,"_88":89,"_9":90,"_91":42,"_92":93,"_94":95},"links",{"_84":85,"_77":86},"publishedAt","2026-10-19T16:40:20.000Z","discoveredAt","2026-10-19T16:57:59.176Z","timelineAt","category","ai-products","tags",[82,83],"stockSymbols",[],"score",64,"selected",true,"channel","news","story",{"_72":73,"_16":74},"x","readingMode","full","author","language","body",{"_64":76,"_77":-5,"_78":79,"_80":81},"outline",[],"relatedStories",[75],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":15,"_69":70,"_71":70},"hasTranslation","bodyLanguage","zh","factId","fBHn96weJ4AQ",{"_72":73,"_16":74},"reportCount","additionalSourceCount",0,"developmentCount","publicId","c98847ce-ada3-47cd-89ca-1fccb065743e","UBS发行与SpaceX挂钩的结构性票据",{"_72":73,"_16":74},"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n \n

定价补充文件

2026年10月16日

根据规则424(b)(2)提交

注册声明编号 333-283672

（与2025年2月6日的招股说明书和产品补充文件相关）

\n \n

瑞银集团 $520,000 触发可赎回附条件收益票据，带有记忆利息

与太空探索技术公司普通股相关，到期日为2028年10月19日

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

投资说明

瑞银集团触发可赎回附条件收益票据，带有记忆利息（“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，与太空探索技术公司（“基础资产”）的普通股相关。如果在适用的观察日（包括最终估值日）基础资产的收盘价等于或高于票面利率门槛，瑞银将在相关票面利率支付日支付附条件票息，以及根据记忆利息功能针对任何先前观察日未支付的附条件票息。否则，相关票面利率支付日将不支付附条件票息。瑞银可以选择全部但不能部分地提前赎回票据（“发行人赎回”），无论在任何观察日（每月，从3个月后开始）基础资产的收盘价如何，除了最终估值日。如果瑞银选择在到期前赎回票据，瑞银将在对应于该观察日的票面利率支付日（“赎回结算日”）向您支付每张票据的现金金额，等于本金加上任何原本应支付的附条件票息以及根据记忆利息功能针对任何先前观察日未支付的附条件票息，之后票据不再向您支付任何其他款项。如果瑞银未选择赎回票据，且在最终估值日（“最终水平”）基础资产的收盘价等于或高于下行阈值，在到期时，瑞银将向您支付每张票据的现金金额，等于本金。然而，如果瑞银未选择赎回票据，且最终水平低于下行阈值，在到期时，瑞银将向您支付每张票据的现金金额，少于本金，如果有的话，这将导致您初始投资的百分比损失等于基础资产从初始水平到最终水平的百分比下降（“基础资产回报”），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。如果瑞银未选择赎回票据，且最终水平低于下行阈值，您将损失大部分或全部初始投资。在票据期限内，您可能无法获得任何附条件票息。瑞银可在其自行决定下提前赎回票据，无论基础资产的表现如何。通常，较高的附条件票息率与更大的损失风险相关。只有在您持有票据至到期日时，附条件本金偿还才适用。票据上的任何支付，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下应得的任何金额，您可能会损失全部初始投资。

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

\n	\n	\n
\n 特点 \n	\n \n	\n 关键日期 \n

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

\n \n \n \n

•

\n \n

潜在的定期附条件票息 — 如果在适用的观察日（包括最终估值日）标的资产的收盘价等于或高于票息障碍水平，UBS将在票息支付日支付附条件票息，以及根据记忆权益功能针对任何以前的观察日未支付的附条件票息。否则，如果标的资产的收盘价在适用的观察日低于票息障碍水平，则针对相关票息支付日不会支付附条件票息。

\n \n \n

•

\n \n

发行人赎回条款 — UBS可以选择全部赎回票据，但不能部分赎回，无论在任何观察日（每月，从3个月后开始）除最终估值日外的标的资产收盘价如何。如果UBS在到期前选择赎回票据，UBS将在赎回结算日按每张票据支付现金，金额等于本金加上任何应支付的附条件票息以及根据记忆权益功能针对任何以前的观察日未支付的附条件票息，且票据项下不再有其他付款义务。在UBS选择赎回票据之前，UBS将向受托人发出书面通知。

\n \n \n

•

\n \n

到期时潜在完全下行市场风险的本金附条件偿还 — 如果UBS未选择赎回票据且最终水平等于或高于下行阈值，在到期时，UBS将按每张票据支付现金，金额等于本金。然而，如果UBS未选择赎回票据且最终水平低于下行阈值，在到期时，UBS将按每张票据支付的现金金额低于本金，如果有的话，这将导致您初始投资的百分比损失等于标的资产回报，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，才适用本金的附条件偿还。票据上的任何付款，包括任何本金偿还，均受UBS信用状况的约束。

\n \n \n \n \n

\n \n

\n \n \n \n \n

敲定日期

\n \n

2026年10月16日

\n \n \n

交易日期*

\n \n

2026年10月16日

\n \n \n

结算日期*

\n \n

2026年10月21日

\n \n \n

观察日期**

\n \n

每月（3个月后可赎回）（见第4页）

\n \n \n

最终估值日期**

\n \n

2028年10月16日

\n \n \n

到期日期**

\n \n

2028年10月19日

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

*我们预计将在交易日后第三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营业日内结算（T+1），除非交易双方明确同意其他方式。因此，希望在票据交付前一日营业日之前在二级市场交易票据的购买者，由于每张票据最初将结算为三个营业日（T+3），必须指定替代结算安排，以防止二级市场交易结算失败。

\n \n

**如遇市场中断事件，将根据随附的产品补充文件所述进行推迟。

\n \n

投资者注意：这些票据比传统的债务工具要风险大得多。发行人不一定有义务在票据到期时偿还票据的本金金额，而且这些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债务义务时固有的信用风险之外的。如果您不了解或不熟悉投资这些票据所涉及的重大风险，请不要购买这些票据。

您应仔细考虑随附的产品补充文件中“关键风险”部分（从第5页开始）和“风险因素”部分（从第PS-9页开始）中描述的风险。与其中任何风险有关的事件，或其他风险和不确定性，可能会对您的票据的市场价值和回报产生不利影响。您可能会损失大部分或全部初始投资于票据的资金。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 \n \n

票据发行

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

标的资产

彭博终端代码

或有票面利率

初始水平

下行阈值

票面利率障碍

CUSIP

ISIN

太空探索技术公司普通股

SPCX

每年19.50%

$146.03

87.62美元，即初始水平的60.00%

90266F4X1

US90266F4X13

\n \n

根据交易日的估计，票据的初始价值为983.80美元。票据的估计初始价值是根据UBS内部定价模型，在相关市场在本日收盘时确定的，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，请参见本文第6页开始的“关键风险——估计价值考虑因素”和“有关流动性和二级市场价格考虑因素的风险”。

请参见第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。

证券交易委员会或其他任何监管机构均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犯罪行为。

这些票据不是银行存款，也不受联邦存款保险公司或其他政府机构的保险。

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

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
\n 票据发行 \n	\n 公众发行价(1) \n	\n 承销折扣(1)(2) \n	\n UBS AG的收益(2) \n	\n
\n \n	\n 总计 \n	\n 每张票据 \n	\n 总计 \n	\n 每张票据 \n	\n 总计 \n	\n 每张票据 \n	\n
\n 与太空探索技术公司普通股挂钩的票据 \n	\n $520,000.00 \n	\n $1,000.00 \n	\n $3,900.00 \n	\n $7.50 \n	\n $516,100.00 \n	\n $992.50 \n

(1) 尽管下面所述的UBS证券有限责任公司向一个或多个第三方交易商收取的承销折扣，某些与UBS无关的注册投资顾问或收费咨询账户可能同意以每张票据至少992.50美元的价格从第三方交易商处购买票据，而该第三方交易商在这些销售中可能同意放弃部分或全部承销折扣。

(2) 我们的关联公司UBS Securities LLC将从本次发行中每张债券的销售中获得7.50美元的承销折扣。UBS Securities LLC已同意将全部该折扣金额重新让渡给一个或多个第三方交易商。其中某些第三方交易商可能会以向公众发行价格减去最高达所收到的承销折扣的价格，将债券转售给其他证券交易商。

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

\n	\n
\n UBS Securities LLC \n	\n UBS Investment Bank \n

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

关于UBS和债券的更多信息

UBS已向证券交易委员会（“SEC”）提交了注册声明（包括一份招股说明书，以及一份针对债券的产品补充文件），针对本文件所涉及的发行。您应阅读这些文件以及UBS向SEC提交的任何与债券相关的其他文件，以获取有关UBS和本次发行的更完整信息。您可免费从SEC网站sec.gov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日发布的市场关联证券产品补充文件：

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，而不包括其合并的子公司。在本文中，“带有记忆利息的触发可赎回条件收益债券”或“债券”指的是本次发行的债券。此外，“附带的产品补充文件”或“市场关联证券产品补充文件”指的是2025年2月6日发布的UBS产品补充文件，“附带的招股说明书”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了债券的条款，并取代所有其他先前或同时期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”以及附带的产品补充文件中的“风险因素”中提到的事项，因为债券涉及与传统债务证券无关的风险。我们敦促您就投资债券咨询您的投资、法律、税务、会计和其他顾问。

如果附带的招股说明书、附带的产品补充文件和本文档中描述的债券条款之间存在任何不一致之处，以下优先顺序将适用：首先，本文档；其次，附带的产品补充文件；最后，附带的招股说明书。

UBS保留权利在债券发行前更改债券条款或拒绝任何购买要约。如果债券条款有任何更改，UBS将通知您，并要求您在购买时接受这些更改。您也可以选择拒绝这些更改，此时UBS可能会拒绝您的购买要约。

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

投资者适合性

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

\n	\n	\n
\n 如果以下情况，债券可能适合您： \n	\n \n	\n 如果以下情况，债券可能不适合您： \n

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

\n \n \n \n

•

\n \n

您完全了解投资票据所固有的风险，包括可能损失全部或部分初始投资的风险。

\n \n \n

•

\n \n

您能够承受全部或部分初始投资的损失，并且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 \n

您愿意接受很少或没有或有票息，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障碍水平，且最终价格将等于或高于下行阈值。

\n \n \n

•

\n \n

您了解并接受您不会参与标的资产价格的任何上涨，且您的潜在回报仅限于任何或有票息。

\n \n \n

•

\n \n

您能够承受到期前票据价格的波动，这种波动可能与标的资产价格的下行波动相当或更严重。

\n \n \n

•

\n \n

您愿意根据此处封面中规定的或有票息率进行投资。

\n \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进行投资。

\n \n \n

•

\n \n

您不寻求从投资中获得保证的当前收入，并且愿意放弃标的资产可能支付的任何股息。

\n \n \n

•

\n \n

您愿意基于瑞银（UBS）可能在到期前选择赎回的票据进行投资，并且您愿意将此类票据持有至到期，并接受该票据可能几乎没有二级市场。

\n \n \n

•

\n \n

您了解并愿意接受与标的资产相关的风险。

\n \n \n

•

\n \n

您愿意承担瑞银（UBS）在票据项下所有付款的信用风险，并且了解如果瑞银违约，您可能无法获得任何应付款项，包括任何本金的偿还。

\n \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，如果瑞银证券公司或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。

\n \n \n \n \n

\n \n

\n \n \n \n

•

\n \n

您并不完全了解投资票据所固有的风险，包括可能损失全部或部分初始投资的风险。

\n \n \n

•

\n \n

您需要一项旨在到期时全额返还本金的投资。

\n \n \n

•

\n \n

您无法承受全部或部分初始投资的损失，或者您不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 \n

您不愿意在票据期限内接受很少或没有或有票息，或者您认为标的资产的收盘价将在票据期限内下跌，并可能低于每个观察日的票息障碍水平，或者最终价格将低于下行阈值。

\n \n \n

•

\n \n

您寻求一项能够参与标的资产价格上升或具有无限回报潜力的投资。

\n \n \n

•

\n \n

您无法承受到期前票据价格的波动，这种波动可能与标的资产价格的下行波动相当或更严重。

\n \n \n

•

\n \n

您不愿意根据此处封面中规定的或有票息率进行投资。

\n \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进行投资。

\n \n \n

•

\n \n

您希望从投资中获得保证的当前收入，或更倾向于在基础资产支付股息时获得收益。

\n \n \n

•

\n \n

您无法或不愿意持有瑞银可能在到期前选择赎回的票据，或者您无法或不愿意持有此类票据至到期，或者您希望投资于存在活跃二级市场的票据。

\n \n \n

•

\n \n

您不理解或不愿意接受与基础资产相关的风险。

\n \n \n

•

\n \n

您不愿意承担瑞银对票据所有付款（包括任何本金偿还）的信用风险。

\n \n \n \n \n

上述适合性考虑因素并非详尽无遗。票据是否适合您的投资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票据的适合性。您应查阅本文中的“关于基础资产的信息”以获取有关基础资产的更多信息。您还应仔细查阅本文中的“主要风险”部分，以了解与投资票据相关的风险。

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

最终条款

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

\n \n \n \n

发行人：

\n \n

瑞银集团伦敦分行

\n \n \n

本金金额：

\n \n

$1,000 每张票据

\n \n \n

期限：

\n \n

约 2 年，除非瑞银选择赎回票据。

\n \n \n

基础资产：

\n \n

太空探索技术公司（Space Exploration Technologies Corp.）的普通股

\n \n \n

附条件票息和附条件票息率：

\n \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，瑞银将在相关票息支付日支付您适用于该观察日的附条件票息，以及根据记忆利息功能适用于任何先前观察日的任何未支付附条件票息。

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，适用于该观察日的附条件票息将不支付，瑞银在相关票息支付日也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。下表列出了在上述条件满足的每个观察日适用于每张票据的附条件票息率和附条件票息。

\n \n \n \n \n

附条件票息率每年 19.50%

\n \n \n \n \n

附条件票息 $16.25

\n \n \n \n \n

票据上的附条件票息不保证。如果在相关票息支付日基础资产的收盘价低于该观察日的票息障碍，瑞银不会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 \n \n

记忆利息功能：

\n \n

如果由于在相关观察日基础资产的收盘价低于票息障碍，导致在票息支付日（除到期日外）未支付附条件票息，则如果在相关观察日基础资产的收盘价等于或高于票息障碍，该附条件票息将在后续的票息支付日支付。

为避免歧义，一旦此前未支付的或有票息在后续的票息支付日被支付，则在任何后续的票息支付日将不再重复支付。

如果在每个观察日，标的资产的收盘价低于票息门槛，则在该票据的存续期内您将不会收到任何或有票息，且在该票据上也不会获得正回报。

\n \n \n

发行人赎回条款：

\n \n

无论任何观察日（每月一次，从3个月后开始）标的资产的收盘价如何，瑞银均可选择全部赎回该票据，但不可部分赎回，除非是最终估值日。

如果瑞银在到期前选择赎回该票据，瑞银将在相应的票息支付日（“赎回结算日”）向您支付每张票据的现金金额，该金额等于您的本金金额加上任何原本应支付的或有票息以及根据记忆利息条款针对任何先前观察日未支付的或有票息（“赎回结算金额”），此后将不再对该票据进行任何进一步支付。在瑞银选择赎回该票据之前，瑞银将向受托人发出书面通知。

\n \n \n \n \n

\n \n

\n \n \n \n

到期时的支付（每张票据）：

\n \n

如果瑞银未选择赎回该票据，且最终价格等于或高于下行阈值，瑞银将向您支付现金金额，金额等于：

本金金额1000美元

如果瑞银未选择赎回该票据，且最终价格低于下行阈值，瑞银将向您支付的现金金额低于本金金额，如果有的话，等于：

1000 x (1+标的资产回报率)

在这种情况下，您将对初始投资产生标的资产回报率的百分比损失，在极端情况下，您可能会损失全部初始投资。

\n \n \n

标的资产回报率：

\n \n

以下公式的商，以百分比表示：

\n \n \n

下行阈值：(1)

\n \n

标的资产的一个指定水平，低于初始水平，等于初始水平的百分比，如本封面所述。

\n \n \n

票息门槛：(1)

\n \n

标的资产的一个指定水平，低于初始水平，等于初始水平的百分比，如本封面所述。

\n \n \n

初始水平：(1)

\n \n

标的资产在敲定日的收盘价，如本封面所述。

\n \n \n

最终水平：(1)

\n \n

标的资产在最终估值日的收盘价。

\n \n \n \n

(1) 由计算代理确定，并且在某些调整事件的情况下可能进行调整，如随附的产品补充文件中“证券一般条款——与标的权益或权益篮子资产挂钩的证券的反稀释调整”、“与标的权益或权益篮子资产挂钩的证券的重组事件”以及“标的权益的退市、交易暂停或法律变更影响”所述。

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

投资时间表

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

\n \n

\n \n \n

标的资产的初始水平被观察，该票据的最终条款被确定。

\n \n \n \n

如果在任何观察日（包括最终估值日）标的资产的收盘价等于或高于票息门槛，瑞银将在相应的票息支付日向您支付或有票息，加上根据记忆利息条款针对任何先前观察日未支付的或有票息。

如果标的资产的收盘价在任何观察日（包括最终估值日）低于票息门槛，则该观察日适用的或有票息将不支付，UBS在相关票息支付日也不会向您支付任何款项。

UBS可以在任何观察日（每月一次，从3个月后开始）除最终估值日外，选择全部赎回票据，但不能部分赎回。

如果UBS在到期前选择赎回票据，UBS将在赎回结算日向您支付每张票据的现金金额，等于本金金额加上原本应支付的任何或有票息以及根据记忆利息特征应支付的任何先前未支付的或有票息，此后票据将不再有任何进一步的支付。在UBS选择赎回票据之前，UBS将向受托人发出书面通知。

\n \n \n

最终水平在最终估值日观察到，然后计算标的资产的回报。

如果UBS未选择在到期前赎回票据，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金额，等于：

面值1000美元

如果UBS未选择在到期前赎回票据，且最终水平低于下行阈值，UBS将向您支付每张票据的现金金额，如果有的话，低于本金金额，等于：

1000美元 × (1+标的资产回报)

在这种情况下，您将根据标的资产回报遭受初始投资的百分比损失，在极端情况下，您可能会损失全部初始投资。

投资于票据涉及重大风险。您可能会损失初始投资的大部分或全部。票据的任何付款，包括任何本金偿还，均受UBS的信用状况限制。如果UBS未能履行其义务，您可能无法获得票据下应得的任何付款，您可能会损失全部初始投资。

如果UBS未选择赎回票据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，您可能无法获得任何或有票息。UBS可在任何观察日（每月一次，从3个月后开始）除最终估值日外，自行决定赎回票据，无论标的资产的表现如何。

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

观察日(1) 和票息支付日(1)(2)

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

\n	\n	\n	\n	\n
\n 观察日 \n	\n 票息支付日 \n	\n \n	\n 观察日 \n	\n 票息支付日 \n
\n 2026年11月16日* \n	\n 2026年11月19日* \n	\n \n	\n 2028年7月17日 \n	\n 2028年7月20日 \n
\n 2026年12月16日* \n	\n 2026年12月21日* \n	\n \n	\n 2028年8月16日 \n	\n 2028年8月21日 \n
\n 2027年1月19日* \n	\n 2027年1月22日 \n	\n \n	\n 2028年9月18日 \n	\n 2028年9月21日 \n
\n 2027年2月16日 \n	\n 2027年2月19日 \n	\n \n	\n 最终估值日 \n	\n 到期日 \n
\n 2027年3月16日 \n	\n 2027年3月19日 \n	\n \n	\n \n	\n \n
\n 2027年4月16日 \n	\n 2027年4月21日 \n	\n \n	\n \n	\n \n
\n 2027年5月17日 \n	\n 2027年5月20日 \n	\n \n	\n \n	\n \n
\n 2027年6月16日 \n	\n 2027年6月22日 \n	\n \n	\n \n	\n \n
\n 2027年7月16日 \n	\n 2027年7月21日 \n	\n \n	\n \n	\n \n
\n 2027年8月16日 \n	\n 2027年8月19日 \n	\n \n	\n \n	\n \n
\n 2027年9月16日 \n	\n 2027年9月21日 \n	\n \n	\n \n	\n \n
\n 2027年10月18日 \n	\n 2027年10月21日 \n	\n \n	\n \n	\n \n
\n 2027年11月16日 \n	\n 2027年11月19日 \n	\n \n	\n \n	\n \n
\n 2027年12月16日 \n	\n 2027年12月21日 \n	\n \n	\n \n	\n \n
\n 2028年1月18日 \n	\n 2028年1月21日 \n	\n \n	\n \n	\n \n
\n 2028年2月16日 \n	\n 2028年2月22日 \n	\n \n	\n \n	\n \n
\n 2028年3月16日 \n	\n 2028年3月21日 \n	\n \n	\n \n	\n \n
\n 2028年4月17日 \n	\n 2028年4月20日 \n	\n \n	\n \n	\n \n
\n 2028年5月16日 \n	\n 2028年5月19日 \n	\n \n	\n \n	\n \n
\n 2028年6月16日 \n	\n 2028年6月22日 \n	\n \n	\n \n	\n \n

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

\n	\n
\n * \n	\n 票据在第一个可能的赎回结算日（即2027年1月22日）之前不可赎回。 \n

\n \n \n \n \n \n \n \n \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 每个观察日后的三个营业日，但最终估值日的票息支付日为到期日。 \n

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

关键风险

投资于票据涉及重大风险。投资于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产品补充文件中“风险因素”部分中对票据相关风险的更详细说明。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

\n	\n
\n \n	\n 与收益特征相关的风险 \n

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

\n	\n
\n • \n	\n 到期时可能遭受损失 - 与普通债务证券不同，UBS不一定在到期时进行定期票息支付或全额偿还票据的本金。如果UBS未选择赎回票据且最终水平低于下行阈值，您将损失相当于标的资产收益的本金比例，在极端情况下，您可能损失全部初始投资。 \n
\n • \n	\n 发行人的约定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。如果您能够在发行人赎回或到期前在二级市场出售您的票据，即使此时标的资产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UBS信用状况的约束。 \n
\n • \n	\n 您可能无法获得与您的票据相关的任何或有票息 - UBS不一定在票据上进行定期票息支付。如果标的资产的收盘水平在观察日低于票息障碍，UBS将在相关票息支付日不向您支付该观察日适用的或有票息。然而，如果由于标的资产的收盘水平在相关观察日低于票息障碍，导致在票息支付日（除到期日外）未支付或有票息，根据记忆利息条款，如果在相关观察日标的资产的收盘水平等于或高于票息障碍，该或有票息将在 later 票息支付日支付。如果在每个观察日标的资产的收盘水平都低于票息障碍，UBS将在票据期限内不向您支付任何或有票息，您也不会从票据中获得正收益。通常，或有票息的未支付与您票据本金损失风险更大的时期相吻合。 \n
\n • \n	\n 您在票据上的潜在回报仅限于任何或有票息，您不会参与基础资产的价值上涨，也不会收到基础资产的股息支付，也不会拥有与基础资产持有人相同的权利 - 票据的回报潜力仅限于事先规定的或有票息率，无论基础资产是否升值。此外，您的票据回报将根据在到期前或发行人赎回前满足或有票息要求的观察日期数量而有所不同。由于瑞银可能在第一个潜在赎回结算日就选择赎回票据，票据的总回报可能低于如果票据一直持有至到期的情况。此外，如果瑞银在到期前选择赎回票据，您将不会收到任何或有票息或在赎回结算日之后的任何票息支付日的其他付款，您的票据回报可能低于如果票据一直持有至到期的情况。如果瑞银不选择赎回票据，即使您无法参与基础资产价值的任何上涨，您也可能面临基础资产的下跌。因此，投资于票据的回报可能低于在基础资产上的假设投资回报。此外，作为票据的持有人，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您票据任何付款的计算中。同样，您不会拥有基础资产持有人的投票权或其他任何权利。 \n
\n • \n	\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，而更大的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，部分基于设定票据条款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。在行权日时，标的资产的预期波动率越大，该日期的预期就越有可能在观察日时标的资产的收盘水平低于票面障碍，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在比我们具有相似期限的常规债务证券或类似条件的证券的收益率更高的或有票面利率，以及/或比类似条件的证券的下行阈值和/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/或票面障碍可能并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风险。 \n
\n • \n	\n 瑞银可能在到期前赎回票据，且票据面临再投资风险 - 瑞银可在到期日前自行决定在第一个可能的赎回结算日开始赎回票据，如果瑞银决定提前赎回您的票据，您在适用的赎回结算日后将不再有机会获得任何或有票面利息。如果瑞银决定在到期前赎回票据，无法保证您能够以可比较的回报率和/或类似风险水平的或有票面利率进行再投资。此外，瑞银赎回票据的权利也可能对您在二级市场出售票据的能力产生不利影响。 \n 当预期的票据附带的或有票息大于UBS发行的其他具有可比期限、条款和信用评级的票据的利息时，UBS更有可能在票据到期前选择赎回票据。在这种情况下，UBS更有可能赎回票据，这增加了您无法将赎回票据所得重新投资于具有类似或有票息率的等效投资的风险。如果您能够将这些所得重新投资于与票据相当的投资，您可能会产生交易成本，例如新票据价格中包含的交易商折扣和对冲成本。当预期的票据附带的或有票息小于UBS发行的其他可比票据的利息时，UBS在到期前赎回票据的可能性较小，这包括底层资产水平低于票息门槛时。因此，当预期的票据应付金额小于其他可比票据应付金额，且您无法获得或有票息的风险相对较高时，票据更有可能继续流通。这种时期通常与票据本金损失风险较大的时期相吻合。 \n
\n • \n	\n 具有或有票息和发行人赎回条款的票据投资可能比没有此类条款的证券投资对利率风险更敏感——由于票据的发行人赎回和或有票息条款，您将比购买没有此类条款的证券时面临更大的利率波动风险。特别是，如果现行利率开始上升，您可能会受到负面影响，而票据的或有票息率可能低于您在同时期其他具有类似风险水平的投资中可以获得的利息。此外，如果您在那时尝试出售您的票据，您的票据在任何二级市场交易中的价值也会受到不利影响。相反，如果现行利率相对于或有票息率较低，且UBS选择在到期前赎回票据，则无法保证您能够以类似的风险水平获得可比的回报率进行再投资。 \n
\n \n	\n 与底层资产特性相关的风险 \n
\n • \n	\n 单一股权风险 - 本票据的收益（可能是负数）直接与标的资产的表现相关。由于与标的资产及其发行人（“标的资产发行人”）相关的特定因素，标的资产的水平可能大幅上涨或下跌，例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，以及一般市场因素，例如整体股票和商品市场波动和水平、利率以及经济、政治和其他状况。作为票据的投资者，您应自行调查与您的票据相关的标的资产发行人和标的资产。有关标的资产和标的资产发行人的更多信息，请参见本文中的“关于标的资产的信息”以及该部分中提到的标的资产发行人的美国证券交易委员会（SEC）文件。我们敦促您查阅标的资产发行人定期向SEC提交的财务和其他信息。 \n

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

\n \n \n \n \n\t\t \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n • \n	\n 无法保证票据中隐含的投资观点会成功 - 无法预测标的资产的水平会上涨或下跌的程度。无法保证标的资产的收盘水平在每个观察日等于或高于票息门槛，或者如果瑞银（UBS）未选择赎回票据，则最终水平等于或高于下行阈值。标的资产的水平将受到影响标的资产发行人的一系列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标的资产的下行风险，以及可能损失初始投资的大部分或全部的风险。 \n
\n	\n \n
\n • \n	\n 标的资产发行人与瑞银之间没有任何关联，瑞银不对该发行人的任何披露负责 - 我们与标的资产发行人没有关联。我们及我们的关联方可能目前或将来不时与标的资产发行人开展业务。然而，我们与标的资产发行人没有关联，也不对标的资产发行人的任何信息披露负责，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，您应自行调查标的资产和标的资产发行人。本票据的标的资产发行人以任何方式参与本票据的发行，并且没有任何义务出于任何原因（包括在可能影响您的票据的市场价值和收益的任何公司行动中）考虑您的利益。 \n
\n • \n	\n 非常有限的交易历史 - 空间探索技术公司（Space Exploration Technologies Corp.）的普通股仅最近才在其当前主要交易所开始交易，因此其历史表现非常有限。由于该基础资产的交易历史非常有限，您与该基础资产相关的投资可能比与有更悠久表现记录的公司相关的投资涉及更大的风险。有关该基础资产的更多信息，请参见本文中的“关于基础资产的信息”部分。基础资产的过去表现不应被视为其未来表现的指标。 \n
\n \n	\n 估算价值考虑因素 \n
\n • \n	\n 您为票据支付的发行价高于其估算初始价值 - 由于发行价中包含了承销折扣、对冲成本、发行及其他成本和预期利润，您为票据支付的发行价高于其在交易日的估算初始价值。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算初始价值，并在本定价补充文件中列示。用于确定票据估算初始价值的定价模型包含某些变量，包括基础资产的水平和波动性、基础资产的预期股息、现行利率、票据期限以及我们的内部资金利率。我们的内部资金利率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时所支付的利率。承销折扣、对冲成本、发行及其他成本、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，交易日的票据估算初始价值低于您为票据支付的发行价。 \n
\n • \n	\n 估算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）以实际价格出售票据的价格可能与估算初始价值不同 - 在任何时间，您的票据价值将根据许多因素而变化，包括上述因素和“关于基础资产特性的风险——单一股票风险”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票据，您实际获得的价值可能与我们内部定价模型确定的票据估算初始价值不同，可能差异较大。票据的估算初始价值并不代表我们在任何时间在任何二级市场或我们任何关联方愿意购买您的票据的最低或最高价格。 \n
\n • \n	\n 我们的实际利润可能大于或小于交易日当天票据的估计初始价值与发行价之间的差额 - 我们可能在交易日之前至少部分地确定票据的经济条款，并对冲我们的义务。此外，我们可能需要持续承担维持和/或调整任何对冲的成本，而此类对冲通常并不完美。因此，我们在发行票据的实际利润（或可能的损失）在交易日无法确定，且交易日当天估计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，我们实际利润只有在票据到期时才能确定。 \n
\n \n	\n 与流动性及二级市场价格考虑相关的风险 \n
\n • \n	\n 票据可能几乎没有或没有二级市场 - 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。无法保证票据的二级市场会发展起来。UBS Securities LLC及其关联公司有意但没有义务在票据上做市，并可能随时停止做市。如果您能够在到期前出售您的票据，您可能不得不以重大损失出售。票据的估计初始价值并不代表我们在任何时间或任何二级市场上愿意购买您的票据的最低或最高价格。 \n
\n • \n	\n UBS Securities LLC及其关联公司可能在二级市场（如有）以高于UBS当时对凭证的估值的价格进行购买，高于任何其他独立交易商提供的二级市场价格（如有），并且根据您的经纪人，可能高于您的客户账户声明中提供的估值 - 在凭证发行后的一段时间内，UBS Securities LLC或其关联公司可能以超过（i）我们基于内部定价模型当时对凭证的估值，（ii）任何其他独立交易商提供的二级市场价格（如有）以及（iii）根据您的经纪人，客户账户声明中提供的估值的价格买卖此类凭证。在发行后，UBS Securities LLC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凭证，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。此类金额中包含在我们价格中的部分将在截至“补充分销计划（利益冲突）；二级市场（如有）”下指定日期的期间内以直线方式下降至零。此后，如果UBS Securities LLC或其关联公司进行二级市场交易，它将以反映我们当时参考内部定价模型确定的估计价值的价格进行。由于UBS Securities LLC与结构性债务证券（如凭证）的销售代理之间的请求和安排，相对于我们内部定价模型的临时正差价会出现。如上所述，UBS Securities LLC及其关联公司有意但没有义务为凭证做市，且可能随时停止做市。UBS Securities LLC或其关联公司在任何时候（如果有的话）进行二级市场交易的价格也将反映其当时对类似规模的结构性债务证券的买卖价差。UBS Securities LLC在其客户声明中反映了这一临时正差价。投资者应询问独立交易商提供的客户账户声明中的估值。 \n
\n • \n	\n 影响凭证条款和到期前市场价格的经济和市场因素 - 由于结构性凭证，包括凭证，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品价值的因素也将影响凭证发行时的条款和特征以及到期前的市场价格。这些因素包括基础资产的水平；基础资产的波动性；基础资产的预期股息；凭证到期剩余时间；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；UBS的信用状况；凭证当时的买卖价差以及下文“对冲活动和利益冲突相关风险 - 潜在利益冲突”中讨论的因素。这些和其他因素是不可预测且相互关联的，可能会相互抵消或放大。 \n
\n • \n	\n Impact of fees and the use of internal funding rates rather than secondary market credit spreads on secondary market prices - All other things being equal, the use of the internal funding rates described above under “— Estimated Value Considerations” as well as the inclusion in the issue price of the underwriting discount, hedging costs, issuance and other costs and any projected profits are, subject to the temporary mitigating effect of UBS Securities LLC’s and its affiliates’ market making premium, expected to reduce the price at which you may be able to sell the Notes in any secondary market. \n
\n \n	\n Risks Relating to Hedging Activities and Conflicts of Interest \n
\n • \n	\n Potential conflicts of interest - UBS and its affiliates may engage in business with the underlying asset issuer, which may present a conflict between the interests of UBS and you, as a holder of the Notes. Moreover, UBS may elect to call the Notes pursuant to the issuer call feature. If UBS so elects, the decision may be based on factors contrary to those favorable to a holder of the Notes, such as, but not limited to, those described under “— Risks Relating \n

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

\n	\n
\n	\n to Return Characteristics — UBS may elect to call the Notes prior to maturity and the Notes are subject to reinvestment risk” and “— An investment in Notes with contingent coupon and issuer call features may be more sensitive to interest rate risk than an investment in securities without such features”. There are also potential conflicts of interest between you and the calculation agent, which will be an affiliate of UBS. The calculation agent will determine whether the contingent coupon is payable to you on any coupon payment date and the payment at maturity of the Notes, if any, based on observed closing levels of the underlying asset. The calculation agent can postpone the determination of the terms of the Notes if a market disruption event occurs or is continuing on the strike date, any observation date or the final valuation date. As UBS determines the economic terms of the Notes, including the contingent coupon rate, downside threshold and coupon barrier, and such terms include the underwriting discount, hedging costs, issuance and other costs and projected profits, the Notes represent a package of economic terms. There are other potential conflicts of interest insofar as an investor could potentially get better economic terms if that investor entered into exchange-traded and/or OTC derivatives or other instruments with third parties, assuming that such instruments were available and the investor had the ability to assemble and enter into such instruments. Additionally, UBS and its affiliates act in various capacities with respect to the Notes, including as a principal, agent or dealer in connection with the sale of the Notes. Such affiliates, and any other third-party dealers, will derive compensation from the distribution of the Notes and such compensation may serve as an incentive to sell these Notes instead of other investments. Furthermore, given that UBS Securities LLC and its affiliates temporarily maintain a market making premium, it may have the effect of discouraging UBS Securities LLC and its affiliates from recommending sale of your Notes in the secondary market. \n
\n • \n	\n 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/或最终水平进行调整，以及票据的任何其他条款，且在某些情况下，可能会替换该基础资产。然而，计算代理不会对可能影响基础资产的每个事件都进行调整。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，它认为这在实际可行的范围内可以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。在与基础资产发行人相关的某些事件发生后，例如重组事件或基础资产发行人证券的退市或交易暂停，您在任何票息支付日是否应获得附带票息，或您在到期时收到的金额可能基于该基础资产发行人的继任者的权益证券，结合任何向该基础资产持有人分发的现金或其他资产（如适用），或另一家公司的普通股。此类事件的发生和随之而来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——与基础权益或权益篮子资产挂钩证券的反稀释调整”、“——与基础权益或权益篮子资产挂钩证券的重组事件”以及“——基础权益的退市、交易暂停或影响该基础权益的法律变更”部分。 \n
\n • \n	\n UBS 对价格的潜在影响 - UBS 或其关联方在基础资产、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表现挂钩的工具上的交易或交易，可能对基础资产的水平产生不利影响，从而对票据的市场价值和回报产生不利影响。此外，当基础资产的收盘水平低于票息障碍时，UBS 更不可能赎回票据，因此任何对基础资产水平产生不利影响的对冲活动也可能降低 UBS 赎回票据的可能性。 \n
\n • \n	\n UBS（瑞银集团）可能发布的不一致的研究、观点或建议 - UBS及其附属公司会不定期发布有关金融市场及其他可能影响凭证价值和回报的研究，或表达与购买或持有凭证不一致的观点或提供建议。UBS或其附属公司发布的任何研究、观点或建议可能彼此不一致，并可能在未经通知的情况下随时修改。投资者应自行独立调查投资凭证及底层资产的优劣。 \n
\n \n	\n 与一般信用特征相关的风险 \n
\n • \n	\n UBS的信用风险 - 本凭证是UBS的无担保、无优先权的债务义务，无论是直接还是间接，都不是任何第三方的义务。本凭证的任何付款，包括本金的偿还，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凭证的市场价值。如果UBS未能履行其义务，您可能无法根据凭证条款获得任何应付的款项，您可能会损失全部初始投资。 \n
\n • \n	\n 本凭证不是银行存款 - 投资本凭证的风险与投资于UBS或其附属公司的银行存款的风险非常不同。本凭证具有不同的收益率和/或回报率、流动性和风险特征，且不会受益于对存款提供的任何保护。 \n
\n • \n	\n 如果UBS遭遇严重的财务困难，FINMA有权针对UBS启动重组或清算程序，并/或对其实施保护性措施，这些程序或措施可能对本凭证的条款和市场价值以及UBS支付本凭证款项的能力产生重大不利影响 - 根据1934年11月8日修订的《瑞士银行与储蓄银行法》（“瑞士银行业法”），瑞士金融市场监管局（“FINMA”）拥有广泛的权力，可以在其认为有正当理由担心UBS存在过度负债或严重流动性问题，或在截止日期后UBS未能满足适用的资本充足率要求（无论是在单独或合并基础上）时，针对UBS采取措施和行动。如果满足上述任何前提条件，FINMA有权针对UBS启动重组程序或清算（破产）程序，并/或对其实施保护性措施。《瑞士银行业法》在上述程序和措施方面赋予FINMA很大的自由裁量权。特别是，FINMA可以实施各种保护性措施，包括银行暂停支付或到期日延后，这些措施可以单独实施，或与重组或清算程序一并实施。 \n 在重组程序中，FINMA作为解决机构，有权批准重组计划。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（可能包括瑞银与票据持有人之间的合同关系）转移给另一实体；(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、负债或担保物的权利；(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（“债务转股权”），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。在任何与票据相关的债务转股权或核销之前，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》规定了债务转股权或债务工具核销（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务转股权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被授予的广泛自由裁量权，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索赔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并列的其他义务。因此，FINMA行使任何法定解决权力或任何此类行使的建议都可能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部分或全部投资。 \n Once FINMA has opened restructuring proceedings with respect to UBS, it may consider factors such as the results of operations, financial condition (in particular, the level of indebtedness, potential future losses and/or restructuring costs), liquidity profile and regulatory capital adequacy of UBS and its subsidiaries, or any other factors of its choosing, when determining whether to exercise any of its statutory resolution powers with respect to UBS, including, \n

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

\n	\n
\n	\n if it chooses to exercise such powers to order a debt-to- equity swap and/or a write-off, whether to do so in full or in part. The criteria that FINMA may consider in exercising any statutory resolution power provide it with considerable discretion. Therefore, holders of the Notes may not be able to refer to publicly available criteria in order to anticipate a potential exercise of any such power and, consequently, its potential effects on the Notes and/or UBS. 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 Risks Relating to U.S. Federal Income Taxation \n
\n • \n	\n Uncertain 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 \n \n \n \n

Hypothetical Examples of How the Notes Might Perform

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

The examples below illustrate the payment upon an issuer call or at maturity for a $1,000 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 \n \n \n \n \n \n \n \n \n \n \n

\n	\n
\n Principal Amount: \n	\n $1,000 \n
\n Term: \n	\n Approximately 2 years \n
\n Contingent Coupon Rate: \n	\n 19.50% per annum \n
\n Contingent Coupon: \n	\n $16.25 \n
\n Observation Dates: \n	\n Monthly (callable after 3 months) \n

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

\n	\n
\n Initial Level: \n	\n $100.00 \n
\n Downside Threshold: \n	\n $60.00 (which is 60.00% of the Initial Level) \n
\n Coupon Barrier: \n	\n $60.00 (which is 60.00% of the Initial Level) \n

Example 1 — On the first potential Call Settlement Date, UBS elects to call the Notes.

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

\n	\n	\n	\n
\n Date \n	\n Closing Level \n	\n \n	\n Payment (per Note) \n
\n First Observation Date through Second Observation Date \n	\n Various (all equal to or greater than Coupon Barrier) \n	\n \n	\n $32.50 (Aggregate Contingent Coupons - Not Callable) \n
\n Third Observation Date \n	\n $57.12 (less than Coupon Barrier) \n	\n \n	\n $1,000.00 (Call Settlement Amount) \n
\n \n	\n Total Payment: \n	\n \n	\n $1,032.50 (3.25% total return) \n

Because UBS elects to call the Notes on the first potential call settlement date (which is approximately 3 months after the trade date) and the closing level of the underlying asset is less than the coupon barrier on the related observation date, UBS will pay you on the call settlement date a total of $1,000.00 per Note, reflecting your principal amount. When added to the contingent coupon(s) of $32.50 received in respect of the prior observation date(s), UBS will have paid you a total of $1,032.50 per Note, for a total return of 3.25% on the Notes. You will not receive any further payments on the Notes.

Example 2 — UBS does NOT elect to call the Notes prior to maturity and the Final Level is equal to or greater than the Downside Threshold and Coupon Barrier.

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

\n	\n	\n	\n
\n Date \n	\n Closing Level \n	\n \n	\n Payment (per Note) \n
\n First Observation Date \n	\n $65.52 (equal to or greater than Coupon Barrier) \n	\n \n	\n $16.25 (Contingent Coupon) \n
\n Second Observation Date through Twenty-third Observation Date \n	\n Various (all less than Coupon Barrier) \n	\n \n	\n $0.00 \n
\n Final Valuation Date \n	\n $63.00 (equal to or greater than Coupon Barrier and Downside Threshold) \n	\n \n	\n $1,373.75 (Payment at Maturity, which includes the Contingent Coupon with respect to the Final Valuation Date and the previously unpaid Contingent Coupons in respect of the prior Observation Dates) \n
\n \n	\n Total Payment: \n	\n \n	\n $1,390.00 (39.00% total return) \n

Because UBS does not elect to call the Notes prior to maturity and the final level 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, plus any previously unpaid contingent coupons in respect of the prior observation dates pursuant to the memory interest feature. At maturity, UBS will pay you a total of $1,373.75 per Note (reflecting your principal amount plus the contingent coupon applicable to the final valuation date and the previously unpaid contingent coupons in respect of the prior observation dates). When added to the contingent coupon(s) of $16.25 received in respect of the prior observation date(s), UBS will have paid you a total of $1,390.00 per Note, for a total return of 39.00% on the Notes.

Example 3 — UBS does NOT elect to call the Notes prior to maturity and the Final Level of the Underlying Asset is less than the Downside Threshold and Coupon Barrier.

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

\n	\n	\n	\n
\n Date \n	\n Closing Level \n	\n \n	\n Payment (per Note) \n
\n First Observation Date \n	\n $64.58 (equal to or greater than Coupon Barrier) \n	\n \n	\n $16.25 (Contingent Coupon) \n
\n Second Observation Date through Twenty-third Observation Date \n	\n Various (all less than Coupon Barrier) \n	\n \n	\n $0.00 \n
\n Final Valuation Date \n	\n $40.00 (less than Coupon Barrier and Downside Threshold) \n	\n \n	\n $1,000.00 x (1 + Underlying Return) = \n $1,000.00 x [1 + (-60% )] = \n $1,000.00 x 0.40 = \n $400.00 (Payment at Maturity) \n
\n \n	\n Total Payment: \n	\n \n	\n $416.25 (58.375% loss) \n

Because UBS does not elect to call the Notes prior to maturity 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 $400.00 per Note. When added to the contingent coupon(s) of $16.25 received in respect of the prior observation date(s), UBS will have paid you $416.25 per Note, for a loss on the Notes of 58.375%.

Investing 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 UBS does not elect to call the Notes, you may lose a significant portion or all of your initial investment. Specifically, if UBS does not elect to call the Notes and the final level of the underlying asset is less than the downside threshold, you will lose a percentage of your principal amount equal to the underlying return and, in extreme situations, you could lose all of your initial investment.

UBS may elect to call the Notes at its discretion (monthly, beginning after 3 months) regardless of the performance of the underlying asset. If UBS does not elect to call the Notes and the final level of any underlying asset is less than the downside threshold, you will lose a significant portion or

all of your initial investment at maturity. Any payment on the Notes, including 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 \n \n

Information About the Underlying Asset

\n \n \n \n \n \n \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.

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 \n \n

Space Exploration Technologies Corp.

According to publicly available information, Space Exploration Technologies Corp. (“SpaceX”) designs, manufactures, launches and operates products and services with respect to space, connectivity and artificial intelligence. Information filed by SpaceX with the SEC can be located by reference to its SEC file number: 001-43344, or its CIK Code: 0001181412. SpaceX’s Class A common stock is listed on the Nasdaq Global Select Market under the ticker symbol “SPCX”.

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

Historical Information

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

The graph below illustrates the performance of SpaceX's common stock 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 $87.62, which is equal to 60.00% of the initial level. 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 \n \n

What Are the Tax Consequences of the Notes?

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

The 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 \n \n

U.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 \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. 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 \n

\n \n

We will not attempt to ascertain whether the underlying asset 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 \n \n \n

Based 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, 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

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 \n \n \n

Notice 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 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

Medicare 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

Specified 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

Non-U.S. Holders. The U.S. federal income tax treatment of the contingent coupons is unclear. Subject to the discussions below with respect to Section 871(m) of the Code and 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. Subject to Section 897 of the Code, discussed above, and Section 871(m) of the Code, discussed below, 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

Section 871(m). A 30% withholding tax (which may be reduced by an applicable income tax treaty) is imposed under Section 871(m) of the Code on certain “dividend equivalents” paid or deemed paid to a non-U.S. holder with respect to a “specified equity-linked instrument” that references one or more dividend-

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

paying U.S. equity securities or indices containing U.S. equity securities. The withholding tax can apply even if the instrument does not provide for payments that reference dividends. Treasury regulations provide that the withholding tax applies to all dividend equivalents paid or deemed paid on specified equity-linked instruments that have a delta of one (“delta one specified equity-linked instruments”) issued after 2016 and to all dividend equivalents paid or deemed paid on all other specified equity-linked instruments issued after 2017. However, the IRS has issued guidance that states that the Treasury and the IRS intend to amend the effective dates of the Treasury regulations to provide that withholding on dividend equivalents paid or deemed paid will not apply to specified equity-linked instruments that are not delta one specified equity-linked instruments and are issued before January 1, 2029.

Based on our determination that the Notes are not “delta-one” with respect to the underlying asset, our special U.S. tax counsel is of the opinion that the Notes should not be delta one specified equity-linked instruments and thus should not be subject to withholding on dividend equivalents. Our determination is not binding on the IRS, and the IRS may disagree with this determination. Furthermore, the application of Section 871(m) of the Code will depend on our determinations on the date the terms of the Notes are set. If withholding is required, we will not make payments of any additional amounts.

Nevertheless, after the date the terms are set, it is possible that your Notes could be deemed to be reissued for tax purposes upon the occurrence of certain events affecting the underlying asset or your Notes, and following such occurrence your Notes could be treated as delta one specified equity-linked instruments that are subject to withholding on dividend equivalents. It is also possible that withholding tax or other tax under Section 871(m) of the Code could apply to the Notes under these rules if a non-U.S. holder enters, or has entered, into certain other transactions in respect of the underlying asset or the Notes. A non-U.S. holder that enters, or has entered, into other transactions in respect of the underlying asset or the Notes should consult its tax advisor regarding the application of Section 871(m) of the Code to its Notes in the context of its other transactions.

Because of the uncertainty regarding the application of the 30% withholding tax on dividend equivalents to the Notes, you are urged to consult your tax advisor regarding the potential application of Section 871(m) of the Code and the 30% withholding tax to an investment in the Notes.

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

Foreign 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

Proposed 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.

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

Both 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 \n \n \n \n \n \n

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

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

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 the Notes to one or more third-party dealers at a discount from the issue price to the public equal to the underwriting discount indicated on the cover hereof. Certain of such third-party dealers may resell the Notes to other securities dealers at the issue price to the public less an underwriting discount of up to the underwriting discount received. Certain unaffiliated registered investment advisers or fee-based advisory accounts may have agreed to purchase Notes from a third-party dealer at a purchase price of at least $992.50 per Note, and such third-party dealer, with respect to such sales, may have agreed to forgo some or all of the underwriting discount. Additionally, we or one of our affiliates will pay a fee to an unaffiliated broker-dealer for providing certain electronic platform services with respect to this offering.

\n \n

Conflicts of Interest — UBS Securities LLC 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. UBS Securities LLC is not 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.

\n \n

UBS 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.

\n \n

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

Prohibition 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.

\n \n

Prohibition 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.

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

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.

","original","zhKind","translation","complete",false,"公司与财报","融资","aihot","/items/xr63bq59pvot9dy7l36q00gsg","https://www.sec.gov/Archives/edgar/data/1114446/000183988226051351/0001839882-26-051351-index.htm","rss-sec-xbrl","name","SEC · EDGAR 财务披露","rss","firstParty","iconUrl","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar&exp=1792627200&sig=564cbec5bb9177d7","iconSrcSet","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-48&exp=1792627200&sig=034656c278a8477b 48w, /api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-96&exp=1792627200&sig=23dae0083a3a8d72 96w","changelogVersion","2026-10-01T08:00"]