New Issue: UBS sells $19.3 million dual directional market-linked notes on Russell

Chicago, July 31 – UBS AG, London Branch priced $1.93 million of 0% dual directional barrier market-linked notes with daily barrier observation due July 29, 2025 linked to the performance of the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

A barrier event will occur if the index closes above its 120% upper barrier or below its 80% lower barrier on any trading day during the life of the notes.

If a barrier event occurs, investors will receive par plus 10%.

If a barrier event does not occur, investors will receive par plus the greater of 10% of the absolute value of the index return.

UBS Securities LLC and UBS Investment Bank are the agents.

Issuer:	UBS AG, London Branch
Issue:	Dual directional barrier market-linked notes with daily barrier observation
Underlying index:	Russell 2000 index
Amount:	$1,933,000
Maturity:	July 29, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If a barrier event has occurred, par plus 10%; if a barrier event does not occur, par plus greater of 10% or the absolute value of the index return
Trigger event:	Occurs if the index closes above upper barrier or below lower barrier on any trading day during the life of the notes
Initial level:	1,965.678
Upper barrier:	2,358.814; 120% of initial level
Lower barrier:	1,572.542; 80% of initial level
Pricing date:	July 24
Settlement date:	July 27
Agents:	UBS Securities LLC and UBS Investment Bank
Fees:	1%
Cusip:	90279GJ91

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