New Issue: UBS prices $552,000 trigger autocallable contingent yield notes on three ETFs

Chicago, Feb. 8 – UBS AG, London Branch priced $552,000 of trigger autocallable contingent yield notes due May 24, 2027 linked to the least performing of the VanEck Gold Miners ETF, the SPDR Gold Trust and the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at the rate of 13.5% per year if each ETF closes at or above its coupon barrier, 70% of its initial level, on the related observation date.

The notes will be automatically called at par plus coupon if each ETF closes at or above its initial level on any quarterly call observation date after one year.

If the notes are not called and the final level of each ETF is greater than or equal to its 70% downside threshold, the payout at maturity will be par plus the final coupon.

Otherwise, investors will lose 1% for every 1% that the final level of the least performing ETF is less than its initial level.

UBS Securities LLC and UBS Investment Bank are the agents.

Issuer:	UBS AG, London Branch
Issue:	Trigger autocallable contingent yield notes
Underlying ETFs:	VanEck Gold Miners ETF, SPDR Gold Trust and iShares Silver Trust
Amount:	$552,000
Maturity:	May 24, 2027
Coupon:	13.5% per year, paid quarterly, if each ETF closes at or above its coupon barrier on any related observation date
Price:	Par
Payout at maturity:	Par plus final coupon if each ETF finishes at or above downside threshold; otherwise, 1% loss for each 1% decline of worst performing ETF from initial level
Call:	Automatically at par plus coupon if each ETF closes at or above initial level on any quarterly call observation date after one year
Initial levels:	$32.16 for VanEck, $183.64 for SPDR, $21.86 for silver
Coupon barrier levels:	$22.51 for VanEck, $128.55 for SPDR, $15.30 for silver; 70% of initial levels
Downside thresholds:	$22.51 for VanEck, $128.55 for SPDR, $15.30 for silver; 70% of initial levels
Pricing date:	May 19, 2023
Settlement date:	May 24, 2023
Agents:	UBS Securities LLC and UBS Investment Bank
Fees:	3.75%
Cusip:	90279GJX8

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