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UBS Announces Mandatory Redemption of Eleven Series A ETRACS ETNs and Suspends Further Sales of the Series A ETRACS ETNs

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UBS AG announced today that it will redeem all of the outstanding securities in each of the eleven series set forth in the following table (collectively, the "Series A ETNs"). UBS expects to deliver redemption notices with respect to each of the Series A ETNs to holders of the applicable Series A ETNs with Call Settlement Dates as set forth in the table below.

Table-1

* The table above provides a hyperlink to the relevant prospectus supplement or pricing supplement, for each of the Series A ETNs, which are identified by their names. Each of the above Series A ETNs are part of UBS AG’s Medium Term Notes, Series A, on which UBS AG and UBS Switzerland AG are co-obligors. Capitalized terms used but not defined in this press release shall have the meanings ascribed to such terms in the relevant prospectus supplement, or product supplement and pricing supplement for the Series A ETNs, as applicable.

With respect to each of the Series A ETNs, the Call Settlement Amount or Redemption Amount, as applicable, payable on the Call Settlement Date will be calculated as specified in the relevant prospectus supplement, or product supplement and pricing supplement. UBS will pay the applicable Call Settlement Amount or Redemption Amount, as applicable, to investors holding the Series A ETNs on the applicable Call Settlement Date.

Additional details regarding the redemption dates and measurement periods are included in Table-2 below.

Table-2

ETN Ticker

Call Measurement Period

Call Measurement Period Start Date

Call Measurement Period End Date

Call Settlement Date

AMU

5 index business days

11/13/2020

11/19/2020

11/24/2020

MLPG

5 index business days

11/13/2020

11/19/2020

11/24/2020

MLPI

5 index business days

11/13/2020

11/19/2020

11/24/2020

BDCS

10 index business days

11/10/2020

11/23/2020

11/27/2020

SDYL

5 trading days

11/10/2020

11/16/2020

11/23/2020

DJCI

1 business day

12/7/2020

12/7/2020

12/10/2020

FUD

1 business day

12/7/2020

12/7/2020

12/10/2020

UAG

1 business day

12/7/2020

12/7/2020

12/10/2020

UBG

1 business day

12/7/2020

12/7/2020

12/10/2020

UCI

1 business day

12/7/2020

12/7/2020

12/10/2020

USV

1 business day

12/7/2020

12/7/2020

12/10/2020

Series A ETNs Suspension of Future Sales

On August 5, 2020, UBS AG previously announced the suspension of further sales from inventory of the five Series A ETNs that were part of the voluntary exchange offers that expired on August 5, 2020 (Tickers: AMU, MLPI, BDCS, DJCI and UCI). In addition, UBS AG previously announced a waiver of the minimum early redemption size for each of these five Series A ETNs.

UBS AG announced today that it has also suspended further sales from inventory of each of the remaining six Series A ETNs listed in Table-1 above (Tickers: MLPG, SDYL, FUD, UAG, UBG and USV). UBS AG has also announced the waiver of the minimum early redemption size for each of these six Series A ETNs. Prior to the waiver, holders of the ETNs were required to redeem at least 50,000 ETNs at one time in order to exercise their right to redeem the ETNs directly with the Issuer.

As disclosed in more detail in the prospectus supplements or product supplement and pricing supplements, as applicable, for each of the eleven Series A ETNs, the market value of the Series A ETNs may be influenced by, among other things, supply and demand for the Series A ETNs. There is a substantial possibility that the suspension of any further sales of these Series A ETNs by UBS AG, as described above, may influence the market value of the Series A ETNs and the liquidity of the market for the Series A ETNs, potentially leading to insufficient supply and causing the Series A ETNs to trade at a premium above their closing or intraday indicative value. Any such premium may subsequently decrease at any time and for any reason without warning, resulting in financial loss to investors who paid this premium when they acquired their Series A ETNs. In addition, on the applicable redemption date, holders will receive the Redemption Amount or Call Settlement Amount , as applicable, as described in each applicable prospectus supplement or product supplement and pricing supplement, as applicable, but will not receive any premium thereto. Accordingly, investors who purchase the Series A ETNs at any time prior to the Call Settlement Date for an amount that is greater than the Redemption Amount or Call Settlement Amount, as applicable, (including paying any premium to the indicative value of the Series A ETNs) will suffer a loss on their investment if they hold their Series A ETNs until the Call Settlement Date.

If investors elect to redeem their Series A ETNs prior to the Call Settlement Date, any redemption will be at the redemption value set forth in the applicable prospectus supplement or product supplement and pricing supplement, as applicable, and will not include any premium above that value. Investors should always consult their financial advisors and compare the intraday indicative value of the Series A ETNs with the Series A ETNs’ then-prevailing market price before purchasing or selling the Series A ETNs, especially Series A ETNs with premium characteristics.

This announcement does not affect the terms of the outstanding Series A ETNs, including the right of holders to require UBS AG to redeem their Series A ETNs on the terms and at the redemption price set forth in the applicable prospectus supplement or product supplement and pricing supplement, as applicable. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

UBS has also filed a Registration Statement on Form F-3 (Registration No. 333-225551) including a prospectus and supplements thereto with the Securities and Exchange Commission ("SEC") for the general offering of Series A ETNs and other exchange-traded securities. Before you invest, you should read the prospectus, along with the applicable prospectus supplements, or product supplement and pricing supplements, as applicable, to understand fully the terms of the securities and other considerations that are important in making a decision about investing in the Series A ETNs. For more information regarding the Series A ETNs, the prospectus supplement or product supplement and pricing supplement, as applicable, for each of the Series A ETNs can be accessed on EDGAR, the SEC’s website, at www.sec.gov, and the prospectus supplements or pricing supplements are also available at the links included in Table-1 above.

CAUTIONARY LANGUAGE CONCERNING FORWARD-LOOKING STATEMENTS

Information set forth in this news release contains forward-looking statements that are subject to risks and uncertainties, and actual results may differ materially. A discussion of factors that may affect future results is contained in UBS AG’s filings with the Securities and Exchange Commission and in the Registration Statement related to the Series A ETNs and there is no assurance that UBS AG will actually complete the redemptions of the Series A ETNs. UBS disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise.

About ETRACS

ETRACS ETNs are senior unsecured notes issued by UBS AG, are traded on NYSE Arca, and can be bought and sold through a broker or financial advisor. An investment in ETRACS ETNs is subject to a number of risks, including the risk of loss of some or all of the investor’s principal, and is subject to the creditworthiness of UBS AG. Investors are not guaranteed any coupon or distribution amount under the ETNs. Prior to making an investment in the ETRACS ETNs, investors should take into account whether or not the market price is tracking the intraday indicative value of the ETNs. We urge you to read the more detailed explanation of risks described under "Risk Factors" in the applicable prospectus supplement, or product supplement and pricing supplement, for the ETRACS ETN.

About UBS

UBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. UBS's strategy is centered on our leading global wealth management business and our premier universal bank in Switzerland, enhanced by Asset Management and the Investment Bank. The bank focuses on businesses that have a strong competitive position in their targeted markets, are capital efficient, and have an attractive long-term structural growth or profitability outlook.

UBS is present in all major financial centers worldwide. It has offices in more than 50 regions and locations, with about 31% of its employees working in the Americas, 32% in Switzerland, 19% in the rest of Europe, the Middle East and Africa and 18% in Asia Pacific. UBS Group AG employs over 67,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).

This material is issued by UBS AG and/or any of its subsidiaries and/or any of its affiliates ("UBS"). Products and services mentioned in this material may not be available for residents of certain jurisdictions. Past performance is not necessarily indicative of future results. Please consult the restrictions relating to the product or service in question for further information. Activities with respect to US securities are conducted through UBS Securities LLC, a US broker/dealer. Member of SIPC (http://www.sipc.org/).

Alerian MLP Index, Alerian MLP Infrastructure Index, Alerian Natural Gas MLP Index, AMZ, AMZI and ANGI are trademarks of Alerian and their use is granted under a license from Alerian.

Wells Fargo Securities, Wells Fargo and Wells Fargo Business Development Company Index are trademarks of Wells Fargo & Company and have been licensed for use for certain purposes by UBS. The ETRACS Exchange Traded Note traded under the ticker BDCS is based on an index maintained by Wells Fargo Securities, LLC and are not issued, sponsored, endorsed or advised by Wells Fargo Securities, LLC, Wells Fargo & Company or their affiliates ("Wells") and Wells makes no representation regarding whether such Product is suitable for investors generally or the advisability of trading in such a Product. Wells does not guarantee that the Index referenced by the Product has been accurately calculated or that the Indices appropriately represent particular investment strategies. Wells shall not have any liability for any error in the calculation of the Index or for any infirmity in the Product. The Index is calculated by third parties, including NYSE Arca, Inc., which are not affiliated with the issuer of the Product or with Wells and they do not approve, endorse, review or recommend the Indices, UBS or the Products.

NONE OF BLOOMBERG, UBS AG, UBS SECURITIES LLC OR ANY OF THEIR SUBSIDIARIES OR AFFILIATES GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE BLOOMBERG COMMODITY INDEX℠ OR THE UBS BLOOMBERG CONSTANT MATURITY COMMODITY INDEX (CMCI) OR ANY DATA RELATED THERETO AND NONE OF BLOOMBERG, UBS AG, UBS SECURITIES LLC OR ANY OF THEIR SUBSIDIARIES OR AFFILIATES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. NONE OF BLOOMBERG, UBS AG, UBS SECURITIES OR ANY OF THEIR SUBSIDIARIES OR AFFILIATES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY OWNERS OF THE SECURITIES OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG COMMODITY INDEX℠ OR ANY DATA RELATED THERETO. NONE OF BLOOMBERG, UBS AG, UBS SECURITIES LLC OR ANY OF THEIR SUBSIDIARIES OR AFFILIATES MAKES ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG COMMODITY INDEX℠ OR THE UBS BLOOMBERG CONSTANT MATURITY COMMODITY INDEX (CMCI) OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS (INCLUDING UBS), AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES— WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE BLOOMBERG COMMODITY INDEX℠ OR THE UBS BLOOMBERG CONSTANT MATURITY COMMODITY INDEX CMCI OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS AMONG BLOOMBERG AND UBS SECURITIES LLC, OTHER THAN UBS AG.

Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc. ("S&P") and UBS AG have entered into a non-exclusive license agreement providing for the license to UBS, and certain of its affiliates, in exchange for a fee, of the right to use the S&P High Yield Dividend Aristocrats® Index, in connection with securities, including the ETNs. The S&P High Yield Dividend Aristocrats® Index is owned and published by S&P.

UBS specifically prohibits the redistribution or reproduction of this material in whole or in part without the prior written permission of UBS and UBS accepts no liability whatsoever for the actions of third parties in this respect.

© UBS 2020. The key symbol, UBS and ETRACS are among the registered and unregistered trademarks of UBS. Other marks may be trademarks of their respective owners. All rights reserved.

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Christina.aquilina@ubs.com

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