UBS AG announced today that it will redeem all of the outstanding securities in each of the two series of UBS-issued exchange traded notes set forth in the following table (collectively, the “ETNs”). UBS AG expects to deliver redemption notices with respect to each of the ETNs to holders of the applicable ETNs with Call Settlement Dates as set forth in the table below.

Table-1

^[1] The table above provides a hyperlink to the relevant prospectus and supplements thereto for each of the ETNs, which are identified by their names. Each of the above ETNs are part of the UBS AG’s Medium Term Notes, Series B, on which UBS AG is sole obligor. Capitalized terms used but not defined in this press release shall have the meanings ascribed to such terms in the relevant prospectus supplement (including, as applicable, any product supplement and pricing supplement (each such supplement, a “prospectus supplement”)) for the ETNs.

^[2] The prospectus addendum with a link to the updated base prospectus can be accessed here.

With respect to each of the ETNs, the Call Settlement Amount payable on the Call Settlement Date will be calculated as specified in the relevant prospectus supplement. UBS will pay the applicable Call Settlement Amount to investors holding the ETNs on the applicable Call Settlement Date. We expect that the last day of trading for the ETNs will be June 15, 2023.

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

Table-2

UBS AG had previously announced on January 7, 2022 that it would cap the maximum number of UBS AG FI Enhanced Europe 50 ETNs outstanding at any time to 80,000 ETNs and FI Enhanced Global High Yield ETNs outstanding at any time to 130,000 ETNs. At that time, UBS AG expected that its affiliate, UBS Securities LLC, may continue to sell the ETNs that UBS AG had previously issued or that UBS Securities LLC may acquire in the future, subject to the maximum number of the ETNs outstanding as specified previously. UBS AG expected that the ETNs would continue to trade on the NYSE Arca and that its affiliate, UBS Securities LLC, may continue to make markets in the ETNs. UBS AG currently expects to continue to cap the maximum number of ETNs until the applicable Call Settlement Dates.

As disclosed in more detail in the applicable prospectus supplement(s) for the ETNs, the market value of the ETNs may be influenced by, among other things, supply and demand for the ETNs. It is possible that the discontinuance of further issuances of the ETNs by UBS AG, as described above, may influence the market value of the ETNs. The suspension of new issuances of the ETNs could affect the liquidity of the market for the ETNs, potentially leading to insufficient supply and causing the 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 sellers who paid this premium when they acquired their ETNs. In addition, on the applicable redemption date, holders will receive the Call Settlement Amount as described in each applicable prospectus supplement but will not receive any premium thereto. Accordingly, investors who purchase the ETNs at any time prior to the Call Settlement Date for an amount that is greater than the Call Settlement Amount (including paying any premium to the indicative value of the ETNs) will suffer a loss on their investment if they hold their ETNs until the Call Settlement Date.

If investors elect to redeem any such ETNs, any redemption will be at the redemption value set forth in the applicable prospectus supplement(s) and will not include any premium above that value. Investors should always consult their financial advisors and compare the intraday indicative value of the ETNs with the ETNs’ then-prevailing market price before purchasing or selling any such ETNs, especially notes with premium characteristics. The applicable prospectus supplement(s) for the ETNs can be accessed by clicking on the name of the ETN identified in the table above as well as on the SEC's website at sec.gov.

This announcement does not affect the terms of the outstanding ETNs, including the right of holders to require UBS AG to redeem their ETNs on the terms and at the redemption price set forth in the applicable prospectus supplement(s). 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 ETNs 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.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements” that are subject to risks and uncertainties, and actual results may differ materially. These statements could contain words such as “possible,” “intend,” “will,” “may,” “intends,” “would,” “if,” “expect,” “potentially” or other similar expressions. Forward-looking statements, including those relating to UBS AG’s plans for the ETNs, are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. While these forward-looking statements represent UBS’s judgments, expectations and objectives concerning the matters described, a number of risks, uncertainties and other important factors, including whether UBS AG will actually complete the redemption of the ETNs, could cause actual developments and results to differ materially from UBS’s expectations. For a discussion of the risks and uncertainties that may affect the ETNs please refer to the "Risk Factors" in the applicable prospectus supplement(s) relating to the ETNs referenced in Table-1. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

About UBS ETNs

UBS 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 UBS 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 UBS ETNs. Prior to making an investment in the UBS ETNs, investors should take into account whether or not the market price is tracking the intraday indicative value of the UBS ETNs. We urge you to read the more detailed explanation of risks described under “Risk Factors” in the applicable prospectus supplement for the UBS ETN.

UBS AG has filed a registration statement (including a prospectus and supplements thereto) with the Securities and Exchange Commission, or SEC, for the offerings of securities to which this communication relates. Before you invest, you should read the prospectus, along with the applicable prospectus supplement(s) to understand fully the terms of the ETNs and other considerations that are important in making a decision about investing in the ETNs. The applicable offering document for each ETN may be obtained by clicking on the name of each ETNs identified above. You may also get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. The securities related to the offerings are not deposit liabilities and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency of the United States, Switzerland or any other jurisdiction.

About UBS

UBS convenes the global ecosystem for investing, where people and ideas are connected and opportunities brought to life, and provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as to private clients in Switzerland. UBS offers investment solutions, products and impactful thought leadership, is the leading global wealth manager, provides large-scale and diversified asset management, focused investment banking capabilities, and personal and corporate banking services in Switzerland. The firm focuses on businesses that have a strong competitive position in their target 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 30% of its employees working in the Americas, 30% in Switzerland, 19% in the rest of Europe, the Middle East and Africa and 21% in Asia Pacific. UBS Group AG employs more than 72,000 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/).

UBS ETNs are sold only in conjunction with the relevant offering materials. UBS has filed a registration statement (including a prospectus, as supplemented by the applicable prospectus supplement(s), for the offering of the UBS ETNs) with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read these documents and any other documents that UBS has filed with the SEC for more complete information about UBS and the offering to which this communication relates. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you can request the prospectus and applicable prospectus supplement(s), by calling toll-free (+1-877-387 2275). In the US, securities underwriting, trading and brokerage activities and M&A advisor activities are provided by UBS Securities LLC, a registered broker/dealer that is a wholly owned subsidiary of UBS AG, a member of the New York Stock Exchange and other principal exchanges, and a member of SIPC. UBS Financial Services Inc. is a registered broker/dealer and affiliate of UBS Securities LLC.

The ETNs referred to herein are not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such ETNs or any index on which such ETNs are based. The respective ETN prospectus supplement(s) contains a more detailed description of the limited relationship MSCI has with UBS.

The STOXX Europe 50 GR USD index is the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland (“STOXX”), Deutsche Börse Group or their licensors, which is used under license. FIEE ETN is neither sponsored nor promoted, distributed or in any other manner supported by STOXX, Deutsche Börse Group or their licensors, research partners or data providers and STOXX, Deutsche Börse Group or their licensors, research partners or data providers do not give any warranty, and exclude any liability (whether in negligence or otherwise) with respect thereto generally or specifically in relation to any errors, omissions or interruptions in the STOXX Europe 50 GR USD index or its data.

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 2023. 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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1</sup> Individual investors should instruct their broker/advisor/custodian to call us or should call together with their broker/advisor/custodian.

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