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UBS Announces Call Settlement Amount for the Series A ETRACS ETN Linked to the Wells Fargo® Business Development Company Index

New York, December 9, 2020 – UBS AG announced on Tuesday the Call Settlement Amounts for the below eight ETNs (the “Securities”), as set forth in the table below.

ETN Ticker	ETN Name an Prospectus Supplements*	Call Settlement Amount	CUSIP	Call Settlement Date
BDCS	ETRACS Linked to the Wells Fargo® Business Development Company Index due April 26, 2041	$15.2282	902641588	11/27/2020

* The table above provides a hyperlink to the prospectus supplement for the Securities. The Securities 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 prospectus supplement for the Securities.

On November 3, 2020, UBS AG announced the mandatory redemption of eleven Series A ETRACS ETNs, including these Securities. UBS will pay the applicable Call Settlement Amount to investors holding the Securities on November 27, 2020.

UBS has 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 certain exchange-traded securities offered by UBS. 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 securities. For more information regarding the Securities, the prospectus supplement for each of the Securities can be accessed on EDGAR, the SEC’s website, at www.sec.gov. The prospectus supplement for each of the Securities is also available at the link included in Table-1 above.

Media contact
Christina Aquilina
1-212-713-4488
christina.aquilina@ubs.com

Institutional Investor contact¹
+1-877-387 2275

[1] Individual investors should instruct their broker/advisor/custodian to call us or should call together with their broker/advisor/custodian.

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 Securities and there is no assurance that UBS AG will actually complete the redemptions of the Securities. 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 is the largest truly global wealth manager, and a leading personal and corporate bank in Switzerland, with a large-scale and diversified global asset manager and a focused 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/).

Wells Fargo Securities, Wells Fargo, Wells Fargo Diversified Business Development Company Index and the Wells Fargo MLP Ex-Energy Index are trademarks of Wells Fargo & Company and have been licensed for use for certain purposes by UBS. The ETRACS Exchange Traded Notes traded under the tickers BDCY and LMLB are based on indices maintained 1 Individual investors should instruct their broker/advisor/custodian to call us or should call together with their broker/advisor/custodian. Media Contact Tel. +1-212-713 4488 Institutional Investor Contact Tel. +1-877-387 2275 UBS AG, News Release, December 9, 2020 Page 3 of 3 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 Products are suitable for investors generally or the advisability of trading in such Products. Wells does not guarantee that the Indices referenced by the Products have 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 Indices or for any infirmity in the Products. The Indices are calculated by third parties, including NYSE Arca, Inc., which are not affiliated with the issuer of the Products or with Wells and they do not approve, endorse, review or recommend the Indices, UBS or the Products.

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.

Important legal information specific to ETRACS ETNs.

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, to understand fully the terms of the securities and other considerations that are important in making a decision about investing in the ETRACS. The applicable prospectus supplement for each ETRACS may be viewed by clicking on the ticker symbol of each ETRACS identified above. You may also view any of 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.

Disclaimer Business continuity

Important legal and regulatory information:

The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. Please consult the sales restrictions relating to the products or services in question for further information. Activities with respect to US securities are conducted through UBS Securities LLC, a US broker dealer. Member of SIPC

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The information in this section of the website may not be accessed in respect of any member state of the European Economic Area ("EEA") by persons who are retail investors. The securities referred to herein are not to be offered, sold or otherwise made available to any retail investor in the EEA and any person who is a retail investor in the EEA should not act or rely on this information or any of its contents. For these purposes, a retail investor means a person who is one (or more) of: (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 2002/92/EC (the "Insurance Mediation Directive"), 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 Directive 2003/71/EC (as amended, the "Prospectus Directive").

The information in this section of the website may not be accessed in respect of the United Kingdom by persons who are retail investors. The securities referred to herein are not to be offered, sold or otherwise made available to any retail investor in the United Kingdom and any person who is a retail investor in the United Kingdom should not act or rely on this information or any of its contents. For these purposes, a retail investor means a person who is one (or more) of: a retail client as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the "EUWA"); (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (the "FSMA") and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as 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 EUWA; or (iii) not a qualified investor as defined in Article 2 of the Prospectus Regulation as it forms part of domestic law by virtue of the EUWA ("UK Prospectus Regulation").