New Issue: UBS prices $1.85 million capped airbag gears due 2023 tied to MSCI EM index

Chicago, Jan. 27 – UBS AG, London Branch priced $1.85 million of 0% capped airbag gears due July 26, 2023 linked to the MSCI Emerging Markets index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus 1.5 times the index return, subject to a maximum gain of par plus 33%. Investors will receive par if the index falls by up to 15% and will lose 1.1765% for each 1% decline beyond 15%.

UBS Investment Bank and UBS Financial Services Inc. are the agents.

Issuer:	UBS AG, London Branch
Issue:	Capped airbag gears
Underlying index:	MSCI Emerging Markets index
Amount:	$1,850,000
Maturity:	July 26, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 1.5 times index return, subject to a maximum gain of par plus 33%; par if index falls by up to 15%; 1.1765% loss for each 1% decline beyond 15%
Initial level:	1,406.07
Downside threshold level:	1,195.16, 85% of initial level
Pricing date:	Jan. 21
Settlement date:	Jan. 26
Agents:	UBS Investment Bank and UBS Financial Services Inc.
Fees:	None
Cusip:	90276BNR0

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