UBS Snowflake Notes Trade Below Principal at Launch

An investor purchasing the UBS Snowflake notes at the issue price of $10 per note begins with an immediate unrealized loss, as the estimated initial model value is $9.81. UBS AG is offering these Trigger Autocallable Contingent Yield Notes linked to the common stock of Snowflake Inc. with a minimum investment of 100 notes at $10 per note. The notes pay a contingent coupon of 21.61% per annum, provided the stock closes at or above a coupon barrier of $66.12 on observation dates. If the stock closes at or above the initial level of $132.24 on any quarterly observation date beginning six months after the trade date, the notes are automatically called and the investment is terminated. If the notes are not called and the stock closes at or above the downside threshold of $66.12 on the final valuation date, the principal is repaid. If the stock closes below $66.12 on April 11, 2028, the principal repayment is reduced by the percentage decline of the stock from its initial level, potentially resulting in a complete loss of principal.