UBS Structured Note Trades at a Discount to its Internal Value

Investors purchasing these notes at the original issue price pay more than the estimated initial value of $997.20 per $1,000 face amount. The notes are part of a $7,516,000 offering by UBS AG for Digital S&P 500 Index-Linked Medium-Term Notes due June 14, 2028. These notes bear no interest. If the S&P 500 final level on June 12, 2028, is at or above 85% of the initial level of 6,824.66, the holder receives a maximum settlement amount of $1,190.50 per $1,000 face amount. If the final level falls below that 85% buffer, the return becomes negative. Specifically, the holder loses approximately 1.1765% of the face amount for every 1% decline in the index below the buffer level. All payments are subject to the unsecured credit risk of UBS AG.