Bond Royal Bank of Canada 6.6% ( US78014K1887 ) in USD

Issuer Royal Bank of Canada
Market price 100 %  ▲ 
Country  Canada
ISIN code  US78014K1887 ( in USD )
Interest rate 6.6% per year ( payment 2 times a year)
Maturity 01/12/2023 - Bond has expired



Prospectus brochure of the bond Royal Bank of Canada US78014K1887 in USD 6.6%, expired


Minimal amount 1 000 USD
Total amount 15 983 000 USD
Cusip 78014K188
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Detailed description The Royal Bank of Canada (RBC) is a Canadian multinational financial services company offering personal and commercial banking, wealth management, insurance, and investment banking services globally.

The Bond issued by Royal Bank of Canada ( Canada ) , in USD, with the ISIN code US78014K1887, pays a coupon of 6.6% per year.
The coupons are paid 2 times per year and the Bond maturity is 01/12/2023







424B2 1 form424b2.htm PS UBS WO TACYN 78014K188
PRICING SUPPLEMENT
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333 -227001
Dated December 20, 2019
Royal Bank of Canada Trigger Autocallable Contingent Yield Notes
$ 1 5 ,9 8 3 ,2 0 0 N ot e s Link e d t o t he Le a st Pe rform ing U nde rlying Be t w e e n t he iSha re s ® M SCI Em e rging M a rk e t s ET F a nd t he iSha re s ® Russe ll 2 0 0 0 ET F due on or a bout De c e m be r 2 3 , 2 0 2 2
I nve st m e nt De sc ript ion
Trigger Autocallable Contingent Yield Notes (the "Notes") are unsecured and unsubordinated debt securities issued by Royal Bank of Canada linked to the performance of the least performing of the iShares® MSCI Emerging Markets ETF and the iShares® Russell 2000 ETF (each, an "Underlying,"
and together, the "Underlyings"). We will pay a quarterly Contingent Coupon payment if the closing prices of both Underlyings on the applicable Coupon Observation Date are equal to or greater than their respective Coupon Barriers. Otherwise, no coupon will be paid for that quarter. We will
automatically call the Notes early if the closing prices of both Underlyings on any quarterly Call Observation Date (beginning after six months) are equal to or greater than their respective Initial Prices. If the Notes are called, we will pay you the principal amount of your Notes plus the Contingent
Coupon for the applicable quarter, and no further amounts will be owed to you under the Notes. If the Notes are not called prior to maturity and the Final Prices of both Underlyings are equal to or greater than their respective Downside Thresholds (which are the same prices as their respective
Coupon Barriers), we will pay you a cash payment at maturity equal to the principal amount of your Notes plus the Contingent Coupon for the final quarter. However, if the Final Price of the Underlying with the lowest percentage change from its Initial Price (the "Least Performing Underlying") is less
than its Downside Threshold, we will pay you less than the full principal amount, if anything, resulting in a loss on your initial investment that is proportionate to the negative performance of the Least Performing Underlying over the term of the Notes, and you may lose up to 100% of your initial
investment. The Notes are not subject to conversion into our common shares under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act.
I nve st ing in t he N ot e s involve s signific a nt risk s. Y ou w ill not re c e ive a c oupon for a ny Coupon Obse rva t ion Da t e on w hic h e it he r U nde rlying c lose s be low it s Coupon Ba rrie r. T he N ot e s w ill not be a ut om a t ic a lly c a lle d if e it he r U nde rlying c lose s
be low it s I nit ia l Pric e on a qua rt e rly Ca ll Obse rva t ion Da t e . Y ou m a y lose som e or a ll of your princ ipa l a m ount if t he Le a st Pe rform ing U nde rlying c lose s be low it s Dow nside T hre shold, re ga rdle ss of t he pe rform a nc e of t he ot he r U nde rlying. T he
c ont inge nt re pa ym e nt of princ ipa l only a pplie s if you hold t he N ot e s unt il m a t urit y. Ge ne ra lly, t he highe r t he Cont inge nt Coupon Ra t e on a se c urit y, t he gre a t e r t he risk of loss. Any pa ym e nt on t he N ot e s, inc luding a ny re pa ym e nt of princ ipa l, is
subje c t t o our c re dit w ort hine ss. I f w e w e re t o de fa ult on our pa ym e nt obliga t ions, you m a y not re c e ive a ny a m ount s ow e d t o you unde r t he N ot e s a nd you c ould lose your e nt ire inve st m e nt . T he N ot e s w ill not be list e d on a ny se c urit ie s e x c ha nge .
Fe a t ure s

K e y Da t e s
?
Cont inge nt Coupon -- We will pay a quarterly Contingent Coupon payment if the closing prices of both Underlyings on the applicable Coupon Observation Date
Trade Date
December 20, 2019
are equal to or greater than their respective Coupon Barriers. Otherwise, no coupon will be paid for the quarter.
Settlement Date
December 26, 2019
?
Aut om a t ic a lly Ca lla ble -- We will automatically call the Notes and pay you the principal amount of your Notes plus the Contingent Coupon otherwise due for the
Coupon Observation Dates1
Quarterly (see page 6)
applicable quarter if the closing prices of both Underlyings on any quarterly Call Observation Date (beginning after six months) are greater than or equal to their
respective Initial Prices. If the Notes are not called, investors will have the potential for downside equity market risk at maturity.
Call Observation Dates1
Quarterly (callable after six months) (see page 6)
?
Cont inge nt Re pa ym e nt of Princ ipa l a t M a t urit y -- If by maturity the Notes have not been called and the price of each Underlying does not close below its
Final Valuation Date 1
December 20, 2022
Downside Threshold on the Final Valuation Date, we will repay your principal amount per Note at maturity. However, if the closing price of the Least Performing
Maturity Date 1
December 23, 2022
Underlying is less than its Downside Threshold on the Final Valuation Date, we will pay less than the principal amount, if anything, resulting in a loss on your initial
1
Subject to postponement if a market disruption event occurs, as described under "General Terms of
investment that is proportionate to the decline in the price of the Least Performing Underlying from the Trade Date to the Final Valuation Date. The contingent
the Notes -- Payment at Maturity" in the accompanying product prospectus supplement no. UBS-
repayment of principal only applies if you hold the Notes until maturity. Any payment on the Notes, including any repayment of principal, is subject to our
TACYN-1.
creditworthiness.
N OT I CE T O I N V EST ORS: T H E N OT ES ARE SI GN I FI CAN T LY RI SK I ER T H AN CON V EN T I ON AL
DEBT I N ST RU M EN T S. T H E I SSU ER I S N OT N ECESSARI LY OBLI GAT ED T O REPAY T H E FU LL PRI N CI PAL AM OU N T OF T H E N OT ES AT M AT U RI T Y , AN D T H E N OT ES CAN H AV E DOWN SI DE M ARK ET RI SK SI M I LAR T O T H E LEAST PERFORM I N G
U N DERLY I N G. T H I S M ARK ET RI SK I S I N ADDI T I ON T O T H E CREDI T RI SK I N H EREN T I N PU RCH ASI N G OU R DEBT OBLI GAT I ON . Y OU SH OU LD N OT PU RCH ASE T H E N OT ES I F Y OU DO N OT U N DERST AN D OR ARE N OT COM FORT ABLE WI T H T H E
SI GN I FI CAN T RI SK S I N V OLV ED I N I N V EST I N G I N T H E N OT ES.
Y OU SH OU LD CAREFU LLY CON SI DER T H E RI SK S DESCRI BED U N DER ``K EY RI SK S'' BEGI N N I N G ON PAGE 7 , T H E RI SK S DESCRI BED U N DER "RI SK FACT ORS" BEGI N N I N G ON PAGE PS-5 OF T H E PRODU CT PROSPECT U S SU PPLEM EN T N O. U BS-T ACY N -
1 AN D U N DER ``RI SK FACT ORS'' BEGI N N I N G ON PAGE S -1 OF T H E PROSPECT U S SU PPLEM EN T BEFORE PU RCH ASI N G AN Y N OT ES. EV EN T S RELAT I N G T O AN Y OF T H OSE RI SK S, OR OT H ER RI SK S AN D U N CERT AI N T I ES, COU LD ADV ERSELY AFFECT
T H E M ARK ET V ALU E OF, AN D T H E RET U RN ON , Y OU R N OT ES. Y OU M AY LOSE SOM E OR ALL OF Y OU R I N I T I AL I N V EST M EN T I N T H E N OT ES.
N ot e Offe ring
This pricing supplement relates to Trigger Autocallable Contingent Yield Notes we are offering linked to the least performing Underlying between the iShares® MSCI Emerging Markets ETF and Shares® Russell 2000 ETF. The Notes will be issued in minimum denominations of $10.00, and integral
multiples of $10.00 in excess thereof, with a minimum investment of $1,000.
U nde rlyings
Cont inge nt
(Le a st Pe rform ing of)
T ic k e rs
Coupon Ra t e
I nit ia l Pric e s
Dow nside T hre sholds*
Coupon Ba rrie rs*
CU SI P
I SI N
iShares® MSCI Emerging Markets ETF (EEM)
EEM
$44.61
$31.23, which is 70% of its Initial Price
$31.23, which is 70% of its Initial Price
6.60% per annum
78014K188
US78014K1887
iShares® Russell 2000 ETF (IWM)
IWM
$165.97
$116.18, which is 70% of its Initial Price
$116.18, which is 70% of its Initial Price
* Rounded to two decimal places.
Se e "Addit iona l I nform a t ion About Roya l Ba nk of Ca na da a nd t he N ot e s" in t his pric ing supple m e nt . T he N ot e s w ill ha ve t he t e rm s spe c ifie d in t he prospe c t us da t e d Se pt e m be r 7 , 2 0 1 8 , t he prospe c t us supple m e nt da t e d Se pt e m be r 7 , 2 0 1 8 , produc t
prospe c t us supple m e nt no. U BS-T ACY N -1 da t e d Oc t obe r 3 , 2 0 1 8 a nd t his pric ing supple m e nt .
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the Notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying prospectus, prospectus supplement and product prospectus supplement no.
UBS-TACYN-1. Any representation to the contrary is a criminal offense.

Pric e t o Public
Fe e s a nd Com m issions(1)
Proc e e ds t o U s
Offe ring of t he N ot e s
T ot a l
Pe r N ot e
T ot a l
Pe r N ot e
T ot a l
Pe r N ot e
Notes linked to the Least Performing Underlying of the iShares® MSCI Emerging Markets ETF and the iShares®
Russell 2000 ETF
$15,983,200
$10.00
$319,664
$0.20
$15,663,536
$9.80
(1) UBS Financial Services Inc., which we refer to as UBS, will receive a commission of $0.20 per $10.00 principal amount of the Notes. See "Supplemental Plan of Distribution (Conflicts of Interest)" below.
The initial estimated value of the Notes as of the Trade Date was $9.7140 per $10 in principal amount, which is less than the price to public. The actual value of the Notes at any time will reflect many factors, cannot be predicted with accuracy, and may be less than this
amount. We describe our determination of the initial estimated value under "Key Risks," "Supplemental Plan of Distribution (Conflicts of Interest)" and "Structuring the Notes" below.
The Notes will not constitute deposits insured under the Canada Deposit Insurance Corporation Act or by the United States Federal Deposit Insurance Corporation or any other Canadian or United States government agency or instrumentality.
U BS Fina nc ia l Se rvic e s I nc .
RBC Ca pit a l M a rk e t s, LLC
Addit iona l I nform a t ion About Roya l Ba nk of Ca na da a nd t he N ot e s
You should read this pricing supplement together with the prospectus dated September 7, 2018, as supplemented by the prospectus supplement dated September 7, 2018, relating to our Series H medium-term notes of which these Notes are a part,
and the more detailed information contained in product prospectus supplement no. UBS-TACYN-1 dated October 3, 2018. T his pric ing supple m e nt , t oge t he r w it h t he doc um e nt s list e d be low , c ont a ins t he t e rm s of t he N ot e s
a nd supe rse de s a ll ot he r prior or c ont e m pora ne ous ora l st a t e m e nt s a s w e ll a s a ny ot he r w rit t e n m a t e ria ls inc luding pre lim ina ry or indic a t ive pric ing t e rm s, c orre sponde nc e , t ra de ide a s, st ruc t ure s for
im ple m e nt a t ion, sa m ple st ruc t ure s, fa c t she e t s, broc hure s or ot he r e duc a t iona l m a t e ria ls of ours. You should carefully consider, among other things, the matters set forth in "Risk Factors" in the accompanying product prospectus
supplement no. UBS-TACYN-1, as the Notes involve risks not associated with conventional debt securities.
If the terms discussed in this pricing supplement differ from those discussed in the product prospectus supplement no. UBS-TACYN-1, the prospectus supplement, or the prospectus, the terms discussed herein will control.
Y ou m a y a c c e ss t he se on t he SEC w e bsit e a t w w w .se c .gov a s follow s (or if suc h a ddre ss ha s c ha nge d, by re vie w ing our filing for t he re le va nt da t e on t he SEC w e bsit e ):
?
Product prospectus supplement no. UBS-TACYN-1 dated October 3, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000114036118040006/form424b5.htm
?
Prospectus supplement dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005975/f97180424b3.htm
?
Prospectus dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005973/l96181424b3.htm
As used in this pricing supplement, "we," "us" or "our" refers to Royal Bank of Canada.
2
I nve st or Suit a bilit y
T he N ot e s m a y be suit a ble for you if, a m ong ot he r c onside ra t ions:
T he N ot e s m a y not be suit a ble for you if, a m ong ot he r c onside ra t ions:
T he
?
You fully understand the risks inherent in an investment in the Notes, including the risk of loss of
?
You do not fully understand the risks inherent in an investment in the Notes, including the risk of
your entire initial investment.
loss of your entire initial investment.
?
You can tolerate a loss of all or a substantial portion of your investment and are willing to make
?
You cannot tolerate a loss on your investment and require an investment designed to provide a
an investment that may have the same downside market risk as an investment in the securities
full return of principal at maturity.
composing the Least Performing Underlying.
?
You are not willing to make an investment that may have the same downside market risk as an
?
You believe the closing prices of both Underlyings will be equal to or greater than their
investment in the Least Performing Underlying.
respective Coupon Barriers on most or all of the Coupon Observation Dates (including the Final
?
You believe that the price of either Underlying will decline during the term of the Notes and is
Valuation Date).
likely to close below its Coupon Barrier on most or all of the Coupon Observation Dates and
?
You are willing to make an investment whose return is limited to the applicable Contingent
below its Downside Threshold on the Final Valuation Date.
Coupon payments, regardless of any potential appreciation of the Underlyings, which could be
?
You seek an investment that participates in the full appreciation in the prices of the Underlyings
significant.
or that has unlimited return potential.
?
You do not seek guaranteed current income from this investment and are willing to forgo the
?
You cannot tolerate fluctuations in the price of the Notes prior to maturity that may be similar to
dividends paid on the equity securities held by the Underlyings.
or exceed the downside price fluctuations of the Least Performing Underlying.
?
You can tolerate fluctuations in the price of the Notes prior to maturity that may be similar to or
?
You are unwilling to invest in the Notes based on the Contingent Coupon Rate set forth on the
exceed the downside price fluctuations of the Underlyings.
cover page of this pricing supplement.
?
You are willing to invest in Notes for which there may be little or no secondary market and you
?
You do not understand or accept the risks associated with the Underlyings.
accept that the secondary market will depend in large part on the price, if any, at which RBC
Capital Markets, LLC, which we refer to as "RBCCM," is willing to purchase the Notes.
?
You are unwilling to accept individual exposure to each Underlying and that the performance of
the Least Performing Underlying will not be offset or mitigated by the performance of the other
?
You are willing to invest in the Notes based on the Contingent Coupon Rate set forth on the
Underlying.
cover page of this pricing supplement.
?
You seek guaranteed current income from this investment or prefer to receive the dividends paid
?
You are willing to accept individual exposure to each Underlying and that the performance of the
https://www.sec.gov/Archives/edgar/data/1000275/000114036119023087/form424b2.htm[12/23/2019 3:41:44 PM]


on the Underlyings.
Least Performing Underlying will not be offset or mitigated by the performance of the other
Underlying.
?
You are unable or unwilling to hold securities that may be called early, or you are otherwise
unable or unwilling to hold such securities to maturity or you seek an investment for which there
?
You understand and accept the risks associated with the Underlyings.
will be an active secondary market for the Notes.
?
You are willing to invest in securities that may be called early and you are otherwise willing to
?
You are not willing to assume our credit risk for all payments under the Notes, including any
hold such securities to maturity.
repayment of principal.
?
You are willing to assume our credit risk for all payments under the Notes, and understand that if suitability considerations identified above are not exhaustive. Whether or not the Notes are a
we default on our obligations, you may not receive any amounts due to you, including any
suit a ble inve st m e nt for you w ill de pe nd on your individua l c irc um st a nc e s, a nd you should re a c h
repayment of principal.
a n inve st m e nt de c ision only a ft e r you a nd your inve st m e nt , le ga l, t a x , a c c ount ing, a nd ot he r
a dvise rs ha ve c a re fully c onside re d t he suit a bilit y of a n inve st m e nt in t he N ot e s in light of your pa rt ic ula r c irc um st a nc e s. Y ou should a lso re vie w c a re fully t he se c t ions "K e y Risk s" be low
a nd "Risk Fa c t ors" in t he a c c om pa nying produc t prospe c t us supple m e nt no. U BS-T ACY N -1 for risk s re la t e d t o a n inve st m e nt in t he N ot e s. I n a ddit ion, you should re vie w c a re fully
"I nform a t ion About t he U nde rlyings" be low for m ore inform a t ion a bout t he U nde rlyings.
3
Fina l T e rm s of t he N ot e s1
Coupon
With respect to each Underlying, 70% of its Initial Price, as set forth on the cover
Barrier:
page of this document (as may be adjusted in the case of certain adjustment events
Issuer:
Royal Bank of Canada
as described under "General Terms of the Notes -- Anti-dilution Adjustments" in the
Principal
$10 per Note
product prospectus supplement).
Amount per
Downside
With respect to each Underlying, 70% of its Initial Price, as set forth on the cover
Note:
Threshold:
page of this document (as may be adjusted in the case of certain adjustment events
Term:
Approximately three years, if not previously called
as described under "General Terms of the Notes -- Anti-dilution Adjustments" in the
product prospectus supplement).
Underlyings:
The iShares® MSCI Emerging Markets ETF ("EEM") and the iShares® Russell 2000
ETF ("IWM")
Automatic
The Notes will be called automatically if the closing prices of both Underlyings on
Call Feature:
any Call Observation Date (beginning after six months and set forth on page 6) are
Closing
With respect to each Underlying, on any trading day, the last reported sale price on
greater than or equal to their respective Initial Prices.
Price:
the principal national securities exchange in the U.S. on which it is listed for trading,
as determined by the calculation agent.
If the Notes are called, we will pay you on the corresponding Coupon Payment
Date (which will be the "Call Settlement Date") a cash payment per Note equal to
Initial Price:
With respect to each Underlying, its closing price on the Trade Date, as set forth on
the principal amount per Note plus the applicable Contingent Coupon payment
the cover page of this document.
otherwise due on that day (the "Call Settlement Amount"). No further amounts will
Final Price:
With respect to each Underlying, its closing price on the Final Valuation Date.
be owed to you under the Notes.
Contingent
If the closing prices of both Underlyings are equal to or greater than their respective
Payment at
If the Notes are not called and the Final Prices of both Underlyings are equal to or
Coupon:
Coupon Barriers on any Coupon Observation Date, we will pay you the Contingent
Maturity:
greater than their respective Downside Thresholds and the Coupon Barriers, we
Coupon applicable to that Coupon Observation Date.
will pay you a cash payment per Note on the maturity date equal to $10 plus the
Contingent Coupon otherwise due on the maturity date.
If the closing price of either Underlying is less than its Coupon Barrier on any
Coupon Observation Date, the Contingent Coupon applicable to that Coupon
If the Notes are not called and the Final Price of the Least Performing Underlying is
Observation Date will not accrue or be payable, and we will not make any payment
less than its Downside Threshold, we will pay you a cash payment on the maturity
to you on the relevant Coupon Payment Date.
date of less than the principal amount, if anything, resulting in a loss on your initial
investment that is proportionate to the negative Underlying Return of the Least
The Contingent Coupon is a fixed amount based upon equal quarterly installments
Performing Underlying, equal to:
at the Contingent Coupon Rate, which is a per annum rate as set forth below.
$10.00 + ($10.00 × Underlying Return of the Least Performing Underlying)
Each Contingent Coupon will be paid to the holders of record of the Notes at the
close of business one business day prior to that Coupon Payment Date. However,
Least
The Underlying with the lowest Underlying Return.
any final Contingent Coupon will be paid to the persons to whom the payment at
Performing
maturity is due.
Underlying:
Cont inge nt Coupon pa ym e nt s on t he N ot e s a re not gua ra nt e e d. We
Underlying
With respect to each Underlying,
w ill not pa y you t he Cont inge nt Coupon for a ny Coupon
Return:
Final Price ­ Initial Price
Obse rva t ion Da t e on w hic h t he c losing pric e of e it he r U nde rlying is
Initial Price
le ss t ha n it s Coupon Ba rrie r.
Contingent
6.60% per annum (or 1.65% per quarter)
Coupon
Rate:
1 Terms used in this pricing supplement, but not defined herein, shall have the meanings ascribed to them in the product prospectus
supplement.
4
I nve st m e nt T im e line



The Initial Price, Downside Threshold and Coupon Barrier of each


T ra de Da t e
Underlying were determined.
I N V EST I N G I N T H E N OT ES I N V OLV ES SI GN I FI CAN T RI SK S. Y OU M AY LOSE SOM E OR ALL
OF Y OU R PRI N CI PAL AM OU N T . Y OU WI LL BE EX POSED T O T H E M ARK ET RI SK OF EACH

U N DERLY I N G ON EACH COU PON OBSERV AT I ON DAT E AN D ON T H E FI N AL V ALU AT I ON


DAT E, AN D AN Y DECLI N E I N T H E PRI CE OF ON E U N DERLY I N G M AY N EGAT I V ELY AFFECT
Y OU R RET U RN AN D WI LL N OT BE OFFSET OR M I T I GAT ED BY A LESSER DECLI N E OR AN Y


If the closing prices of both Underlyings are equal to or greater than
POT EN T I AL I N CREASE I N T H E PRI CE OF T H E OT H ER U N DERLY I N G. AN Y PAY M EN T ON
their respective Coupon Barriers on any Coupon Observation Date, we T H E N OT ES, I N CLU DI N G AN Y REPAY M EN T OF PRI N CI PAL, I S SU BJ ECT T O OU R

will pay you a Contingent Coupon payment on the applicable Coupon CREDI T WORT H I N ESS. I F WE WERE T O DEFAU LT ON OU R PAY M EN T OBLI GAT I ON S, Y OU
Qua rt e rly
Payment Date.
M AY N OT RECEI V E AN Y AM OU N T S OWED T O Y OU U N DER T H E N OT ES AN D Y OU COU LD
(be ginning
LOSE Y OU R EN T I RE I N V EST M EN T .
a ft e r six
The Notes will be called if the closing prices of both Underlyings on
m ont hs):
any Call Observation Date (beginning after six months) are equal to or
greater than their respective Initial Prices. If the Notes are called, we

will pay you a cash payment per Note equal to $10 plus the Contingent
Coupon otherwise due on that date.





The Final Price of each Underlying is observed on the Final Valuation
M a t urit y
Date.
Da t e :
If the Notes have not been called and the Final Prices of both

Underlyings are equal to or greater than their respective Downside


Thresholds (and their respective Coupon Barriers), we will repay the
principal amount equal to $10 per Note plus the Contingent Coupon
otherwise due on the maturity date.
If the Notes have not been called and the Final Price of the Least
Performing Underlying is less than its Downside Threshold, we will pay

less than the principal amount, if anything, resulting in a loss on your
initial investment proportionate to the decline of the Least Performing
Underlying, for an amount equal to:
$10 + ($10 × Underlying Return of the Least Performing Underlying)
per Note
https://www.sec.gov/Archives/edgar/data/1000275/000114036119023087/form424b2.htm[12/23/2019 3:41:44 PM]


5
Coupon Obse rva t ion Da t e s a nd Coupon Pa ym e nt Da t e s*
Coupon Obse rva t ion Da t e s
Coupon Pa ym e nt Da t e s
March 20, 2020
March 24, 2020
June 22, 2020(1)
June 24, 2020(2)
September 21, 2020(1)
September 23, 2020(2)
December 21, 2020(1)
December 23, 2020(2)
March 22, 2021(1)
March 24, 2021(2)
June 21, 2021(1)
June 23, 2021(2)
September 20, 2021(1)
September 22, 2021(2)
December 20, 2021(1)
December 22, 2021(2)
March 21, 2022(1)
March 23, 2022(2)
June 20, 2022(1)
June 22, 2022(2)
September 20, 2022(1)
September 22, 2022(2)
December 20, 2022(3)
December 23, 2022(4)
(1) These Coupon Observation Dates are also Call Observation Dates.
(2) These Coupon Payment Dates are also Call Settlement Dates.
(3) This is also the Final Valuation Date.
(4) This is also the maturity date.
* Expected. Subject to postponement if a market disruption event occurs, as described under "General Terms of the Notes -- Payment at Maturity" in the accompanying product prospectus supplement no. UBS-
TACYN-1.
6
K e y Risk s
An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing directly in the Underlyings or the securities held by the Underlyings. These risks are explained in more
detail in the "Risk Factors" section of the accompanying product prospectus supplement no. UBS-TACYN-1. We also urge you to consult your investment, legal, tax, accounting and other advisors before investing
in the Notes.
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Risk of Loss a t M a t urit y -- The Notes differ from ordinary debt securities in that we will not necessarily repay the full principal amount of the Notes at maturity. If the Notes are not called, we will
repay you the principal amount of your Notes in cash only if the Final Price of each Underlying is greater than or equal to its Downside Threshold, and we will only make that payment at maturity. If the
Notes are not called and the Final Price of the Least Performing Underlying is less than its Downside Threshold, you will lose some or all of your initial investment in an amount proportionate to the
decline in the price of the Least Performing Underlying.
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T he Cont inge nt Re pa ym e nt of Princ ipa l Applie s Only a t M a t urit y -- If the Notes are not automatically called, you should be willing to hold your Notes to maturity. If you are able to sell your
Notes prior to maturity in the secondary market, if any, you may have to do so at a loss relative to your initial investment, even if the prices of both Underlyings are above their respective Downside
Thresholds.
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Y ou M a y N ot Re c e ive a ny Cont inge nt Coupons -- We will not necessarily make periodic Contingent Coupon payments on the Notes. If the closing prices of one or both Underlyings on a
Coupon Observation Date is less than their respective Coupon Barriers, we will not pay you the Contingent Coupon applicable to that Coupon Observation Date. If the closing prices of at least one
Underlying is less than its Coupon Barrier on each of the Coupon Observation Dates, we will not pay you any Contingent Coupons during the term of, and you will not receive a positive return on, your
Notes. Generally, this non-payment of the Contingent Coupon coincides with a period of greater risk of principal loss on your Notes. Accordingly, if we do not pay the Contingent Coupon on the maturity
date, you will incur a loss of principal, because the Final Price of the Least Performing Underlying will be less than its Downside Threshold.
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T he Ca ll Fe a t ure a nd t he Cont inge nt Coupon Fe a t ure Lim it Y our Pot e nt ia l Re t urn -- The return potential of the Notes is limited to the pre-specified Contingent Coupon Rate, regardless of
the appreciation of the Underlyings. In addition, the total return on the Notes will vary based on the number of Coupon Observation Dates on which the Contingent Coupon becomes payable prior to
maturity or an automatic call. Further, if the Notes are called due to the automatic call feature, you will not receive any Contingent Coupons or any other payment in respect of any Coupon Observation
Dates after the applicable Call Settlement Date. Since the Notes could be called as early as the first Call Observation Date, the total return on the Notes could be limited to six months. If the Notes are
not called, you may be subject to the full downside performance of the Least Performing Underlying, even though your potential return is limited to the Contingent Coupon Rate. Generally, the longer the
Notes are outstanding, the less likely it is that they will be automatically called due to the decline in the prices of the Underlyings and the shorter time remaining for the prices of the Underlyings to
recover. As a result, the return on an investment in the Notes could be less than the return on a direct investment in the Underlyings or on a similar security that allows you to participate in the
appreciation of the prices of the Underlyings.
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T he Cont inge nt Coupon Ra t e Pe r Annum Pa ya ble on t he N ot e s Will Re fle c t in Pa rt t he V ola t ilit y of t he U nde rlyings, a nd M a y N ot Be Suffic ie nt t o Com pe nsa t e Y ou for
t he Risk of Loss a t M a t urit y -- "Volatility" refers to the frequency and magnitude of changes in the prices of the Underlyings. The greater the volatility of the Underlyings, the more likely it is that the
price of either Underlying could close below its Downside Threshold on the Final Valuation Date. This risk will generally be reflected in a higher Contingent Coupon Rate for the Notes than the interest
rate payable on our conventional debt securities with a comparable term. In addition, lower correlation between the Underlyings can also indicate a greater likelihood of one Underlying closing below its
Coupon Barrier or Downside Threshold on a Coupon Observation Date or Final Valuation Date. This greater risk will also be reflected in a higher Contingent Coupon Rate than on a security linked to
Underlyings with a greater degree of correlation. However, while the Contingent Coupon Rate was set on the Trade Date, the Underlyings' volatility and correlation can change significantly over the term
of the Notes, and may increase. The prices of one or both of the Underlyings could fall sharply as of the Final Valuation Date, which could result in missed Contingent Coupon payments and a significant
loss of your principal.
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T he N ot e s Are Subje c t t o Re inve st m e nt Risk -- The Notes will be called automatically if the closing prices of both Underlyings are equal to or greater than their respective Initial Prices on any
Call Observation Date. If the Notes are called prior to maturity, there is no guarantee that you will be able to reinvest the proceeds from an investment in the Notes at a comparable rate of return for a
similar level of risk. To the extent you are able to reinvest your proceeds in an investment comparable to the Notes, you will incur transaction costs and the original
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issue price for such an investment is likely to include certain built in costs such as dealer discounts and hedging costs.
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T he N ot e s Are Subje c t t o Our Cre dit Risk -- The Notes are subject to our credit risk, and our credit ratings and credit spreads may adversely affect the market value of the Notes. Investors are
dependent on our ability to pay all amounts due on the Notes, and therefore investors are subject to our credit risk and to changes in the market's view of our creditworthiness. Any decline in our credit
ratings or increase in the credit spreads charged by the market for taking our credit risk is likely to adversely affect the value of the Notes. If we were to default on our payment obligations, you may not
receive any amounts owed to you under the Notes and you could lose your entire investment.
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T he N ot e s Will Be Subje c t t o Risk s, I nc luding N on -Pa ym e nt in Full, U nde r Ca na dia n Ba nk Re solut ion Pow e rs -- Under Canadian bank resolution powers, the Canada Deposit
Insurance Corporation ("CDIC") may, in circumstances where we have ceased, or are about to cease, to be viable, assume temporary control or ownership over us and may be granted broad powers by
one or more orders of the Governor in Council (Canada), including the power to sell or dispose of all or a part of our assets, and the power to carry out or cause us to carry out a transaction or a series of
transactions the purpose of which is to restructure our business. See "Description of Debt Securities ? Canadian Bank Resolution Powers" in the accompanying prospectus for a description of the
Canadian bank resolution powers, including the bail-in regime. If the CDIC were to take action under the Canadian bank resolution powers with respect to us, holders of the Notes could be exposed to
losses.
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T he I nit ia l Est im a t e d V a lue of t he N ot e s I s Le ss t ha n t he Pric e t o t he Public -- The initial estimated value for the Notes that is set forth on the cover page of this pricing supplement is
less than the public offering price you pay for the Notes, and does not represent a minimum price at which we, RBCCM or any of our other affiliates would be willing to purchase the Notes in any
secondary market (if any exists) at any time. If you attempt to sell the Notes prior to maturity, their market value may be lower than the price you paid for them and the initial estimated value. This is due
to, among other things, changes in the prices of the Underlyings, the borrowing rate we pay to issue securities of this kind, and the inclusion in the price to public of the underwriting discount, and our
estimated profit and the costs relating to our hedging of the Notes. These factors, together with various credit, market and economic factors over the term of the Notes, are expected to reduce the price at
which you may be able to sell the Notes in any secondary market and will affect the value of the Notes in complex and unpredictable ways. Assuming no change in market conditions or any other
relevant factors, the price, if any, at which you may be able to sell your Notes prior to maturity may be less than the price to public, as any such sale price would not be expected to include the
underwriting discount and our estimated profit and the costs relating to our hedging of the Notes. In addition, any price at which you may sell the Notes is likely to reflect customary bid-ask spreads for
similar trades. In addition to bid-ask spreads, the value of the Notes determined for any secondary market price is expected to be based on a secondary market rate rather than the internal borrowing rate
used to price the Notes and determine the initial estimated value. As a result, the secondary market price will be less than if the internal borrowing rate was used. The Notes are not designed to be
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short-term trading instruments. Accordingly, you should be able and willing to hold your Notes to maturity.
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Our I nit ia l Est im a t e d V a lue of t he N ot e s I s a n Est im a t e Only, Ca lc ula t e d a s of t he T im e t he T e rm s of t he N ot e s We re Se t -- The initial estimated value of the Notes is based on
the value of our obligation to make the payments on the Notes, together with the mid-market value of the derivative embedded in the terms of the Notes. See "Structuring the Notes" below. Our estimate
is based on a variety of assumptions, including our credit spreads, expectations as to dividends, interest rates and volatility, and the expected term of the Notes. These assumptions are based on certain
forecasts about future events, which may prove to be incorrect. Other entities may value the Notes or similar securities at a price that is significantly different than we do.
The value of the Notes at any time after the Trade Date will vary based on many factors, including changes in market conditions, and cannot be predicted with accuracy. As a result, the actual value you
would receive if you sold the Notes in any secondary market, if any, should be expected to differ materially from the initial estimated value of your Notes and the amount that may be paid at maturity.
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Ow ning t he N ot e s I s N ot t he Sa m e a s Ow ning a n U nde rlying or t he St oc k s Com prising a n U nde rlying's U nde rlying I nde x -- The return on your Notes may not reflect the return
you would realize if you actually owned an Underlying or stocks included in an Underlying's underlying index. As a holder of the Notes, you will not have voting rights or rights to receive dividends or other
distributions or other rights that holders of an Underlying or these stocks would have, and any such dividends will not be incorporated in the determination of the Underlying Return for either Underlying.
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Y ou Will N ot H a ve Any Sha re holde r Right s a nd Will H a ve N o Right t o Re c e ive Any Sha re s of t he U nde rlyings a t M a t urit y -- Investing in the Notes will not make you a holder of
any shares of the Underlyings or any securities held by the Underlyings. Neither you nor any other holder or owner of the Notes will have any
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voting rights, any right to receive dividends or other distributions, or any other rights with respect to the Underlyings or such other securities.
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Cha nge s T ha t Affe c t t he U nde rlying I ndic e s Will Affe c t t he M a rk e t V a lue of t he N ot e s a nd t he Am ount Y ou Will Re c e ive a t M a t urit y -- The policies of the index sponsors
concerning the calculation of the underlying indices, additions, deletions or substitutions of the components of the underlying indices and the manner in which changes affecting those components, such
as stock dividends, reorganizations or mergers, may be reflected in the underlying indices and, therefore, could affect the share prices of the Underlyings, the amount payable on the Notes, and the
market value of the Notes prior to maturity. The amount payable on the Notes and their market value could also be affected if an index sponsor changes these policies, for example, by changing the
manner in which it calculates the applicable underlying index, or if an index sponsor discontinues or suspends the calculation or publication of the applicable underlying index.
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We H a ve N o Affilia t ion w it h Any I nde x Sponsor a nd Will N ot Be Re sponsible for I t s Ac t ions -- The index sponsors are not affiliates of ours and will not be involved in the offering of the
Notes in any way. Consequently, we have no control over the actions of the index sponsors, including any actions of the type that would require the calculation agent to adjust the payment to you at
maturity. The index sponsors have no obligation of any sort with respect to the Notes. Thus, the index sponsors have no obligation to take your interests into consideration for any reason, including in
taking any actions that might affect the value of the Notes. None of our proceeds from the issuance of the Notes will be delivered to the index sponsors.
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Adjust m e nt s t o a n U nde rlying Could Adve rse ly Affe c t t he N ot e s -- BlackRock, Inc. ("BlackRock"), in its role as the sponsor of the Underlyings, is responsible for calculating and maintaining
the Underlyings. BlackRock can add, delete or substitute the stocks comprising the Underlyings or make other methodological changes that could change the share prices of the Underlyings at any time.
If one or more of these events occurs, the calculation of the amount payable at maturity may be adjusted to reflect such event or events. Consequently, any of these actions could adversely affect the
amounts payable on the Notes and/or the market value of the Notes.
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We a nd Our Affilia t e s Do N ot H a ve Any Affilia t ion Wit h t he I nve st m e nt Advisor of t he U nde rlyings a nd Are N ot Re sponsible for I t s Public Disc losure of I nform a t ion -- We
and our affiliates are not affiliated with BlackRock in any way and have no ability to control or predict its actions, including any errors in or discontinuance of disclosure regarding its methods or policies
relating to the Underlyings. BlackRock is not involved in the offering of the Notes in any way and has no obligation to consider your interests as an owner of the Notes in taking any actions relating to the
Underlyings that might affect the value of the Notes. Neither we nor any of our affiliates have independently verified the adequacy or accuracy of the information about BlackRock or the Underlyings
contained in any public disclosure of information. You, as an investor in the Notes, should make your own investigation into the Underlyings.
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T he Corre la t ion Be t w e e n t he Pe rform a nc e of Ea c h U nde rlying a nd t he Pe rform a nc e of it s Re spe c t ive U nde rlying I nde x M a y Be I m pe rfe c t -- The performance of an
Underlying is linked principally to the performance of its underlying index. However, because of the potential discrepancies identified in more detail in the product prospectus supplement, the return on
each Underlying may correlate imperfectly with the return on its underlying index. Further, the performance of an Underlying may not exactly replicate the performance of its underlying index, because an
Underlying will reflect transaction costs and fees that are not included in the calculation of its underlying index.
During periods of market volatility, securities held by an Underlying may be unavailable in the secondary market, market participants may be unable to calculate accurately the net asset value per share of
an Underlying and the liquidity of an Underlying may be adversely affected. This kind of market volatility may also disrupt the ability of market participants to create and redeem shares of an Underlying.
Further, market volatility may adversely affect, sometimes materially, the prices at which market participants are willing to buy and sell shares of an Underlying. As a result, under these circumstances, the
market value of shares of an Underlying may vary substantially from the net asset value per share of that Underlying. For all of the foregoing reasons, the performance of an Underlying may not correlate
with the performance of its underlying index as well as its net asset value per share, which could materially and adversely affect the value of the Notes in the secondary market and/or reduce your
payment at maturity.
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H ist oric a l Pric e s of a ny U nde rlying Should N ot Be T a k e n a s a n I ndic a t ion of it s Fut ure Pric e During t he T e rm of t he N ot e s -- The trading prices of the Underlyings will determine
the value of the Notes at any given time. As it is impossible to predict whether the price of any Underlying will rise or fall, and trading prices of the common stocks held by the Underlyings will be
influenced by complex and interrelated political, economic, financial and other factors that can affect the issuers of those stocks, and therefore, the value of the Underlyings.
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M a na ge m e nt Risk -- The Underlyings are not managed according to traditional methods of ``active'' investment management, which involve the buying and selling of securities based on economic,
financial and market analysis and investment judgment. Instead, these Underlyings, utilizing a ``passive'' or indexing investment approach, attempt to approximate the investment performance of its
respective underlying index by investing in a portfolio of securities that generally replicate its underlying index. Therefore, unless a specific security is removed from its underlying index, these Underlyings
generally would not sell a security because the security's issuer was in financial trouble. In addition, the Underlyings are subject to the risk that the investment strategy of their respective investment
advisors may not produce the intended results.
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Y our Re t urn on t he N ot e s I s N ot Link e d t o a Ba sk e t Consist ing of t he U nde rlyings. Ra t he r, I t Will Be Cont inge nt U pon t he Pe rform a nc e of Ea c h I ndividua l U nde rlying --
Unlike an instrument with a return linked to a basket of Underlyings or other underlying assets, in which risk is mitigated and diversified among all of the components of the basket, you will be exposed
equally to the risks related to both of the Underlyings. Poor performance by either one of the Underlyings over the term of the Notes may negatively affect your return and will not be offset or mitigated by
a positive performance by the other Underlying. For the Notes to be automatically called or to receive any Contingent Coupon payment or contingent repayment of principal at maturity from us, both
Underlyings must close above their Initial Prices, Coupon Barriers and Downside Thresholds, respectively, on the applicable Coupon Observation Date. In addition, if not called prior to maturity, you may
incur a loss proportionate to the negative return of the Least Performing Underlying. Accordingly, your investment is subject to the market risk of each Underlying, which results in a higher risk of your not
receiving Contingent Coupon payments and incurring a loss at maturity.
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Be c a use t he N ot e s Are Link e d t o t he I ndividua l Pe rform a nc e of M ore t ha n One U nde rlying, I t I s M ore Lik e ly t ha t One of t he U nde rlyings Will De c re a se in V a lue Be low
it s Coupon Ba rrie r a nd it s Dow nside T hre shold, I nc re a sing t he Proba bilit y T ha t Y ou Will N ot Re c e ive t he Cont inge nt Coupons a nd t ha t Y ou Will Lose Som e or All of
Y our I nit ia l I nve st m e nt -- The risk that you will not receive the Contingent Coupons and that you will lose some or all of your initial investment in the Notes is greater if you invest in the Notes as
opposed to securities that are linked to the performance of a single Underlying if their terms are otherwise substantially similar. With a greater total number of Underlyings, it is more likely that an
Underlying will be below its Coupon Barrier or Downside Threshold on a Coupon Observation Date or the Final Valuation Date, and therefore it is more likely that you will not receive the Contingent
Coupons and that at maturity you will receive an amount in cash which is worth less than your principal amount. In addition, the performances of a pair of Underlyings may be positively or negatively
correlated, or may not be correlated at all. If the Underlyings are not correlated to each other or are negatively correlated, there is a greater potential for one of those Underlyings to close below its
Coupon Barrier or Downside Threshold or on the Final Valuation Date, respectively, and therefore the risk of missing a Contingent Coupon payment and that you will lose a portion of your principal at
maturity.
It is impossible to predict what the correlations between the Underlyings will be over the term of the Notes. The Underlyings represent different equity markets and these different equity markets may not
perform similarly over the term of the Notes. Although the correlation of the Underlyings' performance may change over the term of the Notes, the Contingent Coupon Rate is determined, in part, based
on the Underlyings' performance calculated using our internal models at the time when the terms of the Notes are determined. As stated earlier, a higher Contingent Coupon Rate is generally associated
with lower correlation of the Underlyings, which reflects a greater potential for missed Contingent Coupons and for a loss on your investment at maturity. See "Correlation of the Underlyings" below.
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An I nve st m e nt in t he N ot e s is Subje c t t o Risk s Assoc ia t e d w it h Fore ign Se c urit ie s M a rk e t s -- Because foreign companies or foreign equity securities held by the EEM are publicly
traded in the applicable foreign countries and trade in currencies other than U.S. dollars, investments in the Notes involve particular risks. For example, the foreign securities markets may be more volatile
than the U.S. securities markets, and market developments may affect these markets differently from the United States or other securities markets. Direct or indirect government intervention to stabilize the
securities markets outside the United States, as well as cross-shareholdings in certain companies, may affect trading prices and trading volumes in those markets. Also, the public availability of information
concerning the foreign issuers may vary depending on their home jurisdiction and the reporting requirements imposed by their respective regulators. In addition, the foreign issuers may be subject to
accounting, auditing and financial reporting standards and requirements that differ from those applicable to United States reporting companies.
Securities prices generally are subject to political, economic, financial and social factors that apply to the markets in which they trade and, to a lesser extent, foreign markets. Securities prices outside the
United States are subject to political, economic, financial and social factors that apply in foreign countries. These factors, which could negatively affect foreign securities markets, include the possibility of
changes in a foreign government's economic and fiscal policies, the possible imposition of, or changes in, currency exchange laws or other laws or restrictions
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applicable to foreign companies or investments in foreign equity securities and the possibility of fluctuations in the rate of exchange between currencies. Moreover, foreign economies may differ favorably
or unfavorably from the United States economy in important respects such as growth of gross national product, rate of inflation, capital reinvestment, resources and self-sufficiency.
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An I nve st m e nt in t he N ot e s is Subje c t t o Em e rging M a rk e t s Risk -- Investments in securities linked directly or indirectly to emerging market equity securities, such as the EEM, involve many
risks, including, but not limited to: economic, social, political, financial and military conditions in the emerging market; regulation by national, provincial, and local governments; less liquidity and smaller
market capitalizations than exist in the case of many large U.S. companies; different accounting and disclosure standards; and political uncertainties. Stock prices of emerging market companies may be
more volatile and may be affected by market developments differently than U.S. companies. Government intervention to stabilize securities markets and cross-shareholdings may affect prices and volume
of trading of the securities of emerging market companies. Economic, social, political, financial and military factors could, in turn, negatively affect such companies' value. These factors could include
changes in the emerging market government's economic and fiscal policies, possible imposition of, or changes in, currency exchange laws or other laws or restrictions applicable to the emerging market
companies or investments in their securities, and the possibility of fluctuations in the rate of exchange between currencies. Moreover, emerging market economies may differ favorably or unfavorably from
the U.S. economy in a variety of ways, including growth of gross national product, rate of inflation, capital reinvestment, resources and self-sufficiency. You should carefully consider the risks related to
emerging markets, to which the Notes are highly susceptible, before making a decision to invest in the Notes.
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Ex c ha nge Ra t e Risk -- The share price of the EEM will fluctuate based in large part upon its net asset value, which will in turn depend in part upon changes in the value of the currencies in which
the stocks held by the EEM are traded. Accordingly, investors in the Notes will be exposed to currency exchange rate risk with respect to each of the currencies in which the stocks held by the EEM are
traded. An investor's net exposure will depend on the extent to which these currencies strengthen or weaken against the U.S. dollar. If the dollar strengthens against these currencies, the net asset value
of the EEM will be adversely affected and the price of the EEM, and consequently, the market value of the Notes may decrease.
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An I nve st m e nt in N ot e s Link e d t o I WM I s Subje c t t o Risk s Assoc ia t e d w it h a n I nve st m e nt in St oc k s w it h a Sm a ll M a rk e t Ca pit a liza t ion -- The IWM is linked to stocks issued
by companies with relatively small market capitalizations. These companies often have greater stock price volatility, lower trading volume and less liquidity than large-capitalization companies. As a result,
the share price of the IWM may be more volatile than that of a market measure that does not track solely small-capitalization stocks. Stock prices of small-capitalization companies are also often more
vulnerable than those of large-capitalization companies to adverse business and economic developments, and the stocks of small-capitalization companies may be thinly traded, and be less attractive to
many investors if they do not pay dividends. In addition, small capitalization companies are often less well-established and less stable financially than large-capitalization companies and may depend on a
small number of key personnel, making them more vulnerable to loss of those individuals. Small capitalization companies tend to have lower revenues, less diverse product lines, smaller shares of their
target markets, fewer financial resources and fewer competitive strengths than large-capitalization companies. These companies may also be more susceptible to adverse developments related to their
products or services.
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N o Assura nc e t ha t t he I nve st m e nt V ie w I m plic it in t he N ot e s Will Be Suc c e ssful -- It is impossible to predict whether and the extent to which the prices of the Underlyings will rise or fall.
The closing prices of the Underlyings will be influenced by complex and interrelated political, economic, financial and other factors that affect the Underlyings. You should be willing to accept the downside
risks of owning equities in general and the Underlyings in particular, and the risk of losing some or all of your initial investment.
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La c k of Liquidit y -- The Notes will not be listed on any securities exchange. RBCCM intends to offer to purchase the Notes in the secondary market, but is not required to do so. Even if there is a
secondary market, it may not provide enough liquidity to allow you to trade or sell the Notes easily. Because other dealers are not likely to make a secondary market for the Notes, the price at which you
may be able to trade your Notes is likely to depend on the price, if any, at which RBCCM is willing to buy the Notes.
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Pot e nt ia l Conflic t s -- We and our affiliates play a variety of roles in connection with the issuance of the Notes, including hedging our obligations under the Notes. In performing these duties, the
economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the Notes.
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Pot e nt ia lly I nc onsist e nt Re se a rc h, Opinions or Re c om m e nda t ions by RBCCM , U BS or T he ir Affilia t e s -- RBCCM, UBS or their affiliates may publish research, express opinions or
provide recommendations as to the Underlyings that are inconsistent with investing in or holding the Notes, and which may be revised at any time.
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Any such research, opinions or recommendations could affect the value of the Underlyings, and therefore the market value of the Notes.
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U nc e rt a in T a x T re a t m e nt -- Significant aspects of the tax treatment of an investment in the Notes are uncertain. You should consult your tax adviser about your tax situation.
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Pot e nt ia l Roya l Ba nk of Ca na da a nd U BS I m pa c t on Pric e -- Trading or transactions by us, UBS or our respective affiliates in one or both of the Underlyings or the securities included in an
Underlying's underlying index, or in futures, options, exchange-traded funds or other derivative products on the Underlyings or those securities may adversely affect the market value of the Underlyings or
the closing prices of the Underlyings, and, therefore, the market value of the Notes.
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T he T e rm s of t he N ot e s a t I ssua nc e We re I nflue nc e d a nd T he ir M a rk e t V a lue Prior t o M a t urit y Will Be I nflue nc e d by M a ny U npre dic t a ble Fa c t ors -- Many economic and
market factors influenced the terms of the Notes at issuance and will influence their value prior to maturity. These factors are similar in some ways to those that could affect the value of a combination of
instruments that might be used to replicate the payments on the Notes, including a combination of a bond with one or more options or other derivative instruments. For the market value of the Notes, we
expect that, generally, the price of the Underlyings on any day will affect the value of the Notes more than any other single factor. However, you should not expect the value of the Notes in the secondary
market to vary in proportion to changes in the prices of the Underlyings. The value of the Notes will be affected by a number of economic and market factors that may either offset or magnify each other,
including:
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the price of each Underlying;
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the actual and expected volatility of the price of each Underlying;
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the expected correlation of the Underlyings;
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the time remaining to maturity of the Notes;
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the dividend rates on the securities held by the Underlyings;
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interest and yield rates in the market generally, as well as in each of the markets of the securities held by the Underlyings;
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a variety of economic, financial, political, regulatory or judicial events;
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the occurrence of certain events with respect to the Underlyings that may or may not require an adjustment to the terms of the Notes; and
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our creditworthiness, including actual or anticipated downgrades in our credit ratings.
Some or all of these factors influenced the terms of the Notes at issuance, and will affect the price you will receive if you choose to sell the Notes prior to maturity. The impact of any of the factors set
forth above may enhance or offset some or all of any change resulting from another factor or factors. You may have to sell the Notes at a substantial discount from the principal amount if, for example,
the price of one or both of the Underlyings is at, or not sufficiently above, its Downside Threshold.
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T he Ant i-Dilut ion Prot e c t ion for Ea c h U nde rlying I s Lim it e d -- The calculation agent will make adjustments to the Initial Price, Downside Threshold and Coupon Barrier of each Underlying for
certain events affecting the shares of the Underlyings. However, the calculation agent will not be required to make an adjustment in response to all events that could affect an Underlying. If an event
occurs that does not require the calculation agent to make an adjustment, the value of the Notes and the payments on the Notes may be materially and adversely affected.
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H ypot he t ic a l Ex a m ple s
H ypot he t ic a l t e rm s only. Ac t ua l t e rm s m a y va ry. Se e t he c ove r pa ge for a c t ua l offe ring t e rm s.
The following examples are hypothetical and provided for illustrative purposes only. They do not purport to be representative of every possible scenario concerning increases or decreases in the price of either Underlying relative to its Initial Price. We
cannot predict the Final Price of any Underlying. You should not take these examples as an indication or assurance of the expected performance of either Underlying. The numbers appearing in the examples and tables below have been rounded for
ease of analysis. The following examples and tables illustrate the Payment at Maturity or upon an automatic call per Note on a hypothetical offering of the Notes, based on the following hypothetical assumptions (the actual Initial Prices, Coupon Barriers
and Downside Thresholds are set forth on the cover page):
Principal Amount:
$10.00
Term:
Approximately three years
Contingent Coupon Rate:
6.60% per annum (or 1.65% per quarter)
Contingent Coupon**:
$0.165 per quarter
Coupon Observation Dates:
Quarterly
Call Observation Dates:
Quarterly (callable after six months)
Hypothetical Initial Prices*:

Underlying A:
$100.00
Underlying B:
$100.00
Hypothetical Coupon Barriers*:
Underlying A:
$70.00 (which is 70% of its Initial Price)
Underlying B:
$70.00 (which is 70% of its Initial Price)
Hypothetical Downside Thresholds*:

Underlying A:
$70.00 (which is 70% of its Initial Price)
Underlying B:
$70.00 (which is 70% of its Initial Price)
* Not the actual Initial Price, Coupon Barrier or Downside Threshold applicable to the Notes. The actual Initial Price, Coupon Barrier and Downside Threshold are set forth on the cover page of this pricing supplement.
** Contingent Coupon payments, if payable, will be paid in equal quarterly installments during the term of the Notes unless earlier called.
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Sc e na rio # 1 : N ot e s Are Ca lle d on t he Fourt h Coupon Obse rva t ion Da t e .
Da t e
Closing Pric e
Pa ym e nt (pe r N ot e )
First Coupon Observation Date
Underlying A: $100.00 (at or above Initial Price)
$0.165 (Contingent Coupon ­ not callable)

Underlying B: $110.00 (at or above Initial Price)



Second Coupon Observation Date
Underlying A: $95.00 (at or above Coupon Barrier; below Initial Price)
$0.00 (Notes are not called)
Underlying B: $60.00 (below Coupon Barrier)



Third Coupon Observation Date
Underlying A: $95.00 (at or above Coupon Barrier; below Initial Price)
$0.00 (Notes are not called)
Underlying B: $60.00 (below Coupon Barrier)




Fourth Coupon Observation Date
Underlying A: $110.00 (at or above Initial Price)
$10.165 (settlement amount)

Underlying B: $115.00 (at or above Initial Price)

Total Payment:
$10.33 (3.30% return)
Since the Notes are called on the fourth Coupon Observation Date, we will pay you on the Call Settlement Date a total of $10.165 per Note, reflecting your principal amount plus the applicable Contingent Coupon. When added to the Contingent
Coupon payment of $0.165 received in respect of a prior Coupon Observation Date, we will have paid you a total of $10.33 per Note, for a 3.30% total return on the Notes. No further amount will be owed to you under the Notes.
1 3
Sc e na rio # 2 : N ot e s Are N OT Ca lle d a nd t he Fina l Pric e s of Bot h U nde rlyings Are a t or Above T he ir Re spe c t ive Dow nside T hre sholds.
Da t e
Closing Pric e
Pa ym e nt (pe r N ot e )
First Coupon Observation Date
Underlying A: $110.00 (at or above Coupon Barrier; above Initial Price)
$0.165 (Contingent Coupon ­ not callable)
Underlying B: $80.00 (at or above Coupon Barrier; below Initial Price)
Second Coupon Observation Date
Underlying A: $50.00 (below Coupon Barrier)
$0.00 (Notes are not called)
Underlying B: $90.00 (at or above Coupon Barrier; below Initial Price)
Third Coupon Observation Date
Underlying A: $95.00 (at or above Coupon Barrier; below Initial Price)
$0.00 (Notes are not called)
Underlying B: $40.00 (below Coupon Barrier)
Fourth Coupon Observation Date
Underlying A: $95.00 (at or above Coupon Barrier; below Initial Price)
$0.00 (Notes are not called)
Underlying B: $60.00 (below Coupon Barrier)
Fifth through Eleventh Coupon Observation Dates
Underlying A: Various (below Coupon Barrier)
$0.00 (Notes are not called)
Underlying B: Various (above Initial Price)
Final Valuation Date
Underlying A: $90.00 (at or above Downside Threshold and Coupon Barrier; below Initial Price)
$10.165 (Payment at Maturity)

Underlying B: $115.00 (at or above Downside Threshold, Coupon Barrier and Initial Price)

Total Payment:
$10.33 (3.30% return)
At maturity, we will pay you a total of $10.165 per Note, reflecting your principal amount plus the applicable Contingent Coupon. When added to the Contingent Coupon payment of $0.165 received in respect of a prior Coupon Observation Date, we will
have paid you a total of $10.33 per Note, for a 3.30% total return on the Notes.
Sc e na rio # 3 : N ot e s Are N OT Ca lle d a nd t he Fina l Pric e of One U nde rlying I s Be low it s Dow nside T hre shold
Da t e
Closing Pric e
Pa ym e nt (pe r N ot e )
First Coupon Observation Date
Underlying A: $85.00 (at or above Coupon Barrier; below Initial Price)
$0.165 (Contingent Coupon ­ not callable)
Underlying B: $120.00 (above Initial Price)
Second Coupon Observation Date
Underlying A: $90.00 (at or above Coupon Barrier; below Initial Price)
$0.165 (Contingent Coupon ­ not called)
Underlying B: $80.00 (at or above Coupon Barrier; below Initial Price)
Third Coupon Observation Date
Underlying A: $220.00 (above Initial Price)
$0.165 (Contingent Coupon ­ not called)
Underlying B: $80.00 (at or above Coupon Barrier; below Initial Price)
Fourth Coupon Observation Date
Underlying A: $95.00 (at or above Coupon Barrier; below Initial Price)
$0.00 (Notes are not called)
Underlying B: $60.00 (below Coupon Barrier)
Fifth through Eleventh Coupon Observation Dates
Underlying A: Various (below Coupon Barrier)
$0.00 (Notes are not called)
Underlying B: Various (above Initial Price)
Final Valuation Date
Underlying A: $50.00 (below Downside Threshold and Coupon Barrier)
$10.00 + [$10.00 × Underlying Return] =
Underlying B: $130.00 (above Initial Price)
$10.00 + [$10.00 × -50%] =
$10.00 - $5.00 =
$5.00 (Payment at Maturity)

Total Payment:
$5.495 (-45.05% return)
Since the Notes are not called and the Final Price of the Least Performing Underlying is below the Downside Threshold, we will pay you at maturity $5.00 per Note. When added to the Contingent Coupon payments of $0.495 received in respect of prior
Coupon Observation Dates, we will have paid you $5.495 per Note, for a loss on the Notes of 45.05%.
T he N ot e s diffe r from ordina ry de bt se c urit ie s in t ha t , a m ong ot he r fe a t ure s, w e a re not ne c e ssa rily obliga t e d t o re pa y t he full a m ount of your init ia l inve st m e nt . I f t he N ot e s a re not c a lle d on a ny Ca ll
Obse rva t ion Da t e , you m a y lose som e or a ll of your init ia l inve st m e nt . Spe c ific a lly, if t he N ot e s a re not c a lle d a nd t he Fina l Pric e of one or bot h of t he U nde rlyings is le ss t ha n it s Dow nside T hre shold,
you w ill lose 1 % (or a fra c t ion t he re of) of your princ ipa l a m ount for e a c h 1 % (or a fra c t ion t he re of) t ha t t he U nde rlying Re t urn of t he Le a st Pe rform ing U nde rlying is le ss t ha n ze ro.
Any pa ym e nt on t he N ot e s, inc luding pa ym e nt s in re spe c t of a n a ut om a t ic c a ll, Cont inge nt Coupon or a ny re pa ym e nt of princ ipa l provide d a t m a t urit y, is de pe nde nt on our a bilit y t o sa t isfy our
obliga t ions w he n t he y c om e due . I f w e a re una ble t o m e e t our obliga t ions, you m a y not re c e ive a ny a m ount s due t o you unde r t he N ot e s.
1 4
Wha t Are t he T a x Conse que nc e s of t he N ot e s?
U .S. Fe de ra l I nc om e T a x Conse que nc e s
The following, together with the discussion of U.S. federal income tax in the accompanying product prospectus supplement, prospectus supplement, and prospectus, is a general description of the material U.S.
federal income tax consequences relating to an investment in the Notes. The following summary is not complete and is qualified in its entirety by the discussion under the section entitled "Supplemental Discussion
of U.S. Federal Income Tax Consequences" in the accompanying product prospectus supplement no. UBS-TACYN-1, the section entitled "Certain Income Tax Consequences" in the accompanying prospectus
supplement, and the section entitled "Tax Consequences" in the accompanying prospectus, which you should carefully review prior to investing in the Notes.
In the opinion of our counsel, Morrison & Foerster LLP, it would generally be reasonable to treat the Notes as callable pre-paid cash-settled contingent income-bearing derivative contracts linked to the
Underlyings for U.S. federal income tax purposes, and the terms of the Notes require a holder and us (in the absence of a change in law or an administrative or judicial ruling to the contrary) to treat the Notes for
all tax purposes in accordance with such characterization. Although the U.S. federal income tax treatment of the Contingent Coupons is uncertain, we intend to take the position, and the following discussion
assumes, that such Contingent Coupons (including any coupon paid on or with respect to the call or maturity date) constitute taxable ordinary income to a U.S. holder at the time received or accrued in
accordance with the holder's regular method of accounting. If the Notes are treated as described above, subject to the potential application of the "constructive ownership" rules under Section 1260 of the Internal
Revenue Code, a U.S. holder should generally recognize capital gain or loss upon the call, sale or maturity of the Notes in an amount equal to the difference between the amount a holder receives at such time
(other than amounts properly attributable to any Contingent Coupon, which would be taxed, as described above, as ordinary income) and the holder's tax basis in the Notes. Capital gain recognized by an
individual U.S. holder is generally taxed at preferential rates where the property is held for more than one year and is generally taxed at ordinary income rates where the property is held for one year or less. The
deductibility of capital losses is subject to limitations.
Alternative tax treatments are also possible and the Internal Revenue Service (the "IRS") might assert that a treatment other than that described above is more appropriate. In addition, the IRS has released a
notice that may affect the taxation of holders of the Notes. According to the notice, the IRS and the Treasury Department are actively considering whether the holder of an instrument such as the Notes should be
required to accrue ordinary income on a current basis. It is not possible to determine what guidance they will ultimately issue, if any. It is possible, however, that under such guidance, holders of the Notes will
ultimately be required to accrue income currently and this could be applied on a retroactive basis. The IRS and the Treasury Department are also considering other relevant issues, including whether additional
gain or loss from such instruments should be treated as ordinary or capital and whether the special "constructive ownership rules" of Section 1260 of the Internal Revenue Code might be applied to such
instruments. Holders are urged to consult their tax advisors concerning the significance, and the potential impact, of the above considerations.
Individual holders that own "specified foreign financial assets" may be required to include certain information with respect to such assets with their U.S. federal income tax return. You are urged to consult your
own tax advisor regarding such requirements with respect to the Notes.
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Under Section 871(m) of the Internal Revenue Code, a "dividend equivalent" payment is treated as a dividend from sources within the United States. Such payments generally would be subject to a 30% U.S.
withholding tax if paid to a non-U.S. holder. Under U.S. Treasury Department regulations, payments (including deemed payments) with respect to equity-linked instruments ("ELIs") that are "specified ELIs" may be
treated as dividend equivalents if such specified ELIs reference an interest in an "underlying security," which is generally any interest in an entity taxable as a corporation for U.S. federal income tax purposes if a
payment with respect to such interest could give rise to a U.S. source dividend. However, the IRS has issued guidance that states that the U.S. Treasury Department and the IRS intend to amend the effective
dates of the U.S. Treasury Department regulations to provide that withholding on dividend equivalent payments will not apply to specified ELIs that are not delta-one instruments and that are issued before
January 1, 2021. Based on our determination that the Notes are not delta-one instruments, non-U.S. holders should not be subject to withholding on dividend equivalent payments, if any, under the Notes.
However, it is possible that the Notes could be treated as deemed reissued for U.S. federal income tax purposes upon the occurrence of certain events affecting the Underlyings or the Notes (for example, upon a
rebalancing of an Underlying), and following such occurrence the Notes could be treated as subject to withholding on dividend equivalent payments. Non-U.S. holders that enter, or have entered, into other
transactions in respect of the Underlyings or the Notes should consult their tax advisors as to the application of the dividend equivalent withholding tax in the context of the Notes and their other transactions. If
any payments are treated as dividend equivalents subject to withholding, we (or the applicable withholding agent) would be entitled to withhold taxes without being required to pay any additional amounts with
respect to amounts so withheld.
The accompanying product prospectus supplement notes that FATCA withholding on payments of gross proceeds from a
1 5
sale or redemption of Notes will only apply to payments made after December 31, 2018. That discussion is modified to reflect regulations proposed by the U.S. Treasury Department in December 2018 indicating
an intent to eliminate the requirement under FATCA of withholding on gross proceeds of the disposition of financial instruments. The U.S. Treasury Department has indicated that taxpayers may rely on these
proposed regulations pending their finalization. Prospective investors are urged to consult with their own tax advisors regarding the possible implications of FATCA on their investment in the Notes.
The Notes are not intended for purchase by any investor that is not a United States person, as that term is defined for U.S. federal income tax purposes, and the underwriters will not make offers of the Notes to
any such investor.
Ca na dia n Fe de ra l I nc om e T a x Conse que nc e s
For a discussion of the material Canadian federal income tax consequences relating to an investment in the Notes, please see the section entitled "Tax Consequences--Canadian Taxation" in the accompanying
prospectus, which you should carefully review prior to investing in the Notes.
1 6
I nform a t ion About t he U nde rlyings
We have derived the following information regarding each of the applicable Underlyings from publicly available documents. We have not independently verified the accuracy or completeness of the following information. We are not
affiliated with any of the Underlyings and the Underlyings will have no obligations with respect to the Notes. This document relates only to the Notes and does not relate to the shares of any of the Underlying or any securities included
in any of the underlying indices of the Underlyings. Neither we nor any of our affiliates participates in the preparation of the publicly available documents described below. Neither we nor any of our affiliates has made any due
diligence inquiry with respect to any of the Underlyings in connection with the offering of any of the Notes. There can be no assurance that all events occurring prior to the date of this document, including events that would affect the
accuracy or completeness of the publicly available documents described below, that would affect the trading prices of the shares of any of the Underlyings have been or will be publicly disclosed. Subsequent disclosure of any events
or the disclosure of or failure to disclose material future events concerning any of the Underlyings could affect the price of the shares of the applicable Underlying after the Trade Date, and therefore could affect the payment at
maturity.
The selection of the Underlyings relating to the Notes is not a recommendation to buy or sell the shares of any of the Underlyings. Neither we nor any of our affiliates make any representation to you as to the performance of the
shares of any of the Underlyings. Information provided to or filed with the SEC under the Securities Exchange Act of 1934 and the Investment Company Act of 1940 relating to each Underlying may be obtained through the SEC's
website at http://www.sec.gov.
iSha re s Funds
iShares consists of numerous separate investment portfolios (the "iShares Funds"), including the IWM. The IWM seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of its
underlying index. The IWM typically earns income from dividends from securities that it holds. These amounts, net of expenses and taxes (if applicable), are passed along to its shareholders as "ordinary income." In addition, the IWM
realizes capital gains or losses whenever it sells securities. Net long-term capital gains are distributed to its shareholders as "capital gain distributions." However, because the Notes are linked only to the share price of each
Underlying, you will not be entitled to receive income, dividend, or capital gain distributions from the applicable Underlying or any equivalent payments.
"iShares®" and "BlackRock®" are registered trademarks of BlackRock®. The Notes are not sponsored, endorsed, sold, or promoted by BlackRock®, or by any of the iShares® Funds. Neither BlackRock® nor the iShares® Funds
make any representations or warranties to the owners of any of the Notes or any member of the public regarding the advisability of investing in any of the Notes. Neither BlackRock® nor the iShares® Funds shall have any obligation
or liability in connection with the registration, operation, marketing, trading, or sale of any of the Notes or in connection with our use of information about any of the Underlyings or any of the iShares® Funds.
iSha re s ® M SCI Em e rging M a rk e t s ET F
The shares of the EEM are issued by iShares, Inc., a registered investment company. The EEM seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI
Emerging Markets Index. The EEM trades on the NYSE Arca under the ticker symbol "EEM." BlackRock Fund Advisors ("BFA") serves as the investment advisor to the EEM.
BFA, as the investment advisor to the EEM, employs a technique known as representative sampling to track the MSCI Emerging Markets Index. The EEM generally invests at least 90% of its assets in the securities of the MSCI
Emerging Markets Index and in American Depositary Receipts or Global Depositary Receipts based on the securities of the MSCI Emerging Markets Index. The EEM may invest the remainder of its assets in securities not included in
the MSCI Emerging Markets Index, but which BFA believes will help the EEM track the MSCI Emerging Markets Index, or in futures contracts, options on futures contracts, other types of options and swaps related to the MSCI
Emerging Markets Index, as well as cash and cash equivalents, including shares of money market funds affiliated with BFA or its affiliates. BFA will waive portfolio management fees in an amount equal to the portfolio management
fees of such other iShares funds for any portion of the EEM's assets invested in shares of such other funds.
T he M SCI Em e rging M a rk e t s I nde x
The information below is included only to give insight to the MSCI Emerging Markets Index, the performance of which the EEM attempts to reflect. The Notes are linked to the performance of the EEM and not to the MSCI Emerging
Markets Index.
The MSCI Emerging Markets Index is a stock index calculated, published and disseminated daily by MSCI through numerous data vendors, on the MSCI website and in real time on Bloomberg Financial Markets and Reuters Limited.
The index is intended to measure equity market performance in the global emerging markets. The index is a free float-adjusted market capitalization index with a base date of December 31, 1987 and an initial value of 100. The index
is calculated daily in U.S. dollars and published in real time every 60 seconds during market trading hours. The index currently consists of the following 26 emerging market country indices: Argentina, Brazil, Chile, China, Colombia,
Czech Republic, Greece, Egypt, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.
The index is part of the MSCI Regional Equity Indices series and is an MSCI Global Investable Market Index, which is a family within the MSCI International Equity Indices.
General ­ MSCI Indices
MSCI provides global equity indices intended to measure equity performance in international markets and the MSCI International Equity Indices are designed to serve as global equity performance benchmarks. In constructing these
indices, MSCI applies its index construction and maintenance methodology across developed, emerging, and frontier markets.
1 7
MSCI enhanced the methodology used in its MSCI International Equity Indices. The MSCI Standard and MSCI Small Cap Indices, along with the other MSCI equity indices based on them, transitioned to the global investable market
indices methodology described below. The transition was completed at the end of May 2008. The Enhanced MSCI Standard Indices are composed of the MSCI Large Cap and Mid Cap Indices. The MSCI Global Small Cap Index
transitioned to the MSCI Small Cap Index resulting from the Global Investable Market Indices methodology and contains no overlap with constituents of the transitioned MSCI Standard Indices. Together, the relevant MSCI Large Cap,
Mid Cap, and Small Cap Indices will make up the MSCI investable market index for each country, composite, sector, and style index that MSCI offers.
Constructing the MSCI Global Investable Market Indices. MSCI undertakes an index construction process, which involves:
·
defining the equity universe;
·
determining the market investable equity universe for each market;
·
determining market capitalization size segments for each market;
·
applying index continuity rules for the MSCI Standard Index;
·
creating style segments within each size segment within each market; and
·
classifying securities under the Global Industry Classification Standard (the "GICS").
Defining the Equity Universe. The equity universe is defined by:
·
Identifying Eligible Equity Securities: the equity universe initially looks at securities listed in any of the countries in the MSCI Global Index Series, which will be classified as either Developed Markets ("DM") or Emerging
Markets ("EM"). All listed equity securities, including Real Estate Investment Trusts, are eligible for inclusion in the equity universe. Conversely, mutual funds, ETFs, equity derivatives and most investment trusts are not
eligible for inclusion in the equity universe.
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·
Classifying Eligible Securities into the Appropriate Country: each company and its securities (i.e., share classes) are classified in only one country.
Effective with the November 2015 semi-annual index review, companies traded outside of their country of classification (i.e., "foreign listed companies") became eligible for inclusion in the MSCI Country Investable Market Indexes
along with the applicable MSCI Global Index. In order for a MSCI Country Investable Market Index to be eligible to include foreign listed companies, it must meet the Foreign Listing Materiality Requirement. To meet the Foreign Listing
Materiality Requirement, the aggregate market capitalization of all securities represented by foreign listings should represent at least (i) 5% of the free float-adjusted market capitalization of the relevant MSCI Country Investable
Market Index and (ii) 0.05% of the free-float adjusted market capitalization of the MSCI ACWI Investable Market Index.
Determining the Market Investable Equity Universes. A market investable equity universe for a market is derived by applying investability screens to individual companies and securities in the equity universe that are classified in that
market. A market is equivalent to a single country, except in DM Europe, where all DM countries in Europe are aggregated into a single market for index construction purposes. Subsequently, individual DM Europe country indices
within the MSCI Europe Index are derived from the constituents of the MSCI Europe Index under the global investable market indices methodology.
The investability screens used to determine the investable equity universe in each market are as follows:
·
Equity Universe Minimum Size Requirement: this investability screen is applied at the company level. In order to be included in a market investable equity universe, a company must have the required minimum full market
capitalization.
·
Equity Universe Minimum Free Float-Adjusted Market Capitalization Requirement: this investability screen is applied at the individual security level. To be eligible for inclusion in a market investable equity universe, a security
must have a free float-adjusted market capitalization equal to or higher than 50% of the equity universe minimum size requirement.
·
DM and EM Minimum Liquidity Requirement: This investability screen is applied at the individual security level. To be eligible for inclusion in a market investable equity universe, a security must have adequate liquidity. The
twelve-month and three-month Annual Traded Value Ratio ("ATVR"), a measure that screens out extreme daily trading volumes and takes into account the free float-adjusted market capitalization size of securities, together
with the three-month frequency of trading are used to measure liquidity. A minimum liquidity level of 20% of three- and twelve-month ATVR and 90% of three-month frequency of trading over the last four consecutive
quarters are required for inclusion of a security in a market investable equity universe of a DM, and a minimum liquidity level of 15% of three- and twelve-month ATVR and 80% of three-month frequency of trading over the
last four consecutive quarters are required for inclusion of a security in a market investable equity universe of an EM.
·
Global Minimum Foreign Inclusion Factor Requirement: this investability screen is applied at the individual security level. To be eligible for inclusion in a market investable equity universe, a security's Foreign Inclusion Factor
("FIF") must reach a certain threshold. The FIF of a security is defined as the proportion of shares outstanding that is available for purchase in the public equity markets by international investors. This proportion accounts for
the available free float of and/or the foreign ownership limits applicable to a specific security (or company). In general, a security must have an FIF equal to or larger than 0.15 to be eligible for inclusion in a market investable
equity universe.
·
Minimum Length of Trading Requirement: this investability screen is applied at the individual security level. For an initial public offering ("IPO") to be eligible for inclusion in a market investable equity universe, the new issue
must have started trading at least three months before the implementation of a semi-annual index review (as described below). This requirement is
1 8
applicable to small new issues in all markets. Large IPOs are not subject to the minimum length of trading requirement and may be included in a market investable equity universe and the Standard Index outside of a
Quarterly or Semi-Annual Index Review.
·
Minimum Foreign Room Requirement: this investability screen is applied at the individual security level. For a security that is subject to a foreign ownership limit to be eligible for inclusion in a market investable equity
universe, the proportion of shares still available to foreign investors relative to the maximum allowed (referred to as "foreign room") must be at least 15%.
Defining Market Capitalization Size Segments for Each Market. Once a market investable equity universe is defined, it is segmented into the following size-based indices:
·
Investable Market Index (Large + Mid + Small);
·
Standard Index (Large + Mid);
·
Large Cap Index;
·
Mid Cap Index; or
·
Small Cap Index.
Creating the size segment indices in each market involves the following steps:
·
defining the market coverage target range for each size segment;
·
determining the global minimum size range for each size segment;
·
determining the market size segment cutoffs and associated segment number of companies;
·
assigning companies to the size segments; and
·
applying final size-segment investability requirements.
Index Continuity Rules for the Standard Indices. In order to achieve index continuity, as well as to provide some basic level of diversification within a market index, and notwithstanding the effect of other index construction rules
described in this section, a minimum number of five constituents will be maintained for a DM Standard Index and a minimum number of three constituents will be maintained for an EM Standard Index.
Creating Style Indices within Each Size Segment. All securities in the investable equity universe are classified into value or growth segments using the MSCI Global Value and Growth methodology.
Classifying Securities under the Global Industry Classification Standard. All securities in the global investable equity universe are assigned to the industry that best describes their business activities. To this end, MSCI has designed,
in conjunction with S&P Dow Jones Indexes, the GICS. Under the GICS, each company is assigned to one sub-industry according to its principal business activity. Therefore, a company can belong to only one industry grouping at
each of the four levels of the GICS.
Index Maintenance
The MSCI Global Investable Market Indices are maintained with the objective of reflecting the evolution of the underlying equity markets and segments on a timely basis, while seeking to achieve index continuity, continuous
investability of constituents and replicability of the indices, index stability and low index turnover. In particular, index maintenance involves:
(i) Semi-Annual Index Reviews ("SAIRs") in May and November of the Size Segment and Global Value and Growth Indices which include:
·
updating the indices on the basis of a fully refreshed equity universe;
·
taking buffer rules into consideration for migration of securities across size and style segments; and
·
updating FIFs and Number of Shares ("NOS").
(ii) Quarterly Index Reviews in February and August of the Size Segment Indices aimed at:
·
including significant new eligible securities (such as IPOs that were not eligible for earlier inclusion) in the index;
·
allowing for significant moves of companies within the Size Segment Indices, using wider buffers than in the SAIR; and
·
reflecting the impact of significant market events on FIFs and updating NOS.
(iii) Ongoing Event-Related Changes: changes of this type are generally implemented in the indices as they occur. Significantly large IPOs are included in the indices after the close of the company's tenth day of trading.
None of us, the dealer or any of our other affiliates accepts any responsibility for the calculation, maintenance, or publication of, or for any error, omission, or disruption in, the index or any successor to the index.
1 9
H ist oric a l I nform a t ion
The graph below illustrates the performance of the EEM from December 20, 2009 to December 20, 2019, reflecting its Initial Price of $44.61. The solid line represents its Coupon Barrier and Downside Threshold
of $31.23 which is equal to 70% of its Initial Price (rounded to two decimal places).
https://www.sec.gov/Archives/edgar/data/1000275/000114036119023087/form424b2.htm[12/23/2019 3:41:44 PM]


¦ Coupon Barrier / Downside Threshold = 70% of its Initial Price
H I ST ORI CAL PERFORM AN CE I S N OT AN I N DI CAT I ON OF FU T U RE PERFORM AN CE.
Source: Bloomberg L.P. We have not independently verified the accuracy or completeness of the information obtained from Bloomberg Financial Markets.
2 0
T he iSha re s ® Russe ll 2 0 0 0 ET F
The IWM seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Russell 2000® Index. The shares of this underlying trade on the NYSE Arca, Inc. under the symbol
"IWM."
Russell 2000® Index
The Russell 2000® Index (Bloomberg L.P. index symbol "RTY") was developed by Russell Investments ("Russell") before FTSE International Limited ("FTSE") and Russell combined in 2015 to create FTSE Russell, which is wholly
owned by London Stock Exchange Group. Russell began dissemination of the RTY on January 1, 1984. FTSE Russell calculates and publishes the RTY. The RTY was set to 135 as of the close of business on December 31, 1986.
The RTY is designed to track the performance of the small capitalization segment of the U.S. equity market. As a subset of the Russell 3000® Index, the RTY consists of the smallest 2,000 companies included in the Russell 3000®
Index. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies, representing approximately 98% of the investable U.S. equity market. The RTY is determined, comprised, and calculated by FTSE
Russell without regard to the Notes.
Selection of Stocks Comprising the RTY
All companies eligible for inclusion in the RTY must be classified as a U.S. company under the index sponsor's country-assignment methodology. If a company is incorporated, has a stated headquarters location, and trades in the
same country (American Depositary Receipts and American Depositary Shares are not eligible), then the company is assigned to its country of incorporation. If any of the three factors are not the same, the index sponsor defines three
Home Country Indicators ("HCIs"): country of incorporation, country of headquarters, and country of the most liquid exchange (as defined by a two-year average daily dollar trading volume) ("ADDTV") from all exchanges within a
country. Using the HCIs, the index sponsor compares the primary location of the company's assets with the three HCIs. If the primary location of its assets matches any of the HCIs, then the company is assigned to the primary
location of its assets. If there is insufficient information to determine the country in which the company's assets are primarily located, the index sponsor will use the primary country from which the company's revenues are primarily
derived for the comparison with the three HCIs in a similar manner. The index sponsor uses the average of two years of assets or revenues data to reduce potential turnover. If conclusive country details cannot be derived from assets
or revenues data, the index sponsor will assign the company to the country of its headquarters, which is defined as the address of the company's principal executive offices, unless that country is a Benefit Driven Incorporation "BDI"
country, in which case the company will be assigned to the country of its most liquid stock exchange. BDI countries include: Anguilla, Antigua and Barbuda, Aruba, Bahamas, Barbados, Belize, Bermuda, Bonaire, British Virgin
Islands, Cayman Islands, Channel Islands, Cook Islands, Curacao, Faroe Islands, Gibraltar, Guernsey, Isle of Man, Jersey, Liberia, Marshall Islands, Panama, Saba, Sint Eustatius, Sint Maarten, and Turks and Caicos Islands. For
any companies incorporated or headquartered in a U.S. territory, including countries such as Puerto Rico, Guam, and U.S. Virgin Islands, a U.S. HCI is assigned. "N-shares" of companies controlled by individuals or entities in
mainland China are not eligible for inclusion.
All securities eligible for inclusion in the RTY must trade on a major U.S. exchange. Stocks must have a closing price at or above $1.00 on their primary exchange on the last trading day in May to be eligible for inclusion during
annual reconstitution. However, in order to reduce unnecessary turnover, if an existing member's closing price is less than $1.00 on the last day of May, it will be considered eligible if the average of the daily closing prices (from its
primary exchange) during the month of May is equal to or greater than $1.00. Initial public offerings are added each quarter and must have a closing price at or above $1.00 on the last day of their eligibility period in order to qualify
for index inclusion. If an existing stock does not trade on the "rank day" (typically the last trading day in May, but a confirmed timetable is announced each spring), but does have a closing price at or above $1.00 on another eligible
U.S. exchange, that stock will be eligible for inclusion.
An important criterion used to determine the list of securities eligible for the RTY is total market capitalization, which is defined as the market price as of the rank day in May for those securities being considered at annual
reconstitution times the total number of shares outstanding. Where applicable, common stock, non-restricted exchangeable shares and partnership units/membership interests are used to determine market capitalization. Any other
form of shares such as preferred stock, convertible preferred stock, redeemable shares, participating preferred stock, warrants, rights, installment receipts or trust receipts, are excluded from the calculation. If multiple share classes of
common stock exist, they are combined to determine total shares outstanding. In cases where the common stock share classes act independently of each other (e.g., tracking stocks), each class is considered for inclusion
separately. If multiple share classes exist, the pricing vehicle will be designated as the share class with the highest two-year trading volume as of the rank day in May.
Companies with a total market capitalization of less than $30 million are not eligible for the RTY. Similarly, companies with only 5% or less of their shares available in the marketplace are not eligible for the RTY. Royalty trusts, limited
liability companies, closed-end investment companies (companies that are required to report Acquired Fund Fees and Expenses, as defined by the SEC, including business development companies), blank check companies, special
purpose acquisition companies, and limited partnerships are also ineligible for inclusion. Exchange traded funds and mutual funds are also excluded. Bulletin board, pink-sheets and over-the-counter ("OTC") traded securities are not
eligible for inclusion.
Annual reconstitution is a process by which the RTY is completely rebuilt. Based on closing levels of the company's common stock on its primary exchange on the rank day of May of each year, FTSE Russell reconstitutes the
composition of the RTY using the then existing market capitalizations of eligible companies. Reconstitution of the RTY occurs on the last Friday in June or, when the last Friday in June is the 29th or 30th, reconstitution occurs on the
prior Friday. In addition, the index sponsor adds initial public offerings to the RTY on a quarterly basis based on total market capitalization ranking within the market-adjusted capitalization breaks established during the most recent
reconstitution.
After membership is determined, a security's shares are adjusted to include only those shares available to the public. This is often referred to as "free float." The purpose of the adjustment is to exclude from market calculations the
capitalization that is not available for purchase and is not part of the investable opportunity set.
2 1
H ist oric a l I nform a t ion
The graph below illustrates the performance of the IWM from December 20, 2009 to December 20, 2019, reflecting its Initial Price of $165.97. The solid line represents its Coupon Barrier and Downside Threshold
of $116.18, which is equal to 70% of its Initial Price (rounded to two decimal places).
https://www.sec.gov/Archives/edgar/data/1000275/000114036119023087/form424b2.htm[12/23/2019 3:41:44 PM]


¦ Coupon Barrier / Downside Threshold = 70% of its Initial Price
H I ST ORI CAL PERFORM AN CE I S N OT AN I N DI CAT I ON OF FU T U RE PERFORM AN CE.
Source: Bloomberg L.P. We have not independently verified the accuracy or completeness of the information obtained from Bloomberg Financial Markets.
2 2
Corre la t ion of t he U nde rlyings
The graph below illustrates the daily performance of the Underlyings from December 20, 2009 through December 20, 2019. For comparison purposes, each Underlying has been normalized to have a closing
price of $100.00 on December 20, 2009 by dividing the closing price of that Underlying on each day by the closing price of that Underlying on December 20, 2009 and multiplying by $100.00. We obtained the
closing prices used to determine the normalized closing prices set forth below from Bloomberg L.P., without independent verification.
Past performance of the Underlyings is not indicative of their future performance.
The correlation of a pair of Underlyings represents a statistical measurement of the degree to which the returns of those Underlyings were similar to each other over a given period in terms of timing and direction
(i.e., positive or negative). The closer the relationship of the daily returns of the Underlyings over a given period, the more positively correlated those Underlyings are. The graph above illustrates the historical
performance of the Underlyings relative to one another over the time period shown and provides an indication of how close the relative performance of the daily returns of one Underlying has historically been to
the other. The lower (or more negative) the correlation between two Underlyings, the less likely it is that those Underlyings will move in the same direction and, therefore, the greater the potential for one of those
Underlyings to close below its Coupon Barrier or Downside Threshold on any Coupon Observation Date or the Final Valuation Date, respectively. This is because the less positively correlated a pair of
Underlyings are, the greater the likelihood that at least one of those Underlyings will decrease in value. This results in a greater potential for a Contingent Coupon not to be paid during the term of the Notes and
for a loss of principal at maturity. However, even if the two Underlyings have a higher positive correlation, one or both of those Underlyings might close below its Coupon Barrier or Downside Threshold on a
Coupon Observation Date or the Final Valuation Date, as both of those Underlyings may decrease in value together.
The lower the correlation between two Underlyings, the greater the potential for one of those Underlyings to close below its Coupon Barrier or its Downside Threshold on any Coupon Observation Date or the
Final Valuation Date, respectively. Therefore, the greater the number of Underlyings, the greater the potential for missed Contingent Coupons and for a loss of principal at maturity. We determined the Contingent
Coupons for the Notes based, in part, on the correlation among the Underlyings, calculated using internal models at the time the terms of the Notes were set. As discussed above, increased risk resulting from
lower correlation or from a greater number of Underlyings are reflected in a higher Contingent Coupon than would be payable on securities linked to fewer Underlyings or that have a higher degree of correlation.
2 3
Supple m e nt a l Pla n of Dist ribut ion (Conflic t s of I nt e re st )
We have agreed to indemnify UBS and RBCCM against liabilities under the Securities Act of 1933, as amended, or to contribute payments that UBS and RBCCM may be required to make relating to these
liabilities as described in the prospectus supplement and the prospectus. We have agreed that UBS Financial Services Inc. may sell all or a part of the Notes that it will purchase from us to investors at the price
to public or to its affiliates at the price indicated on the cover of this pricing supplement.
Subject to regulatory constraints and market conditions, RBCCM intends to offer to purchase the Notes in the secondary market, but it is not required to do so.
We or our affiliates may enter into swap agreements or related hedge transactions with one of our other affiliates or unaffiliated counterparties in connection with the sale of the Notes and RBCCM and/or an
affiliate may earn additional income as a result of payments pursuant to the swap or related hedge transactions. See "Use of Proceeds and Hedging" in the accompanying product prospectus supplement no.
UBS-TACYN-1.
We expect to deliver the Notes on a date that is greater than two business days following the Trade Date. Under Rule 15c6-1 of the Exchange Act, trades in the secondary market generally are required to settle
in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes more than two business days prior to the original issue date will be
required to specify alternative settlement arrangements to prevent a failed settlement.
The value of the Notes shown on your account statement may be based on RBCCM's estimate of the value of the Notes if RBCCM or another of our affiliates were to make a market in the Notes (which it is not
obligated to do). That estimate will be based upon the price that RBCCM may pay for the Notes in light of then prevailing market conditions, our creditworthiness and transaction costs. For a period of
approximately 8 months after the issue date of the Notes, the value of the Notes that may be shown on your account statement may be higher than RBCCM's estimated value of the Notes at that time. This is
because the estimated value of the Notes will not include the underwriting discount or our hedging costs and profits; however, the value of the Notes shown on your account statement during that period may be
a higher amount, reflecting the addition of the underwriting discount and our estimated costs and profits from hedging the Notes. Any such excess is expected to decrease over time until the end of this period.
After this period, if RBCCM repurchases your Notes, it expects to do so at prices that reflect their estimated value. This period may be reduced at RBCCM's discretion based on a variety of factors, including but
not limited to, the amount of the Notes that we repurchase and our negotiated arrangements from time to time with UBS.
For additional information as to the relationship between us and RBCCM, please see the section "Plan of Distribution--Conflicts of Interest" in the prospectus dated September 7, 2018.
Each of RBCCM, UBS and any other broker-dealer offering the Notes have not offered, sold or otherwise made available and will not offer, sell or otherwise make available any of the Notes to, any retail investor
in the European Economic Area ("EEA"). For these purposes, the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to
be offered so as to enable an investor to decide to purchase or subscribe the Notes, and a "retail investor" means a person who is one (or more) of: (a) a retail client, as defined in point (11) of Article 4(1) of
Directive 2014/65/EU (as amended, "MiFID II"); or (b) a customer, within the meaning of Directive 2016/97/EU, as amended, where that customer would not qualify as a professional client as defined in point (10)
of Article 4(1) of MiFID II; or (c) not a qualified investor as defined in Regulation (EU) (2017/1129) (the "Prospectus Regulation"). Consequently, no key information document required by Regulation (EU) No
1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared, and therefore, offering or selling the Notes
https://www.sec.gov/Archives/edgar/data/1000275/000114036119023087/form424b2.htm[12/23/2019 3:41:44 PM]


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