The UK Financial Conduct Authority announced that the three-month USD LIBOR settings will either cease publication or no longer be representative after June 30, 2023. UBS AG is issuing this press release to provide notice that UBS Securities LLC, in its role as the Security Calculation Agent or Calculation Agent of each LIBOR-linked ETN (defined below), has determined a successor rate that will replace the use of the three-month U.S. Dollar London Interbank Offered Rate (the "three month LIBOR rate") in respective calculations in relation to the fifteen UBS-issued exchange-traded notes (the "LIBOR-linked ETNs") listed in Table-1 below, with effect from (and including) July 3, 2023, the first London business day after June 30, 2023.

Currently, the LIBOR-linked ETNs reference the three-month LIBOR rate in the calculation of "Accrued Financing Charges" or "Accrued Financing Fees," as used to calculate the Redemption Amount, the Acceleration Amount, the Cash Settlement Amount, the Call Settlement Amount or the payment at maturity, in each case as defined and described in the applicable prospectus supplement (including, as applicable, any product supplement and pricing supplement (each such supplement, a "prospectus supplement")) for each LIBOR-linked ETN.

In connection with the applicable calculation for each LIBOR-linked ETN, the three-month LIBOR rate will be replaced by the three-month CME Term SOFR Reference Rate + 0.2616% (the "SOFR-based replacement rate"). The SOFR-based replacement rate is the benchmark replacement rate selected by the Federal Reserve Board in its regulation implementing the Adjustable Interest Rate (LIBOR) Act (the "LIBOR Act Regulation").

This announcement does not affect other terms of the outstanding LIBOR-linked ETNs, including the right of noteholders to require UBS AG to redeem their LIBOR-linked ETNs on the terms, and at the redemption price, set forth in the applicable prospectus supplement(s), and the right of UBS AG to call the LIBOR-linked ETNs at the prices and under the circumstances set forth in the applicable prospectus supplement(s).

The LIBOR-linked ETNs affected by this announcement are listed below:

Table-1

ETN Ticker	ETN Name and Prospectus Supplement ^[1]	CUSIP
FBGX	UBS AG FI Enhanced Large Cap Growth ETN due June 19, 2024 ^[2]^{, [3]}	902677780
PFFL	ETRACS 2xMonthly Pay Leveraged Preferred Stock Index ETN due September 25, 2048	90274E174
HDLB	ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B due October 21, 2049	90269A484
SMHB	ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B, due November 10, 2048	90274E166
BDCX	ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN due June 10, 2050	90269A260
CEFD	ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN due June 10, 2050	90269A286
MLPR	ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN due June 10, 2050	90269A278
MVRL	ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN due June 10, 2050	90269A344
IWDL	ETRACS 2x Leveraged US Value Factor TR ETN due February 9, 2051	90278V107
IWFL	ETRACS 2x Leveraged US Growth Factor TR ETN due February 9, 2051	90278V305
IWML	ETRACS 2x Leveraged US Size Factor TR ETN due February 9, 2051	90278V404
MTUL	ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN due February 9, 2051	90278V602
QULL	ETRACS 2x Leveraged MSCI US Quality Factor TR ETN due February 9, 2051	90278V503
SCDL	ETRACS 2x Leveraged US Dividend Factor TR ETN due February 9, 2051	90278V206
USML	ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN due February 9, 2051	90278V701

^[1] The table above provides a hyperlink to the relevant prospectus and supplements thereto for each of the LIBOR-linked ETNs, which are identified by their names. Capitalized terms used but not defined in this press release shall have the meanings ascribed to such terms in the relevant prospectus supplement (including, as applicable, any product supplement and pricing supplement).

^[2] The FBGX ETN is part of UBS AG's Medium Term Notes, Series A, on which UBS AG and UBS Switzerland AG are co-obligors. In addition, a prospectus addendum for the FBGX ETN with a link to the updated base prospectus can be accessed here.

^[3] UBS AG had previously announced on January 7, 2022 that it would cap the maximum number of FBGX ETNs outstanding at any time to 245,000 ETNs. UBS AG expects that its affiliate, UBS Securities LLC, may continue to sell FBGX ETNs that UBS AG had previously issued or that UBS Securities LLC may acquire in the future, subject to the maximum number of FBGX ETNs outstanding as specified previously. UBS AG expects that the FBGX ETNs would continue to trade on the NYSE Arca and that its affiliate, UBS Securities LLC, may continue to make markets in the FBGX ETNs.

As disclosed in more detail in the applicable prospectus supplement(s) for each LIBOR-linked ETN (including FBGX ETNs), the market value of the LIBOR-linked ETNs may be influenced by, among other things, supply and demand for the LIBOR-linked ETNs. It is possible that the discontinuance of further issuances of a LIBOR-linked ETN by UBS AG (including the FBGX ETNs as described above), may influence the market value of such LIBOR-linked ETN (including the FBGX ETNs). The suspension of new issuances of the LIBOR-linked ETNs could affect the liquidity of the market for the LIBOR-linked ETNs, potentially leading to insufficient supply and causing the LIBOR-linked ETNs to trade at a premium above their closing or intraday indicative value. Any such premium may subsequently decrease at any time and for any reason without warning, resulting in financial loss to sellers who paid this premium when they acquired their LIBOR-linked ETNs. In addition, if investors elect to redeem any such LIBOR-linked ETN (including the FBGX ETNs), any redemption will be at the redemption value set forth in the applicable prospectus supplement(s) and will not include any premium above that value. Investors should always consult their financial advisors and compare the intraday indicative value of the LIBOR-linked ETNs with the LIBOR-linked ETNs‘ then-prevailing market price before purchasing or selling any such LIBOR-linked ETN (including the FBGX ETNs), especially LIBOR-linked ETNs with premium characteristics. The applicable prospectus supplement(s) for the LIBOR-linked ETNs (including the pricing supplement as supplemented by a product supplement for the FBGX ETNs) can be accessed by clicking on the name of the LIBOR-linked ETN (including the FBGX ETNs) identified in the table above as well as on the SEC's website at sec.gov.

The three-month LIBOR rate is displayed on Reuters page "LIBOR01" (or any successor service or page for the purpose of displaying the London interbank offered rates of major banks, as determined by the Security Calculation Agent).

The three-month CME Term SOFR Reference Rate is displayed on the CME's website.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements" that are subject to risks and uncertainties, and actual results may differ materially. These statements could contain words such as "possible," "intend," "will," "may," "intends," "would," "if," "expect," "potentially" or other similar expressions. Forward-looking statements, including those relating to UBS AG's plans for the outstanding LIBOR-linked ETNs, are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. While these forward-looking statements represent UBS's judgments, expectations and objectives concerning the matters described, a number of risks, uncertainties and other important factors, including whether the LIBOR-linked ETNs will transition to the SOFR-based replacement rate or related to the FBGX ETNs, could cause actual developments and results to differ materially from UBS's expectations. For a discussion of the risks and uncertainties that may affect the LIBOR-linked ETNs please refer to the "Risk Factors" in the applicable prospectus supplement(s) relating to the LIBOR-linked ETNs referenced in Table-1. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

About UBS ETNs

UBS ETNs are senior unsecured notes issued by UBS AG, are traded on NYSE Arca, and can be bought and sold through a broker or financial advisor. An investment in UBS ETNs is subject to a number of risks, including the risk of loss of some or all of the investor's principal, and is subject to the creditworthiness of UBS AG. Investors are not guaranteed any coupon or distribution amount under the ETNs. Prior to making an investment in the UBS ETNs, investors should take into account whether or not the market price is tracking the intraday indicative value of the UBS ETNs. We urge you to read the more detailed explanation of risks described under "Risk Factors" in the applicable prospectus supplement for the UBS ETN.

UBS AG has filed a registration statement (including a prospectus and supplements thereto) with the Securities and Exchange Commission, or SEC, for the offerings of securities to which this communication relates. Before you invest, you should read the prospectus, along with the applicable prospectus supplement(s) to understand fully the terms of the securities and other considerations that are important in making a decision about investing in the ETNs. The applicable offering document for each ETN may be obtained by clicking on the name of each ETN identified above. You may also get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. The securities related to the offerings are not deposit liabilities and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency of the United States, Switzerland or any other jurisdiction.

About UBS

UBS convenes the global ecosystem for investing, where people and ideas are connected and opportunities brought to life, and provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as to private clients in Switzerland. UBS offers investment solutions, products and impactful thought leadership, is the leading global wealth manager, provides large-scale and diversified asset management, focused investment banking capabilities, and personal and corporate banking services in Switzerland. The firm focuses on businesses that have a strong competitive position in their target markets, are capital efficient and have an attractive long-term structural growth or profitability outlook.

UBS is present in all major financial centers worldwide. It has offices in more than 50 regions and locations, with about 30% of its employees working in the Americas, 30% in Switzerland, 19% in the rest of Europe, the Middle East and Africa and 21% in Asia Pacific. UBS Group AG employs more than 72,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).

This material is issued by UBS AG and/or any of its subsidiaries and/or any of its affiliates ("UBS"). Products and services mentioned in this material may not be available for residents of certain jurisdictions. Past performance is not necessarily indicative of future results. Please consult the restrictions relating to the product or service in question for further information. Activities with respect to US securities are conducted through UBS Securities LLC, a US broker/dealer. Member of SIPC (http://www.sipc.org/).

UBS ETNs are sold only in conjunction with the relevant offering materials. UBS has filed a registration statement (including a prospectus, as supplemented by the applicable prospectus supplement(s), for the offering of the UBS ETNs) with the Securities and Exchange Commission (the "SEC") for the offering to which this communication relates. Before you invest, you should read these documents and any other documents that UBS has filed with the SEC for more complete information about UBS and the offering to which this communication relates. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you can request the prospectus and applicable prospectus supplement(s), by calling toll-free (+1-877-387 2275). In the US, securities underwriting, trading and brokerage activities and M&A advisor activities are provided by UBS Securities LLC, a registered broker/dealer that is a wholly owned subsidiary of UBS AG, a member of the New York Stock Exchange and other principal exchanges, and a member of SIPC. UBS Financial Services Inc. is a registered broker/dealer and affiliate of UBS Securities LLC.

The FBGX ETNs (the "ETNs") have been developed solely by UBS. The ETNs are not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the FTSE Russell Indices (the "Indices") vest in the relevant LSE Group company which owns the Index. "Russell®" and "FTSE Russell®" are a trademarks of the relevant LSE Group company and are used by any other LSE Group company under license. The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the ETNs. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the ETNs or the suitability of the Index for the purpose to which it is being put by UBS.

The IWFL, IWML and IWDL ETNs (the "ETNs") have been developed solely by UBS. The ETNs are not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the FTSE Russell Indices (the "Indices") vest in the relevant LSE Group company which owns the Index. "Russell®" and "FTSE Russell®" are a trademarks of the relevant LSE Group company and are used by any other LSE Group company under license. The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the ETNs. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the ETNs or the suitability of the Index for the purpose to which it is being put by UBS.

The Dow Jones US Dividend 100 TR USD Index ("Index") is a product of S&P Dow Jones Indices LLC and has been licensed for use by UBS AG. Copyright © 2021 S&P Dow Jones Indices LLC ("S&P DJI"), a division of S&P Global. All rights reserved. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("S&P") and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). UBS's ETRACS Exchange Traded Notes based on the Index are not sponsored, endorsed, marketed or sold by S&P DJI, S&P, Dow Jones, their affiliates or third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Indexes.

Alerian MLP Index and AMZ are trademarks of Alerian and their use is granted under a license from Alerian.

The ETRACS Quarterly Pay 1.5x Leveraged MVIS BDC Index ETN ("ETNs") is not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH ("Licensor") and Licensor makes no representation or warranty, express or implied, to the owners of the ETNs or any member of the public regarding the advisability of investing in securities generally or in the ETNs particularly or the ability of the MVIS US Business Development Companies Index to track the performance of the US BDC market. As of April 13 2022, Market Vectors Index Solutions GmbH effectively changed the name of the company to MarketVector Indexes GmbH.

MVIS® Global Mortgage REITs Index (the "Index") is the exclusive property of MV Index Solutions GmbH, which has contracted with Structured Solutions AG to maintain and calculate the Index.

The HDLB, SMHB, PFFL, MVRL ETNs ("ETNs") are not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index Price at any time or in any other respect.

The S-Network Composite Closed-End Fund Index is a service mark of S-Network Global Indexes, Inc. ("S-Network") and its use is granted under a license from S-Network. S-Network does not guarantee the accuracy and/or completeness of the S-Network Composite Closed-End Fund Index or any data included therein, and S-Network shall have no liability for any errors, omissions, interruptions, or defects therein. S-Network makes no warranty, express or implied, representations or promises, as to results to be obtained by UBS AG, or any other person or entity from the use of the S-Network Composite Closed-End Fund Index or any data included therein. S-Network makes no express or implied warranties, representations or promises, regarding the originality, merchantability, suitability, non-infringement, or fitness for a particular purpose or use with respect to the S-Network Composite Closed-End Fund Index or any data included therein. Without limiting any of the foregoing, in no event shall S-Network have any liability for any direct, indirect, special, incidental, punitive, consequential, or other damages (including lost profits), even if notified of the possibility of such damages.

The MTUL, QULL, USML ETNs are not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such securities or any index on which such securities are based. The respective ETN prospectus contains a more detailed description of the limited relationship MSCI has with UBS.

UBS specifically prohibits the redistribution or reproduction of this communication in whole or in part without the prior written permission of UBS and UBS accepts no liability whatsoever for the actions of third parties in this respect.

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

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UBS Releases Statement Regarding Use of U.S. Dollar LIBOR Rate for Fifteen ETNs