$15,401,010 Contingent Income Auto-Callable Securities Based on the worst performing of the common stock of PayPal Holdings, Inc. and the common stock of Square, Inc. due August 02, 2024, priced on July 30, 2021, were issued by UBS AG London Branch. The pricing supplement for this note (CUSIP: 90279B555) can be found here.

The notes had a $10 face value and paid a quarterly coupon of $0.35, so long as the notes had not been called and Square and PayPal all closed above 70% of their July 30, 2021 closing prices on a determination date. If Square and PayPal closed below 70% of their July 30, 2021 closing prices on a determination date, the notes did not pay a coupon.

If not previously called, at maturity, the notes returned $10 in principal if Square and PayPal all closed on the final determination date on July 30, 2024 and above 70% of their July 30, 2021 closing prices. If on July 30, 2024 Square and PayPal closed below 70% of their July 30, 2021 closing prices, the notes paid reduced principal euqal to $10 multiplied by the lowest ratio of Square and PayPal July 30, 2024 closing prices to their July 30, 2021 closing prices.

The notes have matured. They paid one coupon totaling $0.35 and $2.32 repayment per $10 note. Investors thus suffered capital losses of $7.68 and net losses of $7.33.^† In the aggregate, investors in this note suffered $11,823,669 in capital losses and $11,284,634 in net losses. See Table 1 and Figure 1.

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† SLCG estimated these losses based on publicly available information. The issuer ultimately determines the amounts paid which may differ from our estimates. Our reference to capital loss and net loss does not imply SLCG's view of how these losses are treated for tax purposes.

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