[Letterhead of Sullivan & Cromwell LLP]
June 8, 2020
UBS AG,
Bahnhofstrasse 45,
CH-8098 Zurich,
Switzerland.
Ladies and Gentlemen:
We are acting as United
States counsel to UBS AG, a corporation organized under the laws of Switzerland (the Company), in connection with the registration of the debt securities identified in Annex A to this letter (the Notes). The Company filed
with the U.S. Securities and Exchange Commission, on November 13, 2019, a registration statement on Form F-4 (File No. 333-234705) (the Registration
Statement) under the U.S. Securities Act of 1933 (the Act) relating to the proposed offer and sale of certain series of the Companys senior, unsecured debt securities, including the Notes, pursuant to the exchange offers
described in the Registration Statement. The Notes will be issued under an indenture, dated as of June 12, 2015 (the Indenture), between the Company and U.S. Bank Trust National Association, as trustee (the Trustee).
In rendering this opinion, we have examined the following documents:
|
2.
|
Certificates of officers of the Company with respect to the authorization of the Notes, the determination of
the terms of the Notes and related matters.
|
|
3.
|
Specimens of the Notes.
|
We also have examined such questions of law as we have considered necessary or appropriate for the purposes of this opinion. Upon the basis of such
examination, we advise you that, in our opinion, the Notes, when issued and delivered pursuant to the terms of the exchange offers as contemplated in the Registration Statement, will constitute valid and legally binding obligations of the Company,
subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors rights and to general equity principles.
The foregoing opinion is limited to the Federal laws of the United States and the laws of the State of New York, and we are expressing no
opinion as to the effect of the laws of any other jurisdiction. In rendering the foregoing opinion, we have assumed, without independent verification, that (1) the Company has been duly incorporated and is an existing corporation in good
standing (to the extent applicable) under the laws of Switzerland, (2) the Indenture and the Notes have been duly authorized, executed and delivered by the Company insofar as the laws of Switzerland are concerned and (3) none of the entry
into the Indenture by the Company, the issuance of the Notes by the Company, or the performance by the Company of its obligations under the Indenture and the Notes, violates or conflicts with any applicable Swiss law.
In rendering the foregoing opinion, we are not passing upon, and assume no responsibility for, any disclosure in the Registration Statement or
any related prospectus or other offering material regarding the Company or the Notes or their offering and sale.
We have relied as to
certain matters on information obtained from public officials, officers of the Company and other sources believed by us to be responsible, and we have assumed, without independent verification, that the Indenture has been duly authorized, executed
and delivered by the Trustee, that the Notes conform to the specimens thereof examined by us, that the Trustees certificates of authentication of the Notes have been manually signed by one of the Trustees authorized officers and that the
signatures on all documents examined by us are genuine.
We hereby consent to the filing of this opinion as an exhibit to the Registration
Statement. In giving this consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act.
Very truly yours,
/s/ Sullivan & Cromwell LLP