UBS AG - Notification of Potential Adjustment Event on UBS Long/Short Certificates on Naspers (Long) vs. Tencent (Short)

Notification of Potential Adjustment Event on UBS Long/Short Certificates on Naspers (Long) vs. Tencent (Short)

UBS AG, London Branch
(“UBS AG” or the “Company”)
(Incorporated and domiciled in Switzerland)
(Registration number: CH-270.3.004.646-4)

Notification of Potential Adjustment Event on UBS Long/Short Certificates
on Naspers Limited (Long) vs. Tencent Holdings Limited (Short)

Certificateholders of UBS Long/Short Certificates on Naspers Limited (Long)
vs. Tencent Holdings Limited (Short) are hereby advised of a Potential
Adjustment Event that may have a diluting or concentrative effect on the
theoretical value of the relevant Shares.

In accordance with the Results of the Equity Capital Raise announcement by
Naspers Limited on 04 December 2015, the Short Shares ratio will change.

The Calculation Agent has determined details and effective date of the
adjustment as per the following:

Old Short Shares ratio = 7.579532

New Short Shares ratio = 7.262183

Effective date: 11 December 2015

The Potential Adjustment Event affects the following certificates:

INSTRUMENT NUMBER:   56943
ALPHA CODE:          UBNPNW
ISIN:                ZAE000211926

INSTRUMENT NUMBER:   56941
ALPHA CODE:          UBNPNX
ISIN:                ZAE000211918

The Calculation Agent will determine the effect of the Potential Adjustment
Event and make the corresponding adjustments as determined appropriate to
account   for  this   event.  This   will  be   communicated  directly   to
Certificateholders. The adjustment may have an effect of the value of the
certificate.

For further information kindly contact:
UBS KeyInvest South Africa
Tel.: +27 11 322 7129 / 7317
E-mail: keyinvestza@ubs.com
Web: http://keyinvest-za.ubs.com/

Johannesburg
04 December 2015

Sponsor: UBS South Africa (Pty) Limited

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