UBS AG LONDON BRANCH - Listing of UBS Actively Managed Certificate linked to the Excelsia Emerging Market Equity Portfolio

Listing of UBS Actively Managed Certificate linked to the Excelsia Emerging Market Equity Portfolio

UBS AG, London Branch
("UBS AG" or the "Company")
(Incorporated and domiciled in Switzerland)
(Registration number: CHE-101.329.561)

Listing of UBS Actively Managed Certificate linked to the Excelsia Emerging
Market Equity Portfolio

The JSE Limited has granted UBS AG approval for the listing of UBS Portfolio
Notes linked to the Excelsia Emerging Market Equity Portfolio (the "Reference
Portfolio").

The Reference Portfolio, whose composition may vary from time to time, is
actively managed by the Reference Portfolio Advisor and represents a notional
investment in the Reference Portfolio Components as described in detail
below.

Background:

Excelsia Capital Proprietary Limited is an independent, owner-managed
investment management firm founded in 2016. It has a range of strategies
designed to meet the needs of investors. Excelsia Capital's valuation-based
philosophy and process is consistently applied across all strategies.
Excelsia Capital Proprietary Limited is a Private Company registered in South
Africa under registration number: 2015/131328/07 and is regulated as a
Financial Services Provider with the Financial Sector Conduct Authority (FSCA
No. 46756) and holds a Cat II licence.

The investment strategy seeks to provide medium to long-term capital growth
through investment in listed equity and equity-related securities. The
actively managed strategy will endeavour to deliver solid performance and
average or lower volatility over time.

Investment universe:

UNDERLYING STOCK UNIVERSE:     Stocks that form part of the MSCI Emerging
                               Markets Index may be incorporated, as well
                               as the Emerging Market worldwide stocks
                               which have a minimum market capitalization
                               of USD 500,000,000. Stocks which are
                               American Depository Receipts (ADRs) and
                               Global Depository Receipts (GDRs) and shares
                               listed on the Main Board of the Johannesburg
                               Stock Exchange may also be incorporated.

UNDERLYING ETF UNIVERSE:       ETFs that are physically replicated, exposed
                               to Developed Market (as defined in the most
                               recent MSCI Global Investable Market Indexes
                               Methodology) worldwide stocks or benchmark
                               indices as well as ETFs listed on the Main
                               Board of the Johannesburg Stock Exchange may
                               be incorporated as ETF Constituents.

UNDERLYING CURRENCY ACCOUNT    USD, EUR, and GBP synthetic cash.


Other:

Noteholders should be aware that the Reference Portfolio Advisor is
independent of the Issuer. The performance of the Product is largely
dependent on the skill and decisions made by the Reference Portfolio Advisor.
Decisions made by the Reference Portfolio Advisor may not always be
profitable and therefore may have a material adverse impact on the value of
this Product. Moreover, past performance of other products managed by the
Reference Portfolio Advisor does not guarantee future positive performance
of this Product.

Listing information:

This listing (Series 51) is issued under the Information Memorandum of UBS
AG. Trading will commence on Thursday, 15 May 2025.

INSTRUMENT NUMBER:         121483
ALPHA CODE:                EXEMEQ
ISIN:                      ZAE000347662
ISSUE SIZE (UNITS):        1,000,000
ISSUE PRICE (RAND/UNIT):   100.00

LISTING DATE:              15 May 2025
EXPIRY DATE:               14 May 2032

SECTOR:                    Specialist Securities
SUB-SECTOR:                Actively Managed Certificates

FOREIGN STATUS:            The Notes are classified as Foreign for purposes
                           of the South African Reserve Bank Exchange
                           Control Regulations.

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/AMC

Johannesburg
14 May 2025

Sponsor: UBS South Africa (Pty) Limited

Date: 14-05-2025 03:00:00
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