UBS AG - Listing of UBS Autocallable Notes

Listing of UBS Autocallable Notes

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

Listing of UBS Autocallable Notes linked to the NKY, SX5E, and SPX Indices
(the "Notes") – Series 1.

The JSE Limited has granted UBS approval for the listing of the Autocallable
Notes linked to the Nikkei 225 Index (NKY), EURO STOXX 50 Index (SX5E),
Standard and Poor's 500 Index (SPX) due 26 March 2029.

An autocallable is a structured product which pays investors coupon payments,
subject to an underlying reference asset(s) being at or above a specified
level. The products have a fixed maximum tenor; however, the tenor may be
shorter if the product is called. The product has set observation dates on
which the coupon payments are made, and the product can be called early. The
coupon paid by the product is financed by a short position in a put option.
The put option has a tenor that matches the maximum tenor of the product.

The Notes are a notional rand denominated structured product referencing
global indices. This product offers a return if on any Observation Date all
Underlyings close at or above the Autocall Barrier level. In this case, the
investor will receive a fixed payment for every observation period that has
passed since inception. The product also allows for early redemption before
expiry, with the investor receiving back their invested capital on top of
the relevant coupon for the relevant period if all Underlyings close at or
above a specific Autocall Barrier level on any Early Termination Observation
Date.

If no autocall event occurs, the investor will receive 100% of the Nominal
on the Redemption Date provided none of the Kick-In Levels have been breached
on the Expiration Date.

If at least one of the Underlyings closes at or below its respective Kick-
In Level at expiry, the redemption value will reflect the performance of the
worst performing Underlying.

This listing is issued under the Information Memorandum of UBS AG. Trading
will commence on Wednesday, 05 April 2023.

INSTRUMENT NUMBER:                107896
ALPHA CODE:                       UBGPAB
ISIN:                             ZAE000320479
ISSUE SIZE (UNITS):               100,000 (unit quotation)
ISSUE PRICE (RAND):               1,000 per Note

UNDERLYING INDICES:               Nikkei 225 Index
                                  Bloomberg ticker: NKY Index
                                  EURO STOXX 50 Index
                                  Bloomberg ticker: SX5E Index
                                  S&P 500 Index
                                  Bloomberg ticker: SPX Index

LISTING DATE:                     05 April 2023
EXPIRY DATE:                      26 March 2029

Underlyings and Levels (on the Pricing Date):

 Index        Initial        Contingent   Mandatory Early   Knock-In Level
                Level      Coupon Level       Termination
                                                    Level
                Index       100% of the       100% of the      70% of the
              Closing     Index Closing     Index Closing   Index Closing
                Level             Level             Level           Level
 NKY      27,466.6100       27,466.6100       27,466.6100     19,226.6270
 SX5E      4,195.7000        4,195.7000        4,195.7000      2,936.9900
 SPX       3,936.9700        3,936.9700        3,936.9700       2755.8790


Observation Date(s):

n    Date
1    N/A
2    25 March 2025
3    24 March 2026
4    30 March 2027
5    28 March 2028
6    26 March 2029

Early Termination Observation Date(s):

n    Date
1    N/A
2    25 March 2025
3    24 March 2026
4    30 March 2027
5    28 March 2028
6    N/A


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/products

Johannesburg
04 April 2023

Sponsor: UBS South Africa (Pty) Limited

Date: 04-04-2023 01:15:00
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