UBS AG LONDON BRANCH - Listing of UBS Actively Managed Certificate linked to the Unum Small/Mid Cap SA Equity Portfolio

Listing of UBS Actively Managed Certificate linked to the Unum Small/Mid Cap SA 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 Unum Small/Mid
Cap SA Equity Portfolio.

The JSE Limited has granted UBS AG approval for the listings of UBS Portfolio
Notes (the "Notes") linked to the Unum Small/Mid Cap SA 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

Unum Capital (Pty) Ltd, is a Pretoria based, boutique financial services
provider that has built a team of multi-asset, multi-market, stock market
experts whose aim is to deliver consistent, profitable financial solutions
to the affluent, retail investment community.

Founded over 20 years ago, their philosophy is an ongoing search for non-
traditional, active, skills based alpha centric return.

Unum Capital has a bias towards quality in their investment strategy, but
also consider growth to be an attribute of quality businesses too. In the
long-term, good businesses have less downside, more upside and, indeed, tend
to grow. From this starting point, Unum Capital are value conscious while
attempting to assure reasonable diversification at portfolio level but
remaining opportunistic on both the individual counters and their position
sizes at times. While the intention is not to churn the portfolio, they are
active investors and will trade as actively when it is required. Within this
context, though, they do prefer longer-term investments that give ample time
to compound across many years after preferably paying a low valuation for,
receiving a high growth rate and, eventually, selling it for a much higher
valuation.

The portfolio aims to out-perform its benchmark, the FTSE/JSE Midcap
Index(J201) both on a relative and risk adjusted basis.

Investment universe:

UNDERLYING STOCK UNIVERSE:     Shares listed on the Main Board of the
                               Johannesburg Stock Exchange may be
                               incorporated as Stock Constituents in the
                               Reference Portfolio.

UNDERLYING ETF UNIVERSE:       ETFs listed on the Main Board of the
                               Johannesburg Stock Exchange may be
                               incorporated as ETF Constituents in the
                               Reference Portfolio.

Other:

Noteholders should be aware that the Reference Portfolio Advisor is
independent of the Issuer. The performance of the Notes 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 these Notes.
Moreover, past performance of other products managed by the Reference
Portfolio Advisor does not guarantee future positive performance of these
Notes.

Listing information:

This listing (Series 31) is issued under the Information Memorandum of UBS
AG. Trading will commence on Wednesday, 20 September 2023.

INSTRUMENT NUMBER:         110661
ALPHA CODE:                UUSMC
ISIN:                      ZAE000325031
ISSUE SIZE (UNITS):        1,000,000
ISSUE PRICE (RAND/UNIT):   100.00

LISTING DATE:              20 September 2023
EXPIRY DATE:               19 September 2028

SECTOR:                    Specialist Securities
SUB-SECTOR:                Actively Managed Certificates

DOMESTIC STATUS:           This Note is classified as Domestic 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
19 September 2023

Sponsor: UBS South Africa (Pty) Limited
Date: 19-09-2023 02:00:00
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