UBS AG LONDON BRANCH - Listing of UBS Actively Managed Certificate linked to the Cast Iron Global Special Situation Equity Portfolio

Listing of UBS Actively Managed Certificate linked to the Cast Iron Global Special Situation 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 Cast Iron Global
Special Situation Equity Portfolio.

The JSE Limited has granted UBS AG approval for the listing of UBS Portfolio
Notes (the "Notes") linked to the Cast Iron Global Special Situation 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:

Cast-Iron Capital Management (CIC) was founded in 2014 by Greg Saffy, a
former top rated local banks analyst and head of listed investments and
special situations at Investec Bank.

CIC provides sophisticated investors, who have a medium-term investment
horizon, with investment solutions, utilising proprietary research to
construct and manage a unique investment portfolio. CIC is regulated by the
Financial Services Conduct Authority with license number 47087.

As such the stock selection offered by this AMC is a focused portfolio with
a strategy that aims to identify and exploit special situations that arise
from time to time. Although the investment universe is predominantly focused
on JSE-listed stocks, CIC does at times also include counters listed on
developed market exchanges. CIC’s investment team looks for companies with
clear catalysts which include company re-organisations and spin-offs,
delisting’s, share buy-backs, special dividends, and the like. The typical
investment horizon is 2-3-years and positions are typically actively managed.

Investment universe:

UNDERLYING STOCK UNIVERSE:         Developed Market (as defined in the most
                                   recent MSCI Global Investable Market
                                   Indexes Methodology) worldwide stocks
                                   and shares listed on the Main Board of
                                   the Johannesburg Stock Exchange.

                                   Stocks which are American Depository
                                   Receipts (ADRs) and Global Depository
                                   Receipts (GDRs) may be incorporated.

UNDERLYING INDEX UNIVERSE:         Total Return Index Constituents include
                                   indices that are exposed to Developed
                                   Market (as defined in the most recent
                                   MSCI Global Investable Market Indexes
                                   Methodology) worldwide stocks.

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 FX FORWARD UNIVERSE:    FX Forwards exposed to G10 currencies
                                   and ZAR may be incorporated as FX
                                   Constituents in the Reference Portfolio.

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 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 35) is issued under the Information Memorandum of UBS
AG. Trading will commence on Wednesday, 20 September 2023.

INSTRUMENT NUMBER:          111364
ALPHA CODE:                 UCIGEP
ISIN:                       ZAE000326625
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

FOREIGN STATUS:             The Note is 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
19 September 2023

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