Approval of ZAR 3bn program for the issuance of South African Securities UBS AG (“UBS” or the “Company”) (Incorporated and domiciled in Switzerland) (Registration number: CH-270.3.004.646-4) Approval of ZAR 3bn program for the issuance of South African Securities UBS, acting through its London Branch in its capacity as Issuer, has received approval from the JSE Limited (the "JSE") to issue securities up to an amount of ZAR 3 billion. Issuances under this first program will allow UBS to broaden its product offering in the South African market. Any securities issued in terms of the program will be listed on the JSE Main Board and will be issued in terms of the placement document dated 13 January 2014, which was approved by the JSE. The placement document is available on request or can be collected during normal office hours at 1 Finsbury Avenue, EC2M 2PP, London and 64 Wierda Road East, Sandton, 2196. For further details on this program, please contact: Brent Johnson UBS AG, London Branch +44 20 7568 6046 John Slettevold UBS South Africa (Pty) Limited +27 11 322 7317 Aveshen Pillay UBS South Africa (Pty) Limited +27 11 322 7129 Johannesburg Legal Advisor to the Issuer on South African Law: Webber Wentzel Legal Advisor to the Issuer on English Law: White & Case Debt Sponsor to the Issuer: Rand Merchant Bank (A division of FirstRand Bank Limited) 13 January 2014 Date: 13/01/2014 05:03:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.