Notification of Potential Adjustment Event on UBS Long/Short Certificates on Naspers (Long) vs. Tencent (Short) UBS AG, London Branch (“UBS AG” or the “Company”) (Incorporated and domiciled in Switzerland) (Registration number: CHE-101.329.561) Notification of Potential Adjustment Event on UBS Long/Short Certificates on Naspers Limited (Long) vs. Tencent Holdings Limited (Short) Certificateholders of UBS Long/Short Certificates on Naspers Limited (Long) vs. Tencent Holdings Limited (Short) are hereby advised of a Potential Adjustment Event that may have a diluting or concentrative effect on the theoretical value of the relevant Shares. In accordance with the Accelerated Offering of Tencent shares and Cautionary Announcement by Naspers Limited on 22 March 2018, the short shares ratio and the initial cash component (C0) is expected to change. The adjustments related to the accelerated offering will be determined in accordance with the announcement by Naspers Limited on 22 March 2018. The reference price will be determined based on the Tencent Shares traded on the Hong Stock Exchange on Monday, 26 March 2018. Effective date of adjustment: Monday, 26 March 2018 The Potential Adjustment Event affects the following certificates: INSTRUMENT NUMBER: 75767 ALPHA CODE: UBNPNR ISIN: ZAE000256046 INSTRUMENT NUMBER: 75768 ALPHA CODE: UBNPNS ISIN: ZAE000256053 INSTRUMENT NUMBER: 75769 ALPHA CODE: UBNPNT ISIN: ZAE000256061 The Calculation Agent will determine the effect of the Potential Adjustment Event and make the corresponding adjustments as determined appropriate to account for this event. This will be communicated directly to Certificateholders. The adjustment may have an effect of the value of the certificate. 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/ Johannesburg 23 March 2018 Sponsor: UBS South Africa (Pty) Limited Date: 23/03/2018 10:57:00 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.