UBS AG - Notification of Potential Adjustment Event on UBS Long/Short Certificates on Naspers (Long) vs. Tencent (Short)

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

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