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

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

UBS AG, London Branch
(“UBS AG” or the “Company”)
(Incorporated and domiciled in Switzerland)
(Registration number: CHE-101.329.561)

Notification of 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 the Adjustment
Event that may have a diluting or concentrative effect on the theoretical
value of the relevant Shares.

In accordance with the Category 2 Results of Accelerated Offering of
Tencent Holdings Limited Shares and Withdrawal of Cautionary Announcement
by Naspers Limited on 23 March 2018, the short shares ratio and the initial
cash component (C0) has changed as per the below.

The Adjustment Event affecting the following certificates:

INSTRUMENT NUMBER:   75767
ALPHA CODE:          UBNPNR
ISIN:                ZAE000256046

Old cash component (C0) = 2151.59

New cash component (C0) = 1875.88

Old short shares ratio = 7.244608

New short shares ratio = 6.807848

The Adjustment Event affecting the following certificates:

INSTRUMENT NUMBER:   75768
ALPHA CODE:          UBNPNS
ISIN:                ZAE000256053

INSTRUMENT NUMBER:   75769
ALPHA CODE:          UBNPNT
ISIN:                ZAE000256061

Old short shares ratio = 7.244608

New short shares ratio = 6.807848

The adjustments related to the accelerated offering were determined in
accordance with the announcement by Naspers Limited on 23 March 2018. The
reference price was 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

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
26 March 2018

Sponsor: UBS South Africa (Pty) Limited

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