Notification of Potential Adjustment Event 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. On 3 December 2018, Tencent Holdings Limited ("Tencent") announced an update in relation to the proposed spin-off and separate listing of Tencent Music Entertainment Group ("Tencent Music") as American Depositary Shares (ADS) on the NYSE by way of distribution in specie to its qualifying Shareholders (Proposed Spin-off). Details on the update are available on the Tencent website: www.tencent.com/en-us/investor.html It is expected that the final offer price for Tencent Music will be determined on or around 11 December 2018 (New York time). It is expected that a further announcement on the terms of the Offering and the Distribution in specie will be made by Tencent on or around 13 December 2018. In accordance with the proposed spin-off and separate listing of Tencent Music, the Redemption Amount in respect of a Valuation Date and/or the initial cash component (C0) is expected to change. Details on the adjustments to the Certificates including effective dates of the adjustments will be communicated in due course. The Potential Adjustment Event may affect the following certificates: INSTRUMENT NUMBER: 79328 ALPHA CODE: UBNPNW ISIN: ZAE000261863 INSTRUMENT NUMBER: 79329 ALPHA CODE: UBNPNX ISIN: ZAE000261871 INSTRUMENT NUMBER: 79294 ALPHA CODE: UBNPNY ISIN: ZAE000261806 INSTRUMENT NUMBER: 79320 ALPHA CODE: UBNPNA ISIN: ZAE000261822 INSTRUMENT NUMBER: 79321 ALPHA CODE: UBNPNB ISIN: ZAE000261830 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 05 December 2018 Sponsor: UBS South Africa (Pty) Limited Date: 05/12/2018 03:52:00 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.