UBS AG - Notification of Potential Adjustment Event

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

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