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 Date: 26/03/2018 12:24:00 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.