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. On 21 January 2019, Naspers Limited ("Naspers") announced an update in relation to the unbundling of MultiChoice Group Limited Shares to Naspers shareholders and the listing of MultiChoice Group Limited on the JSE Limited ("JSE"). This announcement is further to the announcement issued by Naspers on 17 September 2018. Naspers proposes to unbundle its video entertainment business ("Business") currently held by its wholly owned subsidiary, MultiChoice Group Limited ("MultiChoice"), to the holders of its "N" ordinary shares and "A" ordinary shares, respectively, and list the shares in MultiChoice on the JSE as a primary listing. Unbundling – ratio of entitlement: The Naspers Board intends to implement the unbundling by way of a pro rata distribution in specie of ordinary shares in MultiChoice. Naspers shareholders holding "N" ordinary shares on the Naspers securities register on the Unbundling Record Date and Time will be transferred one unbundled MultiChoice Share for every one "N" ordinary share held. Key dates in the expected timeline of principal events: LDT in order to participate in the unbundling Tuesday, 26 February 2019 Admission to listing and trading of MultiChoice Shares on the JSE from Wednesday, 27 February 2019 commencement of trade (MCG ISIN ZAE000265971) Naspers Shares trade "ex" entitlement to receive the Unbundled Wednesday, 27 February 2019 MultiChoice Shares Unbundling Record Date and Time 17:00 on Friday, 1 March 2019 In accordance with the unbundling of MultiChoice shares and listing of MultiChoice on the JSE, the Long Reference Share, 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 on 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 January 2019 Sponsor: UBS South Africa (Pty) Limited Date: 23/01/2019 04:13:00 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.