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 a Potential Adjustment Event that may have a diluting or concentrative effect on the theoretical value of the relevant Shares. On 25 March 2019, Naspers Limited ("Naspers") announced its intention to form a new global consumer internet group, by listing its global consumer internet assets held by Myriad International Holdings N.V. (previously referred to as NewCo and to be renamed Prosus N.V.), an existing subsidiary of Naspers, incorporated in accordance with Dutch laws, on Euronext Amsterdam with a secondary, inward listing on the Main Board of the Johannesburg Stock Exchange. On 19 July 2019, Naspers issued a circular to its shareholders in relation to the extraordinary general meeting of Naspers shareholders (the Naspers Circular), in which it announced its intention, subject to the terms and conditions set out in the Naspers Circular, to implement the Capital Restructure and the Admissions (the Transaction). On 23 August 2019, Naspers's shareholders approved, inter alia, the resolutions required to authorise the implementation of the Capital Restructure. The Transaction provides flexibility to Naspers N Shareholders by giving them the option to receive Prosus N Ordinary Shares (under the Naspers M Share Capitalisation Issue) or additional Naspers N Ordinary Shares (under the Naspers N Share Capitalisation Issue). Certificateholders are referred to the prospectus prepared in connection with the Capital Restructure for further information, which is available on Prosus's website at www.prosus.com. Key dates in the expected timeline: Listing of Prosus N Ordinary Shares on Euronext Amsterdam and the JSE Wednesday, 11 September 2019 under the symbol "PRX" with ISIN NL0013654783 Naspers N Ordinary Shares trade "ex" the entitlement to participate in Wednesday, 11 September 2019 the Capitalisation Issue Elections in relation to the Naspers 12:00 on Friday, 13 September 2019 N Share Capitalisation Issue close Record Date and Time 17:00 on Friday, 13 September 2019 Implementation and settlement of the Capitalisation Issue (including the issue of Naspers M Ordinary Shares Monday, 16 September 2019 and the automatic contribution for the issue of the Prosus N Ordinary Shares) In accordance with the Capitalisation Issue and listing of Prosus on the JSE, the Adjustment Event affects the following certificates: INSTRUMENT NUMBER: 83200 ALPHA CODE: UBNPNC ISIN: ZAE000270807 INSTRUMENT NUMBER: 83202 ALPHA CODE: UBNPNE ISIN: ZAE000270823 INSTRUMENT NUMBER: 83203 ALPHA CODE: UBNPNF ISIN: ZAE000270831 INSTRUMENT NUMBER: 83204 ALPHA CODE: UBNPNG ISIN: ZAE000270849 Long Shares updated to Long Reference Shares Basket which includes Long Reference Share 1 (Naspers) and Long Reference Share 2 (Prosus). Reference Shares updated to Long Reference Shares Basket & Short Reference Shares. Business Days updated to include TARGET2 and Exchanges updated to include Euronext Amsterdam. INSTRUMENT NUMBER: 83201 ALPHA CODE: UBNPND ISIN: ZAE000270815 Long Reference Share updated to reference Prosus and related exchange. Long Initial Level updated to ZAR 1162.00. Short Shares ratio updated to 1.822682. Initial cash component updated to ZAR 883.00. Business Days updated to include TARGET2 and Exchanges updated to include Euronext Amsterdam. Effective date of adjustment: Wednesday, 11 September 2019. 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/products Johannesburg 11 September 2019 Sponsor: UBS South Africa (Pty) Limited Date: 11/09/2019 12:45:00 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.