UBS AG - Listing of UBS Automatic Early Redeemable Note (Phoenix Autocallable)

Listing of UBS Automatic Early Redeemable Note (Phoenix Autocallable)

UBS AG, London Branch
(“UBS AG” or the “Company”)
(Incorporated and domiciled in Switzerland)
(Registration number: CHE-101.329.561)

Listing of UBS Automatic Early Redeemable Note (Phoenix Autocallable)
linked to the FTSE 100 Index, EURO STOXX 50 Index and Standard and Poor's
500 Index (the "Notes") – Series 1.

The JSE Limited has granted UBS approval for the listing of the Phoenix
Autocallable Note linked to the worst of the FTSE 100 Index, EURO STOXX 50
Index and Standard and Poor's 500 Index due 09 December 2025.

An autocallable is a structured product which pays investors regular coupon
payments. The products have a fixed maximum tenor; however, the tenor may
be shorter if the product is called. The notes have set observation dates
on which the coupon payments are made, but may be called early. The coupon
paid by the product is financed by a short position in a put option. The
put option has a tenor that matches the life of the product.

The Phoenix Autocallable Note is a notional South African Rand denominated
note referencing global indices. This product offers a return if on any
Observation Date all Underlyings close at or above the Coupon Barrier
level. In this case, the investor will receive a fixed payment for every
observation period that has passed since inception. The product also allows
for early redemption before expiry, with the investor receiving back their
invested capital on top of the relevant coupon for the relevant period if
all Underlyings close at or above a specific Autocall Barrier level on any
Early Termination Observation Date.

If no such event occurs, the investor will receive 100% of the Nominal on
the Redemption Date provided none of the Kick-In Levels have been breached
on the Expiration Date.

If at least one of the Underlyings closes at or below its respective Kick-
In Level at expiry, the redemption value will reflect the performance of
the worst performing Underlying.

These listings are issued under the Information Memorandum (dated 16
September 2019) for the Issuance of South African Securities up to an
authorised amount of ZAR 14 000 000 000. Trading will commence on Friday,
06 December 2019.

INSTRUMENT NUMBER:               88522
ALPHA CODE:                      UBGPAA
ISIN:                            ZAE000281168
ISSUE SIZE (UNITS):              50,000
ISSUE PRICE (RAND/UNIT):         1,000.00

UNDERLYING INDICES:              FTSE 100 Index
                                 Bloomberg ticker: UKX Index
                                 EURO STOXX 50 Index
                                 Bloomberg ticker: SX5E Index
                                 S&P 500 Index
                                 Bloomberg ticker: SPX Index

LISTING DATE:                    06 December 2019
EXPIRY DATE:                     09 December 2025
Underlyings and Levels:
Indexi       Initial Level   Contingent         Mandatory       Knock-In
                             Coupon Level       Early           Level
                                                Termination
                                                Level
FTSE 100     7,188.5000      5,750.8000         7,188.5000      4,313.1000
Index        (the Index      (80% of the        (100% of the    (60% of the
             Closing Level   Index Closing      Index Closing   Index Closing
             on the          Level on the       Level on the    Level on the
             Pricing Date)   Pricing Date)      Pricing Date)   Pricing Date)
EURO STOXX   3,660.0200      2,928.0160         3,660.0200      2,196.0120
50 Index     (the Index      (80% of the        (100% of the    (60% of the
             Closing Level   Index Closing      Index Closing   Index Closing
             on the          Level on the       Level on the    Level on the
             Pricing Date)   Pricing Date)      Pricing Date)   Pricing Date)
Standard     3,112.7600      2,490.2080         3,112.7600      1,867.6560
and Poor's   (the Index      (80% of the        (100% of the    (60% of the
500 Index    Closing Level   Index Closing      Index Closing   Index Closing
             on the          Level on the       Level on the    Level on the
             Pricing Date)   Pricing Date)      Pricing Date)   Pricing Date)


Observaton Date(s):
n Date                  n    Date                   n    Date
1   03 March 2020       9    08 March 2022          17   05 March 2024
2   09 June 2020        10   07 June 2022           18   04 June 2024
3   08 September 2020   11   06 September 2022      19   03 September 2024
4   08 December 2020    12   06 December 2022       20   03 December 2024
5   09 March 2021       13   07 March 2023          21   04 March 2025
6   08 June 2021        14   06 June 2023           22   03 June 2025
7   07 September 2021   15   05 September 2023      23   09 September 2025
8   07 December 2021    16   05 December 2023       24   09 December 2025


Early Termination Observation Date(s):
n Date
1   08 December 2020
2   07 December 2021
3   06 December 2022
4   05 December 2023
5   03 December 2024


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
05 December 2019

Sponsor: UBS South Africa (Pty) Limited

Date: 05-12-2019 03:30:00
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