Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Non-Collateralised Structured Products Notice of Valuation of Residual Value of the following callable bull/bear contracts (“CBBCs”) issued by UBS AG (incorporated with limited liability in Switzerland) Sponsor UBS Securities Asia Limited Announcement

UBS AG (the “Issuer”), acting through its London branch, gives notice that under the terms and conditions of the CBBCs (the “Conditions”), following the occurrence of the Mandatory Call Event (“MCE”) in respect of the following 8 CBBCs occurred at time specified (“MCE Time”) in the pre-opening session, the continuous trading session or the closing auction session (as the case may be) on date specified ("MCE Date"), the Residual Value has been determined as follows:

No. Of Mandatory Maximum / Residual Residual Stock CBBC(s) Board Strike Style Type Category Call Event MCE Date Underlying Issue Size Year Entitlement Minimum Value per Value per Code Per Lot Price (MCE) Time Trade Price CBBC Board Lot Entitlement European 2018 HKD 62253 (Cash Bull R 09:20:00 12 Sep 2018 Holdings Limited 30,000,000 100 1 Share(s) 10,000 HKD 305.2 HKD 0 HKD 0 - 2019 322.38 Settled) European Construction 68499 (Cash Bull R 09:30:09 12 Sep 2018 80,000,000 2018 10 1 Share(s) 10,000 HKD 6.32 HKD 6.33 HKD 0.001 HKD 10 Bank Corporation Settled) European Hong Kong Exchanges HKD 66107 (Cash Bull R 09:32:05 12 Sep 2018 50,000,000 2018 100 1 Share(s) 10,000 HKD 207.4 HKD 0 HKD 0 and Clearing Limited 208.88 Settled) European Sino Biopharmaceutical 2018 59374 (Cash Bull R 09:36:57 12 Sep 2018 40,000,000 10 1 Share(s) 10,000 HKD 7.88 HKD 7.39 HKD 0 HKD 0 Limited - 2019 Settled) European Hong Kong Exchanges 2018 HKD 59154 (Cash Bull R 10:04:23 12 Sep 2018 50,000,000 100 1 Share(s) 10,000 HKD 207.4 HKD 0.0052 HKD 52 and Clearing Limited - 2019 206.88 Settled) European AAC Technologies 2018 HKD 58629 (Cash Bull R 10:05:51 12 Sep 2018 40,000,000 100 1 Share(s) 5,000 HKD 75.5 HKD 0.0362 HKD 181 Holdings Inc. - 2019 71.88 Settled) European Automobile 2018 HKD 58843 (Cash Bull R 10:08:17 12 Sep 2018 40,000,000 10 1 Share(s) 10,000 HKD 13.8 HKD 0.042 HKD 420 Holdings Limited - 2019 13.38 Settled) European CSPC Pharmaceutical 2018 HKD 59373 (Cash Bull R 10:09:57 12 Sep 2018 40,000,000 10 1 Share(s) 2,000 HKD 16.34 HKD 0 HKD 0 Group Limited - 2019 16.68 Settled)

For Bear CBBCs, the Residual Value per Board Lot is determined by the Issuer by reference to the following formula:

Entitlement x (Strike Price - Maximum Trade Price) x One Board Lot Number of CBBC(s) per Entitlement

For Bull CBBCs, the Residual Value per Board Lot is determined by the Issuer by reference to the following formula:

Entitlement x (Minimum Trade Price - Strike Price) x One Board Lot Number of CBBC(s) per Entitlement

Subject to Settlement Disruption Event, all eligible CBBC holders will receive the Residual Value (if any) no later than 17 Sep 2018, which is the third CCASS Settlement Day following the end of the MCE Valuation Period.

Capitalised terms not defined in this announcement have the meaning given to them in the Conditions.

Hong Kong, 12 Sep 2018