Environmental Reports 2003

The reports

Validation by SGS Société Générale de Surveillance SA

"We have verified the correctness of the statements in the 2003 Environmental Report of UBS AG and, where necessary, have requested that proof be presented. We hereby confirm that the report has been prepared with the necessary care, that its contents are correct with regard to environmental performance, that it describes the essential aspects of the Environmental Management System at UBS AG and that it reflects the actual practices and procedures at UBS AG."

Elvira Bieri and Dr. Erhard Hug

Zurich, March 2004