UBS to acquire full ownership of UBS Bunting Limited

The transaction is expected to close during the first quarter of 2006, subject to shareholder and regulatory approvals. UBS currently owns a 50% stake in UBS Bunting Limited, and the balance is held by employees of UBS Bunting Limited’s operating subsidiary, UBS Securities Canada Inc. Current leadership of the UBS Investment Bank operations in Canada will remain unchanged.

UBS Securities Canada Inc. has 150 employees, and is a leading provider of institutional equity and investment banking services to Canadian and international clients. These businesses are already well integrated into the global UBS Investment Bank platform. UBS already fully owns its global asset management and wealth management businesses in Canada as well as the investment bank’s commodities business based in Calgary.

Huw Jenkins, Chairman and CEO of UBS Investment Bank said: “This acquisition underscores UBS's commitment to Canada, and is consistent with UBS's strategic objective of establishing a leading presence in this country to serve Canadian clients. We see great potential for leveraging the strengths of the Canadian operation as well as growth in other investment bank services, such as fixed income cross border and derivative products.”

Commenting on the sale, Jim Estey, CEO, UBS Securities Canada Inc. said: “This has been a long and successful partnership, and our Canadian business has benefited greatly from UBS’s global strategy and the continued growth of its investment banking business. The decision to consolidate the firm’s ownership structure at this time is a natural progression and will allow us to embark on a number of growth initiatives that will enhance our offerings to our clients in North America and abroad.”

¹ Source: foreign exchange spot rate as of end of business 18 January 2006

Zurich / Basel / Toronto, 19 January 2006
UBS

Top