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UBS's position in own shares above reporting limit of 10%

| Media Releases Switzerland

UBS AG and Zurich Financial Services (Zurich) have sold their respective shareholdings of 56.4% and 28.2% in CLS Corporate Language Services AG (CLS), to the company's management team. The management buyout is effective retroactively to 1 January 2003. The shares of the Swiss language services provider are now 100% owned by the management. No details of the transaction price were disclosed.

UBS's position in its own shares has moved above the SWX Swiss Exchange's statutory limit of 10%. On 5 June 2003, UBS held 10% (125.6 million) of its registered shares, and a potential 0.9 % in the form of derivatives.

UBS's position in its own shares now includes 11 million shares (0.9 % of all registered shares) purchased under the 2003/2004 share buyback program as well as 76 million shares (6.1 % of all registered shares) that were bought in the two buyback programs a year earlier. The shares purchased under the 2002 programs will be cancelled on 10 July 2003 following the fulfillment of legal requirements.
The remaining UBS shares held include those purchased by Group Treasury for employee share ownership and option programs, and a limited position held by UBS's Investment Bank for trading purposes.

After the shares are cancelled on 10 July 2003, UBS's position in its own shares will fall below the 10% limit.

Zurich / Basel, 11 June 2003
UBS AG