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

| Media Releases Switzerland

UBS's position in its own shares has moved above the SWX Swiss Exchange's statutory limit of 10%. On 19 May 2004, UBS held 10.4% (123 million) of its registered shares, and a potential 0.5% in the form of derivatives.

UBS's position in its own shares now includes 4.7 million shares (0.4% of all registered shares) purchased under the 2004/2005 share buyback program as well as 59.5 million shares (5.0% of all registered shares) that were bought in the buyback program a year earlier. The shares purchased under the 2003 program will be cancelled at the end of June 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 at the end of June, UBS's position in its own shares will fall below the 10% limit.

Zurich / Basel, 24 May 2004
UBS