UBS announced today that it has received a "Wells Notice" from the staff of the United States Securities and Exchange Commission (SEC). The Wells Notice notifies UBS that the SEC staff is considering recommending that the SEC bring civil enforcement proceedings against UBS for possible violations of federal securities laws arising from work performed by UBS's Investment Bank for HealthSouth Corp., a US healthcare company.

Under SEC procedures, the Wells Notice affords UBS an opportunity to present its position to the SEC staff before the staff makes a formal recommendation regarding any action to be taken against the firm.

UBS has been cooperating fully with all relevant authorities investigating the HealthSouth case, and will continue to offer the SEC its full cooperation.

New York, 21 December 2004

UBS