Investor releases


UBS commences new share buyback program

Zurich / Basel | | Price Sensitive Information

On 8 March 2006, following the end of the 2005/2006 share buyback program, UBS launched a new 2006/2007 one. It will also lead to the cancellation of shares. As in previous years, the repurchase will take place over a "second trading line" on virt-x.

As already announced in the quarterly press release, UBS will commence another share buyback program leading to the cancellation of shares. As in previous years, the repurchase will take place over a "second trading line" on virt-x.

On this second line, shares will be purchased exclusively by UBS. The second line will be available from 8 March 2006 to 7 March 2007. The repurchased shares must be cancelled following shareholder approval at the 2007 Annual General Meeting (AGM). The program, aimed at institutional investors, allows tax-efficient cancellation of shares.

UBS's Board of Directors has established a maximum buyback limit of CHF 5 billion or approximately 3.3% of total share capital. This represents a limit and not a target, and UBS will continue to prioritize attractive opportunities for investing in the growth of its businesses. While maintaining its strong capitalization and ratings, UBS is committed to returning to shareholders capital in excess of its business needs. As of 31 December 2005, UBS's BIS Tier 1 Ratio stood at 12.9%.

This second line program supersedes the share buyback program launched in March 2005. Under that program - which had a limit of CHF 5 billion - 37'100'000 shares were repurchased. The shares were purchased at an average price of CHF 108.53 for a total value of CHF 4.026 billion. Following the approval of the AGM on 19 April 2006, these shares will be cancelled in summer 2006.

Zurich / Basel, 8 March 2006
UBS