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UBS has initial QFII investment quota of USD300 million approved

| Media Releases APAC

China's State Administration of Foreign Exchange ("SAFE") today announced on Friday 6th June that it has approved a USD300 million initial Qualified Foreign Institutional Investor ("QFII") quota for UBS, the global investment bank, asset management and wealth management firm.

Just two weeks after UBS became the first foreign investor to be granted QFII status by the China Securities Regulatory Commission ("CSRC"), SAFE has approved UBS's application for an initial investment quota of USD300 million. UBS remains on track to be the first foreign investor to invest in China's local securities market.

"We are delighted that the SAFE approval has come through so quickly. The response of SAFE makes the commencement of UBS's trading imminent," said Nicole YUEN, Head of China Equities at UBS. "This is an aggressive target but its scale is indicative of our enthusiasm, and that of our clients, for the opportunity offered by QFII," she concluded.

Clients of UBS will be able to select from a broad range of entry-points to China's domestic investment market including:

- Direct participation through UBS's QFII facility; - Structured product investments; and - Offshore A-share fund investments.

UBS is now completing the final administrative tasks necessary to begin operating its facility trading and expects to execute the first transactions under the facility in the immediate future.

Hong Kong, 9 June 2003
UBS