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UBS granted a Representative Office licence in the Republic of the Philippines.

| Media Releases APAC

UBS AG today announced that, consistent with its strategy of selectively increasing its focus on the markets of South East Asia, it has been granted a Representative Office licence in the Republic of the Philippines. The representative office is in addition to UBS Securities Philippines Inc. ("UBS Securities"), which was established in 1996.

"Applying for a Representative Office licence was the next logical step to build on the momentum we have already generated in this important market. This licence is the latest manifestation of UBS's unflagging commitment to the Philippines," said Brad ORGILL, Head of Equities Asia Pacific UBS.

"Lauro BAJA has been appointed Head of the new representative office. Lauro's presence will complement that of Robby GO, Head of UBS Securities in the Philippines, to ensure that our clients benefit from the full range of UBS's capabilities both in the Philippines and around the world," said Sharon MITCHELL Head of Fixed Income, Rates and Currency Asia Pacific.

UBS has the number one market share on the Philippines Stock Exchange and earlier this month, Asiamoney confirmed UBS as the number one Equities Research, Sales and Execution house in the Philippines. The survey named Jody SANTIAGO as the number one analyst and Robby GO as the number one salesperson.

In fixed income and investment banking, the integrated delivery of UBS's regional and global capabilities has allowed UBS to complete more transactions than any other investment bank in the last 12 months, and secure a 100% market share of international issuance by Philippine banks over the period.


Hong Kong, 11 November 2003
UBS