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St George Margin Lending lists UBS Moderately Geared Instalments as Approved Securities

| Media Releases APAC

UBS AG, Australia today announces that St. George Margin Lending (SGML) has approved UBS Moderately Geared Instalments as securities able to be purchased with funds from the SGML margin lending facility. SGML is one of the first major margin lenders in Australia to include instalment warrants from a third party issuer on its Approved Securities list.

UBS Instalments allow investors to purchase an underlying security by payment of two instalments over the life of the investment. For approved investors wishing to capture enhanced capital and dividend returns, UBS Instalments provide a leveraged exposure because they only cost a fraction of the security price. UBS Instalments are issued by UBS over the securities of leading Australian companies and trusts and are traded on the Australian Stock Exchange.

SGML has informed UBS that it has applied a Loan Valuation Ratio of 50% to the UBS Moderately Geared Instalments, which currently includes most of the ISG, ISH and ISK series.

Rebecca SATUR, Head of Retail Equity Structured Products Distribution, UBS commented, "By working with the 5-star Cannex-rated SGML we are widening our distribution capabilities so that more investors have the opportunity of using a leveraged tax effective way to invest in the Australian share market."

Andrew BLACK, Head of St. George Margin Lending, commented, "We are pleased to work with UBS to provide an additional security class on our approved security list. This will provide our customers with the opportunity to gear into an even greater variety of approved securities to assist them in reaching their wealth accumulation goals."

Sydney, 13 May 2004
UBS