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UBS finalises acquisition of stake in Giubergia UBS Sim and renamed UBS Italia SIM

| Media Releases EMEA

Milan (6 July 2005) - UBS announced today it has completed the acquisition of the stake in the joint venture Giubergia UBS SIM and names Richard Hardie as Chairman of the newly named UBS Italia SIM.

Following the necessary approvals by Banca d'Italia and the Antitrust Authority, UBS has formally completed the acquisition of the stake held by Ersel, holding company of the Giubergia family's interests, in the joint venture Giubergia UBS SIM. UBS has raised its stake from 50% to 100% of the ordinary share capital. The company's new name is UBS Italia SIM SpA.

First announced in 2004, this transaction, reached under an amicable agreement with Ersel, reaffirms UBS's strategic commitment to the development of Italian brokerage activities on behalf of institutional investors. Since its formation in 1991 by Ersel and S.G. Warburg, the joint venture between an Italian broker and a foreign securities house contributed to the internationalization of the Italian Stock Exchange. It has been very successful and advantageous for both parties, and has developed into a leading Italian equities broker at a national and international level.

This is recognised by the joint venture's top position in major industry league tables for over 10 years. The joint venture received over 30 public accolades including most recently Best Equity Research Firm in Italy, by Institutional Investor in February 2005 and by Thomson Extel in June 2005. The Board of Directors of UBS Sim Italia SpA is now composed as follows: Richard Hardie has been named Chairman, a position held for many years by Giudo Giubergia. Carlo Cavalleri is Deputy Chairman, Stefano Rossi Managing Director and Gianantonio Galanti General Manager. Giuseppe Galimberti and Roberto Isolani join the Board alongside Innocenzo Cipolletta and Francesco Grana.

Richard Hardie, new Chairman of UBS Italia SIM, commented: While thanking Ersel for its crucial contribution and commitment to our joint business, we hope that our relationship, which has always been based on mutual esteem and on the same standards of excellence and integrity, will continue to be fruitful in many other areas of co-operation.