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UBS completes sale of its stake in Motor-Columbus

UBS has sold its 55.6% stake in Motor-Columbus to a consortium representing Atel's Swiss minority shareholders, EOS Holding and Atel, as well as to French utility Electricité de France (EDF). The transaction was completed on March 23, 2006, resulting in a pre-tax gain of around CHF 370 million.

UBS has sold its 55.6% stake in Motor-Columbus to a consortium representing Atel's Swiss minority shareholders (EBM, EBL, the Canton of Solothurn, IBAarau and newcomers AIL Lugano and WWZ Zug), EOS Holding and Atel, as well as to French utility Electricité de France (EDF). The relevant Swiss and international authorities have approved the transaction - which was originally announced at the end of September 2005 - and the contracts were signed on March 23, 2006.

In total, UBS has sold 281,535 Motor-Columbus bearer shares, at a price of CHF 4,600 per share, resulting in a sale price of approximately CHF 1.3 billion, and a pre-tax gain of around CHF 370 million. The gain will be reported in UBS's 2006 1st quarter figures for "Industrial Holdings".

Zurich/Basel, 24 March 2006
UBS