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UBS commences new share buyback program.

| Media Releases Switzerland

On 5 March 2001, UBS will commence a share buyback program leading to the cancellation of shares. The repurchase will take place over a "second trading line" on the SWX Swiss Exchange.

UBS is setting up a second trading line on the SWX Swiss Exchange to buy back its registered shares. On this second line, shares will be purchased exclusively by UBS. The second line will be available from March 5, 2001 to March 5, 2002. The repurchased shares must be cancelled. Cancellation will follow the approval of the 2002 Annual General Meeting. The program, aimed at institutional investors, allows tax-efficient cancellation of shares.

UBS's Board of Directors has established a maximum buyback limit of CHF 5 billion, corresponding to approximately 18 million registered shares, or about 4% of total share capital. While maintaining its strong capitalisation and ratings, UBS is committed to returning to shareholders capital in excess of its business needs. Strong cashflow generation and rigid capital discipline contributed to a BIS Tier 1 Ratio of 11.7% at December 31, 2000.

This second line program supersedes the share buyback program launched on completion of the PaineWebber merger. A total of 29'656'023 shares were repurchased between November 6, 2000 and March 2, 2001 at an average price of CHF 266. These shares were not earmarked for cancellation, being used primarily to replace shares borrowed for delivery in the PaineWebber merger.

Zurich / Basel, 5 March 2001

UBS AG