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UBS prices offering of $300 million in Trust Preferred Securities

| Media Releases Switzerland

Further Strengthening Its Investment and Distribution Capabilities in the Americas

UBS AG announced today the pricing of an offering of $300 million of Trust Preferred Securities with a quarterly coupon of 7.25%. The securities, which were placed predominately with retail investors, have a perpetual maturity with a call option in year 5 and on each quarterly coupon date thereafter.

The securities are rated AA- by Standard & Poors, aa3 by Moody's Investors Service, Inc. and AA+ by Fitch.

UBS Warburg LLC was the sole bookrunner.

All of the Trust Preferred Securities are being offered by UBS Preferred Funding Trust III, a newly-organized vehicle established by UBS AG for purposes of the offering, and represent a new financing by UBS AG.

New York, 20 June 2001
UBS AG