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Change of interest rate for UBS Time Deposit Accounts and Medium-Term Bonds

| Media Releases Switzerland

As of Monday, 22 March 2004, the following interest rates shall apply to UBS Time Deposit Accounts and Medium-Term Bonds.

Medium-Term Bonds

Duration

New Rate

Old Rate

2 years

0.50%

0.625%

3 years

0.875%

1.00%

4 years

1.125%

1.375%

5 years

1.50%

1.625%

6 years

1.75%

1.875%

7 years

1.875%

2.125%

8 years

2.00%

2.25%

Time Deposit Accounts

Duration

New Rate

Old Rate

2 years

0.50%

0.625%

3 years

0.875%

1.00%

4 years

1.125%

1.375%

5 years

1.50%

1.625%

6 years

1.75%

1.875%

7 years

1.875%

2.125%

8 years

2.00%

2.25%

9 years

2.25%

2.375%

10 years

2.375%

2.50%

We therefore request that you take the new interest rates into account when compiling tables in the finance section of your newspaper.



Zurich / Basel, 19 March 2004
UBS