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Disclosure of shareholdings as of 27 February 2008 (2)

Zurich / Basel | | Media Releases Switzerland

Based on article 20 of the Federal Act on Stock Exchanges and Securities Trading (SESTA) UBS AG, Bahnhofstrasse 45, 8098 Zurich, makes the following announcement.

As of 27 February 2008 UBS AG held a stake of 8.22% of acquisition positions (proportion of voting rights) of registered shares of UBS AG. These comprised 160,035,778 (7.72%) registered shares of UBS AG with voting rights and 4,391,161 acquisition rights with 4,156,422 (0.20%) voting rights and 95,000 disposal rights with 6,237,691 (0.30%) voting rights.

At the same time UBS AG held 475,926,202 (22.95%) disposal positions (proportion of voting rights) of registered shares of UBS AG. These comprised conversion rights on 252,525,253 (12.18%1) registered shares of UBS in the form of mandatory convertible notes ("Mandatory Convertible Notes") to be issued to the Government of Singapore Investment Corporation Pte. Ltd. (GIC) and another investor on March 5, 2008, 5,833,142 disposal rights with 9,692,357 (0.47%) voting rights, 126,970 written acquisition rights for registered shares of UBS AG with 23,863,611 (1.15%) voting rights and 189,844,981 employee options with 189,844,981 (9.15%) voting rights. 150,121,702 (7.24%) shares to be issued based on conditional capital are available to service the employee options.
1) Excluding dilution from the stock dividend and MCN.


Based on the maximum number of shares to be issued under the Mandatory Convertible Notes, GIC and the other investor, as a result of the conversion, would hold approximately 10.4% of UBS's shares (after distribution of the stock dividend and in the absence of any dilutive events).


UBS directly and indirectly holds the acquisition and disposal positions through the following companies:

UBS Convertible Securities (Jersey) Limited, 24 Union Street, St. Helier JE2 3RF, Jersey.

UBS Global Asset Management Holding (No. 2) Ltd, 21 Lombard Street, London EC3V 9AH, United Kingdom (indirectly through UBS Global Asset Management Holding Ltd, 21 Lombard Street, London EC3V 9AH, United Kingdom, indirectly through UBS Global Asset Management (UK) Ltd, 21 Lombard Street, London EC3V 9AH, United Kingdom) and (indirectly through UBS Global Asset Management Holding Ltd, 21 Lombard Street, London EC3V 9AH, United Kingdom, indirectly through UBS Global Asset Management Life Ltd, 21 Lombard Street, London EC3V 9AH, United Kingdom) and

UBS Wealth Management (UK) Ltd, 1 Finsbury Avenue, London EC2M 2PP, United Kingdom and

UBS O'Connor LLC, c/o National Corporate Research Ltd, 9 East Loockerman St, Dover DE 19901, USA and

UBS Americas Inc., 2711 Centerville Road Suite 400, Wilmington 19808, Delaware, USA (indirectly through UBS Global Asset Management (Americas) Inc., The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, Delaware, USA) and (indirectly through UBS Securities LLC, 2711 Centerville Road, Wilmington DE 19808, Delaware, USA) and (indirectly through UBS AM Holdings (USA) Inc., c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, Delaware, USA, indirect through UBS Global Asset Management (Canada) Co., 600 de Maisonneuve Boulevard West, Suite 2710, Montreal H3A 3J2, Quebec, Canada) and (indirectly through DSI International Management Inc., Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington 19808, New Castle / DE, USA) and (indirectly through UBS Financial Services Inc., Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington 19808, Delaware, USA) and

UBS Beteiligungs-GmbH & Co KG, Stephanstrasse 14 - 16, 60313 Frankfurt am Main, Germany (indirectly through UBS Global Asset Management (Deutschland) GmbH, Stephanstrasse 14 - 16, 60313 Frankfurt am Main, Germany) and

UBS International Holdings BV, Herengracht 600, 1017 CJ Amsterdam, Netherlands (indirectly through UBS Holding (France) SA, 65 Rue de Courcelles, 75008 Paris, France, indirectly through UBS Global Asset Management (France) SA, 69 Boulevard Haussmann, 75008 Paris, France) and (indirectly through UBS Holding (France) SA, 65 Rue de Courcelles, 75008 Paris, France, indirectly through Caisse Centrale de Réescompte, 44 Rue Washington, 75008 Paris, France) and

UBS (Luxembourg) S.A., 33a Avenue J.F. Kennedy, 1855 Luxembourg, Luxembourg (directly and indirectly through UBS Belgium SA/NV, Avenue de Tervueren 300, Woluwe-Saint-Pierre, 1150 Bruxelles, Belgium) and

UBS (Bahamas) Ltd., UBS House, East Bay Street, Nassau, Bahamas and

UBS Global Asset Management (Hong Kong) Ltd, 46-52 Floors Two International Finance Centre, 8 Finance Street, Central, Hong Kong and

UBS Global Asset Management (Australia) Ltd, Leven 7, Chifley Tower, 2 Chifley Square, Sydney NSW 2000, Australia.

The notification obligation was triggered by Letter Agreements dated 9 December 2007, concluded between UBS AG on the one hand and GIC and another investor on the other hand regarding the purchase by GIC and the other investor of Mandatory Convertible Notes in the amount of CHF 13 billion. In its recommendation dated 30 January 2008 the Disclosure Office of the SWX Swiss Exchange granted an adjournment of the notification.

The Mandatory Convertible Notes have the following terms:

Issuer:
UBS Convertible Securities (Jersey) Ltd.

Underlying:
Conditional capital created at the extraordinary general meeting of UBS AG of 27 February 2008

Reference Price:
CHF 51.48

Minimum Conversion Price:
100% of the Reference Price

Maximum Conversion Price:
117% of the Reference Price

Mandatory Conversion at Maturity:
Notes redeemed through conversion into shares. Conversion ratio applicable at maturity will be:

  • if the share price is at or below the Minimum Conversion Price, the par value divided by the Minimum Conversion Price;

  • if the share price is at or above the Maximum Conversion Price, the par value divided by the Maximum Conversion Price;

  • if the share price is between the Minimum and Maximum Conversion Price, the par value divided by the share price.

Maturity:
2 years (early conversion possible under certain circumstances)

Coupon:
9% p.a. (payable annually)

This disclosure is being made pursuant to the simplification of the reporting requirements through the Disclosure Office of the SWX Swiss Exchange. Details about the required disclosure of the acquisitions and the disposal positions will be provided on demand and free of charge (contact: UBS Investor Relations, +41-44-234 41 00) via e-mail, fax or mail.