UBS is to lower its interest rates for personal and savings accounts in euro, as well as for current accounts in euro for business and corporate clients, with effect from 1 July 2003.

The interest rates for accounts in Swiss francs will remain unchanged.

UBS is lowering the interest rates it pays on euro deposits in response to the further sharp fall in long and short-term eurozone rates. The downward interest-rate trend is continuing, reflecting the weakness of the economy, expectations that any recovery in growth will be only gradual, and the limited risk of inflation in Europe.

The following interest rates will apply with effect from 1 July 2003:

Zurich / Basel, 30 June 2003
UBS AG