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UBS successfully completes share buyback programme.

| Media Releases Switzerland

Since commencing its programme on 17 January 2000 UBS has bought back 18,421,783 shares at an average price of CHF 217 over a second trading line on the SWX Swiss Exchange. This represents 4.3% of UBS's share capital, which was repurchased over a five month period. These shares cannot be reissued.

The CHF 4 billion repurchase programme was approved by the Board of Directors and authorised by the Annual General Meeting in April. The final cancellation of the shares and reduction of share capital will take place following the approval of shareholders at the Annual General Meeting 2001.

Zurich/Basel, 29 June 2000
UBS