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UBS commences new share buyback program

| Media Releases Switzerland

On 6 March 2003, UBS will commence a share buyback program leading to the cancellation of shares. The repurchase will take place over a "second trading line" on virt-x.

UBS is setting up a second trading line on virt-x to buy back its registered shares. On this second line, shares will be purchased exclusively by UBS. The second line will be available from March 6, 2003 to March 5, 2004. The repurchased shares must be cancelled. Cancellation will follow the approval of the 2004 Annual General Meeting. The program, aimed at institutional investors, allows tax-efficient cancellation of shares.

UBS's Board of Directors has established a maximum buyback limit of CHF 5 billion, corresponding to about 6.8% of total share capital. While maintaining its strong capitalisation and ratings, UBS is committed to returning to shareholders capital in excess of its business needs. Strong cashflow generation and rigid capital discipline contributed to a BIS Tier 1 Ratio of 11.3% at December 31, 2002.

This second line program supersedes the share buyback program launched in October 2002. A total of 8'270'080 shares were repurchased between October 11, 2002 and March 5, 2003 at an average price of CHF 64.07. Given the approval of the Annual General Meeting on 16 April 2003, these shares will be cancelled, along with the shares bought back under the previous 2002 buyback program (67'700'000 shares).

Zurich / Basel, 6 March 2003