Investor releases

UBS discussing a co-operation partnership with Bank of China

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UBS is in talks with Bank of China (BOC) with a view to forming a mutually beneficial co-operation partnership

It is envisaged that such a partnership would include commercial co-operation in certain areas of investment banking yet to be agreed, and the possibility that UBS could invest approximately USD500 million to become a strategic investor in BOC.

The talks continue and further details are confidential.

Zurich/Basel, 23 June 2005



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