Investor releases

UBS AG announces final terms of the announced rights issue

Zurich / Basel Price Sensitive Information

The Board of Directors of UBS AG has determined the final terms of the public offering of 760,295,181 new shares, which will be subject to the subscription rights of existing shareholders (the "rights issue"). The rights issue was fully underwritten by a syndicate of banks on 1 April 2008 and the related capital increase was authorized by the shareholders of UBS AG on 23 April 2008. Shareholders will be allotted one subscription right for each existing share held. The exercise of 20 subscription rights will entitle the holder to subscribe for 7 new shares at a subscription price of CHF 21.00 per new share.

UBS's Board of Directors approved yesterday an increase in the share capital of UBS AG through the issue of 760,295,181 fully paid-in registered shares with a par value of CHF 0.10 each. Upon completion of the transaction, 2,932,567,127 fully paid-in registered shares with a par value of CHF 0.10 each will be outstanding.

The Board of Directors has set the subscription price for the new shares at CHF 21.00 per new share, which is expected to translate into gross proceeds of approximately CHF 15.97 billion. The subscription price of CHF 21.00 compares to a closing price of the UBS shares on SWX Europe on 21 May 2008 of CHF 30.64.

The rights issue has been fully underwritten by a syndicate of banks led by JPMorgan, Morgan Stanley, BNP Paribas and Goldman Sachs.

Shareholders will be allotted one subscription right for each existing share held at the close of business on 26 May 2008. The exercise of 20 subscription rights entitles the exercising holder to subscribe for 7 new shares against payment of the subscription price.

Subscription rights will be traded from 27 May 2008 through 9 June 2008 on SWX Europe and the New York Stock Exchange (NYSE). The exercise period for subscription rights held in the SIS SegaIntersettle ("SIS") system will run from 27 May 2008 to 12:00 noon Swiss time on 12 June 2008. The exercise period for subscription rights held in The Depository Trust Company ("DTC") system will run from 27 May 2008 to 5:00 p.m. New York time on 10 June 2008. The Joint Bookrunners, on behalf of the syndicate of banks, may place any new shares which have not been subscribed for through an offering in selected jurisdictions or in open market transactions on or about 12 June 2008.

It is planned to have the new shares listed on the SWX Swiss Exchange, NYSE and the Tokyo Stock Exchange (TSE). Application has been made for trading in the new shares to commence on SWX Europe, the NYSE and the TSE on 13 June 2008.

The new shares will be fully fungible with existing shares.

Expected timetable for the share capital increase

26 May 2008

Record date for the allocation of subscription rights (close of business)

27 May 2008

Existing UBS shares begin trading "ex-subscription right"
Start of rights trading on SWX Europe and the NYSE
Start of subscription period

9 June 2008

End of rights trading period

10 June 2008

End of subscription period for the subscription rights held in the DTC system (5 p.m. New York time)

12 June 2008

End of subscription period for the subscription rights held in the SIS system (12:00 noon Swiss time)

13 June 2008

First trading day of new shares

17 June 2008

Payment and delivery of the new shares

Holders of rights are advised to seek and follow instructions from their custodian bank or broker in relation to the proper and timely exercise or sale of their rights.