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UBS fills US$300 million Qualified Foreign Institutional Investor (QFII) Quota

Media Releases APAC

UBS today announced that it had filled its initial US$300 million quota under China's recently established QFII programme.

Strong demand from a geographically diverse range of top-quality, long-term investors saw the quota filled in just over three months since the first transaction under the UBS QFII programme in July 2003. "UBS is honoured to be contributing to the Chinese Government's ongoing programme of reform and liberalisation of its financial market. Equally pleasing is the high quality, commitment and enthusiasm of the clients that have chosen to participate in the China domestic market through our facility. This is a tribute to the progress which the Government has made in this area," said Rodney Ward, Chairman of UBS Investment Bank, Asia.

Almost all of the UBS quota is client funds that are being invested in China equities.

"Our clients have seized the opportunity to invest directly in the China market. They have focused on companies with good management, accounting transparency, a sound strategy, sustainable earnings and justifiable valuations," said Nicole YUEN, Head of China Equities.

In November 2002, the China Securities Regulatory Commission formally announced its intention to establish a QFII programme. UBS was the first institution approved as a QFII with an initial quota of US$300 million. On 9th July, UBS was the first foreign institution to invest in the Chinese domestic securities market under this programme. Since then, client funds have gradually come into the facility and the initial quota was fully met on 15th October.

Beijing, 15 October 2003