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UBS prices offering of $500 million in Trust Preferred Securities

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UBS AG announced today the pricing of an offering of $500 million of Trust Preferred Securities. The securities are perpetual and pay a semi-annual coupon of 7.247% until June 26, 2011 and, thereafter, a floating rate coupon of three month Libor plus 230 basis points paid quarterly.

The securities, which were placed predominantly with institutional investors, have a perpetual maturity and are callable at the step-up date and on each quarterly coupon date thereafter.

The securities are rated AA- by Standard & Poors, aa3 by Moody's Investors Service, Inc. and AA+ by Fitch.

UBS Warburg LLC was the sole bookrunner.

All of the Trust Preferred Securities are being offered by UBS Preferred Funding Trust II, a newly-organized vehicle established by UBS AG for purposes of the offering, and represent a new financing by UBS AG.

New York, 22 June 2001