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UBS prices offering of USD 1.5 billion Trust Preferred Securities, its first U.S. public offering.

Media Switzerland

On 2 October 2000, UBS priced the offering of USD 1.5 billion of 8.622% Trust Preferred Securities that was first announced on 20 September 2000. This was UBS's inaugural offering in the U.S. public markets. The securities were priced at a spread of 278 basis points over the 5.75% August 2010 Treasury securities. The securities have a perpetual maturity with a step-up and call on 1 October 2010, and will qualify as Tier 1 capital for UBS under Swiss regulations. UBS Warburg LLC was the sole bookrunner and joint lead with PaineWebber Incorporated. Co-managers on the deal were Credit Suisse First Boston, Goldman, Sachs & Co, Merrill Lynch & Co., Morgan Stanley Dean Witter and Salomon Smith Barney.

Approximately 87% of the issue was placed in the U.S. and 13% internationally.

Luqman Arnold, Chief Financial Officer of UBS AG said, "We are very pleased with the execution on this transaction and the investor reception for the UBS name and credit".

Zürich/Basel, 3 October 2000