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UBS AG (88JC)

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Tuesday 21 March, 2000

UBS AG

Proposed Stock Split, etc

UBS AG
21 March 2000                                         Investor Relations
                                                      Tel. +41-1-234 41 00

                                                      www.ubs.com

                    Investor Relations Release

UBS PLANS STOCK SPLIT AND LISTING OF GLOBAL REGISTERED SHARES ON NYSE

In connection with UBS's planned listing in the form of Global Registered Shares
on the New York Stock Exchange, the Board of Directors of UBS will propose a
2-for-1 split of UBS registered shares for approval at the Group's Annual
General Meeting on 18 April 2000.  This will reduce the par value of the shares
from CHF 20 to CHF 10.

Zurich/Basel, 21 March 2000 - The Board of Directors of UBS will propose a
2-for-1 split of UBS registered shares for approval at the Group's Annual
General Meeting on 18 April 2000.  This will reduce the par value of the shares
from CHF 20 to CHF 10. The number of registered shares will double from
215,446,581 to 430,893,162 as a result of the split, while the share capital
remains unchanged at CHF 4.3 billion.

The stock split will ensure that UBS's shares trade at a price level more in
line with that of other European and US financial services providers, enhancing
tradability and liquidity. UBS plans to list its shares on the New York Stock
Exchange in the first half of 2000, primarily to increase its strategic
flexibility to benefit from potential expansion opportunities in the US.  The
listing would be in the form of Global Registered Shares (not American
Depositary Receipts), creating one global share quoted in Zurich, New York and
Tokyo.  With a listing on the New York Stock Exchange, the current ADR program
would be terminated and the ADRs would be exchanged for Global Registered
Shares.

The proposed stock split will have no effect on the share buyback program
launched on 17 January 2000 with the aim of reducing the Bank's share capital.
UBS will continue buying back its own registered shares via a second trading
line on the SWX Swiss Exchange as planned.