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UBS AG (88JC)

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Thursday 21 June, 2001

UBS AG

Issue of Debt

UBS AG
21 June 2001


UBS prices offering of $300 million in Trust Preferred Securities

New York, June 20, 2001 - UBS AG announced today the pricing of an offering of
$300 million of Trust Preferred Securities with a quarterly coupon of 7.25%. The
securities, which were placed predominately with retail investors, have a
perpetual maturity with a call option in year 5 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 III, a newly-organized vehicle established by UBS AG for purposes of the
offering, and represent a new financing by UBS AG.

Copies of the final prospectus for the offering may be obtained from the office
of UBS Warburg.

Inquiries:

David P. Walker  +1 212 713 8502 
Corporate Communications
UBS Warburg