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Bär & Karrer Ltd.

BRANDSCHENKESTRASSE 90, 8027 ZÜRICH, SWITZERLAND
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Geneva, Lugano, Zug, Zurich

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24 April 2008 - UBS shareholders approve fully underwritten rights issue

September 2008

The shareholder meeting of UBS AG held on 23 April 2008 has approved a rights issue in the amount of CHF 15 billion as proposed by the board of directors. The rights issue is fully underwritten by a syndicate of banks led by J.P.

Morgan, Morgan Stanley, BNP Paribas and Goldman Sachs International (the "Joint Bookrunners"). Bär & Karrer acted as Swiss legal advisor to the Joint-Bookrunners. The team comprised partner Thomas U. Reutter and associates Sten E. D. Rasmussen and Benjamin Bloch (not yet admitted). The Joint Bookrunners were advised by Davis Polk & Wardwell as to US law. UBS AG was advised by Homburger as to Swiss law and by Sullivan & Cromwell LLP as to US and German law.

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