Citibank: The new S&P BRIC Index Note brings emerging markets closer.

Athens, October 17, 2006

The new S&P BRIC Index Note enables investors to easily access the most attractive emerging markets worldwide that are under the BRIC umbrella: Brazil, Russia, India and China. These economies are experiencing a high rate of economic growth and for this reason are seen by the financial markets as an investment opportunity.

The new Notes are addressed to those investors who wish to have an exposure to the emerging markets opportunities for potentially higher returns than those of the mature markets. At the same time, the issuer of the Notes, UBS AG., offers 100% capital protection at maturity. The new S&P BRIC Index Note is available until 30th October in Euro and US$ and has 2 year tenor.

The Notes’ return is connected to the S&P BRIC 40 Price Return EURO Index, which consists of equities from representative companies of the 4 most dynamic emerging markets worldwide and depends on the percentage increase of the Index’s price at the time during the two year tenor, up to a maximum of 20% of the increase in the Index. Investors’ returns are 64% for investments in Euros and 90% for investments in US$, up to the maximum 20%. . If, at the end of the investment period, the Index has shown an increase higher than 20%, the investor’s return will be his initial capital plus 12,80% (for investments in Euro) or 18% (for investments in US$) for the total investment tenor, which represents 64% (€) or 90% (US$) respectively of the investor’s participation in the 20% increase limit. Finally, if the final Index price has been devalued in comparison to the initial price, then the investor will receive only his initial investment capital in full.

The above-mentioned investment products have a minimum investment of €50,000 or US$66,000.