UBS AG / Miscellaneous 21.05.2008 Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- UBS Completes the Sale of USD $15 Billion of U.S. Real Estate Related Assets to BlackRock New York, May 21st, 2008 UBS announced today that it has closed on the sale of approximately USD $15 billion of primarily Subprime and Alt-A US residential mortgage-backed securities to a newly created distressed asset fund that will be managed by BlackRock, the global investment management firm. Marcel Rohner, Group Chief Executive Officer of UBS said, 'Risk reduction remains a critical part of our ongoing financial restructuring and this sale is a big step towards further reducing our positions in this asset class. We continue to manage our legacy risks in a flexible and creative way in the best interests of our shareholders.' Jerker Johansson, Chairman and CEO of UBS Investment Bank said, 'BlackRock proved to be an ideal partner for this venture. Through BlackRock Solutions they were able to provide leading analytic, structuring and advisory services.' UBS sold positions with a nominal value of approximately USD $22 billion to the new fund for an aggregate sale price of approximately USD $15 billion. Based on UBS categorizations, the vast majority of the positions are Subprime and Alt-A in roughly equal parts and the remainder is Prime. The fund purchased the securities using approximately USD $3.75 billion in equity raised by BlackRock from investors and a multi-year collateralized term loan of approximately USD $11.25 billion provided by UBS. The transaction has closed, and further terms were not disclosed. UBS UBS Media Relations +41 44 234 85 00 DGAP 21.05.2008 --------------------------------------------------------------------------- Language: English Issuer: UBS AG Bahnhofstrasse 45 CH-8098 Zürich Schweiz Phone: +41 44 234 4100 Fax: +41 44 234 3415 E-mail: info@ubs.com Internet: www.ubs.com ISIN: CH0024899483 WKN: UB0BL6 Listed: Freiverkehr in Berlin, München, Hamburg, Düsseldorf, Stuttgart; Open Market in Frankfurt; Foreign Exchange(s) SWX End of News DGAP News-Service ---------------------------------------------------------------------------
DGAP-Adhoc: UBS AG: UBS Completes the Sale of USD $15 Billion of U.S. Real Estate Related Assets to BlackRock
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