UBS AG

DGAP-Adhoc: UBS to buy back certain outstanding bonds in public tender offer


DGAP-Ad-hoc: UBS AG / Key word(s): Bond
UBS to buy back certain outstanding bonds in public tender offer

04.12.2015 / 07:00
Dissemination of an Ad hoc announcement according to § 15 WpHG.
The issuer is solely responsible for the content of this announcement.

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4 December 2015
News Release

UBS to buy back certain outstanding bonds in public tender offer

UBS offers to buy back certain outstanding bonds with an aggregate principal
amount equivalent to approximately CHF 16 billion.

Zurich/Basel, 4 December 2015 - UBS announces today that UBS AG is making cash
tender offers to purchase 17 issues of its senior and subordinated debt and
covered bonds having an aggregate principal amount equivalent to approximately
CHF 16 billion. The offers are subject to customary conditions and restrictions
and are subject to increase or decrease as set out in the tender offer
memorandum. The tender offer period will end on 15 December 2015, unless
extended, re-opened or earlier terminated as provided in the tender offer
memorandum. The specific series of securities covered by each offer will
specified in the formal announcement of each offer to be published today.

This transaction is consistent with our proactive approach to optimizing the
Group's interest expense, while maintaining our strong liquidity, funding and
capital position. We expect to record an expense in the fourth quarter of 2015
related to this transaction, which will be recognized as negative other income
in Group Asset and Liability Management and will be treated as an adjusting item
in determining  the Group's "adjusted operating profit/ (loss) before tax". The
repurchase of the bonds is expected to have an immaterial effect on our CET1
ratio. Subordinated bonds subject to the offers are currently eligible as Tier 2
capital with a remaining capital content under the BIS Basel III phase-in rules,
but will not be eligible for Tier 2 capital treatment on a fully-applied basis
beginning in 2019.

UBS AG

Investor contact
Switzerland: +41-44-234 41 00

Media contact
Switzerland: +41-44-234 85 00
UK: +44-207-567 47 14
Americas: +1-212-882 58 57
APAC: +852-297-1 82 00

www.ubs.com

This announcement does not constitute an offer or an invitation to participate
in the tender offers described.  The tender offers will be made by means of a
tender offer memorandum.  Each offer is made only to holders in the relevant
jurisdictions specified in that offer and is not being made in or from  any
jurisdiction in or from which, or to or from any person to or from whom, it is
unlawful to make such offer or invitation or for there to be such participation
under applicable laws.

Cautionary Statement Regarding Forward-Looking Statements This release contains
statements that constitute "forward-looking statements". While these statements
represent UBS's expectation concerning future developments, a number of risks,
uncertainties and other important factors could cause actual developments and
results to differ materially from UBS's expectations. In addition, these results
could depend on other factors that we have previously indicated could affect our
business and financial performance which are contained in our past and future
filings and reports, including those filed with the SEC. More detailed
information about those factors is set forth in documents furnished by UBS and
filings made by UBS with the SEC, including UBS's Annual Report on Form 20-F for
the year ended 31 December 2014. UBS is not under any obligation to (and
expressly disclaims any obligation to) update or alter its forward-looking
statements, whether as a result of new information, future events or otherwise.

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Language: English

Company:  UBS AG

          Bahnhofstrasse 45

          8001  Zürich

          Switzerland

Phone:    +41 44 234 11 11

E-mail:info@ubs.com

Internet: www.ubs.com

ISIN:     CH0024899483, CH0039913899

WKN:      UB0BL6

Listed:   Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart; Open Market in Frankfurt ; SIX


End of News DGAP News Service
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