Swiss Banking News: June 2007

25.06.2007 UBS AG announced the sale of its 20.7% stake in Julius Baer. On June 22, 2007, it announced that it has successfully placed a 15.23% stake in Julius Baer Holding AG, which represents a total of 33 991 870 Julius Baer shares. The shares were offered at CHF 84 per share to institutional investors in an accelerated bookbuilding transaction launched on June 21 and appeared to be strongly demanded from high quality institutional investors in Europe and the United States. On June 21, 2007, UBS agreed to sell a 5.47% stake in Julius Baer, representing 12 222 222 shares, to Julius Baer. The shares were offered at CHF 90 per share. Gains from the sale of the stake in Julius Baer will be used for buying back shares as part of the 2007/2010 share repurchase program that was announced on March 8, 2007.

01.06.2007 On May 30, 2007, Swiss court has blocked the release of CHF7.6 million of frozen money held in a Swiss bank accounts by ex-Haitian dictator Jean-Claude "Baby Doc" Duvalier. This was just several days befire a previous freeze was to expire on June 3 and Duvalier's family would begin to withdraw funds. Haiti's new government has accused Duvalier and his followers of stealing state funds during their reign, however, the money of uncertain origin has been caught up in legal wrangling since 1986 when the Duvalier regime was ousted. On May 31, Haitian Foreign Minister Jean Renald Clerisme announced that a Central Bank official would go to Switzerland in order to make a final attempt to recover the money allegedly stolen by Duvalier from the state during his rule.