Example of an Bonus Certificate PLUS

UBS Investment Bank

BONUS Extra Plus Certificate on DEUTSCHE TELEKOM

Product Details____________________________________________________

Underlying

Dow Jones Euro STOXX 50

Subscription Ratio

1:1

Issue Price/Initial Fixing Level

EUR 15.43

Bonus Level (I₀)

EUR 15.43 (100% of Initial Fixing Level)

Knock-Out Level (I_KO)

EUR 10.80 (70% of Initial Fixing Level)

Participation Rates (p₁ & p₂)

167.5%

Redemption

Scenario 1

St > S_KO for all t [0, T] and S_T ≤ S_O

Scenario 2

St > S_KO for all t [0, T] and S_T > S_O

Scenario 3

St ≤ S_KO for some t [0, T] and S_T < S_KO

Scenario 4

St ≤ S_KO for some t [0, T] and S_T ≥ S_KO

ISIN

CH0020987779

Dates______________________________________________________________

Issue Date

March 23, 2005

Initial Fixing Date

March 22, 2005

Settlement Date

March 29, 2005

Final Fixing Date

March 31, 2008

Maturity Date

April 7, 2008

General Information________________________________________________

Issuer

UBS AG, London Branch

Rating

Aa2/AA+

Lead Manager

UBS Limited, London

Issue Size

1,000,000 Certificates

Listing

Frankfurt, Stuttgart (3rd Section)

Min. Trading Size

100 Certificates