Fitch Downgrades 1 Class & Affirms 3 Classes of Eisberg Finance Ltd.

Business Editors

NEW YORK--(BUSINESS WIRE)--June 27, 2003

Fitch Ratings has downgraded one class of notes and affirmed three classes of notes from the Eisberg Finance Ltd. transaction. Eisberg is a synthetic balance sheet collateralized debt obligation (CDO) established by UBS AG, London Branch to provide credit protection on a $2.5 billion portfolio of investment grade, corporate debt obligations.

The following class has been downgraded and removed from Rating Watch Negative:

-- $15,000,000 class D floating-rate notes to 'DD' from 'C'.

The following classes have been affirmed:

-- $85,500,000 class A floating-rate notes 'AAA';

-- $65,000,000 class B floating-rate notes 'A';

-- $41,250,000 class C-1 floating-rate notes 'CCC-';

-- $22,500,000 class C-2 fixed-rate notes 'CCC-'.

In addition, classes B, C-1 and C-2 are removed from Rating Watch Negative.

Fitch's rating action reflects the deterioration in credit quality of several of the underlying assets as well as higher than expected credit protection payments under the credit default swap. Subsequently, there is a diminished level of credit enhancement for the notes.