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Press release from Business Wire

UBS Canada Reports Inadvertent Trading in Air Canada Class A Shares

Friday, April 13, 2012

UBS Canada Reports Inadvertent Trading in Air Canada Class A Shares16:30 EDT Friday, April 13, 2012 TORONTO (Business Wire) -- UBS Securities Canada Inc. ("UBS Canada") announced today that on February 23, 2012, it acquired approximately one million Class A Shares of Air Canada (“Class A Shares”) as part of its regular activity to facilitate client trading. This purchase by UBS Canada took the aggregate beneficial ownership of the UBS AG group (“UBS”) from approximately 18.6% to approximately 20.4% of the Class A Shares (3.2% of the total Class A and Class B voting shares of Air Canada). This trade caused UBS to pass a position reporting threshold and, by crossing the 20% threshold, was an inadvertent breach of Canadian securities legislation. At all relevant times, UBS acquired and held the Class A Shares for hedging and investment purposes, and not to seek to control or influence the strategic direction of Air Canada. UBS has subsequently reduced its holdings of Class A Shares, such that UBS's aggregate beneficial ownership is now approximately 14.5% of the Class A Shares (2.2% of the total Class A and Class B voting shares of Air Canada). UBS Canada self-reported the trading error to the Authorité des marchés financiers and to securities regulators in the other non-principal jurisdictions. UBS Canada takes this matter seriously and has implemented remedial steps to address the error. Notes to Editors UBS draws on its 150-year heritage to serve private, institutional and corporate clients worldwide, as well as retail clients in Switzerland. We combine our wealth management, investment banking and asset management businesses with our Swiss operations to deliver superior financial solutions. UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 37% of its employees working in the Americas, 37% in Switzerland, 16% in the rest of Europe and 10% in Asia Pacific. UBS employs about 65,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE). www.UBS.com Media Inquiries:Torie von Alt, +1-212-713-3262Torie.von-alt@UBS.comFollow us on Twitter at: www.ubs.com/twitteramericas