Exhibit 7. Statement regarding ratio of earnings to fixed charges.

The following table sets forth UBS AG’s ratio of earnings to fixed charges, for the periods indicated.

		For the year ended
		31.12.02		31.12.01		31.12.00		31.12.99		31.12.98
IFRS (1)
Pre-tax earnings from continuing operations (2)			4,267		6,352		10,109		7,709		3,560
Add: Fixed charges			30,297		45,090		44,251		30,246		32,958
Pre-tax earnings before fixed charges			34,564		51,442		54,360		37,955		36,518
Fixed charges:
	Interest		29,417		44,236		43,615		29,695		32,424
	Other (3)		880		854		636		551		534
Total fixed charges			30,297		45,090		44,251		30,246		32,958
Ratio of earnings to fixed charges			1.14		1.14		1.23		1.25		1.11
US GAAP (1)
Pre-tax earnings from continuing operations (2)			5,473		4,598		6,617		4,216		(5,319	)
Add: fixed charges			30,214		44,950		44,220		30,211		26,307
Pre-tax earnings before fixed charges			35,687		49,548		50,837		34,427		20,988
Fixed charges:
	Interest		29,334		44,096		43,584		29,660		25,773
	Other (3)		880		854		538		551		534
Total Fixed charges			30,214		44,950		44,220		30,211		26,307
Ratio of earnings to fixed charges (4)			1.18		1.10		1.15		1.14		0.80

(1)	The ratio is provided using both IFRS and US GAAP values, as the ratio is materially different between the two accounting standards.
(2)	Pre-tax earnings from continuing operations includes the elimination of subsidiary, associate and minority interest income and the addition of dividends received from associates.
(3)	Other fixed charges is the interest component of rental expense.
(4)	The deficiency in the coverage of fixed charges by earnings before fixed charges at 31 December 1998 was CHF 5,319 million.