1
This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Warrants
described below.



Launch Announcement for Warrants
to be issued by


UBS AG

(incorporated with limited liability in Switzerland)
acting through its London Branch
Sponsor
UBS SECURITIES ASIA LIMITED

Particulars of Warrants
We intend to issue the following Warrants:

Warrants

Series 1 Series 2 Series 3 Series 4 Series 5
Stock Code

1292 1303 1304 2196 2197

Issue size

300,000,000

Warrants
300,000,000

Warrants
300,000,000

Warrants
300,000,000

Warrants
300,000,000

Warrants
Type

European style cash
settled call warrants

European style cash
settled call warrants
European style cash
settled call warrants
European style cash
settled call warrants
European style cash
settled call warrants
Company

China
Communications
Construction
Company Limited

China
Communications
Construction
Company Limited
China Construction
Bank Corporation

China
Communications
Construction
Company Limited
China
Communications
Construction
Company Limited
Shares

Existing issued
ordinary H shares of
RMB1.00 each

Existing issued
ordinary H shares of
RMB1.00 each

Existing issued
ordinary H shares of
RMB1.00 each

Existing issued
ordinary H shares of
RMB1.00 each

Existing issued
ordinary H shares of
RMB1.00 each

Board Lot

10,000 Warrants 10,000 Warrants 1,000 Warrants 10,000 Warrants 10,000 Warrants
Issue Price

HK$0.275 HK$0.250 HK$0.370 HK$0.260 HK$0.250
Exercise Price

HK$15.880 HK$16.880 HK$6.380 HK$18.880 HK$20.880
Issue Date

12 July 2007 12 July 2007 12 July 2007 12 July 2007 12 July 2007
Expected listing date

13 July 2007 13 July 2007 13 July 2007 13 July 2007 13 July 2007
Expiry Date

18 February 2008 18 February 2008 18 February 2008 18 February 2008 28 August 2008
Entitlement

One Share One Share One Share One Share One Share
Number of Warrants per
Entitlement

10 Warrants 10 Warrants 1 Warrant 10 Warrants 10 Warrants
Implied Volatility

55.00% 55.00% 30.00% 55.00% 45.00%
Effective Gearing

3.50x 3.48x 6.71x 3.61x 3.41x
Gearing

5.75x 6.32x 15.59x 6.68x 6.95x
Premium 17.91% 22.66% 16.98% 23.59% 34.52%

This data may fluctuate during the life of the Warrants and may not be comparable to similar information provided by other issuers
of derivative warrants. Each issuer may use different pricing models.

2
How much will you receive at expiry?

You are not required to deliver any exercise notice and the Warrants will be automatically exercised on the
relevant Expiry Date if the Cash Settlement Amount is greater than zero. You will receive a Cash Settlement
Amount per Board Lot in Hong Kong dollars calculated as follows (if positive):

Entitlement x (Average Price - Exercise Price) x one Board Lot
Cash Settlement Amount per Board Lot =
Number of Warrants per Entitlement

“Average Price” means the arithmetic mean of the closing prices of one Share (as derived from the Daily
Quotation Sheet of the Stock Exchange) for each of the five business days immediately preceding the Expiry
Date, subject to adjustment in accordance with the terms and conditions of the Warrants.

Listing of the Warrants

We will make an application to the Stock Exchange for listing of, and permission to deal in, the Warrants on
the Stock Exchange.

Where do you obtain quotes?

You may request to obtain a quote for your Warrants by calling the following telephone number:

Liquidity Provider: UBS Securities Hong Kong Limited
Address: 52/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong
Broker ID Number: 9563
Telephone number: + 852 2971 6628

We do not have any special arrangements in place with any brokers with respect to our Warrants.

Where can you inspect the relevant documents?

The following documents (“Listing Documents”), each in separate English and Chinese versions, are available
for inspection until the Expiry Date at 52/F, Two International Finance Centre, 8 Finance Street, Central, Hong
Kong:

1 our base listing document dated 18 April 2007, as supplemented by an addendum to our base listing
document dated 21 May 2007; and
2 the relevant supplemental listing document for each series of the Warrants to be dated on or about 12
July 2007.

3
IMPORTANT INFORMATION

Unsecured nature of the Warrants
The Warrants constitute our general unsecured contractual obligations and of no other person. You are relying
upon our creditworthiness and have no rights under the Warrants against any Company.

Issuer
Our long term debt ratings are:

Rating agency Rating as of 6 July 2007
Moody’s Investors Service, Inc., New York Aaa
Standard and Poor’s Ratings Services, a division of the
McGraw-Hill Companies Inc AA+
Fitch Ratings Ltd., London AA+

We are a licensed bank regulated by the Hong Kong Monetary Authority. We are also regulated by, among
others, the Swiss Federal Banking Commission and the Financial Services Authority of United Kingdom.

Selling restriction
The Warrants have not been and will not be registered under the United States Securities Act of 1933, as
amended (the “Securities Act”), and will not be offered, sold, delivered or traded, at any time, indirectly or
directly, in the United States or to, or for the account or benefit of, any U.S. person (as defined in the Securities
Act).

Investment risk
The price of the Warrants may fall in value as rapidly as it may rise and you may sustain a total loss of your
investment. If the Cash Settlement Amount is less than or equal to zero, the Warrants will expire worthless on the
Expiry Date.

We or the Liquidity Provider may be the only market participant for the Warrants. The secondary market for the
Warrants may be limited.

You must:
• carefully study the risk factors set out in the relevant Listing Documents;
• fully understand the potential risks and rewards and independently determine whether the Warrants are
appropriate for you given your objectives, experience, financial and operational resources, and other
relevant circumstances; and
• consult with such advisers as you deem necessary to assist yourself in making these determinations.

Hong Kong, 9 July 2007