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|  Dear Shareholders,
UBS made significant progress in 2001, successfully integrating UBS PaineWebber, building our European wealth management business and expanding our presence in corporate finance, particularly in the US.
Our clients invested substantial net new money through our private client and asset management businesses, and we significantly improved our investment banking market share. It was a challenging year for us financially, with a difficult market environment depressing trading returns, transaction volumes, and private equity valuations, in stark contrast to the buoyant climate in 2000. Despite the markets, relative operational performance in our core businesses remained strong and we benefited from our prudent attitude to risk and careful cost control.
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