PaineWebber Incorporated To Become UBS PaineWebber Inc. — Move Underscores Speed and Success of Merger Integration —

'The UBS PaineWebber name reinforces the significant benefits of the merger to our clients and the general public, as it communicates our unwavering commitment to providing the highest quality personal service and advice, long synonymous with PaineWebber,' said Joseph J. Grano, Jr., president and chief executive officer of UBS PaineWebber. 'The move also illustrates the swift and successful integration of the two companies and emphasizes their complementary strengths.'

The new name enables UBS PaineWebber to communicate the enhanced products, services and global capabilities that result from the merger, and will be introduced through a major national advertising campaign launching Tuesday, March 6, 2001. The UBS PaineWebber brand will debut before a national audience as the premier private client financial services provider exclusively dedicated to addressing the needs of the core affluent. Additionally, the campaign demonstrates the relationship between UBS PaineWebber and UBS Warburg, the investment banking brand of UBS in the United States.

'UBS PaineWebber's primary focus continues to be building and sustaining relationships with clients,' said Marten S. Hoekstra, UBS PaineWebber's executive vice president, Client Relationship Group. 'The UBS PaineWebber brand conveys the broadened scope of resources and investment opportunities now offered by the firm, which helps us to better serve each client's individual investment needs.'

PaineWebber's well-known advertising tagline, 'Thank You, PaineWebber,' part of the cultural lexicon for the past 15 years, will evolve with the brand and become 'UBS PaineWebber, Thank You.' The national campaign features a combination of print and television ads, including a 30-second commercial introducing UBS Warburg, and a series of four episodic 'mini-films' in atypical 60-second format, themed 'life is a continuing story' which introduce the UBS PaineWebber brand. Advertising firm Saatchi and Saatchi, which has worked with PaineWebber for 20 years, has developed the new campaign for UBS PaineWebber.

The first phase of the campaign, rolled out between March - June 2001, begins with a three-week run of high profile print advertising in national business and consumer newspapers and magazines, and top-ten market daily newspapers. National broadcast of the 30-second television commercial will follow immediately on high visibility network and cable television programming, also for three weeks.

The four-part episodic commercial series will debut after this six-week period, airing for two months on high visibility national network and cable television programming as well as in select local markets. Acclaimed Hollywood filmmaker Phil Joanou, whose credits include Final Analysis, State of Grace and U2 Rattle & Hum, directed and edited the five television commercials, which were shot on location in Hawaii and California.

UBS PaineWebber Inc., a member of the UBS financial services group, provides investment advice and wealth management services to an affluent client base.

UBS Warburg, a business group of UBS, is a leader in equities, corporate finance, M&A advisory and financing, financial structuring, fixed income issuance and trading, foreign exchange, derivatives and risk management. UBS Warburg also offers a full range of innovative wealth management services through UBS PaineWebber, and provides private equity financing through UBS Capital.

UBS is a leading global financial services firm with 71,000 employees worldwide, providing a wide range of services to a client base that includes affluent individuals, corporations, institutions and governments. Headquartered in Switzerland, the bank has significant operations in all of the world's major financial centers.

Contact:

David Walker
(212) 713-8502
david-p.walker@ubsw.com