In line with its policy of focusing on core activities, UBS has sold its non-strategic holding in Swiss National Insurance Company with the company's agreement. The shares have been placed with selected investors, with a certain amount being sold back to the company itself. At the time of the sale, UBS held 28.3% of National's nominal share capital. UBS and Swiss National have agreed not to disclose details of the amount involved in the transaction.

Both companies have worked well together for many years and will continue their existing relationships in the future.

Zürich/Basel, 21 June 2000

UBS AG