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Routine inspection of the UBS Group in Japan.

| Media Releases Switzerland

UBS AG today confirmed that the Financial Services Agency has commenced a routine inspection of the UBS Group in Japan.

UBS AG today confirmed that the Financial Services Agency has commenced a routine inspection of the UBS Group in Japan, initially covering UBS AG Tokyo Branch, UBS Warburg (Japan) Limited and UBS (Trust and Banking) Limited.

The routine inspection will review all aspects of the UBS Group in Japan including controls, risk management and compliance procedures in keeping with the FSA's role as the key regulator of the Japanese financial system. Under its mandate, the FSA is empowered to conduct inspections of every financial institution in Japan.

With a presence in Japan for more than 30 years, UBS welcomes the inspection as a prudent and necessary consequence of operating in an appropriately regulated jurisdiction. UBS will cooperate fully with the officers of the FSA.

Zurich/Basel/Tokyo, 24 August 2000

UBS AG