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UBS and PaineWebber announce merger completion date.

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UBS and PaineWebber are pleased to announce that the closing date for their merger is scheduled for Friday 3 November 2000.
Under the terms of the merger agreement, the Election Deadline is therefore fixed at 5pm, New York City time, Wednesday 1 November 2000. This is the deadline by which all PaineWebber shareholders must submit to the exchange agent their forms of election indicating the type of consideration they wish to receive.

PaineWebber shareholders may elect to receive either cash or UBS shares in exchange for their PaineWebber shares, at the rate of USD 73.50 or 0.4954 of a UBS share per PaineWebber share, subject to the proration provisions of the merger agreement. Any shareholder who does not submit a form to the exchange agent by the Election Deadline will be deemed to have no preference as to the type of consideration they will receive.

Zurich / Basel, 27 October 2000

UBS

Please refer to the proxy statement/prospectus for further details about the procedures shareholders must follow.

Information concerning proxy materials:
This communication is not a solicitation of a proxy from any security holder of Paine Webber Group, Inc. UBS and PaineWebber have filed with the Securities and Exchange Commission a proxy statement/prospectus which has been mailed to PaineWebber security holders and other relevant documents concerning the planned merger of PaineWebber into a subsidiary of UBS. WE URGE INVESTORS IN PAINEWEBBER TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors can obtain the documents free of charge at the SEC's website, www.sec.gov. In addition, documents filed with the SEC by UBS are available free of charge from Investor Relations, UBS, Stockerstrasse 64, Zurich. Documents filed with the SEC by PaineWebber are available free of charge from Geraldine Banyai, Assistant Secretary, 1285 Ave of the Americas, New York, New York 10019.

This press release contains forward-looking statements. These forward-looking statements are found in various places throughout this press release and include, without limitation, statements concerning the expected timing and benefits of the proposed merger. While these forward-looking statements represent our judgments and future expectations concerning the development of our business and the timing and benefits of the merger, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, the inability to obtain, or meet conditions imposed for, governmental and other approvals for the transaction; and other key factors that we have indicated could adversely affect the merger contained in our past and future filings and statements, including those filed with the United States Securities and Exchange Commission. All statements regarding matters following the completion of the merger of UBS and PaineWebber are subject to such completion.