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UBS sells real estate company IMPRIS AG.

| Media Releases Switzerland

UBS has sold its real estate company IMPRIS AG to Whitehall. This is the first transaction in which a Swiss real estate company has been purchased by a foreign investor. IMPRIS AG has set a new benchmark in the Swiss real estate market by providing high quality property information to international standards. The portfolio comprises 13 commercial properties consisting of office and retail premises.

UBS has sold its real estate company IMPRIS AG via an international controlled auction to Whitehall. The sale price has not been disclosed.

Whitehall, Delaware is an international investment fund that invests in real estate and is managed by Goldman Sachs. Whitehall is one of the leading financial investors in realestate. The purchase of IMPRIS AG gives Whitehall access to the Swiss real estate market where centrally located retail and office premises offer very attractive development potential.

IMPRIS AG
Founded in 1999 with its headquarters in Zurich, IMPRIS AG manages a portfolio of 13 properties in Switzerland. The firm benefits from a state-of-the art Management Information System (MIS) and a professional servicing platform. IMPRIS AG has set a new benchmark in the Swiss real estate market by providing high quality property information to international standards regarding transparency and documentation quality, as certified by the international real estate experts of Jones Lang LaSalle.

The assets in the portfolio consist of office and retail properties, totaling approximately 100,000 m2 in area. The properties are mainly located in the areas of Geneva and Zurich which demonstrated already a strong demand for office space this year. They generate attractive net cash flows. All existing rental contracts will be taken over by the new owner.

The placement of IMPRIS AG allows UBS to lighten its balance sheet and free up capital. Strategically, the transaction underlines UBS's intention to focus on its core activities. This excludes the ownership and administration of real estate. The transaction was executed by UBS Switzerland, in close cooperation with UBS Warburg and Kuoni Mueller and Partner in association with PI Performance Immobilière Geneva, who jointly acted as placement agents. UBS Switzerland is continuously developing its competencies in the domain of innovative capital management.

Zurich / Basel, 1 December 2000

UBS AG