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Par value reduction of CHF 1.60 per share planned.

| Media Releases Switzerland

UBS plans par value reduction of CHF 1.60 per share.

UBS is pleased to announce that its Board of Directors agreed yesterday to recommend to the Annual General Meeting (AGM) a distribution to shareholders of CHF 1.60 per share, in respect of the fourth quarter 2000.

Proposed changes in Swiss regulations would enable Swiss companies to reduce the par value of their shares below CHF 10. Subject to the new regulations becoming effective, and approval by the AGM, UBS will therefore make this distribution in the form of a reduction of the par value of each share, providing a tax efficient payment to its shareholders.

The new regulations are currently passing through the Swiss legislative process and are likely to come into force on 1 May 2001. Given this timetable, the par value reduction is expected to take place on 18 July 2001, for holders of record on 13 July 2001, reducing the par value of each UBS share to CHF 8.40.
At the same time UBS will split its shares 3 for 1, resulting in a new par value of CHF 2.80 per share, and bringing the market price per share to a level more in line with other global financial services firms.

UBS paid a dividend of CHF 4.50 per share in October 2000, in respect of the first three quarters of 2000, as part of the arrangements for the merger with PaineWebber. The total distribution for the year will thus be CHF 6.10 per share, compared to a dividend of CHF 5.50 for 1999.

Zurich / Basel, 15 February 2001

UBS AG