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UBS first company to license Morningstar's new indexes family

| Media Releases Switzerland

UBS Global Asset Management, the asset management business group of UBS AG, today announced that it will be the first company to license a new family of style-based equity indexes of Morningstar, Inc., a leading global investment research firm. UBS will use the indexes to create a series of exchange traded funds (ETFs) in the United States and Europe based on an enhanced version of the proprietary Morningstar® Style BoxTM methodology, followed by sector-specific and broad market indexes.

In Europe, the first series of six ETFs was launched by UBS Global Asset Management on the SWX Swiss Exchange on 13 November 2001 and four ETFs have been listed on the Deutsche Boerse on March 19, 2002. Since 13 November 2001, Fresco Index Shares trade on the SWX Swiss Exchange with around CHF 407 m AuM. For more information, please visit www.frescoshares.com.

Morningstar, Inc. provides financial data, research, online advice, consulting services and investment solutions for individuals, financial advisors, institutions and the media worldwide. Morningstar employs 800 people in the United States, Canada, Japan, Europe, Australia, New Zealand and Asia. The company tracks nearly 100,000 investment securities worldwide. For more information, please visit www.morningstar.com.

Basel/Zurich, 11 April 2002
UBS AG