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UBS Asset Management Creates Global Brand

| Media Releases Americas

NEW YORK -- UBS Asset Management today announced it will combine its asset management companies under a single global brand, UBS Global Asset Management, effective April 8, 2002. This strategic move reflects the global integration and scope of the organization's investment approach and offerings.

The new brand will replace existing regional brand names, including Brinson Partners, Brinson Advisors, and Brinson Canada in the Americas; Phillips & Drew in the United Kingdom; and UBS Asset Management in the Europe, Middle East and Africa and Asia Pacific regions.

"The UBS Global Asset Management brand will position the firm squarely as a world market leader, communicating the breadth and power of our global investment capabilities. It recognizes the global integration of our firm as well as the wide geographical reach of our business," said John Fraser, chairman and chief executive officer of UBS Asset Management. "Above all, the new brand underlines our consistency of approach and commitment to shared principles throughout the world."

There will be no change to the organization's investment philosophy and processes or to the core investment platform. The global investment platform of the organization will continue to be led by Jeffrey Diermeier, global chief investment officer.

"Over the past few years, we have successfully integrated our investment platform across the world," said Diermeier. "We've brought together industry-leading investment teams, expanded our capabilities, and delivered excellent investment performance to our clients."

The specialty businesses of GAM, O'Connor, DSI, UBS Timber and UBS Realty will retain their names, as distinctive complements to the UBS Global Asset Management brand.

With USD 405 billion in assets under management as of December 31, 2001, UBS Asset Management is a global investment leader in equities, fixed income, real estate, timber, hedge fund and multi-manager investment capabilities. UBS Asset Management is one of four business groups of UBS AG along with UBS Warburg, UBS Paine Webber and UBS Switzerland.

UBS AG is a leading global financial services firm with 71,000 employees worldwide, providing a wide range of services to a client base that includes affluent individuals, corporations, institutions and governments. Headquartered in Switzerland, the bank has significant operations in all of the world's major financial centers.

NOTE TO EDITORS: the new name, UBS Global Asset Management will be abbreviated UBS Global AM.


CONTACT: Kati Otto of UBS, +1-212-713-2138