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UBS PaineWebber launches Art and Numismatics Services in U.S.

| Media Releases Americas

Service Delivers One-of-a-Kind Advisory Practice, Enhancing Client Offerings

UBS PaineWebber announced today that it will offer UBS's industry-leading Art Banking and Numismatics Services, currently available in Europe, to the firm's U.S. client base for the first time. The U.S. offering, called Art and Numismatics Services, enhances UBS PaineWebber's product mix for high net worth individuals and advances UBS's position as a world-class provider of financial services and wealth management solutions.

UBS PaineWebber's Art and Numismatics Services is a unique advisory service for clients of the firm, which includes art research, art management, counsel on sales and purchases, and structured solutions. In addition, the firm's service features a full numismatics department - the first of its kind in the industry. Art and Numismatics Services, delivered through the firm's nationwide network of financial advisors, connects UBS PaineWebber clients to UBS's in-house team of art professionals and the world's leading art experts.

Art is often a significant part of a wealthy individual's total assets, and as such, UBS PaineWebber's Art and Numismatics Services is a differentiating component of our full-service approach to clients," said Kathleen O'Toole, Director, UBS PaineWebber Preferred Client Services. In today's largely unregulated art market, we are confident that trusted advice and customized solutions will add tremendous value to our client relationships."

Art and Numismatics Services provides clients independent and objective insights on art as an investment as well as guidance on how to build and maintain a collection. Clients also benefit from the firm's rigorous due diligence process; introductions to the exclusive UBS global private client base of art collectors, buyers and sellers; unique access to works of art rarely seen on the market; and a single point of contact for all art-related issues. A flexible fee structure allows UBS PaineWebber clients to select the appropriate service level for their needs.

The expansion of this service into the U.S. market, the fastest growing of all major art markets globally, builds on the firm's profile as a key supporter of the arts worldwide. In the United States, the UBS PaineWebber Collection, one of the finest assemblages of contemporary art owned by a corporation, has solidified UBS's reputation as a leader in the arts community.

UBS PaineWebber serves the wealth management needs of more than 2 million clients with 8,500 financial advisors in 369 branch offices nationwide. UBS PaineWebber is one of four business groups of UBS along with UBS Warburg, UBS Global Asset Management and UBS Wealth Management and Business Banking.

New York, 9 December 2002
UBS PaineWebber