The step represents a milestone in the history of UBS. The decision to implement a single brand was made on the basis of in-depth research undertaken by UBS to review its brand strategy, focusing on brand values as much as brand structure. The review included market research in 14 countries involving thousands of clients and potential clients, both individual and institutional.

In the financial services industry, a brand can be the deciding factor behind a client's choice of financial provider. A strong brand image is a key factor in UBS's organic growth strategy.

Tailored descriptors - 'Investment Bank', 'Wealth Management' and 'Global Asset Management' - will be used alongside the UBS brand to describe services targeted at specific client segments. In Hong Kong, consistent with local regulations and the structure of its businesses, UBS businesses will operate with the following logo/descriptor combinations:

The adoption of the single brand symbolises UBS's total commitment to its client's needs and goals. However, while the Group's brand names have changed, the commitment, people and services in which UBS clients place their trust remain the same, as does the Group's focus on delivering ever more superior levels of client satisfaction.

Hong Kong, 9 June 2003
UBS