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UBS announces "flash" 3rd quarter results: net profit up 73%.

| Media Releases Switzerland

UBS today announced preliminary "flash" third quarter results demonstrating continued strong profitability, with Group net profit after tax and minority interests above CHF 2 billion for a third straight quarter and up 73% over the third quarter of 1999, on an adjusted basis.

Year-to-date adjusted net profit after tax of CHF 6,498 million represents an increase of 80% over the first nine months of 1999, and already exceeds the adjusted 1999 full-year results by 39%.

Assets under management development is encouraging with improved net new money flows across all business groups. In UBS Warburg, sharp changes in the quarter-on-quarter net new money trend in the Private Clients unit reflect the relatively early stage of this unit's business development.

UBS's detailed third quarter report, including all customary supporting information and analysis, will be published as planned on 28 November.

This "flash" has been published one month in advance in order to ensure maximum transparency and clarity for PaineWebber and UBS shareholders during the closing period of the merger between the two firms.

Zurich / Basel, 26 October 2000

UBS

This press release contains forward-looking statements. These forward-looking statements are found in various places throughout this press release and include, without limitation, statements concerning the expected timing and benefits of the proposed merger. While these forward-looking statements represent our judgments and future expectations concerning the development of our business and the timing and benefits of the merger, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, the inability to obtain, or meet conditions imposed for, governmental and other approvals for the transaction; and other key factors that we have indicated could adversely affect the merger contained in our past and future filings and statements, including those filed with the United States Securities and Exchange Commission. All statements regarding matters following the completion of the merger of UBS and PaineWebber are subject to such completion.