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UBS sells real estate company NURESTRA AG.

| Media Releases Switzerland

UBS has sold its real estate company NURESTRA AG to a group of private investors. NURESTRA's portfolio comprises 31 residential properties, principally in western Switzerland.

UBS has sold the real estate company NURESTRA AG to a group of private investors. Both parties have agreed not to disclose the price of the transaction.

Founded in 1998 with its headquarters in Geneva, NURESTRA AG manages a portfolio of
31 properties, principally in western Switzerland, comprising almost 1,000 apartments. It benefits from a state-of-the art management information system (MIS) and a professional servicing platform. The properties in the portfolio are mostly put to residential use. Existing rental contracts will not be affected by this transaction.

As with the sale of IMPRIS AG, which was announced at the start of December, this placement of NURESTRA AG allows UBS to lighten its balance sheet and free up capital. Strategically, the transaction underlines UBS's intention to focus on its defined core activities. These do not include the ownership and administration of real estate. The transaction was executed by UBS Switzerland.

Zurich / Basel, 15 December 2000

UBS AG