UBS will strengthen its independent fund research activities with this measure, thus confirming its commitment to an open product architecture. The new research unit will consolidate the bank's global expertise with a remit to analyse the fund universe and identify the most suitable products. The bank incorporates the findings of UBS Fund Research directly in its individual portfolio solutions for clients. Bundling capabilities in this area allows the bank to make efficient use of the know-how available, thereby freeing up additional resources for further growth in its global fund research operations.

At the same time, UBS Global Asset Management will set up a focused wholesale service unit, offering existing and future B2B clients of Fondvest and UBS the complete range of UBS funds as well as a selection of best-in-class third-party funds, all from a single provider. This new platform will also serve as a basis for expanding the open-architecture concept in the European B2B market.

Zurich / Basel, 20 February 2003
UBS AG