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UBS (France) S.A. expands to Lyons.

| Media Releases Switzerland

UBS (France) S.A., a wholly-owned subsidiary of UBS AG, has opened a branch in Lyons, expanding its domestic wealth management activities for private clients in the French market. The branch in Lyons currently employs 8 people.

UBS (France) S.A. commenced private banking operations in Paris on 1 June 1999 and currently employs 110 people in the Paris office. There are also plans to open offices in Bordeaux, Marseilles, Lille, Nantes and Strasbourg.

UBS (France) S.A. offers its private clients the following services: portfolio management, investment advisory services, corporate finance and a wide range of financial planning services. The financial product offer is as broad as it can be and includes bonds, stocks, derivatives and money market instruments from markets globally as well as investment funds from UBS and third party providers.

Jean-Louis de Montesquiou, President of the Executive Board of UBS (France) S.A., commented: "By benefitting from the experience, know-how and substantial resources provided by UBS Group as a whole, we are in a position to offer French investors very high-quality advice and best-in-class products in all areas of wealth management, both within France and internationally. Our aim is to offer our clients a range of innovative products and services with exceptional quality and to become one of the major players in private asset management in France in the years ahead."

Etienne de Timary, Head of the Lyons branch, added: "With our new branch in Lyons, we are sending out a clear signal to business leaders and wealthy families in the Rhône-Alpes, Bourgogne, Auvergne and Franche-Comté regions that we intend to deliver the services of the world's foremost private banking institution from a local base. UBS's offering is unique in this region, thanks to the firm's global, integrated approach. Combining the wealth management services of UBS (France) S.A. with the investment banking platform of UBS Warburg will allow us to provide our clients with a comprehensive and innovative range of products and services. All the members of our team are seasoned professionals with successful track records in private banking, combining the qualities of discretion, advisory excellence and availability."

Wealth management for private clients are a core business of UBS. Advice and products are tailored to specific client needs. This strategy takes a comprehensive approach covering the whole lifecycle and the specific situation of each client while encompassing all aspects of the legal and regulatory environment in which the client operates.

UBS AG is a global integrated investment services firm and the leading bank in Switzerland. UBS AG is the world's leading provider of private banking services and one of the largest asset managers globally.

Paris, 06 June 2001
UBS AG