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Uniform branding with UBS Private Banking Deutschland AG.

| Media Releases Switzerland

As a further step in implementing the European Wealth Management Initiative, Schröder Münchmeyer Hengst AG, a wholly-owned German subsidiary of UBS, will of today be banking under a new name, UBS Private Banking Deutschland AG. The change of name underscores UBS's long-term commitment to the German private banking market. UBS Private Banking Deutschland AG will be substantially enlarging its team of client advisors in Germany in the years ahead.

UBS Private Banking, a division of UBS, is a global provider of wealth management services to private clients with assets of EUR 500,000 and over. Wealth management for private clients is one of UBS's core activities. With invested assets of CHF 718 billion on 30 June 2001, UBS is one of the leading wealth managers in the world. UBS Private Banking is present in 85 locations throughout the world with a staff of 8,800 employees.

UBS Private Banking Deutschland AG offers private clients a range of integrated financial products and services from strategic asset management through real estate consulting and securities management to family office resources for managing and coordinating total family assets.

In order to develop customized investment strategies, UBS Private Banking offers proprietary as well as a carefully selected range of third-party products. This means the client receives a best-in-class solution that seeks to deliver optimum quality, regardless of the product originator. UBS Private Banking also provides clients with access to its full spectrum of global services.

Dr. Andreas Muth, Speaker for the Managing Board, emphasizes that "Clients are more active today in managing their own assets and demand integrated solutions with a geographically enlarged service offering. This offering, embedded in a consistently deployed open product architecture, is what today's clients seek."

UBS Private Banking Deutschland AG has proximity to its clients, thereby enabling its specialized client advisors to understand the background, environment, individual needs and aspirations of their clients, to define their risk profile and help them make the best decisions possible with the aid of a transparent investment process. The client advisor also offers the client access to the expertise and investment capabilities of the UBS Group. Besides a personal client advisor, private banking clients also have a range of specialist teams at their service. These are available for financial solutions for entrepreneurs, for complex family fortunes and for independent asset managers, who can benefit from the broad array of UBS services.

In Germany UBS Private Banking is already present in seven locations: Berlin, Düsseldorf, Frankfurt am Main, Hamburg, Munich, Offenbach and Stuttgart with a total workforce of 450 employees. The number of client advisors will be increased from the current 185 to around 400 by the year 2005. In January 2002 a further branch in Bielefeld will be opened.

For further information please contact:

Dr. Andreas Muth, Speaker of the Managing Board, Telephone +49 69-2179-6200
Anja Schlenstedt, Corporate Communications UBS Beteilungs-GmbH&Co KG,
Telephone +49 69-1369-8303

Zurich / Basel, 12 November 2001
UBS AG