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Mitchell Hutchins Aligns With UBS Asset Management.

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Broadens Scope of U.S. Asset Management Business; Unit To Focus on Wholesale Intermediary Channels.

UBS, one of the world's leading financial services firms, today announced that Mitchell Hutchins Asset Management, Inc., PaineWebber's investment management subsidiary, will join the UBS Asset Management business group, effective immediately.

Mitchell Hutchins will be renamed Brinson Advisors, Inc., which complements the Brinson Partners brand that identifies UBS's existing U.S. institutional asset management business. Brinson Advisors will focus on delivering investment products and services to the wholesale intermediary market and will be headquartered in New York.

Brian M. Storms, president and chief executive officer of Mitchell Hutchins, will become president of Brinson Advisors. He will report to Benjamin F. Lenhardt, Jr., head of UBS Asset Management in the Americas and president and chief executive officer of Brinson Partners.

"This is an ideal combination which aligns Brinson's premier institutional asset management business with Mitchell Hutchins' focus and experience," said Peter Wuffli, chairman and chief executive officer of UBS Asset Management. "This move is further proof of PaineWebber's transforming impact across UBS's business."

Mitchell Hutchins currently manages $74 billion of client assets and is a highly specialized investment manager primarily for the private client end-user market, focusing on three core areas: quantitatively-driven investments, including enhanced indexing, short-term fixed-income and municipal securities. There is no planned integration of the firms' investment platforms.

"Rather than build a wholesale business from the ground up, we have been able to make this totally complementary realignment," said Lenhardt. "This allows our existing institutional business in the U.S. to remain completely focused, while Brian and his team target wholesale channels."

"Combining Mitchell Hutchins' experience in serving the needs of PaineWebber's affluent investors, our specialized investment expertise and Brinson's institutional capabilities provides a unique and powerful platform that will clearly differentiate Brinson Advisors in the U.S. wholesale intermediary marketplace," said Storms.

UBS Asset Management is one of the world's most extensive globally integrated asset management organizations, with assets under management totaling $320 billion at September 30, 2000.

UBS is a leading global financial services firm with 70,000 employees worldwide, providing a wide range of services to a client base that includes affluent individuals, corporations, institutions and governments. Headquartered in Switzerland, the bank has significant operations in all of the world's major financial centers.

New York, February 20, 2001