The sale by Commerzbank of CCR to the UBS Group was completed on 1 February2008 after the obtaining of all the necessary regulatory approvals.

The combination of UBS Global Asset Management (France) SA and the CCR groupis leading to the creation of a group that will immediately rank among the mostimportant players on the French asset management market. This combination willalso enable UBS to consolidate its positions in the private banking sector inFrance. This merger with enable us to build the bases of an enriched commercialoffer on the French market and to considerably reinforce the potential for thedistribution of the CCR product line. This commercial offer will combine theshared resources of one of the leading asset managers worldwide and theexpertise of its different asset management centres throughout the world withour recognised expertise in Value equity, volatility and money market funds. Inparallel with this sharing of expertise, our position within the UBS Group willprovide our clients with even greater guarantees of financial solidity andstability. The participation of our teams and our shared commitment to combineour forces are essential factors for the success of this major project.