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Friday 21 January, 2000

UBS AG

Global Agreement Signed

UBS AG
21 January 2000



Vodafone AirTouch and UBS announce co-operation agreement




London/Basel/Zurich - 21 January 2000--Vodafone AirTouch Plc
('Vodafone AirTouch') and UBS AG ('UBS'), acting through its
division Warburg Dillon Read, a global leader in securities
and investment banking, announced today that they have signed
a global agreement whereby they will examine opportunities to
co-operate in the field of electronic distribution of
investment advisory content, embracing global financial
research across equities, fixed income and foreign exchange
products.

Vodafone AirTouch offers its partners an innovative mobile
communications network and outstanding geographical coverage,
which would allow Warburg Dillon Read, as a content provider,
to disseminate value-added information to both existing and,
potentially, a very large group of new clients through various
technologies, including SMS (Short Message Service) the most
widely used current technology.

Partnership with Vodafone AirTouch in this landmark initiative
will also enable Warburg Dillon Read to exploit future
technological advances towards better functionality for end
users and enhanced customisation of content.

Markus Granziol, CEO of Warburg Dillon Read, said: 'This
agreement demonstrates how Warburg Dillon Read is once again
at the forefront of new technologies. Through this agreement
we will enhance delivery of Warburg Dillon Read's outstanding
research product to our existing clients.  Simultaneously,
Warburg Dillon Read will be able to access an even broader
audience.

James Tregear, Global Head of Equities Distribution at Warburg
Dillon Read, said: 'Our aim is to enlarge our customer base
and improve levels of service with our existing clients
globally.  In making this agreement, Warburg Dillon Read is
leading the industry in adapting technology to maximise
benefits for its clients.  This is just the first step in
broadening and leveraging the high value content of Warburg
Dillon Read via multi-distribution channels.'

Chris Gent, Chief Executive of Vodafone AirTouch, commented:
'The delivery of products and services to mobile users across
the world via internet platforms will become increasingly
sophisticated and financial services will be an important
area.  We are delighted to join with UBS and Warburg Dillon
Read to develop these services.  We aim to become the world's
leading mobile multimedia operator delivering the best
information and services anytime, anywhere.'

The development of the WAP (Wireless Application Protocol) and
the GPRS (General Packet Radio Service) technologies will
eventually enable providers to disseminate text files and
graphics. Applications that are currently being engineered
will enable Warburg Dillon Read to send audio and video files
to clients. This will give a wide range of clients easier
access to high quality financial information, tailored to
their own individual requirements, and will allow subscribers
to access customised Warburg Dillon Read WAP sites.

It is planned that this service will be global with initial
testing taking place in the UK and extended to other markets
at a later stage.

Enquiries:
UBS
Christoph G. Meier, UBS Group PR                       +41 61 288 6595
Monika Dunant, UBS Group PR                            +41 61 288 6595

Warburg Dillon Read
Iona Lawson, Divisional Communications                 +44 171 568 2910

Vodafone AirTouch
Terry Barwick,Director of Corporate Affairs            +44 1635 33251
Melissa Stimpson,Senior Investor Relations Manager     +44 1635 33251
Mike Caldwell,Corporate Communications Director        +44 1635 33251






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