Extraordinary General Meeting 7 September 2000

Item 3: Election of Special Auditors

A. Proposal
The Board of Directors proposes that Deloitte & Touche Experta AG, Basel, be elected for a three-year term of office as Special Auditors in the sense of Article 31 paragraph 3 of the Articles of Association.

B. Explanations
The Securities and Exchange Commission (SEC) rules relating to the independence of the auditors who are responsible for the opinion on the financial statements (the Statutory and Group Auditors) mean that the auditors opinion required under Swiss law in respect of certain capital transactions, including that in respect of the PaineWebber transaction, must be provided by a different audit firm. After the listing of the UBS shares in May 2000 at the New York Stock Exchange, this requirement has now to be met.

The Board of Directors proposes that Deloitte & Touche Experta AG be elected. Deloitte & Touche Experta is part of Deloitte Touche Tohmatsu, a global audit, advisory and consulting firm headquartered in New York, with around 90,000 employees worldwide and 400 in Switzerland.