Group Managing Board

The members of the GMB are drawn from the management teams of the Business Groups and the Corporate Center or assume special Group functions. The GMB plays a crucial role in achieving UBS's one-firm vision and promoting the UBS agenda. Its role is to understand, challenge and contribute to further developing the firm's direction, values and principles and to promote and communicate its culture.

Members as of 31 December 2006 and announced changes.

Global Wealth Management & Business Banking

Michel Adjadj Head of Wealth Management Eastern Mediterranean, Middle East & Africa

Bernhard Buchs Chief Risk Officer

Robert J. (Bob) Chersi Deputy Chief Financial Officer

Arthur Decurtins Head of Wealth Management Benelux, Germany & Central Europe (stepped down on 1 March 2007)

Diane Frimmel Director of Operations and Services, Wealth Management US

Marten Hoekstra Head of Wealth Management US

Dieter Kiefer Head of Wealth Management Western Europe

Martin Liechti Head of Wealth Management Americas

Hans-Ulrich Meister Head of Business Banking

Francesco Morra Head of Wealth Management Italy

Tom Naratil Head of Market Strategy and Development

Rolf Olmesdahl Head Information Technology

Werner H. Peyer Head of Wealth Management for Zurich region

James M. Pierce Head Western Division, Wealth Management US

James D. Price Head Eastern Division, Wealth Management US

Joe Rickenbacher Chief Credit Officer

Alain Robert Head of Wealth Management Switzerland

Felix B. Ronner Global Head of Transaction Products and Head of Products & Services Europe

Kathryn Shih Head of Wealth Management Asia Pacific

Jean Francis Sierro Head of Resources (retired on 1 February 2007)

Anton Stadelmann Chief Financial Officer

Michael A. Weisberg Global Head of Products & Services

Klaus W. Wellershoff Global Head Wealth Management Research

Stephan Zimmermann Chief Operations Officer

Global Wealth Management & Business Banking (continued)

New members as of 1 March 2007:

Matthew J. Brumsen Head Business Unit UK, Northern and Eastern Europe

Gabriela Payer Fruithof Global Head Human Resources

Niklaus Pfau Head Advisory & Sales Management WM International

Michael Strobaek Global Head Investment Solutions

Juerg Zeltner CEO of UBS Deutschland AG

Investment Bank

Andy Amschwand Head of Investment Bank Switzerland Global Head of Foreign Exchange / Cash and Collateral Trading

David Aufhauser Global General Counsel

David A. Bawden Chief Credit Officer

Maria Bentley Global Head of Human Resources

Michael Bolin Chief Administrative Officer (stepped down on 1 March 2007)

Mark Branson CEO and President of UBS Securities Japan Ltd.

Simon C. Bunce Global Head of Fixed Income and Rates

Daniel Coleman Joint Global Head of Equities

Regina A. Dolan Chief Financial Officer

André Esteves Chairman and CEO UBS Latin America

Juerg Haller Chief Operating Officer UBS Latin America, Investment Bank

J. Richard Leaman III Joint Global Head Investment Banking Department

Jeffrey A. McDermott Joint Global Head Investment Banking Department

Ken Moelis President of Investment Bank

Brad Orgill CEO and Chairman, Australasia

Jeremy Palmer CEO of the Investment Bank in Europe, Middle East and Africa (EMEA)

John Pius Wall Joint Global Head of Equities

Alexander Wilmot-Sitwell Joint Head Investment Banking Department

Robert Wolf Chief Operating Officer UBS Investment Bank and Chairman of UBS Investment Bank Americas

New members as of 1 March 2007:

Peter W. Burnett Executive Chairman, Middle East

Suneel Kamlani Chief of Staff, Investment Bank

Richard B. Metcalf Chief Risk Officer

Global Asset Management

Mario Cueni Global Head of Legal, Compliance & Risk Control

Gabriel Herrera Head of Europe, Middle East & Africa

Christof Kutscher Head of Asia Pacific

Global Asset Management (continued)

Thomas Madsen Global Head of Equities

John A. Penicook Jr. Global Head of Fixed Income

Joe Scoby Head of Alternative and Quantitative Investments

Brian Singer Head of Global Investment Solutions

Kai Sotorp Head of the Americas

Paul Yates Global Head of Strategic Client Development (stepped down on 1 March 2007)

New members as of 1 March 2007:

Paresh Sodha Chief Financial Officer

Corporate Center

Scott G. Abbey Chief Technology Officer

Charles Nicholas Bolton Group Head of Operational Risk

Thomas Hammer Group Head of Human Resources (to step down on 1 April 2007)

Tom Hill Chief Communication Officer

Stephan Keller Group Treasurer

Philip J. Lofts Group Chief Credit Officer

Robert W. Mann Head of Leadership Institute

Neil R. Stocks Head of Group Compliance

M. Andrew Threadgold Group Head of Market Risk

Peter Thurneysen Head of Group Controlling & Accounting

William Widdowson Head of Group Accounting Policy

New members as of 1 March 2007:

Gerhard Bruederlin Group Head of Human Resources

Seth F. Cohen Head of Group Offshoring

Chairman's Office

Luzius Cameron Company Secretary

Markus Ronner Head of Group Internal Audit

Business Group Vice Chairmen

Business Group Vice Chairmen are appointed to support the businesses in their relationships with key clients. They strongly contribute to the success of UBS and work closely together with the members of the Group Managing Board.

Members as of 31 December 2006 and announced changes

Global Wealth Management & Business Banking

Thomas K. Escher Wealth Management

Carlo Grigioni Wealth Management

New members as of 1 March 2007:

Arthur Decurtins Wealth Management

Investment Bank

Ken Costa

Lord Brittan of Spennithorne, QC

Robert Gillespie

Phil Gramm

New members as of 1 March 2007:

Chris Brodie