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UBS Board of Directors announces senior management changes

| Media Releases Switzerland

Peter Wuffli replaces Luqman Arnold as President of the Group Executive Board. UBS PaineWebber becomes a separate business group. John Costas joins the Group Executive Board as CEO of UBS Warburg.

UBS today announces a number of senior management changes. Peter Wuffli, formerly CEO of UBS Asset Management, replaces Luqman Arnold as President of the Group Executive Board with immediate effect. This change reflects a number of differences of opinion. There are no financial, operational or control issues behind it.

Marcel Ospel, Chairman of the Board of Directors, said "We regret the necessity to make this leadership change. We appreciate the many contributions Luqman has made to the strategy, financial management and transparency of UBS. Under the new leadership there will be no change in UBS's strategy, focus, direction or values."

Peter Wuffli, will be replaced as CEO of UBS Asset Management by John Fraser, currently President and COO of that business.

John Costas, currently President and Chief Operating Officer, will become Chief Executive Officer of UBS Warburg, assuming the day-to-day operational leadership of the business group. Markus Granziol will remain Chairman of UBS Warburg, continuing to perform executive tasks focusing particularly on developing strategy and strengthening key relationships with corporate and institutional clients. Markus and John will both sit on UBS's Group Executive Board, and will both be based in London.

From the beginning of 2002, the Private Clients business unit of UBS Warburg, centered on UBS PaineWebber, will become a separate business group within UBS. This business group will be titled UBS PaineWebber. Within a year of PaineWebber's merger with UBS Warburg, much has been delivered. Its businesses have been seamlessly integrated, and a very strong relationship has been forged with the Corporate and Institutional Clients business. This relationship has been beneficial to both sets of clients, with UBS PaineWebber clients securing greater access to global markets and investment banking products, and UBS Warburg corporate clients benefiting from hugely strengthened distribution. With these achievements behind it, UBS PaineWebber will now focus particularly on working closely together with UBS Private Banking to build a single global wealth management platform for UBS.

To facilitate this co-operation, UBS is establishing a Wealth Management Board, chaired by Joseph J Grano, CEO of UBS PaineWebber. This Board will additionally comprise John Fraser, CEO of UBS Asset Management, Georges Gagnebin, CEO of UBS Private Banking, Stephan Haeringer, CEO of UBS Switzerland, and Mark Sutton, President of the US Private Client Group, UBS PaineWebber. The objective of the Board will be to co-ordinate the strategies of all UBS Group's wealth management businesses, aligning approaches and seeking further synergies.

"The welcome we have found at UBS has exceeded all our expectations this past year, and our businesses are working powerfully together, especially in the US," said Joseph J Grano, CEO of UBS PaineWebber. "We are convinced that together we can build UBS into the foremost wealth management firm in every key market globally."

The management changes will be effective immediately, and structural changes will be reflected in our financial reporting from January 1, 2002. Current granularity of disclosure will be maintained.

Zurich / Basel, 18 December 2001
UBS AG

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