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UBS Global Asset Management Names Brian M. Storms Chief Executive Officer, Americas

| Media Releases Americas

New York - UBS Global Asset Management today named Brian M. Storms chief executive officer, Americas, effective July 1. As chief executive, he will be responsible for the firm's businesses in the United States and Canada, reporting to John Fraser, chief executive officer of UBS Global Asset Management. Storms has been president and chief operating officer since 2001.

Storms will succeed Benjamin F. Lenhardt, Jr. as chief executive. Lenhardt, who remains chairman, UBS Global Asset Management, Americas, will continue to focus on building and managing senior client and consultant relationships for the firm until his planned retirement in December 2003.

UBS Global Asset Management is well positioned to achieve a new level of success in the Americas and around the world," said Fraser. Brian and Ben together have been instrumental in the solid performance and growth of UBS Global Asset Management. We look forward to their future contributions to our business in this important market."

In addition, Fraser noted that there will be no change to the organization's investment philosophy and processes or to the core investment platform, which will continue to be led by Jeffrey Diermeier, global chief investment officer.

As previously announced, the firm today also adopted a globally-unified brand, UBS Global Asset Management. The new brand replaces previous regional brand names, including Brinson Partners, Brinson Advisors, and Brinson Canada in the Americas; Phillips & Drew in the United Kingdom; and UBS Asset Management in the Europe, Middle East and Africa and Asia Pacific regions.

With $405 billion in assets under management as of December 31, 2001, UBS Global Asset Management is a global investment leader in equities, fixed income, real estate, timber, hedge fund and multi-manager investment capabilities. UBS Global Asset Management is one of four business groups of UBS AG along with UBS Warburg, UBS PaineWebber and UBS Switzerland.

UBS AG is a leading global financial services firm with 70,000 employees worldwide, providing a wide range of services to a client base that includes affluent individuals, corporations, institutions and governments. Headquartered in Switzerland, the bank has significant operations in all of the world's major financial centers.

Contact: David Walker (212) 713-8502 or Kati Otto (212) 713-2138