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UBS appoints David Li Yi Chairman and Country Head of China

| Media Releases APAC

UBS AG has appointed David LI Yi as Chairman and Country Head of China, effective 1st June 2005. Li will report to Rory TAPNER, Chairman and Chief Executive Officer of UBS in Asia Pacific.

Li joins UBS from China Merchants Holdings (International) where, from November 2001 until May 2005, he was Managing Director with responsibility for refocusing strategy on the port industry and restructuring business lines through asset swaps, M&A and divestments, to accommodate the company's new strategy. Under Li's leadership China Merchants Holdings (International) (CMHI) transformed from a multi-category investment company into an industry leader focused on port operation. During Li's term, CMHI's net profit increased 2.5 times and its share price almost quadrupled; the company was added to the Hang Seng Index and was the third best performing constituent of the index in 2004.

"David's demonstrated excellence in both strategy development and implementation will complement our already strong China team. As our businesses in China continue to expand, exploiting opportunities across the breadth of our group will become ever more critical," said Tapner.

Li spent more than seven years in securities trading, direct investment and investment banking on Wall Street. Between 1992 and 1997, Li worked for Citicorp in New York in a variety of roles. And from 1997 until 1999, he was Senior Vice President at First Capridge Corporation. In 1995/1996, he was Chairman of the China Finance Society in New York.

Li relocated to China in 1999 when he was appointed Executive Vice President of China Merchants Securities with responsibility for building and developing the Group's investment banking services.

Li obtained a Bachelor of Education at the Beijing University of Physical Education in 1984; an LLB from the China University of Political Science & Law in 1988; and an MBA from the Wharton School of Business in 1992. Between 1983 and 1985, Li was Vice Chairman of the National Student Federation in China. And between 1976 and 1980, was a professional player at the Shaanxi Professional Soccer Club.

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Hong Kong, 24 May 2005
UBS