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UBS to appoint Sean Chao as Branch Manager of UBS AG, Taipei Branch.

| Media Releases APAC

Subject to regulatory approval, UBS will appoint Sean CHAO Branch Manager for UBS AG, Taipei Branch, in addition to his existing responsibilities as UBS's Taiwan Country Head. Chao will report to Rory TAPNER, Chairman and Chief Executive Officer, Asia Pacific.

Former Branch Manager, Roberto BARONI, has decided to pursue interests outside the banking sector in Switzerland.

For the last nine months, Chao has spearheaded the successful restructuring of UBS's Global Asset Management business - most notably its strategic alliance with Cathay Securities Investment Trust in March this year. He will take overall responsibility for the operations of the UBS Bank Branch in Taipei.

"Sean played a central role in building UBS franchise in Taiwan. His wealth of experience in the banking sector, deep knowledge of all UBS's businesses and strong connections in the financial services industry will be invaluable in further developing our business in Taiwan," said Rory Tapner, Chairman and Chief Executive Officer, Asia Pacific.

Dennis Chen, currently Head of Marketing at Wealth Management in Taiwan, has been appointed Head of Wealth Management, Taiwan. Chen reports functionally to Allen Lo, Managing Director and Regional Market Manager, Greater China, UBS Wealth Management, and locally to Sean Chao.

"Dennis has been instrumental in helping the wealth management business in Taiwan go from strength to strength over recent years. I am confident that momentum will continue as he assumes his new responsibilities," said Kathryn SHIH, Head of Wealth Management, Asia Pacific.

Andreas MONDOVITS, Head of Pan Asia, UBS Global Asset Management will assume overall leadership of the Taiwan business with the support of Lynn HUANG, President of UBS Global Asset Management (Taiwan) Ltd, and Mike ZHENG, President of UBS Securities Investment Advisory (Taiwan) Ltd.

Andreas Mondovits oversees Global Asset Management in the Pan-Asian markets including Singapore, Hong Kong and Taiwan. He joined the Investment Bank in 1999 before transferring to Global Asset Management in 2002.

Taipei, 22 June 2005
UBS

For further information

Mr Matthew McGrath

(T) +852 2971 8200

(M) +952 9235 0166

Ms Donna Chan

(T) +852 2971 8792 / + 886 2 8722 7265

(M) +852 9312 1311