Lord Roll of Ipsden, KCMG, CB, and Senior Advisor to UBS Investment Bank, died early this morning at the age of 97. UBS wishes to express its deepest sympathy to the family of this truly extraordinary man.

"On behalf of UBS, we would like to express our sadness at the passing of Eric and we offer our sympathy to his family," said Marcel Ospel and John Costas, Chairman of UBS and Chairman and CEO of UBS Investment Bank, respectively. "Eric was a trusted advisor, senior leader and friend to so many in the Group for decades. His contributions to public life in the UK and globally, and his business accomplishments spanned most of the 20^th century and into the 21^st - he will be sorely missed."

The following is a brief description of the professional career of Lord Roll:

• 1935-39 - Professor of Economics and Commerce at the University of Hull.

• 1946-47 - After service with the British Food Mission in North America during the Second World War, he became Assistant Secretary of the Ministry of Food.

• 1948 -appointed Under-Secretary, H.M. Treasury.

• 1949 - Minister, U.K. Delegation to OEEC before being appointed Deputy Head, U.K. delegation to NATO in 1952.

• 1953-57- Under-Secretary at the Ministry of Agriculture, Fisheries and Food, before becoming Deputy Secretary from 1959-61.

• 1961-63 - Deputy Leader of the U.K. Delegation for Negotiations with the European Economic Community.

• 1963 - Head of the U.K. Treasury Delegation, Washington and also Executive Director for the U.K. at the International Monetary Fund and International Bank for Reconstruction and Development.

• 1964-66 - Permanent Under-Secretary of State, Department of Economic Affairs.

• 1971-80 - Independent member of the NEDC and from 1967-83 a Director of Times Newspapers Ltd

• 1968-77 - Director of the Bank of England from 1968-77

• 1974-83 - Chairman of S.G. Warburg & Co. Ltd.

• 1983-87 - Joint-Chairman of S.G. Warburg & Co. Ltd. In addition he was Chairman of Mercury Securities Ltd. from 1974-84.

• 1987-05 - President of S.G. Warburg Group plc and then Senior Advisor to UBS.

Lord Roll was educated on the Continent and at the University of Birmingham where he received a PhD in 1930. Lord Roll's many publications include A History of Economic Thought, his memoirs Crowded Hours, and the economic studies Where Did We Go Wrong? and Where Are We Going?

Enquiries:
David Walker, Media Relations +44 20 7568 2439
Sarah Small, Media Relations +44 20 7568 2609

London, 31 March 2005
UBS