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New term of office regulation and appointments in the Board of Directors of UBS

Zurich / Basel | | Price Sensitive Information

The Board of Directors of UBS will propose to the Annual General Meeting that the terms of office of Board members be reduced to one year. Marcel Ospel, Peter Voser and Larry Weinbach will be proposed for re-election for a one-year term. Sergio Marchionne is appointed non-executive Vice Chairman of the Board of Directors. Peter Voser will take over as Chairman of the Audit Committee from Larry Weinbach.

The Board of Directors of UBS will propose to the Annual General Meeting (AGM) that the terms of office of Board members be reduced from three years to one year. The proposal will require that the Articles of Association be amended at the AGM on 23 April 2008 such that new or re-elected members of the Board are appointed for a one-year term only. The same regulation will apply to all Board members who subsequently stand for re-election after the expiration of their terms of office. As a result, by 2010 at the latest, the entire Board of Directors of UBS will be confirmed on a yearly basis by the AGM.

On this basis, the Board of Directors will propose to the AGM that Marcel Ospel, Peter Voser and Larry Weinbach, whose terms of office expire on the date of the AGM, be re-elected for a one-year term.

The Board of Directors has also appointed Sergio Marchionne as a non-executive Vice Chairman. Effective 24 April 2008, the Chairman's Office will therefore consist of Marcel Ospel, Chairman, Stephan Haeringer as executive Vice Chairman and Sergio Marchionne as non-executive Vice Chairman.

Larry Weinbach, who had expressed his desire to hand over the Chairmanship of the Audit Committee, will remain a member of this committee and continue to provide his valuable experience and expertise. He will be succeeded as Chairman of the Audit Committee by Peter Voser.

The Board thanks Sergio Marchionne and Peter Voser for making themselves available for their new roles. "With these moves we have strengthened the leadership structure in order to manage UBS's current challenges," said Marcel Ospel, Chairman. "I proposed the new tenure rule to the Board, and am prepared, pursuant to their request, to stand for re-election for one year."