Alex Krauer, Chairman of the Board of Directors of UBS AG, will step down from his function after the 2001 Annual General Meeting of Shareholders. "With the UBS/SBC merger successfully behind us, promising strategic initiatives under way, and with UBS in strong financial health, I consider this to be the right moment to arrange for our top-management succession," Alex Krauer said.

The Board of Directors will submit the election of Marcel Ospel (50) for approval at the AGM to be held on 26 April 2001, and will thereafter appoint him as Chairman.

The Board of Directors elected Luqman Arnold (50), Group Chief Financial Officer, as the new President of the Group Executive Board. He will remain Head of the Corporate Center and thus continue to have direct responsibility for the Group's finance and risk functions.

The AGM will also be requested to elect new British, Dutch and US members of the Board of Directors, thus reflecting UBS's global reach and international business also at Board level. The three candidates are: Sir Peter Davis (58), CEO of J. Sainsbury plc., London, Johannes Antoine de Gier (55), former Chairman and CEO of Warburg Dillon Read, London, and Lawrence Allen Weinbach (60), Chairman and CEO of Unisys Corporation, New York.

Zurich/Basel, 11 October 2000
UBS AG

Sir Peter Davis

Born: 23 December 1941
Education: Shrewsbury School, Qualified Chartered Institute of Marketing

Professional Experience:
since 1^st March 2000: Group Chief Executive Officer of J Sainsbury plc, London
1995 Group Chief Executive of Prudential plc
1986 Chief Executive and Chairman of Reed International, Chairman of Reed Elsevier following the merger of Reed International with Elsevier
1976 J Sainsbury plc., Assistant managing director with responsibility for all buying and marketing operations
1965 Marketing and Sales Director Fitch Lovell Ltd.
1959 Marketing and sales positions General Foods Ltd. Banbury

Family: married, with two sons and one daughter


Johannes Antoine de Gier

Born: 24 December 1944
Education: University of Amsterdam, Law Degree (lic.iur.)

Professional Experience:
until March 1999: Chairman and CEO of Warburg Dillon Read 1980-1999 Swiss Bank Corporation / SBC Warburg / UBS AG 1998 CEO Warburg Dillon Read, Member of the Group Executive Board of UBS AG
1995 Chairman of SBC Warburg, Vice President of the Executive Committee of Swiss Bank Corporation (SBC)
1994 Member of the Executive Committee, Co-Head Division International and Finance
1991Member of the Group Executive Board of SBC, Global Corporate Finance
1988 Chief Executive SBC London
1980 Joined SBCI London as Executive Director
1973 Amro Amsterdam, Capital Markets, International Finance
1970 ABN Amsterdam, ABN Trust Company Curaçao
 
Family: married, with two children


Lawrence (Larry) Allen Weinbach

Born: 8 January 1940
Education: BS Economics, Wharton School of the University of Pennsylvania Certified Public Accountant

Professional Experience:
since September 1997: Chairman, President and CEO of Unisys Corporation
1961 - 1997 Anderson
1989 Managing Partner and Chief Executive of Anderson Worldwide
1987 Chief Operating Officer of Anderson
1983 Managing Partner of the New York office and Managing Partner for the metropolitan area
1981 Partner in charge of accounting audit practice in New York
1974 Managing Partner of Stamford, Connecticut, office
1970 Elected to partnership
1961 Joined audit staff of Andersen in New York after graduating from the Wharton School

Family: married, with three children