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Top Management Changes.

| Media Releases Switzerland

UBS announces a number of changes in its top management.

UBS Group
Joseph J. Grano Jr. (1948), President and CEO of PaineWebber and now also President and CEO of the Private Clients and Asset Management division in UBS Warburg, will join the Group Executive Board as per January 1, 2001 to represent this important business on the most senior level of our organization. Joe Grano has been with PaineWebber for the last twelve years, having begun his professional career as an investment executive at Merrill Lynch.

UBS Warburg
John Costas (1957) has been appointed President and Chief Operating Officer of UBS Warburg as well as the CICPE (Corporate and Institutional Clients and Private Equity) division. In his new role, he will assist Markus Granziol, Chairman and CEO of UBS Warburg, in day-to-day management and strategic development of UBS Warburg in line with the bank's aggressive global ambitions.

After the significant expansion of UBS Warburg due to the merger with PaineWebber, this Business Group will be much more strongly represented on the Group Managing Board.
The following individuals have been appointed to the Group Managing Board, as per January 1, 2001:

Regina Dolan (1954) assumes the function of Chief Administrative Officer in the Private Clients and Asset Management division of UBS Warburg.

Robert Gillespie (1955), joint global head of Corporate Finance in UBS Warburg, is being promoted to Member of the Group Managing Board. He continues to assume joint leadership for Corporate Finance, together with Rory Tapner.

Alan C. Hodson (1962), head of European Equities and deputy head of Global Equities in UBS Warburg is being promoted to Member of the Group Managing Board.

Robert H. Silver (1955) assumes responsibility for Operations & Systems in the Private Clients and Asset Management division of UBS Warburg. He joined PaineWebber in 1988 after eleven years of professional experience with KPMG and Merrill Lynch.

J. Richard Sipes (1946), who has been with PaineWebber since he first joined in 1978, is responsible for the business area International Private Clients in UBS Warburg.

Mark B. Sutton (1954), President of PaineWebber Private Client Group, leads the US Private Clients business area of UBS Warburg.

William (Bill) Johnson (1962), head of e-services, will leave UBS Warburg as per December 31, 2000. Due to the merger with PaineWebber, UBS Warburg has decided to combine e-services and international (non-US) on-shore private banking in a single business area under the leadership of Richard Sipes, and to integrate that business in the newly created Private Clients and Asset Management division. Bill Johnson will continue to work for UBS in an advisory capacity to support the transition and integration efforts. UBS thanks him for his contribution to the bank over the many years he worked for UBS, since he first joined O'Connor & Associates in 1984.]

UBS Switzerland
Franz Menotti (1940), head of the business area Individual Clients in the Private and Corporate Clients division of UBS Switzerland, will retire as per January 31, 2001. He looks back on an outstanding career in our firm, which he concluded with a highly successful role during the merger. He now wishes to hand over to younger forces, as the further development of the business needs new dynamics. UBS is grateful for his 30 years with our organization and wishes him the very best for the future.

Alain Robert (1955), Regional Market Manager Private Banking/Swiss Clients, Geneva, and Regional Head Geneva Private and Corporate Clients division, will succeed Franz Menotti as head of the Individual Clients business area in UBS Switzerland as per February 1, 2001. He is being promoted to Member of the Group Managing Board.

Marcel Rohner (1964), Group Chief Risk Officer, will become Chief Operating Officer of Private Banking as of January 1, 2001. This newly created function will contribute to relieving the divisional CEO of some operational responsibilities, allowing him to concentrate on client issues, market positioning and investment policy. Marcel Rohner will assume responsibility for products and services, logistics and the central functions of the division.

Corporate Center
Walter Stürzinger (1955), head of Group Internal Audit, will take over from Marcel Rohner as Group Chief Risk Officer and is being promoted to Member of the Group Managing Board. He joined our organization in 1994 as Chief Internal Auditor, after almost twenty years of professional career in the industry, in Switzerland and abroad.

Zurich/Basel, December 14, 2000

UBS AG