Ernesto Bertarelli (36), who is one of the world's most successful young business leaders, has led Serono since 1996. Headquartered in Geneva and with major operations worldwide, the firm has grown into the world's third largest biotechnology company. Total revenues rose from USD 809 million in 1996 to USD 1.24 billion last year, and earnings per share increased from USD 3.36 to USD 19.50 over the same period.

Marcel Ospel, UBS Chairman, said: I am delighted that Ernesto Bertarelli will join our Board and contribute with his drive and entrepreneurial spirit."

Ernesto Bertarelli, CEO of Serono, commented: It is an honour for me to be asked to join the Board of UBS. I look forward to working with my new colleagues in continuing the success that UBS enjoys as a world class corporation."

Ernesto Bertarelli graduated from the Harvard Business School as a Master of Business Administration and holds a Bachelor of Science from the Babson College, Boston, Massachusetts.

Zurich / Basel, 16 November 2001