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Individual salary increases at UBS

| Media Releases Switzerland

As of 1 March 2003, UBS will increase the total payroll for its employees and middle management staff working in Switzerland by 0.9%.

The UBS employer representatives and the Employee Representation Committee have reached the following agreement:

UBS will make available 0.9% of the corresponding total payroll for individual, performance and function-related salary increases on the Swiss market for employees and middle management staff. As in previous years, the adjustments come into effect on 1 March.

All UBS employees and middle management staff whose performance has fully met the set objectives are in addition eligible for inclusion in the performance and results-related bonus process.

Zurich / Basel, 31 October 2002
UBS AG