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Jens Alder nominated for the UBS Board of Directors

| Media Releases Switzerland

Zurich, 11 January 2002 - At the Annual General Meeting to be held in Basel on 18 April 2002, the UBS Board of Directors will propose that shareholders elect Jens Alder, CEO of the Swisscom Group, to the board, the bank's highest governing body.

After completion of his studies in electrical engineering at the Swiss Federal Institute of Technology (ETH) in Zurich, Jens Alder (44) held various executive positions at Standard Telephon & Radio AG, Alcatel STR AG and Motor Columbus AG. In 1998, he was appointed to the Swisscom Executive Board as Head of the Network Services Business Unit, after which he was made Chief Executive Officer of the Swiss telecommunications company in December 1999. He has led the partially privatized group to success in a difficult market environment, drawing on the broad knowledge he has gained as an entrepreneur. Jens Alder also holds a Master of Business Administration (MBA) from Insead in Fontainebleau, France.

"It is a great pleasure to nominate Jens Alder to our Board of Directors," says Marcel Ospel, Chairman of UBS," and thus gain the skills and services of another leading entrepreneur. He will bring fresh energy to our board and contribute his know-how in the ever more important telecommunications business."

For Jens Alder, his nomination is more than simply a personal vote of confidence: it is an expression of the esteem in which Swisscom is held in the business world and in society at large. "My involvement with UBS will mean a double boon. I am convinced that Swisscom, too, as well as its customers will profit from my experience on the Board of Directors of Switzerland's largest bank."

Markus Kündig, Vice-Chairman of the UBS Board of Directors, will step down from his post at that same Annual General Meeting, now that he has reached the statutory age of retirement. The election of Jens Alder and of Ernesto Bertarelli, CEO of Serono International SA, whose nomination was decided earlier, will again bring the Board's membership to ten.

Zurich / Basel, 11 January 2002
UBS AG