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Changes within UBS Board of Directors

| Media Releases Switzerland

Peter Böckli to become Vice Chairman. Jens Alder withdraws candidature.

UBS today announced several changes to positions within its Board of Directors, which will become effective after its Annual General Meeting to be held on 18 April 2002.

Professor Peter Böckli, will become non-executive Vice Chairman of UBS. He succeeds Markus Kündig, who will retire from the Board of Directors at the Annual General Meeting, after 20 years service first as a Director and later as Vice Chairman of UBS. Lawrence A. Weinbach, Chairman and CEO of Unisys, will replace Peter Böckli as Chairman of the Audit Committee. Rolf A. Meyer will replace Markus Kündig as Chairman of the Compensation Committee. Hans de Gier will become Chairman of the Nomination Committee.

The Board of Directors also notes with regret that Jens Alder, CEO of Swisscom, has informed UBS that he has withdrawn his candidature for the Board.

Zurich, 22 February 2002
UBS AG