Personnel and organizational changes at UBS.

ZURICH, Switzerland--(BUSINESS WIRE)--May 31, 1996--The Board of Directors of Union Bank of Switzerland (UBS) has approved various organizational changes which strengthen the Group Executive Board.

This will be accompanied by changes in top-level management. The board has elected to further pursue and develop its strategy as a full-service financial institution. Region Switzerland is to receive a Chief Executive Officer who is a member of the Group Executive Board. Stephan Haeringer, who has already been a member of the Board for many years, will assume this position. The new function of Chief Financial Officer is to be created as well. This will be take up by Felix Fischer, who will be promoted to Executive Vice President. Anton Affentranger and Gian Pietro Rossetti will both be appointed Executive Vice President on the Executive Board Switzerland. Urs W. Seiler will become Executive Vice President International, and Richard C. Capone will be promoted to Executive Vice President North America.

Executive Vice President Heinz Muller will go into retirement at the end of the year and Karl Janjori at the end of February next year. Executive Vice President Hubert Huschke will leave UBS at the end of the year, although he will continue to act for the bank in an advisory capacity. Markus Rohrbasser, Head of Region North America, will move to the Private Banking and Institutional Asset Management division and head special projects.

The Board of Directors of Union Bank of Switzerland (UBS) has confirmed its intention of continuing to pursue and develop its strategy as a full-service financial institution. It wants to offer a complete range of retail and wholesale banking services in Switzerland and seeks to become a global operator in the various areas of wholesale finance and trading business. UBS will in future also continue to attribute major importance to private and institutional asset management services both in Switzerland and abroad. By implementing a number of organizational changes, the Board of Directors is taking into account the group's increased internationalization and the growing complexity of the market environment.

Strengthening the Group Executive Board

The organizational changes increase the management responsibility of the Group Executive Board, which in future will be the highest UBS corporate body and carry the responsibility for results. Region Switzerland will be strengthened on the management side by the appointment of a Chief Executive Officer who will represent business activities in the Swiss market on the group executive board. As of July 1, Stephan Haeringer (49), the present head of the Private Banking and Institutional Asset Management division, will assume this position as well as that of deputy to the president of the Group Executive Board. Urs Rinderknecht (49), the former President of the Executive Board Switzerland primus inter pares, will be responsible for the increasingly important area of advising major corporate clients and will exercise mandates at outside companies in Switzerland and abroad. He remains a member of the executive board Switzerland.

Organizational and personnel changes at group level

The new position of Chief Financial Officer will be created at group level. Felix Fischer (47), the former Head of Group Treasury, will be responsible for the new Financial division on the Group Executive Board. He will thereby assume responsibility for strategic planning, risk control at group level, equity and debt financing, group accounting and financial controlling as well as taxes. Fischer will be promoted to Executive Vice President on July 1.

Karl Janjori (61), head of the Country Exposures and General Banking non-regionalized countries division, will go into retirement next February when he reaches retirement age. The division will be divided up on his retirement, with banking activities in Central, Eastern and Southeastern Europe. CIS, Africa, the Middle East, Latin America and on the Indian subcontinent being split up in the course of the year among the existing UBS Regions. As of July 1, the fixing and controlling of country limits will be handled by a newly-created sector within the Corporate and Institutional Finance division directed by Pierre de Weck. This sector, "Country Exposure Management, Trade and Commodity Finance" will be headed by Urs W. Seiler (47), who is currently responsible for Global Commodity Risk Management. Seiler will be appointed Executive Vice President International.

Stephan Haeringer will pass on the baton as head of the Private Banking and Institutional Asset Management division to Arthur Decurtins (46), who is currently responsible for this area in Region Switzerland.

Personnel changes in Region Switzerland

Heinz Muller (59) will retire from active business life at the end of the year after a 43-year career with UBS, although he will continue to exercise some mandates at outside companies. He will be succeeded by Anton Affentranger (39), the current head of UBS Geneva, who will assume responsibility for the Commercial and Institutional Banking sector in Region Switzerland as of July 1. Affentranger's successor will be Alain Robert, the present head of the UBS Economic Area Neuchatel-Jura, who will take up this position on January 1.

Hubert Huschke (55), head of the Basic Services, Logistics and IT sector, wishes to focus on new commitments outside the Bank. He will step down from the Executive Board Switzerland in mid-year and leave UBS on friendly terms at the end of the year. He will continue to act for UBS in an advisory capacity. Some of his current areas of responsibility will be assimilated by the Group and some by other sectors in Region Switzerland.

Gian Pietro Rossetti (48), head of UBS securities operations in Switzerland, will succeed Arthur Decurtins as head of the Private Banking and Securities Administration sector. Anton Affentranger and Gian Pietro Rossetti will be promoted to executive vice president on July 1.

Top-level change in Region North America

Markus Rohrbasser (41), regional manager North America, will transfer as of July 1 to the Private Banking and Institutional Asset Management division where he will assume the management of special projects. Richard C. Capone (53), the current head of Corporate and Institutional Banking in North America, has been appointed his successor. He will assume the position of chief operating officer of Region North America and be promoted to executive vice president North America.

All the newly-promoted gentlemen will belong to the Enlarged Group Executive Board.

PS

Photos and biographies can be obtained from UBS Corporate Communications (Tel. [phone], Fax: [phone]).

CONTACT: UBS

Joan Horrvich, 212/821-3156