Ad-hoc: UBS Appoints Oswald J. Grübel as Group Chief Executive Officer

Keyword: Miscellaneous

The Board of Directors of UBS (NYSE:UBS)(SWX:USBN) has appointed Oswald J. Grübel as its new Group Chief Executive Officer with immediate effect. Mr. Grübel succeeds Marcel Rohner who has resigned.

Oswald Grübel’s broad experience in the banking sector, and in leading a financial services company through transformation, will be invaluable to UBS in this challenging environment. With his previous employer Credit Suisse, Mr. Grübel was the architect of a successful turnaround and restored confidence in the company in turbulent times. During his career of almost forty years at Credit Suisse, he held various management positions both on Group level and in the investment banking and private banking areas. From 2003 until spring 2007, he was Co-CEO and CEO of Credit Suisse.

Peter Kurer, Chairman of UBS: "With his indisputable leadership qualities, combined with his extensive expertise, Oswald Grübel brings the ideal skill set to recreate value, together with our management team, for our shareholders and clients. He will also be adept in balancing our focus on prudent risk taking and client confidence, and our goal to position UBS for future success.”

Oswald J. Grübel, Group Chief Executive Officer of UBS: "I am convinced that the Swiss financial centre requires the presence of more than one big global bank. The opportunity to lead UBS with its unique client franchise in wealth management, investment banking and asset management in these extraordinary times presents a fascinating, yet formidable challenge to me. Together with our 77,000 dedicated employees, I will do all I can to bring UBS back on a profitable, successful track.”

Peter Kurer: "In early January 2009, Marcel Rohner informed the Board of Directors of his intention to retire as Group CEO after the conclusion of the then

ongoing Investment Bank repositioning and Wealth Management restructuring phase. During his career at UBS, and especially since his appointment as Group CEO, Marcel Rohner has shown a tremendous commitment to our clients, shareholders and employees. We are extremely grateful for his contributions.”