UBS AG Board Of Directors Undergoes Changes

UBS AG announces three new candidates for the Board of Directors to be proposed for election at the bank's Annual General Meeting on 15 April 2009. Three current members will not stand for re election. These changes are in addition

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UBS AG announces three new candidates for the Board of Directors to be proposed for election at the bank’s Annual General Meeting on 15 April 2009. Three current members will not stand for re-election. These changes are in addition to the previously announced nomination of Kaspar Villiger to succeed Peter Kurer.

Ernesto Bertarelli, Gabrielle Kaufmann-Kohler and Joerg Wolle have decided not to stand for re-election for a further one-year term. Gabrielle Kaufmann-Kohler and Joerg Wolle were members of the Board of Directors for three years, and Ernesto Bertarelli was a member for seven years; he is currently the longest-serving member of the Board.

I thank the departing members for their excellent work and dedication to our institution over a number of years, says Chairman Peter Kurer. All of them have contributed substantially to the development of our bank and have actively engaged in meeting the challenges of the bank over the last 18 months, both on the Board level and in extensive committee work.

The time expenditure required in actively addressing the challenges of the bank in these turbulent times on both the Board and in two Board committees was enormous, says Joerg Wolle. This made it increasingly incompatible with my role as CEO of DKSH, leading to my decision not to stand for re-election. I am convinced that work in the past years has set the basis for a strong and prosperous UBS AG.

The involvement of the bank in litigation with the US government risks impairing my activities as an international arbitrator and I need to avoid that any doubts arise about my independence in arbitration proceedings which I have been chairing for over a year, says Gabrielle Kaufmann-Kohler.

The unavailability of Ernesto Bertarelli, Gabrielle Kaufmann-Kohler and Joerg Wolle calls for the proposal of three new candidates for election to the Board. The nominees are Michel Demar, Ann F. Godbehere, Axel P. Lehmann.

L.D.

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