Zurich/Basel, 08 December 2014 – The Governor-General of Australia has today appointed John Fraser, Chairman of UBS Global Asset Management, as Secretary of the Treasury. This appointment is effective 15 January 2015, at which time John will step down from his UBS role and relinquish his additional UBS-related mandates.

John's move follows a long and distinguished career at UBS and in finance which began in the Australian Treasury and has spanned five decades. His time at UBS began at Swiss Bank Corporation in Australia in 1993. Under his leadership, Global Asset Management developed from a localized organization into a focused large-scale asset manager with a diversified mix across regions, capabilities and distribution channels. Following the appointment of Ulrich Koerner as CEO of Global Asset Management last December, John focused, amongst others, on his position as Chairman of Global Asset Management.

"It is great to see a long-time UBS executive appointed to such a prominent role," commented UBS Group Chief Executive Officer Sergio P. Ermotti. "I'd like to congratulate John and wish him every success as he takes on this new challenge. I'd also like to thank him for the lasting contribution he has made to UBS as a leader, an executive board member and a colleague over the last two decades."

UBS AG

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