New York, August 14, 2006, 08:00 AM

UBS Completes Acquisition of Piper Jaffray Private Client Branch Network

UBS announced today that it has completed the acquisition of Piper Jaffray Companies’ Private Client Services branch network. The transaction was announced on April 11, 2006.

Under terms of the transaction, the final price of the acquisition, to be set 30 days after the client-accounts conversion date, is $500 million plus possible additional cash consideration based upon retention levels. UBS confirmed that it has retained approximately 700 Piper Jaffray Financial Advisors, a figure which corresponds to approximately 80% of the acquired branch network.

Starting today, approximately 90 Piper Jaffray wealth management offices serving 190,000 households will be renamed and integrated into UBS Wealth Management US.

“We are pleased to have completed this transaction, which will strengthen our presence in the Midwest and western United States,” said Marten Hoekstra, Head of UBS Wealth Management US. “We are very satisfied with the retention levels of Financial Advisors and client assets. It is a positive sign for the future that most of Piper Jaffray’s Financial Advisors have chosen to join UBS, and we look forward to working closely with them as we seek to deliver an unparalleled wealth management experience to our clients.”

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