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Kenneth D. Moelis to Join UBS Warburg

| Media Releases Americas

UBS Warburg today announced that Kenneth D. Moelis, co-head of Investment Banking in the Americas for Credit Suisse First Boston, has signed an agreement to join the firm upon satisfaction of his obligations to CSFB. No date for his commencement of work with UBS Warburg was announced. Terms of the agreement were not disclosed.

Upon joining UBS Warburg Mr. Moelis will be appointed managing director and co-head of Investment Banking for the Americas. Mr. Moelis will be based in Los Angeles and maintain an office in New York. Robert Hotz will become co-head of Investment Banking located in New York.

Mr. Moelis will report to Rory Tapner and Robert Gillespie, global co-heads of Investment Banking in London and to John P. Costas, UBS Warburg's chief operating officer.

"Ken Moelis brings outstanding leadership and will be a key driver of UBS Warburg's investment banking initiative in the Americas," said Costas. "It is our intent to build aggressively upon our current investment banking platform and continue to accelerate our growth. Simply stated, our goal is to be among the top investment banks in the United States.

"The transformation of UBS Warburg continues to unfold. Our established institutional business has been enhanced by PaineWebber's private client franchise which strengthens our research and distribution," Costas continued. "With the integration of the firms complete we have 28,000 employees in the United States including more than 8,600 financial advisors in 383 branch office locations and have added $500 billion in U.S. client assets. Given the expanded scope of our presence, we are now in position to speed the growth of our corporate client business."

"We look forward to Ken Moelis joining the firm," Hotz said. "He will be a great partner with an outstanding track record of excellence and franchise building in investment banking."

Mr. Moelis, 42, was a managing director with Drexel Burnham Lambert where he worked from 1976 to 1990 and a managing director and co-head of Donaldson Lufkin & Jenrette's Los Angeles investment banking group since 1990.

UBS Warburg is a business group of UBS AG (NYSE: UBS), one of the largest financial services firms in the world with 78,000 employees in more than 40 countries. In the United States, UBS Warburg's securities activities are conducted through UBS Warburg LLC, a U.S.-registered broker-dealer. UBS Warburg is a global financial services organization, with a strong presence in Europe, the Americas and Asia-Pacific. The firm is a leader in equities, corporate finance, M&A advisory and financing, financial structuring, fixed income issuance and trading, foreign exchange, derivatives and risk management. UBS Warburg also offers a full range of innovative wealth management services through PaineWebber, and provides private equity financing through UBS Capital.

Contact: David P. Walker (212)713-8502