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Steven A. Ruggiero Joins UBS Warburg as Global Head of High Yield Securities Research

| Media Releases Americas

UBS Warburg announced today that Steven A. Ruggiero has joined the firm as global head of High Yield Securities Research. Mr. Ruggiero will be a managing director and will report to Christopher Ryan, global head of Banking Products.

Prior to joining UBS Warburg, Mr. Ruggiero was the director of High Yield Securities Research at J.P. Morgan Chase which he joined in 1995. Previously, Mr. Ruggiero was principal and managing director at Donaldson, Lufkin & Jenrette where he was head of the firm's High Yield Securities Research department. Before that, Mr. Ruggiero was a high yield buy-side securities analyst at Metropolitan Life and Fidelity Management and Research.

"We are delighted to have Steve join our team. His track record and experience as an analyst and director of research will benefit UBS and our clients greatly," said Ryan. "Steve is well-respected within the industry and has been named to the Institutional Investor High Yield Research Team in four different categories over the last several years. He will be a valuable addition to our high yield effort."

UBS Warburg is a business group of UBS (NYSE: UBS), one of the largest financial services firms in the world with 71,000 employees in more than 40 countries. 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 UBS PaineWebber, and provides private equity financing through UBS Capital.

Inquiries: Denise M. Kazmier: +1 212-713-3090 of UBS Warburg