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Joseph P. Dunne Joins UBS as Director of Security, Americas

| Media Releases Americas

NEW YORK -- UBS announced today that Joseph P. Dunne, the second highest-ranking official in the New York City Police Department, will join the firm as director of Security Services for the Americas. In this role he will be responsible for UBS Warburg and UBS PaineWebber security in the Americas and will report to Charles Nobs, director of Corporate Administrative Services.

Mr. Dunne has more than 30 years of law enforcement experience, most recently serving as First Deputy Commissioner of the NYPD. Previously, as Chief of the Department, he was responsible for 40,000 people in Patrol Services, Detective, Transit, Housing and the Organized Crime Control Bureaus.

John P. Costas, president and chief operating officer of UBS Warburg and Joseph J. Grano, Jr., chairman and chief executive officer of UBS PaineWebber Inc. commented, "Joe is ideally suited to lead our security efforts. His record of achievement in law enforcement is truly outstanding and we are pleased he will join UBS to ensure the safety of our employees and physical assets across the region."

UBS (NYSE: UBS) is one of the largest financial services firms in the world with 71,000 employees in more than 40 countries.

UBS Warburg, a business group of UBS, 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 PaineWebber, a business unit of UBS Warburg, serves the wealth management needs of more than 2 million clients and employs 21,000 in the U.S.

CONTACT: David Walker of UBS, +1-212-713-8502