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UBS PaineWebber to Offer Residential Mortgages Through UBS PaineWebber Mortgage, LLC.

| Media Releases Americas

Expanded Product Offering Represents New Focus on 'Liability Management'

UBS PaineWebber announced today that it has formed a mortgage company, UBS PaineWebber Mortgage, LLC, and will begin offering a complete line of residential mortgages to its affluent and high net worth clients in the second half of this year.

Through UBS PaineWebber Mortgage, the firm will provide traditional fixed and variable, first and second mortgages, as well as customized mortgage solutions designed specifically for individual high net worth clients. The new company reflects UBS PaineWebber's increased focus on liability management, which was developed following PaineWebber's merger with UBS.

Increasingly, affluent investors are turning to us for advice and solutions regarding their entire financial lives, including the liability sides of their personal balance sheets," said Thomas C. Naratil, director of investment products, UBS PaineWebber. For many investors, real estate represents a significant part of their net worth, making mortgages and the opportunistic use of credit an integral part of their financial plan."

Beginning in the third quarter, UBS PaineWebber clients and their Financial Advisors will be able to speak with dedicated Mortgage Advisors who will provide products, and customized mortgage solutions at the high service levels usually associated with private mortgage bankers.

UBS PaineWebber Mortgage, LLC, is a joint venture with Wells Fargo Home Mortgage Inc.

Wells Fargo Home Mortgage, Inc., based in Des Moines, Iowa, is a subsidiary of Wells Fargo & Company (NYSE:WFC). Founded in 1852, Wells Fargo & Company is celebrating 150 years of helping its customers succeed financially. Wells Fargo Home Mortgage is the nation's leading provider of residential mortgage loans and a leading mortgage servicer. With a presence in more than 1,400 mortgage and Wells Fargo bank stores serving all 50 states, Wells Fargo Home Mortgage operates the leading mortgage lending network in the country. Combined, its retail and wholesale lending operations provide funding for approximately one of every 11 homes financed annually in the United States.

UBS PaineWebber serves the wealth management needs of more than 2 million clients with 8,800 financial advisors in 374 branch offices nationwide. UBS PaineWebber is one of four business groups of UBS AG along with UBS Warburg, UBS Global Asset Management and UBS Switzerland.

Contacts:

Paul R. Marrone of UBS PaineWebber 212-713-8503

Ahnalee Luchtel of Wells Fargo Home Mortgage 515-213-5153