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UBS PaineWebber Appoints Mark Sutton As President and Chief Operating Officer

| Media Releases Americas

-- Robert Silver Named President of UBS PaineWebber Services -- Joseph J. Grano, Jr., chairman and chief executive officer of UBS PaineWebber, Inc. today announced the appointment of Mark B. Sutton as president and chief operating officer. In addition, Robert H. Silver was named president of UBS PaineWebber Services.

Mr. Sutton continues to be responsible for all business areas comprising the U.S. Private Client Group. In addition, he will assume responsibility for the firm's Correspondent Services Corporation (CSC) - a wholly-owned subsidiary that provides clearance and settlement services to correspondent clients.

Mr. Silver will continue to head operations/service and systems for the U.S. Private Client Group as well as the firm's Corporate Employee Financial Services business. In addition, he has also been named chief credit officer for UBS PaineWebber.

In his expanded role as president of UBS PaineWebber Services, Mr. Silver assumes responsibility for functions that previously reported to Regina A. Dolan. These include finance, credit, human resources and corporate services.

Ms. Dolan will join UBS Warburg's Management Committee as global head of strategic planning and business development reporting to John P. Costas, president and chief executive officer. At UBSW she will focus on the growth of the business portfolio while helping to drive better execution across existing operating units.

Mr. Grano also announced a new position -- director of strategic planning and new business development for UBS PaineWebber -- reporting to him. Luzius Cameron, formerly head of the UBS Group strategic analysis team, joins the firm in this capacity effective June 1. He will also serve with Messrs. Grano, Sutton and Silver on the firm's Executive Committee.

These appointments reflect the momentum in our business that has been significantly enhanced by the synergy between UBS PaineWebber and UBS Warburg,'' Mr. Grano said. Going forward we would expect to realize even greater benefits from the merger with UBS as we provide our individual and institutional clients with the global resources of UBS."

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 along with UBS Warburg, UBS Global Asset Management and UBS Switzerland.

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Contact: Paul R. Marrone 212-713-8503