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UBS PaineWebber Appoints James D. Price Director of Investment and Marketing Solutions

| Media Releases Americas

UBS PaineWebber today announced the appointment of James D. Price as executive vice president and director of Investment and Marketing Solutions. He will report to Mark B. Sutton, president and chief operating officer of UBS PaineWebber.

Mr. Price will be responsible for the following business areas:

* Investment Consulting Services,
* Marketing and Branding;
* Alternative Investments;
* Correspondent Services Corporation - the firm's clearing and settlement service business;
* UBS PaineWebber Puerto Rico Inc.;
* Financial Advisor Development; and
* Branch and Client Technology.

Jamie Price brings outstanding leadership and experience that will accelerate UBS PaineWebber's momentum in the U.S. wealth management business," said Mark B. Sutton. His appointment enhances the firm's senior management team and will support our aggressive asset gathering goals, financial advisor development and our consultative process."

Mr. Price joins UBS PaineWebber from Prudential Securities where he most recently served as its president. He was also a member of the Prudential Securities Group, Inc. board of directors. Prior to becoming president in October, 2000, Jamie was president of its Private Client Group. His career on Wall Street started in 1983, as a financial advisor at E.F. Hutton. He is also a member of the board of directors of the Securities Industry Association.

UBS PaineWebber serves the wealth management needs of more than 2 million clients with more than 8,500 financial advisors in 369 branch offices nationwide. UBS PaineWebber is one of four business groups of UBS AG along with UBS Warburg, UBS Global Asset Management and UBS Wealth Management and Business Banking.