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Thomas B. Fox Jr. to Join UBS As Co-Head of U.S. Equity Capital Markets

| Media Releases Americas

New York, September 24, 2003 -- UBS announced today that Thomas B. Fox Jr. intends to join UBS Investment Bank as co-head of U.S. Equity Capital Markets. Mr. Fox will be a managing director and will be based with Mark Connelly (co-head of U.S. Equity Capital Markets), in New York. He will report jointly to Lucinda Riches and James Garvin, global co-heads of Equity Capital Markets.

Mr. Fox's most recent role has been a managing director and co-head of U.S. Equity Capital Markets at Credit Suisse First Boston. Mr. Fox joined CSFB in November 2000 when the firm merged with Donaldson, Lufkin & Jenrette, where he served as Global Head of Equity Capital Markets. He joined DLJ in 1995 from Kidder, Peabody where he also worked in the equity capital markets group. He began his career at J.P. Morgan having gained a BA from Brown University.

"We are delighted that Tom has decided to join UBS, where he will play a key role in expanding our equity origination capabilities in the U.S," said Lucinda Riches. "Tom's appointment underscores UBS's commitment to building a first class US capital markets business by hiring some of the best talent on Wall Street."

Adam Frieman, who was instrumental in the successful integration two years ago of the firm's equity risk management business into Equity Capital Markets, will become deputy head of U.S. Equity Capital Markets. He will continue to focus on cross product marketing.

UBS is one of the world's leading financial firms, combining financial strength with a reputation for innovation and a global culture that embraces change. UBS is the world's largest wealth manager, a premier investment banking and securities firm, and one of the largest global asset managers. In Switzerland, UBS is the market leader in retail and commercial banking. UBS, headquartered in Zurich and Basel, employs more than 68,000 people, and has operations in over 50 countries and in all major financial centers.

Inquiries: Kristopher A. Kagel: +1 212-713-8703 of UBS