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David V. Hedley III Joins UBS Investment Bank

| Media Releases Americas

New York, September 30, 2003--UBS announced today that David V. Hedley III has joined its investment banking division as an executive director leading the electronic supply chain practice. Mr. Hedley will report to Evan Newmark, Global Head of Technology Investment Banking, and will be based in New York.

Prior to joining UBS, Mr. Hedley was a partner at Thomas Weisel Partners LLC where he ran their Industrial Technology Group for three years. While there, Mr. Hedley managed a team of 6 investment banking professionals and was responsible for new business development and the execution of corporate finance and M&A transactions. Before that, he had spent nine years most recently as a vice-president at Merrill Lynch in their Investment Banking group.

"I am very pleased that David has joined UBS," said Evan Newmark. "He brings a wealth of experience and relationships and I'm looking forward to him helping to build our team here."

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