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Stephen M. Trauber Joins UBS as Global Head of the Energy Investment Banking Group

| Media Releases Americas

New York, October 21, 2003 -- UBS announced today that Stephen M. Trauber has joined the firm's Investment Banking division as Global Head of the Energy Investment Banking Group. Mr. Trauber is a Vice Chairman of the Investment Banking Department and a Managing Director. He is based in Houston and reports to Ken Moelis, Head of Investment Banking for the Americas and Robert Gillespie and Rory Tapner, joint Global Heads of Investment Banking.

Mr. Trauber had been a Managing Director with Morgan Stanley where he was head of that firm's Southwest region and their Houston office where he advised on many of the industry's largest energy mergers and acquisitions as well as financing transactions. Prior to that, Mr. Trauber had been at Credit Suisse First Boston where he worked in their Energy group where he focused on the energy, industrial and services sector for the Southwest region.

"We are very happy that Steve has decided to join UBS," said Ken Moelis. "He brings many important relationships and a wealth of experience in the energy sector and we look forward to working with him to grow this important sector for the firm."

Mr. Trauber earned his Bachelor's Degree in Economics and Managerial Studies from Rice University and his MBA from the Kellogg School of Management at Northwestern University. Mr. Trauber serves as President of Houston's Society for the Performing Arts and serves on the Board of Directors of Theatre Under the Stars, the Hobby Center for the Performing Arts, River Oaks Baptist School and the Greater Houston Partnership. He also serves on the Board of Overseers for the Jones Business School at Rice University and serves as Chairman of Houston's Economic Development Advisory Committee.

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