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UBS Names Bob Silver President of UBS Wealth Management USA

| Media Releases Americas

New York, December 12, 2003 - UBS today announced that Bob Silver will become President and Chief Operating Officer of Wealth Management USA, effective January 2004.

Silver succeeds Mark B. Sutton, who, as previously announced, will assume the post of Chief Executive Officer of Wealth Management USA in January. Sutton takes over as the head of the business from Chairman and Chief Executive Joseph J. Grano Jr., who remains Chairman during the transition.

Bob is a proven leader and has been instrumental in the creation of an integrated firm that aims to deliver a consistent client experience globally," Mark Sutton said. He has been a key member of our management team for more than 15 years and is committed to meeting
the goals and objectives of the firm."

In his new role, Silver will be responsible for day-to-day operations of Wealth Management USA and for helping to drive the firm's strategy. He will also assume responsibility for Banking and Transactional Solutions, Investment and Marketing Solutions and the Municipal Securities Group, in addition to his current duties as President of UBS Wealth Management Services. UBS Wealth Management Services includes Operations, Technology, Human Resources and Corporate Employee Financial Services, among other areas.

By realigning our resources in this way, I am confident we can gain market share, strengthen our relationships with clients, increase productivity and deliver the best wealth management experience to affluent and high net worth investors in the U.S.," Sutton said.

UBS is the world's leading wealth management business. In the U.S., it has a client base of more than 2 million investors. Its American network of more than 8,000 financial advisors manages approximately $475 billion in invested assets and provides sophisticated services through consultative relationships with affluent and high net worth clients.