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Lee R. Cole to join UBS as Co-Head of Equity Linked Origination

| Media Releases Americas

UBS announced today that Lee R. Cole will join the firm's Investment Banking Division as a Managing Director and will team with Richard Ng-Yow as Co-Head of Equity Linked Origination. He will be based in New York and will report to Mark Connelly and Tom Fox, Co-Heads of U.S. Equity Capital Markets. He is expected to join the firm in early April

New York, April 2, 2004--UBS announced today that Lee R. Cole will join the firm's Investment Banking Division as a Managing Director and will team with Richard Ng-Yow as Co-Head of Equity Linked Origination. He will be based in New York and will report to Mark Connelly and Tom Fox, Co-Heads of U.S. Equity Capital Markets. He is expected to join the firm in early April.

Mr. Cole was a senior advisor to Credit Suisse First Boston. Previously, he had been a Managing Director and that firm's Co-head of U.S. Equity Linked Capital Markets. From 1997 to October 2000 he was Co-head of Convertible Securities with Donaldson, Lufkin & Jenrette. Prior to that, Mr. Cole spent almost 20 years at Merrill Lynch as Head of Global Convertible Origination.

"I'm very happy that Lee will be joining UBS," said Ken Moelis, Joint Global Head of Investment Banking. "I'm looking forward to Lee continuing the momentum established by Richard and his team over the last several years that has made this one of the most successful convertible businesses on Wall Street."

Mr. Cole earned his B.A. in Business Administration from Stetson University. His professional achievements include past President and Director of the New York Institutional Option Society and Founding Director of the National Options and Futures Society. In addition, he is a member of the New York Society of Security Analysts.

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