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UBS Wealth Management USA announces rollout of Private Wealth Management Group

| Media Releases Americas

UBS announced today the first phase of the rollout of its Private Wealth Management Group. The group, a new effort in the U.S will establish products and services required for ultra high net worth clients.

New York, May 19, 2004 -- UBS announced today the first phase of the rollout of its Private Wealth Management Group. The group, a new effort in the U.S will establish products and services required for ultra high net worth clients. In the U.S., the ultra high net worth segment (investors with a net worth exceeding $10 million), while only approximately 100,000 households, represents an estimated $2.8 trillion assets. As the firm with the most $10 million accounts worldwide, UBS is well positioned to expand in this market.

As the world's largest private wealth manager, UBS is extremely well positioned to become the leader in this very important client segment in the world's largest wealth market," said Mark B. Sutton, Chief Executive Officer for UBS Wealth Management USA. By leveraging our private banking heritage and the global capabilities of the Firm's other business groups, Investment Banking and Global Asset Management, UBS can offer investors the highest standards in the industry."

In September 2003, UBS announced the hiring of two Managing Directors, Anthony DeChellis and Michael Schweitzer, to lead the firm's ultra high net worth business efforts in the U.S. Mr. DeChellis and Mr. Schweitzer are co-heads of the Private Wealth Management Group, which is divided into three focus areas: Private Wealth Planning Group, Advanced Wealth Strategies Group and Investment Solutions Group.

Kevin Ruth has joined the firm as a Senior Vice President and will head the Private Wealth Planning Group. Mr. Ruth will have overall responsibility for UBS Wealth Management's financial planning content across all client segments in the U.S. Prior to joining UBS, Mr. Ruth was Director of the Private Planning Services Group at Merrill Lynch.

Michael Ban has joined the firm as a Senior Vice President and will head the Advanced Wealth Strategies Group. Mr. Ban will be responsible for trust and estate planning advisory services, philanthropy, concentrated stock and advisory services. Prior to joining UBS, Mr. Ban was Director of the Family Office Group for Merrill Lynch's Private Wealth Management Division.

Jay Messing, a Senior Vice President who has been with UBS for nearly eight years, will lead the newly created Investment Solutions Group. This group will focus on delivering an integrated investment solution capability for the Firm's ultra high net worth clients.

Kevin, Michael and Jay are integral to the full-scale team we have to support the ultra high net worth market," said James D. Price, Director of Marketing and Investment Solutions for UBS Wealth Management. Their contributions will drive UBS's goal of becoming the leading wealth management services provider in the United States "

UBS Wealth Management USA serves the wealth management needs of more than 2 million clients with 7,400 financial advisors in more than 356 branch offices nationwide under the name UBS Financial Services Inc. UBS Wealth Management USA is one of four business groups of UBS AG along with UBS Investment Bank, UBS Global Asset Management and UBS Wealth Management and Business Banking.


Media Inquiries: Susan Austin: +1 212-713-4097 of UBS