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UBS appoints Hew Jenkins Global Head of Equities

| Media Releases Americas

New York, June 28, 2004 -- UBS announced today that Huw Jenkins has been appointed Global Head of Equities in the firm's Investment Bank. He will be a member of UBS Investment Bank's Executive Committee. Mr. Jenkins had been head of US Equities since 2000 and will assume his new role in August. He will relocate to London.

Mr. Jenkins replaces Alan Hodson, who after three years in this role, has taken the personal decision to step down. He will remain with the firm as a senior advisor and will continue to work on a number of group wide initiatives.

"I would like to thank Alan for his leadership in making our Global Equities franchise one of the strongest in the world," said John Costas, Chairman and CEO of UBS Investment Bank. "I want to congratulate Huw. He has been instrumental in our firm's build in the U.S. and I look forward to him continuing this momentum on a global scale."

UBS' Equities franchise is a leading player in the global primary and secondary markets and a member of more than 80 stock exchanges in 31 countries. In 2003, Euromoney, a leading trade magazine, named UBS "World's Best Equity House" in recognition of the firm's excellence in client service. In addition, the firm's Equity Research team achieved a top ranking for Global research as well as topping the polls for Europe, Emerging Europe, Asia and Latin America according to Institutional Investor.

UBS also maintained its first place standing in the global ranking for secondary equity cash commission for eight consecutive quarters.

Mr. Jenkins joined SBC Warburg in 1996 and managed Asian Equities and was appointed head of US Equities in 2000. Mr. Jenkins earned a B.A. from Liverpool University and an MBA from London Business School.

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 around 66,000 people, and has operations in over 50 countries and in all major financial centers.


Inquiries: Mark Arena / Mark Hengel / Kris Kagel : +1 212-713-8703 (UBS AG)