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Jeffrey H. Cohen joins UBS as Global Head of Retailing Sector

| Media Releases Americas

New York, April 7, 2005--UBS announced today that Jeffrey H. Cohen has joined the firm as a Managing Director and Global Head of Retailing within the Investment Banking Division. Mr. Cohen is based in New York and reports to Blair Effron, Vice Chairman of the Investment Banking Department.

Mr. Cohen joins the firm from Dresdner Kleinwort Wasserstein where he was most recently Global Head of the Retail Sector.

"I am excited that Jeff has joined UBS," said Ken Moelis, Joint Global Head of Investment Banking. "He brings a wealth of retail sector knowledge to UBS."

"We've known Jeff for a long time and know what a great fit he'll be for us in retail," added Blair Effron.

Mr. Cohen earned his B.A. and B.S. in 1985 from the University of Pennsylvania and his JD in 1988 from Harvard Law School.

UBS is a leading financial firm, combining financial strength with a reputation for innovation and a global culture that embraces change.

UBS is one of the world's largest wealth managers, a premier investment banking and securities firm, and one of the largest global asset managers. In Switzerland, UBS is a market leader in retail and commercial banking.

Headquartered in Zurich and Basel, UBS employs around 67,000 people, and has operations in over 50 countries and in all major financial centers.


Inquiries: Allison Chin-Leong +1 212-882-5693 of UBS