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UBS announces senior management changes within Europe

London | | Media Releases EMEA

UBS announced today the appointment of Jeremy Palmer as CEO of the Investment Bank in Europe, Middle East and Africa (EMEA), with effect from 4th September 2006. Jeremy will report to Huw Jenkins, Chairman and CEO of UBS Investment Bank, and be a member of UBS Investment Bank Management Committee. He will continue to be a member of the Group Managing Board.

Jeremy will move from UBS Wealth Management & Business Banking where he was Head of UBS WM UK, Northern and Eastern Europe. He joined UBS in 2000 having previously held various management positions in Barings, JP Morgan and Salomon Brothers.

In his new role, Jeremy will chair the Investment Bank's EMEA Management Committee and drive the implementation of strategy in this important region. He will focus on developing cross-business opportunities in partnership with the business heads, and expanding the bank's presence in the key emerging markets. Jeremy will be the senior UBS relationship holder with the UK regulator, the FSA. He will also work closely with senior colleagues from other parts of UBS to maximise opportunities arising from the integrated business model.

Jeremy succeeds Robert Gillespie who is scheduled to return from his sabbatical to his role as Vice Chairman of the Investment Bank in the near future.

Commenting on the appointment, Huw Jenkins said: "I am delighted that Jeremy has accepted this important role. He has the experience and vision to deliver the full strength of our integrated firm to our clients and a great insight to all of our businesses."

UBS also announces the appointment of Matthew Brumsen as Head of UBS Wealth Management UK, Northern and Eastern Europe, replacing Jeremy Palmer. Matthew joined UBS in 2001 from Goldman Sachs and was appointed Business Sector Head UK Domestic in October 2004. Under Matthew's leadership the business has expanded significantly both in size and profitability. Going forward he will report to Raoul Weil, Head of Wealth Management International.

Commenting on the changes, Raoul Weil said: "I extend my thanks to Jeremy for his outstanding contribution. He has taken a crucial role in the development of our strategy and has been key to its implementation. He leaves a leadership team, headed by Matthew Brumsen, which is well positioned to take the business to the next level."

London, August 22, 2006
UBS

Contacts

Dominik von Arx

UBS Media Relations

+44 20 7568 2439

Hana Irani

UBS Media Relations

+44-20 7568 9822

Matthew Brumsem
Matthew joined UBS in April 2001 after previous employment at the Bank of England and Goldman Sachs. At UBS he worked as a client advisor before assuming responsibility for the UK [Domestic] wealth management business in October 2004.

Huw Jenkins
Huw Jenkins was appointed CEO of UBS Investment Bank in July 2005 and Chairman & CEO of UBS Investment Bank in January 2006. Previously, he was Global Head of Equities. He is Chairman of the Investment Bank Management Committee and also Chairman of the Investment Bank Board. Jenkins joined the firm in 1996 as Head of Asian Equities. In 1997 he was appointed Co-Head of Asia Pacific Equities and in 1998 Head of Asia Pacific Equities. In 1999, he became Co-Head of US Equities and in 2000 chaired the UBS Warburg Private Clients Business Committee in the US. In the same year, he was appointed Head of Equities for the Americas. Jenkins was born in 1958 and is a UK citizen.

Jeremy Palmer
Prior to joining the firm in 2000 as Global Head of Private Clients, he worked in Equity Sales and Equity Capital Markets for Salomon Brothers and JP Morgan, in both London and New York. He moved to Barings in Hong Kong in 1994, where he held a number of senior positions, including CEO of the APAC region and subsequently Global Head of Equities and Investment Banking. Within UBS Global WM&BB, Jeremy has held a number of senior management positions, most recently as Business Unit Head UKNEE, Deputy Global Head of KeyClients and Location Head London. He has played a major role in the development of the European Wealth Management Initiative and led UBS WM in the UK through its extraordinary growth over the last few years.

Raoul Weil
Raoul Weil is Head Wealth Management International and became a member of the Group Executive Board in July 2005. Raoul Weil has joined Swiss Bank Corporation in Information Technology in 1984. He has held senior management positions in Private Banking in New York, Hong Kong, Singapore and is now based in Zurich. He was born in 1959 and is Swiss citizen.