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Mary C. Farrell, Chief Investment Strategist for UBS Wealth Management USA, to retire

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Michael P. Ryan to Take the Helm of Wealth Management Investment Strategy & Research Group

UBS Wealth Management USA today announced the retirement of Mary C. Farrell, Managing Director and Chief Investment Strategist for UBS Wealth Management USA and Co-Head of UBS Wealth Management Investment Strategy & Research Group (WMIS&RG). Following a 34-year career on Wall Street - two-thirds of which were spent at UBS and the former PaineWebber - she is retiring to spend more time on personal pursuits and with her family.

Michael P. Ryan will become sole Chief Investment Strategist and head of WMIS&RG, effective July 1, 2005.

"We thank Mary for 25 years of outstanding service to this institution, to our clients and to the investing public," said Mark Sutton, Chairman and CEO of UBS Wealth Management USA. "She has been a valuable member of our team and will be missed. I also congratulate Mike Ryan on his expanded responsibilities. Mary and Mike's partnership throughout the years is a testament to the long-term value we place on client relationships."

Farrell joined PaineWebber in 1982 as an investment strategist specializing in small- and mid-capitalization issues. PaineWebber merged with UBS in 2000. Widely considered one of the country's most respected investment strategists, she has worked with thousands of Financial Advisors to help them chart their clients' personal financial courses. She has traveled extensively to communicate her research in person, and is a highly visible individual investment strategist on Wall Street. In 2000, she authored her own personal finance book: "Mary Farrell's Beyond the Basics: How to Invest Your Money, Now That You Know a Thing or Two."

"It has been a pleasure working at UBS," said Farrell, who will continue in a consulting role to the firm. "I've had a wonderful career, but after 34 years, am ready for the next phase of my life. I am very proud of the Wealth Management Investment Strategy & Research Group and feel confident that I am leaving it in the capable hands of my long-term friend and partner, Mike Ryan."

Ryan is currently Managing Director and Chief Fixed Income Investment Strategist for UBS Wealth Management USA, as well as Co-Head with Farrell of WMIS&RG. He has more than 20 years experience in the financial markets industry.

In the autumn of 2004, Farrell and Ryan co-founded WMIS&RG, a fully integrated wealth management investment strategy and research organization to serve the needs of U.S.-based private clients. WMIS&RG comprises more than 35 investment professionals covering a broad spectrum of asset classes.

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.

NEW YORK, April 29, 2005