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James R. Schaefer joins UBS as Managing Director in its global power investment banking sector

New York Media Releases Americas

UBS announced today that James R. Schaefer has joined as Managing Director in the Global Power Investment Banking Sector. Mr. Schaefer will be based in New York and will report to Walter S. Hulse III, head of the Global Power Investment Banking Team.

In his new role, Mr. Schaefer will be responsible for coordinating coverage of power and utility clients in the U.S.

Mr. Schaefer joins UBS from Lehman Brothers where he was a Managing Director in their Power Group. Mr. Schaefer joined Lehman from Salomon Brothers in 1998 and was responsible for power and natural resource accounts at both firms.

"I'm very excited that Jim has decided to join UBS," said Walter Hulse. "Jim has worked on a number of high-profile transactions throughout his career and I look forward to him using this expertise with our key power clients."

Mr. Schaefer earned his MBA in Finance (with Honors) from the University of Michigan in 1995 and his B.S. in Business Administration from the University of Vermont in 1990. Mr. Schaefer was Alpine Ski Coach at University of Vermont in 1993 and guided the team to an NCAA Division 1 National Championship that year.

UBS is one of the world's leading financial firms, serving a discerning global client base. As an organization, it combines financial strength with an international culture that embraces change.

As an integrated firm, UBS creates added value for clients by drawing on the combined resources and expertise of all its businesses. UBS is the world's largest wealth manager, a top tier 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 is present in all major financial centers worldwide. It has offices in 50 countries, with about 39% of its employees working in the Americas, 37% in Switzerland, 16% in the rest of Europe and 8% in Asia Pacific. UBS's financial businesses employ more than 69,500 people around the world. Its shares are listed on the SWX Swiss Stock Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).

Inquiries: Kristopher A. Kagel: +1 212-882-5691 of UBS

New York , February 21, 2006