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UBS Appoints Teresa Ressel CEO of UBS Securities LLC

New York Media Releases Americas

UBS announced today that Teresa Mullett Ressel has been appointed as Chief Executive Officer of UBS Securities LLC, the U.S. broker-dealer unit of UBS Group Americas.

Ressell reports to Robert Wolf, CEO and Chairman of UBS Group Americas and Global COO, UBS Investment Bank, and in addition to her new responsibilities she will continue in her current role as COO for UBS Investment Bank in the Americas.

Ressel joined UBS in 2004 from the U.S. Department of the Treasury in Washington D.C., where she served as Assistant Secretary and Chief Financial Officer. Previously she was at Kaiser Permanente from 1993 to 2000 in roles including Chief Operating Officer and Chief Compliance Officer. Prior to that, she was a program manager at Hewlett Packard and a nuclear engineer at General Dynamics.

"Teresa has a great career track record in the public and private sectors and brings senior management expertise in areas like operations, systems controls, finance, audit and compliance," said Wolf. "As we continue to grow and expand here, her depth of experience makes her ideally suited to oversee our broker-dealer business in the U.S."

Ressel holds a BS and MS in Engineering from the University of Delaware and an MBA from the Rensselaer Polytechnic Institute in Troy, NY.

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, 36% in Switzerland, 16% in the rest of Europe and 9% in Asia Pacific. UBS's financial businesses employ around 75,000 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).


Rohini Pragasam Tel. +1-212-882-5690

Doug Morris Tel. +1-212-882-5694

New York, January 8, 2007