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James Metcalfe to Join UBS Investment Bank as Global Head of Power Banking

New York Media Releases Americas

UBS announced today that James M. Metcalfe will join UBS Investment Bank as Global Head of Power Banking. Metcalfe will be based in New York and report to Rick Leaman and Alex Wilmot-Sitwell, Joint Global Heads of UBS Investment Banking Department (IBD).

Metcalfe, 41, will join UBS from Lehman Brothers, where he is Head of Power Mergers & Acquisitions.

Walter Hulse, currently Global Head of Power Banking, will become Vice Chairman of IBD, reporting to Leaman and Wilmot-Sitwell. In that role, Hulse, 43, will continue to work with a set of key power clients, as well as work with non-power clients.

"We are delighted Jim is joining UBS. The power sector continues to show strong deal flow and increasing cross-border activity, and UBS is uniquely positioned as a truly global institution with a leading power banking practice to bring solid advice and execution to clients," said Leaman. "Jim's strong reputation in the industry and depth of experience will help further strengthen UBS's position in the power sector."

UBS is a leading global institution in the power and utilities banking arena. Worldwide, UBS ranks as a leading advisor to utilities, non-regulated power companies and companies in the alternative energy sector. The franchise is global and has strong capital markets capabilities, including a ranking as number one in equity capital markets. Recently, UBS acted as joint financial advisor to Suez in its €71.7 billion merger with Gaz de France and advisor to Enel on its €50.2 billion joint bid for Accoina.

Metcalfe holds a B.S. from Washington & Lee University and a Masters of Management from the Kellogg School at Northwestern University.

UBS is one of the world's leading financial firms, serving a discerning international client base. Its business, global in scale, is focused on growth. 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 leading global 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, 34% in Switzerland, 17% in the rest of Europe and 10% in Asia Pacific. UBS's financial businesses employ some 80,000 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).


Doug Morris: +1-212-882-5694

New York, June 25, 2007