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UBS appoints new Global Heads of Investment Banking Department and new Vice Chairman of Investment Bank

London / United Kingdom Media Releases EMEA

London (27th October 2005) - UBS Investment Bank announced today the appointment of Rick Leaman, Jeff McDermott and Alex Wilmot-Sitwell as Joint Global Heads of the Investment Banking Department (IBD). Reporting to Ken Moelis, President of UBS Investment Bank, the appointments are effective from 1st November 2005. Leaman will be based in New York and McDermott and Wilmot-Sitwell will be based in London.

The day-to-day responsibility for running IBD was previously held by Robert Gillespie and Ken Moelis who together built a world class Investment Banking business globally.

Robert Gillespie has been appointed as CEO of EMEA and Co-Vice Chairman of the Investment Bank alongside Lord Brittan of Spennithorne, Senator Phil Gramm and Ken Costa. Gillespie will have executive responsibility for the strategic growth of the business across both established and emerging markets throughout the region, in addition to his role as senior relationship manager for a number of key clients. He will be based in London.

Commenting on the appointment of Leaman, McDermott and Wilmot-Sitwell, Ken Moelis said:

"I am delighted that Rick, Jeff and Alex will be working together to position UBS as one of the leading global Investment Banking franchises. Their strong leadership, with proven track records across geographies and client segments, is the perfect combination to take the business forward."

Rick Leaman was Joint Global Head of Mergers & Acquisitions and Chairman of the Business Review Group for IBD in the Americas. He joined the firm in 1997, following the acquisition of Dillon Read, where he had worked since 1992.

Jeff McDermott joined UBS in 2001 from Salomon Smith Barney. He was Head of the Global Industrial Group based in New York until 2004, when he moved to London on his appointment as Joint Head of European Investment Banking alongside Alex Wilmot-Sitwell.

Alex Wilmot-Sitwell joined the bank in 1995 as Head of Corporate Finance in South Africa, before moving to London in 1998 as Head of UK Investment Banking. Prior to his appointment as Joint Head of European Investment Banking in 2004 he was Head of European Client Coverage.