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UBS Investment Bank announces new Global Leveraged Finance Structure

London / United Kingdom Media Releases EMEA

New York, December 6, 2005 - UBS announced today that it will implement the following new appointments with immediate effect.

David Juge and Warren Woo have been appointed Joint Heads of Global Leveraged Finance. Global Leveraged Finance will comprise the Global Syndicated Finance and Leveraged Finance businesses of the Investment Bank.

Mr Juge will continue to be responsible for the Global Syndicated Finance business reporting to Chris Ryan, Global Head of Credit Fixed Income.

Mr Woo will assume the dual role of Global Head of the Financial Sponsors Group and Leveraged Finance Origination. Mr Woo will report to Ken Moeli, President, UBS Investment Bank and to the Joint Global Heads of the Investment Banking Department, Rick Leaman, Jeff McDermott and Alex Wilmot-Sitwell.

"Financial sponsors and leveraged finance continue to be the fastest growing sectors of the marketplace," said Ken Moelis, President, Investment Bank, "We are confident that these changes will help us maximise our ability to effectively serve our clients through an enhanced integrated firm effort."

In conjunction with this change, UBS is pleased to announce the followoing additional appointments.

- Adam Reeder will assume the position of Head of the Financial Sponsors Group and Leveraged Finance Origination for the Americas, reporting to Warren Woo.
- Steve Conway has been appointed Head of Financial Sponsors Group and Leveraged Finance Origination for the EMEA and APAC regions, reporting to Warren Woo.
- Brendan Connolly will assume the position of Global Head of High Yield Syndicate, reporting to David Juge.

"We have been looking to create seamless coordination between the client and risk areas of our leveraged finance business," says Mr Woo. "We believe these changes are a solid step in that direction."

UBS is one of the world's largest wealth managers, premier investment banking and securities firm, and one of the largest global asset managers. In Switzerland, UBS is a market leader in retail and commercial banking.

Headquartered in Zurich and Basel, UBS employs around 70,000 people and has operations in over 50 countries and in all major financial centres.

Dominik von Arx + 44 20 7568 2439
Sarah Small + 44 20 7568 2609