UBS Appoints Deputy CIO within UBS Global Asset Management's Alternatives Business.

NEW YORK -- UBS Global Asset Management's Alternative and Quantitative Investments platform (A&Q) today announced the appointment of Rick Nardis as Deputy Chief Investment Officer to Alternative Investment Solutions, a key multi-manager provider within A&Q. The appointment is with immediate effect. Mr. Nardis, who will be based in Stamford, will work closely with the CIO of AIS, William Brown, directing and implementing research and portfolio management initiatives. He will also continue to be heavily involved with risk management across the AIS platform and to oversee the work of Senior Investment Officers responsible for strategy research.

Mr. Nardis joined UBS in 2001 as a Senior Investment Officer for the then O'Connor Multi-Manager Program, which became AIS in March 2004. Prior to 2001, he worked in the Manager Research Department at Tremont Advisers, Inc. as a Primary Specialist in Long/Short Equity. Mr. Nardis has over eight years of investment industry experience and holds a BA from Columbia University.

UBS also announced the addition of Euripides (Rip) Matos to the AIS team as Senior Investment Officer. Mr. Matos' key responsibility is hedge fund research for Alternative Investment Solutions (AIS) as part of the Credit, Equity Arbitrage, and Fixed Income / Trading strategy Clusters. In this function, he also serves on the Investment Committee of AIS.

Prior to 2007, Mr. Matos worked in Principal Investment Management at JP Morgan Chase & Co., where he was a Vice President focusing on the management of a significant proprietary multi-manager hedge fund of funds, with generalist strategy research responsibilities. Prior to JP Morgan, he was most recently an Associate Portfolio Manager and Senior Research Analyst at Tremont Advisers, covering Event-Driven, Relative Value, Credit, and Multi-Strategy areas. Mr. Matos has over 11 years of investment industry experience and holds an MBA from the Zicklin School of Business at Baruch College and a BA from Fordham University.

A&Q, which sits within UBS Global Asset Management, is a globally integrated business created to provide alternative investment solutions. A&Q represents the hedge fund platform within UBS and also manages fund of hedge funds, funds of private equity funds and long only products. With assets under management of over USD53 billion as at 1 April 2007 and more than 350 people in offices around the world, A&Q has two primary business lines: a single manager business, which operates its own hedge funds and other funds directly, and a multi-manager or funds of hedge funds business.

The single manager business is run by O'Connor, a key hedge fund specialist with global reach. The multi-manager business constructs portfolios of hedge funds (operated by third-party managers) to give clients diversified exposure to a range of hedge fund strategies. Within the multi-manager business are two distinct providers: Alternative Investment Solutions specializes in fund of hedge funds; and Alternative Funds Advisory provides clients with a complete alternative solution combining fund of hedge funds with single managers and other alternative assets including private equity.

UBS Global Asset Management is one of the world's leading asset managers, providing traditional, alternative and real estate investment management solutions to private clients, financial intermediaries and institutional investors worldwide. Invested assets totaled some CHF 883 billion at 31 March 2007, making the firm one of the largest global institutional asset managers, a leading fund house in Europe and the largest mutual fund manager in Switzerland.

With around 3,500 employees, located in 23 countries, UBS Global Asset Management is a truly global firm. The main offices are in Basel, Chicago, Frankfurt, Grand Cayman, Hartford, Hong Kong, London, Luxembourg, New York, Rio de Janeiro, Sydney, Tokyo, Toronto and Zurich.

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).