Enso Capital Management and UBS Announce Joint Venture to Establish UBS Enso Fund

NEW YORK, April 17 /PRNewswire/ — Enso Capital Management, LLC (“Enso”), a New York based registered investment adviser, and UBS Fund Advisor, L.L.C., an indirect subsidiary of UBS AG (“UBS”), today announced a joint venture establishing UBS Enso Management, L.L.C. (“UBS Enso”). UBS Enso will act as the investment adviser of the UBS Enso Fund (the “Fund”), a newly formed, registered, closed-end investment management company.

The new investment company is available to UBS clients who meet the requirements for a “qualified client” under Rule 205-3 of the Investment Advisers Act of 1940. In managing the Fund, UBS Enso will invest both long and short in a broad range of global equity securities. The Fund’s investment objective is to achieve consistent risk-adjusted returns that are uncorrelated to both general market indices and hedge fund indices, while at the same time preserving capital and minimizing downside risk and volatility.

“We are excited to be aligning Enso with the exceptional wealth management platform at UBS,” said Josh Fink, CEO and Chief Investment Officer of Enso. “Partnering with UBS — a recognized leader in the management and distribution of over $100 billion in alternative investment assets — creates a unique and powerful opportunity to expand our global investor base.”

“Enso’s ability to source ‘off the beaten track’ global investment ideas will create unique investment opportunities for UBS clients,” said Stephen Roussin, Head of Investment Solutions US-the unit responsible for the manufacturing and distribution of UBS’ robust alternative investments platform.

UBS Enso will draw on the strengths and expertise of UBS and Enso. Within the joint venture, portfolio managers from Enso will provide day-to-day management of the Fund’s investment portfolio and UBS personnel will oversee their activities. In managing the Fund, UBS Enso’s portfolio managers intend to use the investment techniques and strategies that they have utilized at Enso. UBS Enso will source alpha-generating, longer-term investment ideas through rigorous primary research and intensive travel and through its networks. UBS Enso will seek to identify unusual investment ideas in niche industries that may be overlooked by typical analytical methods. The investment team marries idea sourcing with robust industry and company analysis. A global perspective will allow the investment team to compare select sub-industries across different regions of the globe.

About Enso Capital Management, LLC

Founded in 2002, Enso is an investment management firm based in New York that invests in both public and private companies globally, with over $600 million in assets under management. In managing its clients’ portfolios, Enso sources alpha-generating, longer-term investment ideas through rigorous primary research and intensive travel and through its networks. Enso seeks to identify unusual investment ideas in niche industries that may be overlooked by typical analytical methods. The investment team marries idea sourcing with robust industry and company analysis. A global perspective allows the investment team to compare select sub-industries across different regions of the globe. Roughly two-thirds of the portfolios Enso currently manages are allocated outside of North America.

About UBS

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 leading global 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 38% of its employees working in the Americas, 33% in Switzerland, 17% in the rest of Europe and 12% in Asia Pacific. UBS’s financial businesses employ more than 80,000 people around the world. Its shares are listed on the SWX Swiss Exchange (SWX), the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).

Forward-Looking Statements

This press release may contain certain forward-looking statements regarding future circumstances. These forward-looking statements are based upon current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements including, in particular, the risks and uncertainties described in filings with the Securities and Exchange Commission. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. No undertaking is made with respect to any obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by any person that the events or circumstances described in such statement are material.

Availability of Additional Information

A prospective investor should consider the investment objective, risks and charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. An investor may obtain a prospectus from UBS Financial Services Inc., the Fund’s underwriter, by calling UBS at 800-791-1197 and ask to speak to a UBS Financial Advisor. UBS Clients should contact their UBS Financial Advisor. The prospectus should be read carefully before investing.

Interests of the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other governmental agency.

Enso Capital Management, LLC

CONTACT: Finsbury Group: New York, Andy Merrill,andy.merrill@finsbury.com, or Tripp Kyle, tripp.kyle@finsbury.com,+1-212-303-7600; or London: Matthew Newton, matthew.newton@finsbury.com, orRyan O’Keeffe, ryan.o’keeffe@finsbury.com, +44(0)207-251-3801, all for EnsoCapital Management, LLC; or Kris Kagel, Corporate Communications of UBS,+1-212-882-5691

Web site: http://www.ubs.com/