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Terran A. Miller Joins UBS Warburg as Senior Fixed Income Utilities Analyst

| Media Releases Americas

NEW YORK, NY, MAY 9, 2001 - UBS Warburg announced today that Terran A. Miller has joined the firm as senior fixed income analyst responsible for coverage of the North American utilities sector. In 2000, Mr. Miller ranked second in Institutional Investor's "All American Fixed Income Research Team" after being ranked number one in 1999. Mr. Miller will report to Stewart Morel and Philip Olesen, co-heads of North American High-Grade Research.



Mr. Miller has 19 years of experience following the U.S. electric utility sector. Prior to joining UBS Warburg, Mr. Miller was managing director and senior utility analyst at Credit Suisse First Boston. Before that, Mr. Miller spent six years at Donaldson, Lufkin and Jenrette where he covered high-grade and high-yield electric utilities, high-grade gas pipelines and the independent power producer sectors.

"Terran's hiring is another step in our global build plan for fixed income research," said David Shulman, managing director/co-head of Global Fixed Income Distribution & Research. Morel, added, "The combination of Terran and Ray Leung covering utilities gives us a greatly increased scope and expertise to offer clients in this ever-changing industry sector."

UBS Warburg is a business group of UBS (NYSE: UBS), one of the largest financial services firms in the world with 71,000 employees in more than 40 countries. The firm is a leader in equities, corporate finance, M&A advisory and financing, financial structuring, fixed income issuance and trading, foreign exchange, derivatives and risk management. UBS Warburg also offers a full range of innovative wealth management services through UBS PaineWebber, and provides private equity financing through UBS Capital.

Inquiries: Kristopher Kagel: +1 212-713-8703 of UBS Warburg