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UBS PaineWebber Joins With BondDesk to Enhance Online Fixed Income Services

| Media Releases Americas

BondDesk.com, LLC, announced today that UBS PaineWebber (NYSE: UBS), a leading wealth management firm, has implemented fixed income services from BondDesk, the premier online retail fixed income solution. Currently, UBS PaineWebber's financial advisors are able to search the firm's fixed income inventory by multiple criteria including product type, (e.g., government and corporate bonds, mortgage-backed securities and CMOs, CDs, $25 par securities and municipal bonds), maturity, and rating through a browser-based application. Online order entry capabilities are enhanced by a trader inventory management system which facilitates easy to execute purchases and sales, limit orders, requests for bids or offers wanted and non-competitive tenders for U.S. Treasury auctions. Later this year, UBS PaineWebber's clients will also have fixed income search and order entry capabilities from UBS PaineWebber's Online Services.

Enhanced fixed income order entry capabilities are also available to correspondent broker clients of UBS PaineWebber's clearing subsidiary: Correspondent Services Corporation (CSC). Independent broker-dealers nationwide partner with CSC for execution and data processing, account protection, customized statements and facilities for brokerage operations.

'Fixed income securities are a significant asset allocation component for core affluent investors. Online browser-based software like BondDesk's product has enabled our financial advisors to deliver more personalized advice in the relationship with their clients,' said Thomas C. Naratil, executive vice president and director of the transaction products group for UBS PaineWebber. 'Our relationship with BondDesk also increases productivity for CSC's correspondent firms through professional fixed income support, robust online tools, real-time inventory and easy to use systems.'

By the end of 2001, UBS PaineWebber will expand online access to bond inventories from several firms through BondDesk Trading's centralized marketplace. The firms participating include Goldman Sachs, Bear Stearns, Bank of America, Prudential Securities, ABN AMRO, Pershing Division of DLJ Securities, First Union, Wells Fargo and A.G. Edwards.

About UBS PaineWebber
UBS PaineWebber serves the wealth management needs of more than 2 million clients and employs more than 21,000 in the U.S. UBS PaineWebber is a business unit of UBS Warburg - a subsidiary of UBS AG (Zurich, Switzerland) - NYSE: UBS.

About BondDesk
BondDesk is a privately held company providing the premiere online retail fixed income solution, servicing both traditional and online broker-dealers, creating a centralized bond market. BondDesk's broker-dealer equity partners include ABN AMRO (NYSE: ABN), A.G. Edwards & Sons, Inc. (NYSE: AGE), Bank of America (NYSE: BAC), Bear, Stearns & Co. Inc. (NYSE: BSC), Dain Rauscher, Inc. (NYSE: DRC), First Union Securities, Inc. (NYSE: FTU), Goldman, Sachs & Co. (NYSE: GS), Legg Mason Wood Walker, Inc. (NYSE: LM), UBS PaineWebber Inc. (NYSE: UBS), Pershing Division of DLJ Securities, Corp. (NYSE: DLJ), Prudential Securities Incorporated, Raymond James & Associates, Inc. (NYSE: RJF), Spear Leeds & Kellogg, Susquehanna Partners, G.P. and TD Waterhouse Group, Inc. (NYSE: TWE). Based in New York City with additional software development and technical support in Rochester Hills, Michigan, BondDesk has approximately 80 employees. BondDesk's broker-dealer subsidiary, BondDesk Trading, is based in New York City.

Contact:
Stephen Austin
212-713-2061
stephen.austin@ubspw.com