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Inaugural UBS Warburg Cup

| Media Releases Americas

To be played 12 to 18 November on The Ocean Course at Kiawah Island Resorts Golf Legends Arnold Palmer and Gary Player Golf Legends Arnold Palmer and Gary Player to serve as team captains for 12-Man Rest of the World and United States teams in $3 Million event

Royal County Down, Northern Ireland
The inaugural UBS Warburg Cup, featuring two 12-man golf teams from the United States and The Rest of the World, will compete for a purse of US$3 million in a Ryder Cup-style format at The Ocean Course at Kiawah Island Resorts, in South Carolina, USA, 12 to 18 November. The UBS Warburg Cup will be sanctioned by the European Seniors Tour.

Golf legend Arnold Palmer will be playing captain of the US team, and South Africa's Gary Player will be playing captain of The Rest of the World team. The teams will each comprise 12 players, six of whom will be aged 40-49 and six aged 50 and over.

Andy Stubbs, Managing Director of the European Seniors Tour said, 'The UBS Warburg Cup is an exciting new tournament that will renew many of the legendary battles that have taken place over the years between some of the all-time great names in golf. Match play is regarded by many as the purest form of golf competition and international team match play is arguably the most exciting. The European Seniors Tour is delighted to be involved in the creation of the UBS Warburg Cup which will quickly establish itself as an event that our members will all want to participate in.'

The teams
The United States team will be composed of Palmer, plus the leading players from the US Senior PGA Tour all-time money and 2001 money lists following the Senior PGA Championship, the three leading players 40-49 years of age from the World Rankings at the end of June 2001, three special invitations for players over the age of 50 and three
special invitations for players from 40-49 years of age.

The Rest of the World team will include Player, the top two international players from the European Seniors Tour Order of Merit after the European Seniors Tour Championship, the top three international players 40-49 years ofage from the career PGA European Tour money list as of 1 October 2001, three special invitations for players over the age of 50 and three special invitations for players from 40-49 years of age.

The players
Players who have either qualified or received special invitations to date and have confirmed their acceptance are Arnold Palmer, Gary Player, Jack Nicklaus, Larry Nelson, Isao Aoki, Hale Irwin and Curtis Strange.

The matches
Six matches of foursomes will lead off play on Friday, 16 November, followed by six matches of four-ball on Saturday, 17 November. The competition concludes on Sunday, 18 November with 12 singles matches. Each match is worth one point and the first team to compile 12.5 points will be the winner. Every member of the winning team will earn $150,000 while each member of the losing team will receive $100,000.

'This is going to be one of golf's premier team events for years to come,' Palmer said. 'These teams are made up of some of the greatest players in the world and it will be an honour to lead the United States team against their international counterparts.'

'I love this kind of competition,' Player said. 'To lead a team of international players against a team led by Arnold Palmer will be very special. The matches will be fun, but I am sure they will also be intense because of the competition and the venue.'

'We are delighted to have played a leading role in the creation of this unique annual event which brings together many of the world's greatest golfers,' said Rory Tapner, Managing Director, UBS Warburg. 'The global aspect of the event combined with the emphasis on team spirit, reflect similar qualities in our firm. We are confident that under the leadership of Arnold Palmer and Gary Player, the UBS Warburg cup will become a competitive tournament of the highest quality.'

'International team match play events have always been among the most exciting in golf,' said Mark McCormack, Chairman of IMG, who are managing and staging the event. 'This one is unique because it involves not only some of the greatest US and international players of all time, but some future Seniors who are still among the elite in world golf.'

'We are honoured to be selected as the host course for this exciting international match,' said Prem Devadas, managing director of Kiawah Island Resorts. 'Although the Ocean Course has been in existence for only 10 years, it a l ready has a history of being host to some of golf's major international events including The 1991 Ryder Cup. The UBS Warburg Cup will be a worthy addition to the list.'

The Ocean Course at Kiawah
The Ocean Course at Kiawah Island Resorts, designed by Pete Dye, was the site of the 1991 Ryder Cup matches. In 1997, it was the host of the World Cup of Golf, an event that featured the finest players in the world from 32 countries. Golf Digest named the Ocean Course the No. 1 golf course in South Carolina, the No. 4 Resort Course in America and America's Toughest Resort Course. To download a high-resolution photograph of The Ocean Course, visit www.kiawahresort.com/ubswarburg.

UBS Warburg
UBS Warburg is a business group of UBS AG (NYSE: UBS), one of the largest financial services firms in the world with 71,076 employees in more than 40 countries. The company 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.

IMG
IMG is the world's largest, most diverse and only truly global company dedicated to the marketing and management of sport, leisure and lifestyle. IMG employs a staff of nearly 3,000 people and has offices, sports academies and IMG-managed real estate facilities in 33 countries.

For additional information, please contact:

UBS Warburg
Media Relations, US
David Walker: +1-212-713 8502

Brener Zwikel
Tournament Media Representatives
Toby Zwikel or Steve Brener
+ 1-818-344 6195 ext. 103 or 104

IMG
Tournament Organisers
Peter German or Alistair McKay-Forbes,
+ 44-20-8233 5000

For ticket price information in the United States
Toll free number 1-866-238-6596 or 216/436-3698.