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UBS Global Asset Management to License Morningstar's New Family of Stock Indexes

| Media Releases Americas

Morningstar, Inc., a leading global investment research firm, today announced that UBS Global Asset Management, one of the world's largest global asset managers, will be the first company to license Morningstar's new family of style-based stock indexes. UBS Global Asset Management plans to use the indexes, which will be based on an enhanced version of the proprietary Morningstar(R) Style Box(TM) methodology, as the basis for exchange traded funds (ETFs) in the United States and Europe. UBS Global Asset Management launched its first publicly traded ETFs under the FRESCO brand in Europe in November 2001.

"We are pleased to announce this far-reaching relationship with UBS Global Asset Management to develop exchange traded funds in the United States and Europe," said Joe Mansueto, founder, chairman, and CEO of Morningstar, Inc. "Morningstar and UBS Global Asset Management share the same objective -- creating products that are easy to use and designed with customer interests in mind."

Joseph A. La Corte, CFA, a managing director for UBS Global Asset Management, said, "Morningstar's reputation for sophisticated, independent investment analysis made it a logical choice for us. ETFs based on the Morningstar Indexes will serve as portfolio building blocks for all types of investors."

Morningstar recently announced its plans to launch a family of style-based stock indexes based on an enhanced version of the company's proprietary Style Box(TM) methodology. In addition to serving as tools for portfolio construction and performance measurement, the Morningstar Indexes will be licensed to institutions for the creation of investment vehicles including mutual funds, ETFs, and derivative securities.

Developed initially for the U.S. and European markets, Morningstar's first
index offerings will comprise the following:

Seven Aggregate Indexes:
One Broad Market Index
Three Capitalization Indexes: Large, Mid and Small
Three Style Indexes: Value, Core and Growth

Nine Style Box Component Indexes:
Large Capitalization: Value, Core and Growth
Mid Capitalization: Value, Core and Growth
Small Capitalization: Value, Core and Growth

All Morningstar Indexes will be managed using clear, published rules outlining the criteria for security selection, rebalancing and adjustments for corporate actions. Each index family will be designed with the objective of providing investors with a consistent framework for portfolio assembly and monitoring. Investment products based on Morningstar Indexes will serve as
discrete building blocks that eliminate security and investment style overlap.

Dow Jones Indexes will be the calculation agent for Morningstar Indexes. The indexes will be calculated real time in U.S. dollars, and the daily closing values will be available in Euros, British pounds and Yen. Performance data, constituent data, and other descriptive statistics will be made available through major data providers, media outlets, as well as through Morningstar's print and software products, the company's investment Web site, www.morningstar.com , and its Web site for financial advisors, www.morningstaradvisor.com . For a detailed fact sheet about the Morningstar Indexes, please visit

http://www.morningstar.com/Cover/AboutUs.html?topnav=aboutus

About Morningstar

Morningstar, Inc. is a global investment research firm providing financial data, research, online advice, consulting services and investment solutions for individuals, financial advisors, institutions, and the media worldwide. Morningstar Investment Services, a registered investment advisor and a wholly owned subsidiary of Morningstar, Inc., offers a discretionary portfolio- management service for financial advisors and intermediaries. Morningstar is a trusted source of investment information and analysis for stocks, mutual funds, exchange traded funds, closed-end funds, and variable annuities. Morningstar employs 800 people in the United States, Canada, Japan, Europe, Australia, New Zealand, and Asia. The company tracks nearly 100,000 investment securities worldwide.

About UBS Global Asset Management

With $405 billion in assets under management as of Dec. 31, 2001, UBS Global Asset Management is a global investment leader in equities, fixed income, real estate, timber, hedge fund and multi-manager investment capabilities. UBS Global Asset Management is one of four business groups of UBS AG along with UBS Warburg, UBS Paine Webber and UBS Switzerland.

UBS AG is a leading global financial services firm with 71,000 employees worldwide, providing a wide range of services to a client base that includes affluent individuals, corporations, institutions and governments. Headquartered in Switzerland, the bank has significant operations in all of the world's major financial centers.

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