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Alexander G. Brown Joins UBS PaineWebber's Municipal Securities Group

| Media Releases Americas

UBS PaineWebber Inc. today announced the appointment of Alexander G. Brown as a director in the Municipal Securities Group (MSG). Based in Denver, Mr. Brown will assist in efforts to build the group's Colorado presence.

Previously, Mr. Brown served as an investment banker at George K. Baum & Co., where he advised schools, cities and other municipal bond issuers on the structuring and marketing of tax-exempt securities. He received a B.A. from Temple University and an M.A. from Pennsylvania State University.

Alex has been a trusted advisor in the municipal community of Colorado and the surrounding states for a number of years," said Terry L. Atkinson, director of the MSG. His contributions will be valuable given our commitment to this important region."

At the close of 2001, the MSG ranked number two in negotiated senior managed underwriting with a more than twelve and a half percent market share.

UBS PaineWebber serves the wealth management needs of more than 2 million clients with 8,800 financial advisors in 374 branch offices nationwide. UBS PaineWebber is one of four business groups of UBS AG along with UBS Warburg, UBS Global Asset Management and UBS Switzerland.

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Contact: Susan Wentworth 212-713-4097