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UBS Warburg Expands Valuation and Accounting Research Group; Names David Bianco Head of U.S. Team

| Media Releases Americas

UBS Warburg today announced an expansion of its US Valuation and Accounting Research Team. As part of the announcement the firm said that David Bianco, CFA, has joined UBS Warburg as head of the US Valuation and Accounting Research group reporting to Stephen Cooper, global head of Valuation and Accounting Research and Tim Baker, associate head, US Equity Research. Mr. Bianco joins a global team of eight people and a US team that includes Pinto Suri, who covers financial institutions; Austin Burkett, CFA, healthcare, and Omotayo Okusnya, Telecommunications, Media and Technology. Zhen Deng, PhD, also of the US group, focuses on accounting research and support.

We are delighted that David has joined UBS Warburg and that he will lead a talented team of Pinto, Austin, Omotayo and Zhen to support clients in this business critical area," said Cooper. In addition to working directly with clients, David and his team will play a key role in supporting analysts in the development of their research in regards to valuation and accounting as well as create independent accounting and valuation research reports," added Baker.

Recent examples where the US Valuation and Accounting Research group have supported the global equity research product with in-depth analysis of accounting issues include: General Motors: Operations Strong; Pension Problems Weigh Heavy," Compaq: Painting a House That is on Fire," Can You Trust the Numbers?," and Goodwill in Equity Analysis."

Mr. Bianco joins UBS Warburg from Deutsche Bank where he was the Chief US Quantitative Strategist. Prior to that, he was a food analyst at Credit Suisse First Boston. While at CSFB, he was a member of its EVA/Valuation team. Mr. Bianco is a graduate of the Wharton School of Business and is a chartered financial analyst.

UBS Warburg is a business group of UBS AG (NYSE: UBS), one of the largest financial services firms in the world with 70,000 employees in more than 40 countries. UBS Warburg 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 is one of four business groups of UBS AG along with UBS PaineWebber, UBS Global Asset Management and UBS Wealth Management & Business Banking.



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Inquiries: Amy Rosenberg: +1 212-713-8510 (w) of UBS Warburg