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UBS Warburg Names Gary Balter Retail Analyst

| Media Releases Americas

UBS Warburg announced today that Gary Balter will join the firm as senior retail analyst. Mr. Balter will be a managing director and based in New York.

Gary's 15 years of experience covering the retail sector gives him a breadth of knowledge of the industry that is highly regarded, and we are delighted to welcome him to UBS Warburg," said Mr. Raul Esquivel, director of U.S. Equity Research. He further strengthens our commitment to the consumer sector," Mr. Esquivel added.

Prior to joining UBS Warburg, Mr. Balter was a senior retail hardlines analyst for Credit Suisse First Boston and Donaldson, Lufkin & Jenrette. Mr. Balter began his career at Goldman Sachs as a specialty retail and consumer electronics analyst and later served as an investment banker specializing in retail companies. Mr. Balter holds a Masters of Business Administration degree from Stanford Business School and a Bachelor of Commerce degree from McGill University.

Mr. Balter has been named to Institutional Investor's All-America Research team each year since 1992, in Retail/Hardlines, Retail/Broadlines or both. For the last four years he has ranked number two in Retail/Hardlines. In 2001, Mr. Balter was ranked the number one specialty retail analyst by the Greenwich Survey.

UBS Warburg is a business group of UBS AG (NYSE: UBS), one of the largest financial services firms in the world with more than 69,000 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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