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UBS Warburg Hires Asset-Backed Professionals; Expands Number One Mortgage Business

Media Releases Americas

UBS Warburg announced today that it has added to its asset-backed securities team in New York. The group is headed by Shahid Quraishi who has been appointed managing director and head of U.S. Asset-Backed origination. Quraishi, who joins UBS Warburg from Bank of America, will report to Ramesh Singh, global head of Residential Mortgages and Asset-Backed Securities.

Also joining UBS Warburg from Bank of America are Paul Scialabba, Reggie DeVillers, Peter Faigl and Daniel Huang. Separately, the firm has hired Mostifiz Mohammed, a senior asset-backed banker from Wachovia and Tamer El-Rayess, a principal finance banker from Goldman Sachs.

We are very excited to announce that these talented people have joined UBS Warburg," said Michael Hutchins, co-head of Fixed Income. We now have the industry's number one mortgage team joined by leading asset-backed professionals on a solid global platform."

UBS Warburg's CMO business finished the first quarter of 2002 ranked number one. The firm's mortgage analyst, Laurie Goodman, is ranked number one by Institutional Investor.

UBS Warburg also announced that in an effort to augment origination in its leading agency and non-agency CMO business, that Peter Slagowitz will join the firm from Credit Suisse First Boston. Slagowitz will be appointed executive director, head of UBS Warburg's mortgage conduit business, reporting to Singh. Bill Moss, also of Credit Suisse, will join the firm and will report to Slagowitz.

Taken together these announcements enhance our origination capability and increase the suite of products we can offer issuers and investors," said Singh. At the same time, we have filled out an All-Star team of talent that puts UBS Warburg in position to be the premier mortgage-backed and asset-backed firm on Wall Street."

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 along with UBS PaineWebber, UBS Global Asset Management and UBS Switzerland.

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Inquiries: David P. Walker: +1 212-713-8502 of UBS Warburg