With USD 352 billion in client assets under management, UBS Asset Management is one of the world's preeminent investment managers delivering institutional investment capabilities through Brinson Partners, Phillips & Drew and Global Asset Management. In March 2000, Brinson combined with Phillips & Drew to establish a common global investment platform in all major financial centers worldwide. This combination will allow UBS Asset Management to better meet the increasingly specialized needs of its global client base. UBS' outstanding professional expertise and financial strength make it a reliable partner for clients and shareholders around the world. Through Brinson Partners and Phillips & Drew, we bring together all of the elements of investment solutions for our clients:

• A global perspective on markets and economies
• An all-encompassing philosophy for valuing markets, currencies and securities around the world based on price/value discrepancies derived from fundamental research
• Innovative thought leadership and investment ideas
• Extensive financial, informational, and most importantly, human capital
• A dedication to providing personal client service and personalized business solutions