-----Original Message-----
From: 	Lisa.Feld@ubsw.com@ENRON  
Sent:	Monday, February 04, 2002 9:54 AM
To:	Brackett, Debbie R.; Bradford, William S.
Subject:	Senior moves in UBS Warburg Credit Risk Control




______________________________ Forward Header __________________________________
Subject: Senior moves in UBS Warburg Credit Risk Control
Author:  Corporate Communications at ln,c,london,Corp-Comms
Date:    2/4/02 9:48 AM



                                                                Memorandum

     4 February 2002

     To:        All Credit Risk Control

     From:      John Costas, Clive Standish, Marco Suter, Ian Drew


     Senior moves in UBS Warburg Credit Risk Control
     --------------------------------------------------------------------

     We are pleased to announce two senior moves within UBS Warburg Credit
     Risk Control.  These will both become effective April 2002.

     Philip Lofts will move to Stamford to take responsibility as Chief
     Credit Officer, Americas. Philip has worked for UBS for 18 years and
     since 1998 has been Chief Credit Officer Asia/Pacific, working out of
     first Tokyo and then Hong Kong.  Prior to moving into CRC, Philip
     managed the Structured Finance business in Tokyo, having joined UBS
     originally in London.

     In addition to supporting UBS-W with sound credit decision making in a
     very challenging period in Asia, and establishing himself as a
     valuable member of the Regional Management team, Philip led the CRC
     teams which successfully delivered two key projects to introduce new
     methodology and technology into CRC. Philip is deputy to Ian Drew as
     UBSW CCO, holding his credit authority in his absence.

     Bill Glass will assume responsibility as Chief Credit Officer, Asia/
     Pacific, based in Hong Kong.  Bill has worked within UBS for 16 years
     and since 1999 has been Chief Credit Officer, Americas.  Bill's career
     has been centred in CRC, where he has worked in Asia, Europe and the
     United States.  He was Head of Credit in Tokyo for 2 years, followed
     by a period working directly for the UBS Group Chief Credit Officer in
     Zurich. Prior to his current position he was Deputy CCO, EMEA, based
     in London.

     Bill has been particularly instrumental in supporting the development
     of the Leveraged Finance business in UBS-W, a field where his advanced
     credit decision making skills have been extremely important.

     Please join us in wishing these two experienced Risk Control
     professionals success in their new responsibilities.





 - C.DTF 

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