Q-Series(TM) Report: Avian Influenza The Next Human Influenza Pandemic?

The report, entitled "Avian Influenza: The next human influenzapandemic?" examines the likelihood of an avian flu (H5N1) diagnosisand treatments, manufacturing issues and selected pharmaceuticalcompanies that could benefit.

UBS's global pharmaceutical and biotechnology teams, led byEuropean Biotechnology analysts Sven Zimmerman phD and Martin WalesphD, have combined their analysis' with reviews of scientificliterature and documents from the World Health Organization. Inaddition, the team has analyzed available treatment options, and thesupply of anti-viral drugs and vaccines to cope with an outbreak ofthe human H5N1 strain.

The report covers the key pharma and vaccine players that couldbenefit, their anti-virals, and the financial impact and valuationsfor the respective firms. After a thorough review of the data, the UBSteam concludes:

-- The avian influenza virus is by no means eradicated but is now endemic in many rural areas in south-east Asia.

-- Avian influenza may travel along the routes of migratory birds to Europe and may infect domestic birds such as chicken unless very efficient measures are taken.

-- Drug treatment alone will not contain a pandemic outbreak but pandemic planning will likely provide a revenue boost to the affected companies, mainly Roche.

-- With an ever-increasing focus on vaccination, vaccine manufacturers with cell-based production approaches will likely be at the forefront of developing an avian flu vaccine.

UBS is one of the world's leading financial firms, serving adiscerning global client base. As an organization, it combinesfinancial strength with an international culture that embraces change.As an integrated firm, UBS creates added value for clients by drawingon the combined resources and expertise of all its businesses.

UBS is the world's largest wealth manager, a top tier investmentbanking and securities firm, and one of the largest global assetmanagers. In Switzerland, UBS is the market leader in retail andcommercial banking.

*For copies of the Q-Series report "Avian Influenza," pleasecontact Allison Chin-Leong at 212-882-5693.