regional bank, no TARP

Sell -- Price 31.49 on Sept. 23
by FTN Midwest

Our 27 target represents 12 times our "09E EPS. We are lowering our "08E and "09E EPS by 6 cents and 15 cents, respectively, to $2.25 and $2.33. Our lower estimates include higher provisioning, limited balance-sheet growth, lower trust revenues ... . We are modeling core 3Q'08E EPS of 54 cents compared with 58 cents in 2Q'08 and 60 cents in 3Q'07 ... . While UBSI has a strong long-term track record, short-term flexibility will be limited and credit costs will likely rise. With recent upward price movement ... presumably from the short-selling ban, long-only investors have ... an opportunity to take profits. Market cap: $1.6 billion.

Ex date: 9/10/2008 Yield: 4.2%

4%

6/11/2008