Brian Shipman

BRIAN SHIPMAN is a director in the communications group of UBS Warburg
equity research. An analyst since 1997, he specializes in coverage of
the publishing industry. In 2002, he was ranked fourth in stock picking
in the advertising and publishing category by The Wall Street Journal
Best On The Street survey. Before joining UBS Warburg, Mr. Shipman was
senior publishing and advertising analyst at Robertson Stephens. Prior
to that, Mr. Shipman was senior publishing analyst at Prudential
Securities and worked in the research department at UBS Securities. Mr.
Shipman holds an MBA from the University of Oregon and a BA in economics
and management from Albion College.