Investment Bank

Initiatives and achievements

Corporate clients

According to data from Dealogic, we ranked fourth in terms of share of the global fee pool at the end of first quarter 2005 with a market share of 5.4%, up from fifth place with a market share of 5.1% for full-year 2004.

Global Fee Pool Market Share	Year to date		Year ended

	31.3.05	31.3.04	31.12.04	31.12.03


in %	5.4	5.5	5.1	4.9
Rank	4	6	5	7

Institutional clients

We maintained our first place in the global ranking for secondary equity cash commissions for the twelfth consecutive quarter, according to data from a leading industry survey.

Our equities and fixed income businesses also received a number of prestigious awards in first quarter. UBS was named the leading European equity research firm in Institutional Investor’s All Europe survey for the fourth year running, with the number of our first-placed research teams rising to ten from eight last year. It also named us the top-rated research firm in emerging markets in Europe, the Middle East and Africa for the second consecutive year.

In Asia, we were again second in Institutional Investor’s All- Japan survey, with the number of our first-placed research teams rising to 12 from seven last year.

In Euroweek’s Review of the Year 2004, whose awards focus on performance in European fixed income markets, borrowers voted us the best provider of support in the secondary market and best lead manager of financial institution bonds for the second year running. We were also named Europe’s top repo house by the International Securities Market Association (ISMA).

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