Investment Bank

Commodities combined in new MCC business

In early April, our energy business, previously part of fixed income, joined with the metals business in Foreign Exchange, Cash and Collateral Trading (FXCCT) to form a combined commodities business. This move enables our firm to better leverage the strengths of each business, capture growth opportunities, and raise efficiency. The new business area was renamed Money Markets, Currencies & Commodities (MCC). We will use the new name in our quarterly reports from second quarter 2007.

Market share

According to data from Dealogic, we ranked fourth in terms of our share of the global fee pool at the end of first quarter 2007 with a market share of 5.9%. At the end of 2006, we ranked eighth with a market share of 4.9%. We also led Dealogic's first quarter list for investment banking revenues in Asia, as reported in the Wall Street Journal in early April.

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

Awards

Our equities and fixed income businesses 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 sixth year running, with 11 first-placed research teams. The survey also placed us first in European emerging markets research and recognized us as having the top ranked pan-European equity sales force.

EuroHedge ranked us first in winning prime broker mandates for new hedge funds (as measured by assets) and in Asia, The Asset named us the best prime brokerage house. In addition, Private Equity International named us the best placement agent in North America.

Our metals team placed first in Risk magazine's annual survey of market participants, up from fourth in last year's poll.