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UBS Achieves 5th Place Ranking in Institutional Investor's 2003 "All-American Research Survey"

| Media Releases Americas

New York, October 14, 2003 - UBS announced today that it s Investment Research division has improved 3 positions to 5th place in Institutional Investor's 2003 "All-American Research Survey". Last year, UBS ranked 8th.

UBS had 8 first team analysts, 5 second team analysts, 6 third team analysts for a total of 19 up from 9 last year. In addition, UBS had13 runners-up for a combined total of 32 total team positions, up from 20 last year.

UBS' top-ranked analysts include: Ron Barone (Natural Gas), Sam Buttrick (Airlines), Robin Farley (Leisure), Adam Frisch (Computer Services and IT Consulting), Ben Reitzes (Imaging Technology) Nikos Theodosopoulos (Data Networking & Wireline Equipment), Paul Ting (Integrated Oil ) and Ken Weakley (Healthcare Facilities).

"We are extremely pleased with our showing," said Raul Esquivel, head of U.S. Equity Research. "This year's results are further proof that we will continue to invest in the best and brightest on Wall Street to build the pre-eminent equity research product."

UBS is one of the world's leading financial firms, combining financial strength with a reputation for innovation and a global culture that embraces change.

UBS is the world's largest wealth manager, a premier investment banking and securities firm, and one of the largest global asset managers. In Switzerland, UBS is the market leader in retail and commercial banking.

UBS, headquartered in Zurich and Basel, employs almost 67,000 people, and has operations in over 50 countries and in all major financial centers.

Inquiries: Kristopher A. Kagel: +1 212-713-8703 of UBS