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Equities Management team change

| Media Releases APAC

John Carter and John Steinthal, co-heads of the Australralisian equities business are stepping down from their executive management positions. Both will continue their association with UBS in an advisory capacity, particularly focusing on new business opportunities.

Both have been with the group since 1991, John Steinthal having joined as an Economist and later assuming the role of Head of Equity Trading and Derivatives in 1999. John Carter commenced his career by starting the Property Research group, and was made Head of Property for UBS in 1997. In November 2001 they became co-heads of the Australian and New Zealand equities business.

"Under their stewardship the Equities business has consolidated our position as market leader and they have they have laid a foundation for the group to continue to build on the successes achieved to date," says Chris Mackay, CEO, Australasia.

We look forward to announcing the new equity management team shortly.


Sydney, 29 March 2004
UBS