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UBS announces Senior Management Changes to Global Equities Business

| Media Releases EMEA

UBS Investment Bank today announced a series of senior management appointments in its Global Equities business.

• John Braniff has been named Head of US Research Sales, based in New York. In this role Braniff will be responsible for distribution of US equity research globally, and will coordinate all cash products sold to US-based clients by regional equity product sales teams. Braniff will relocate to the US after three years in London where he was responsible for distribution of US equity products to European clients. Braniff will report to James Tregear, Global Head of Equity Sales, and to Huw Jenkins, Head of US Equities.

• Francois Gouws has been appointed Head of European Research Sales, responsible for the distribution of European research globally. Gouws will also coordinate all cash products sold to European-based clients by the regional equity product sales teams. Gouws will report to Alex Easton, Head of European Equities and also to James Tregear.

• Michael Oertli has been named Head of European Research and will relocate to London from Hong Kong where he has been Head of Asian Research since 1999. Previously, at UBS, Oertli has served in roles in European fund management, as a Pan-European sector analyst, and led the Thai equities business through the Asian financial crisis of the mid-1990s. Oertli will report to Tom Hill, Global Head of Equity Research and to Alex Easton.

• Nick Pink will become Head of Asian Research and will relocate to Hong Kong from London. Since 2001, Pink has been a senior manager in European Research, prior to which he was the top-rated UK utility analyst. Pink will report to Hill and Brad Orgill, Head of Asian Equities. • Nick Holtby has been appointed Head of Sales Trading for European Equities in addition to his current responsibility as Head of Cash Trading for Europe. Nick will report to John Holland, European Head of Client Execution Services and John Wall, Global Head of Equity Trading.

Braniff and Gouws positions are effective from 1st February and Oertli and Pink's roles from April.


London, 30 January 2004
UBS

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