UBS achieved a total of 10 team positions including 2 first team analysts, 2 second team analysts, and 5 third team analysts.
Tutu Agyare, Head of Emerging European Equities commented:

"We are delighted that our clients have recognised our efforts to provide them with a quality research product. For UBS's Emerging European Research Team this is an outstanding result and acknowledges the importance of Emerging European Research as a category in its own right".

This follows the firm's success in February when UBS was ranked number one in Institutional Investors Magazine 2004 All-Europe Research Team Survey and first in Pan-European Institutional Equity Sales and Pan-European Trading and Execution.

London, 12 March 2004
UBS