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UBS Investment Bank appoints new Chief Economist

| Media Releases EMEA

UBS announces the appointment of Larry Hatheway as Chief Economist, UBS Investment Bank.

UBS Investment Bank announced today the appointment of Larry Hatheway as Chief Economist, with effect from 1st September 2004. Hatheway, who is based in London, will combine his current responsibilities as Head of Global Asset Allocation with the Chief Economist role previously held by George Magnus.

Magnus, after 17 years with the firm, in order to pursue additional personal interests, will relinquish his role as UBS Investment Bank Chief Economist and take up a new part time position as Senior Economic Adviser.

Hatheway joined UBS in 1992 and has held a number of positions in the firm since, most recently as Head of Global Asset Allocation, where he achieved the No. 1 position in the 2003 Institutional Investor Global Research survey.

Tom Hill, Global Head of Equity Research, commented: "I am delighted that Larry will occupy such a key position in the bank's research department and contribute personally, and by overall direction, to the further development of its products. I'm also very grateful to George for his long term contribution to the success of the business and I am pleased that he will continue to produce macroeconomic research."


London, 23 June 2004
UBS

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