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UBS ranked 1st place in 2005 Institutional Investor All Europe Poll for Equity Research

| Media Releases EMEA

As of Tuesday, 15 February 2005, the following interest rates shall apply to UBS Time Deposit Accounts and Medium-Term Bonds.

London - UBS Investment Bank announced today that for the fourth consecutive year the firm has been ranked first in Institutional Investor Magazine's 2004 All-Europe Research Team survey.

UBS had a combined total of 36 ranked teams, up from 30 last year, with more first and second team positions than any of its competitors. UBS achieved 10 first team positions, 11 second team positions, 5 third team positions and 10 runner up positions.

Furthermore, UBS claimed first position in the Western Countries category for country-based research and joint first position in the Pan-European Leaders category for industry research and Europe-wide macro analysis.

Michael Oertli, Head of European Equity Research commented: "We are delighted to be ranked number one for the fourth year running. This result highlights the breadth of our research product and further demonstrates our continued commitment to the provision of innovative and thoughtful research to our clients.

Paul Rix, Head of European Product Management added: "This fourth year of recognition is testament to the overall strength of our franchise."

Enquiries: Gemma Piggott +44 20 7568 9822

Medium-Term Bonds

Duration

New Rate

Old Rate

2 years

0.875%

0.875%

3 years

1.00%

1.125%

4 years

1.25%

1.375%

5 years

1.375%

1.625%

6 years

1.50%

1.875%

7 years

1.625%

2.00%

8 years

1.75%

2.125%

Time Deposit Accounts

Duration

New Rate

Old Rate

2 years

0.875%

0.875%

3 years

1.00%

1.125%

4 years

1.25%

1.375%

5 years

1.375%

1.625%

6 years

1.50%

1.875%

7 years

1.625%

2.00%

8 years

1.75%

2.125%

9 years

1.875%

2.25%

10 years

2.00%

2.375%

Zurich / Basel, 14 February 2005
UBS