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UBS and The London Symphony Orchestra announce a new three year partnership

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A comparison of purchasing power around the globe, 2005 update

UBS and the London Symphony Orchestra (LSO) today unveiled an innovative model for corporate sponsorship of orchestral music in a pioneering three year expanded partnership that will support a range of new and exciting initiatives, which would otherwise not have been possible.

UBS and LSO will work together to create a programme of activities that delivers the values that lie at the very heart of both institutions. In pursuit of excellence they have created a journey of development from school children, to teachers, to new composers, a new UBS concert series at LSO St Luke's featuring culturally diverse renowned artists, to some of the world's finest orchestral music to be performed by the LSO in a UBS Concert Series at the Barbican in London and UBS European Concerts in Frankfurt and Madrid. The partnership represents a much deeper relationship between UBS and the LSO in pursuit of their parallel values: team work, expertise, excellence, discipline and commitment.

At the launch of the new LSO and UBS partnership, Jeremy Palmer, a member of the Group Managing Board of UBS, said: "We are delighted to be extending and deepening our relationship with the LSO. Not only is UBS helping to support the orchestra for the next 3 years, we are also working together to create one of the most innovative programmes to develop the finest music for the widest possible audiences".

Clive Gillinson, Managing Director of the LSO, commented: "The LSO's partnership with UBS has been transformational in the life of the Orchestra, and will now lie at the core of the Orchestra's aspirations for the 21st century. UBS's central commitment enabled the Orchestra to undertake the creation of LSO St Luke's, the UBS and LSO Music Education Centre, which is a fundamental part of the LSO's vision for the future of music. The LSO's mission is to make the most extraordinary music available to the greatest number of people, and our new partnership with UBS will enable us to undertake many vital projects that lie at the heart of the mission."

The UBS / LSO programme is made up of six elements, which are shown below.

1 The UBS / LSO programme. LSO and Hackney Schools Programme, in partnership with UBS: LSO Discovery in partnership with UBS, with the Learning Trust and Hackney Music Service as main project partners, will launch the LSO and Hackney Schools Programme, a three-year project which will incorporate a classroom programme and Continuing Professional Development programme for teachers. This plan will involve 10,000 children in over 60 schools in Hackney, transforming the musical educational experience of young people and teachers in an inner city setting.

LSO and UBS Sound Adventures: Sound Adventures will create 18 new pieces for symphony orchestra from talented composers representing an eclectic range of musical styles. On the journey towards these exciting world premieres, each composer will have workshop time with the LSO and its players to explore and fully develop their ideas. The first composers in 2005 will include Tansy Davies and James Olsen.

UBS Concert Series at LSO St Luke's: This new Series will present four evening concerts at LSO St Luke's each year, featuring culturally diverse internationally renowned artists from a wide range of different music genres, including the remarkable Hungarian gypsy violinist Roby Lakatos and his band in October 2005.

LSO Gala Concert, in partnership with UBS: An annual Gala Concert will feature internationally renowned conductors and artists. On Thursday, 9 June the Gala Concert will honour André Previn on his 75th birthday and feature Anne-Sophie Mutter, Renée Fleming and Jean-Yves Thibaudet, in a programme of Korngold, Ravel, Previn and Strauss. This Gala is a fundraiser in aid of the Orchestra.

UBS Concert Series at the Barbican: UBS will support an annual LSO Barbican Series, which in 2005 is the Pianists Highlight featuring the LSO debuts of Lang Lang and Ayako Uehara, winner of the 2002 International Tchaikovsky Competition, and Yefim Bronfman. Daniel Barenboim joins the LSO to perform Brahms Piano Concertos Nos 1 and 2 under Antonio Pappano. In 2005/6 the UBS Choral Masterworks Series with Sir Colin Davis will feature Elgar's The Dream of Gerontius with a star cast featuring Anne Sofie von Otter, Ben Heppner and Alastair Miles on December 11 and 12, followed by Beethoven's Missa Solemnis on February 19 and 21 2006.

UBS European Concert Series: The partnership will also see UBS support European concerts each year as part of the LSO's touring plans. In 2005, the LSO's performances at the Alte Oper in Frankfurt on April 11 - conducted by Sir John Eliot Gardiner - and at the Auditorio Nacional in Madrid on October 20 - conducted by Daniel Harding - will form part of the project.

UBS employees now have the opportunity to enjoy regular lunchtime concerts by LSO players presenting a wide range of music at their offices. Further programmes involving as many of UBS's employees as possible will be developed over the three years.

LSO and UBS have worked together previously on many remarkable projects; UBS was the lead corporate partner of the unique and groundbreaking LSO St Luke's, the UBS and LSO Music Education Centre that opened in 2003, which has been described as "the finest orchestral education centre in the world" (The Times).

Background

"Prices and Earnings" is a survey published by the economists at UBS every three years. It compares the prices of goods and services, wages, wage deductions and working hours, along with the resulting purchasing power, in 71 cities across all continents. More than 35,000 data items are collected and analysed during research for the publication. Exchange rates and differences in inflation have a crucial impact on the comparison over time, and this update is simply based on the statistics from the 2003 analysis, adjusted for relative inflation and recalculated to reflect current exchange rates (as at end-2004). In addition, differing rates of productivity growth are factored into the recalculated figures for wages. The next full survey, collecting original data on prices and earnings, is scheduled for spring 2006.

UBS publications and forecasts for Switzerland:

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Contact

Simone Hofer, Swiss Economic Research

Tel. +41 1 234 48 73

Dr. Daniel Kalt, Head Swiss Economic Research

Tel. +41 1 234 25 60



Zurich / Basel, 28 February 2005
UBS