Nick Nelson joins UBS Investment Bank from CSFB as an Executive Director and will start in July 2005. Based in London, Nelson will report to Michael Oertli, Head of European Equity Research and will work closely with Mark Precious and Ian McLennan who lead the Global Equity Strategy team.

Nelson joins UBS from CSFB where he spent 5 years in their European Equity Strategy team, which was rated #2 by Institutional Investor's research survey in 2004 and 2005. After graduating, he joined UBS where he remained for 6 years, part of which he spent working in global equity strategy.

Commenting on the appointment Oertli said: "We are delighted that Nick is rejoining UBS Investment Bank. His extensive experience and impressive track record will further enhance the Equity Research franchise. We are sure he will be a tremendous asset to the department."

UBS European Equity Research has been ranked first in Institutional Investor Magazine's All-Europe Research Team survey and first for Pan-European Equity Research in the Thompson Extel Survey for the past 4 years.

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UBS