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European Fund Awards 2003: UBS named Best Overall Group

| Media Releases Switzerland

UBS Global Asset Management is Europe's top fund manager. The UBS business group came away with the highest honour, being named Best Overall Group, at the European Fund Awards 2003 in Luxembourg on Thursday, 27 February. The European Fund Awards are the result of a collaboration between the fund information and rating company Lipper, the independent Luxembourg fund advisor Fund-Market and the newspaper Luxemburger Wort/La Voix du Luxembourg. The jury awarded UBS the prize for Best Overall Group in recognition of its outstanding overall performance as a globally active fund manager over the past three years.

Michael Strobaek, Chief Investment Officer Europe, Middle-East, and Africa (EMEA) at UBS Global Asset Management, sees the award as vindication of his bank's investment strategy to date: "It confirms the value of our globally oriented, systematic and transparent investment process", says Strobaek, who also views this as an essential prerequisite for superior investment results.

Achieving this kind of distinction means a lot to Heinz Hämmerli, Head of Investment Funds EMEA at UBS Global Asset Management, especially in today's difficult markets: "This seal of approval from Luxembourg shows that a consistent, global investment strategy based on a disciplined price/value approach pays off when financial markets are volatile and the world is gripped by uncertainty."

A total of 39 funds, each from a different category, and four fund managers received awards in Luxembourg. Equity, bond and strategy funds registered for sale in at least three of the five leading European markets - France, Germany, Switzerland, Italy and the UK - were eligible, provided they had been on the market for a minimum of 36 months. A quantitative method developed by Lipper was used to select the winners.

The organizers said that the European Fund Awards, now in their second year, reflect the increasingly pan-European dimensions of the fund market. Introducing a European fund league table, they said, makes for transparency and an improved flow of information to investors.

Zurich / Basel, 28 February 2003
UBS AG