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UBS to launch Australian indices if news corp is removed form the index

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UBS will launch a series of Australian indices as an alternative benchmark for investors if News Corporation is removed from the official indices later this year or early next year.

"Launching these indices will provide a crucial alternative to investor clients wanting to maintain exposure to News Corporation," said Mark STEINERT, Head of Equities, Australasia.

"Like our Property Trust sub-indices which are well established benchmarks for LPT managers, these proposed indices with the inclusion of News Corporation will offer fund managers and asset consultants an alternative where none would otherwise exist," added Mr Steinert.

UBS will offer an alternative to each of the S&P/ASX 50, 100, 200 and 300 price and accumulation indices in conjunction with a respected third party provider. The UBS indices will reflect the shares, IWFs and prices of the headline indices, but with the addition of News Corporation. It is anticipated that the indices will be calculated on a daily basis after the close of the US market, using the closing price of News Corporation on the US exchange.

"This is an important solution for the financial services sector, a major employer in Australia. These indices will maintain investment appeal in the domestic market for both local and international investors," said Chris MACKAY, CEO, UBS Investment Bank, Australasia.

Sydney, 24 June 2004