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UBS ranked 1st place in 2004 Institutional Investor All Europe Poll for Equity Research, Sales, and Trading and Execution

Media Releases EMEA

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

UBS had 8 first team analysts, 7 second team analysts, and 5 third team analysts. UBS also had 10 runners up for a combined total of 30 team positions.

In addition, UBS is pleased to announce that its European Equities business was ranked first by Institutional Investor Magazine in the Pan-European Institutional Equity Sales category for the second year running, and for the first time UBS was placed first in the Pan-European Trading and Execution category, up from third place in 2003.

Alex Easton, Head of European Equities commented:
""We are extremely pleased with the continued success of our research, sales and trading and execution businesses. Our number one ranking is testament to the overall strength of our franchise".

Francois Gouws, Head of European Equity Research commented:

"We are delighted to be ranked number one for the third year running. The result acknowledges the client focus and breadth of our research product and underscores our continued commitment to innovation in the provision of thoughtful research."

London, 11 February 2004


Sarah Small, Media Relations

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Sam Smith, Media Relations

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