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UBS Investment Bank ranked 1st place in the Thomson Extel Survey 2004 for Pan-European Equity Research, Sales, and Trading & Execution

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UBS Investment Bank announced today that the firm has been ranked 1st for Pan-European Equity Research in Thompson Extel Survey 2004 for the fourth consecutive year.

The survey also places UBS 1st for Pan European Equity Sales and Trading & Execution - awards UBS has won every year since their inception in 2002.

UBS achieved a total of 29 awards with the UBS Media Research Team ranked 2nd in the sector team category, a rise of seven places from last year. In addition, David Jessop, UBS analyst for Quantitative & Portfolio Strategy was named this year's 'Rising Star Analyst'.

Michael Oertli, Head of European Equity Research commented:

"We are extremely pleased that UBS has been ranked number one for a phenomenal fourth year. This result highlights the breadth of our research product and further demonstrates our continued commitment to the provision of innovative and thoughtful research."

Alex Easton, Head of European Equities commented:
"We are delighted that the strength and quality of our business has been recognised for the third year running. Our top ranking in so many key categories is testament to the overall strength of our franchise which we will continue to build upon."

These achievements follow the firm' success in February when UBS European Equity Research was ranked first in Institutional Investor Magazine's 2004 All-Europe Research Team survey for the third consecutive year and first in Pan-European Institutional Equity Sales and Pan-European Trading and Execution. More recently, UBS' Equity Research Team achieved first place in The Sunday Times/Starmine Analysts Awards.

London, 9 June 2004


Gemma Piggott

+44 20 7568 9822

Sam Smith

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