UBS Investment Bank Announces Minority Stake in Research Advisory Firm Integrity Research

6 March 2008

UBS announced today that it has purchased a minority stake in Integrity Research Associates LLC, a leading research advisory firm that offers access to sources of alternative research, including channel checkers, expert networks, environmental research and other non-traditional providers. Terms of the investment were not disclosed.

Through the arrangement, UBS will be able to facilitate access to Integrity’s ResearchSelectSM services evaluating over 1,600 alternative research firms around the globe. Integrity’s services, which identify and recommend research services to institutional investors, are currently available in the U.S. with a global rollout planned later this year. Integrity’s services are objective, confidential and customized to meet specific research needs.

“Clients are increasingly demanding non-traditional sources of research that give them increased opportunities to capture alpha,” said Mark Steinert, Global Head of Equity Research at UBS. “Our partnership with Integrity will give clients access to high-quality, relevant sources that give them the information that they need to execute their investment strategies.”

Integrity, first established in 2003, addresses the buy-side’s growing need to manage external research. “Integrity was the first firm to cover the full spectrum of alternative research providers.” said Michael Mayhew, Chairman and Founder of Integrity. “Working with UBS, we will continue to expand our global coverage, reflecting the rapid growth in both the number and variety of research providers. Clients will continue to benefit from our confidential, high touch service customized to their research requirements.”

“Integrity will complement the advice offered by our analysts – clients will now have entry to meaningful, hard-to-find research that augments fundamental advice from UBS as a top global research provider,” added John Ingrilli, Chief Operating Officer of Equities Americas at UBS. “We offer clients the rare combination of leading research, best in class alternative sources and a full suite of trade execution services, leveraging the abilities of our state of the art Commission Management platform.“

UBS has a dedicated Commission Management team that will work closely with Integrity to simplify clients’ procurement and management of the recommended third party research while ensuring strict confidentiality.

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