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UBS’s third-quarter 2012 results

  UBS’s third-quarter 2012 results

UBS third-quarter adjusted pre-tax profit CHF 1.4 billion¹; improved profits
in all business divisions; wealth management businesses attracted net new
money of CHF 12 billion; capital ratios strengthened further with phase-in
Basel III CET1 ratio² up to 13.6%; Basel III CET1 fully applied ratio² up to
9.3%

UBS delivered a solid third-quarter performance underscoring the strength and
resilience of its businesses. UBS continued to successfully build its
industry-leading capital ratios well ahead of schedule. UBS maintained its
strong liquidity and funding positions and reduced risk-weighted assets
further. From this position of strength, UBS today announced a focused and
decisive acceleration of its strategy.

On an adjusted basis, all of UBS's businesses achieved increased profitability
in the third quarter, with Wealth Management, Wealth Management Americas and
Retail & Corporate recording their highest levels of profitability so far this
year. On a reported basis, Wealth Management's pre-tax profit rose 20% to CHF
600 million. Wealth Management Americas' year-to-date pre-tax profit is
already a full-year record, and it delivered a third consecutive record
quarterly pre-tax profit, up 9% to USD 230 million. Retail & Corporate pre-tax
profit rose 3% to CHF 409 million with very strong net new business volume
growth.

Our clients' actions illustrate their confidence in the firm and its future.
UBS achieved its highest third-quarter net new money inflows in its wealth
management businesses in five years. Combined inflows in our wealth management
businesses were more than CHF 12 billion. Wealth Management attracted inflows
of  CHF 7.7 billion and Wealth Management Americas achieved inflows of USD 4.8
billion driven by inflows from our existing advisor force.

UBS is the best capitalized bank in its peer group and has strong liquidity
and funding positions. UBS again strengthened its capital ratios and, with a
fully applied Basel III common equity tier 1 ratio of 9.3%², is already very
close to the Swiss minimum regulatory requirement for 2019 of 10%. UBS
continued to execute its non-dilutive capital-building plan in the third
quarter with the successful issuance of a further USD 2 billion of Basel
III-compliant, low-trigger, loss-absorbing capital.

  *Basel 2.5 tier 1 ratio increased to 20.2% from 19.2%
  *Phase-in Basel III common equity tier 1 ratio² increased to 13.6% from
    13.1%
  *Fully applied Basel III common equity tier 1 ratio² increased to 9.3% from
    8.8%
  *Fully applied Basel III RWAs down CHF 4 billion to around CHF 301 billion;
    Investment Bank  Basel III RWAs down CHF 8 billion to CHF 162 billion;
    reductions in the Legacy Portfolio
  *Basel III Liquidity Coverage Ratio and Net Stable Funding Ratio over 100%

Today, we announced our plans to accelerate the execution of our strategy,
exiting or streamlining certain businesses within the Investment Bank. As a
result, in the third quarter we recognized impairment losses of CHF 3.1
billion related to goodwill and other non-financial assets associated with the
Investment Bank that were charged to our pre-tax income. This has no impact on
any of our regulatory capital ratios.

These impairment losses, together with an own credit charge of CHF 863 million
due to significant tightening in our credit spreads over the quarter, led to a
pre-tax loss of CHF 2.5 billion for the third quarter.

  *Adjusted Group operating income¹ increased to CHF 7.2 billion
  *Invested assets CHF 2,242 billion, up CHF 79 billion
  *Wealth Management pre-tax profit up 20% to CHF 600 million; net new money
    CHF 7.7 billion; positive in all regions with strong inflows from Asia
    Pacific, emerging markets and ultra high net worth clients globally.
    Highest third-quarter net new money for five years; annualized net new
    money growth rate remained within target range at 3.9%; cost/income ratio
    improved to 66.5%, within target range, from 71.1%
  *Wealth Management Americas delivered a third consecutive quarterly pre-tax
    profit record, up 9% to USD 230 million. Year-to-date pre-tax profit
    already a full-year record; net new money up to USD 4.8 billion driven by
    same-store advisor inflows; advisor attrition rates remain low; executed
    strongly against all its target ranges; annualized net new money growth
    rate up 50 basis points to 2.4%; cost/income ratio improved to 86.1% from
    86.6%; gross margin on invested assets up 1 basis point to 80 basis points
  *Investment Bank adjusted¹ pre-tax profit CHF 178 million; Basel III RWAs
    reduced by CHF 8 billion to CHF 162 billion. Revenues increased across all
    business areas. In IBD, significant market share improvement in Advisory
    and Debt Capital Markets; Advisory participated in two of the top six
    deals globally; Equity Capital Markets participated in six of the top
    eight deals globally and significantly increased market share and rank;
    good performance in Equities; solid FICC result; strong revenue growth in
    FX e-trading
  *Global Asset Management performance fees more than doubled driven by
    Alternative and Quantitative Investments business; pre-tax profit
    increased 5% to CHF 124 million; gross margin within performance target
    range
  *Retail & Corporate pre-tax profit up 3% to CHF 409 million; very strong
    net new business volume growth with CHF 7 billion increase in client
    deposits; executed strongly against all its target ranges; net interest
    margin 159 basis points; significantly increased annualized net new
    business volume growth up to 7.2% from 3.3% in the previous quarter;
    cost/income ratio improved to 55.3% from 56.1%

Business Wire

ZURICH & BASEL, Switzerland -- October 30, 2012

Regulatory News:

Commenting on UBS’s (NYSE:UBS) (SWX:UBSN) third-quarter results, Group CEO
Sergio P. Ermotti said, "All of our businesses delivered improved
profitability in the third quarter as we continued to execute our strategy,
well ahead of schedule. From this position of strength we are now able to take
further decisive action to transform the firm and position it for future
success."

Third-quarter net loss attributable to UBS shareholders of CHF 2.2 billion

Third-quarter net loss attributable to UBS shareholders was CHF 2.2 billion,
compared with a profit of CHF 425 million in the second quarter. The pre-tax
loss was CHF 2.5 billion, compared with a profit of CHF 951 million in the
prior quarter, primarily due to the aforementioned impairment losses, as well
as an own credit loss of CHF 863 million compared with a gain of CHF 239
million in the prior quarter. Adjusted for the impairment losses, the own
credit loss, as well as restructuring provision releases of CHF 22 million, we
recorded a pre-tax profit of CHF 1.4 billion in the third quarter of 2012. In
the third quarter, significant increases were seen in net interest and trading
revenues excluding own credit, as well as net fee and commission income and
other income, partly offset by higher operating expenses. We recorded a tax
benefit of CHF 345 million, compared with an expense of CHF 253 million in the
prior quarter. Net profit attributable to non-controlling interests decreased
from CHF 273 million to CHF 1 million, as the prior quarter reflected
dividends on preferred securities.

Wealth Management pre-tax profit was CHF 600 million in the third quarter of
2012 compared with CHF 502 million in the previous quarter. Total operating
income increased by CHF 55 million to CHF 1,789 million from CHF 1,734
million, mainly reflecting a rise in recurring fees on higher invested assets.
Operating expenses decreased to CHF 1,189 million from CHF 1,232 million. The
gross margin on invested assets was unchanged at 89 basis points and remained
below our target range of 95 to 105 basis points as the 3% increase in income
was offset by a 3% increase in the average asset base. Net new money was CHF
7.7 billion compared with CHF 9.5 billion in the previous quarter. Each region
reported positive net new money flows. The annualized net new money growth
rate was 3.9% compared with 4.9% in the previous quarter. Invested assets rose
during the quarter by CHF 33 billion to CHF 816 billion.

Wealth Management Americas pre-tax profit in the third quarter of 2012 was USD
230 million compared with USD 211 million in the prior quarter. Operating
income was USD 1,631 million, an increase of USD 44 million from USD 1,587
million, mostly due to higher transaction-based revenue, partly offset by
lower net interest income and lower net trading income. Total operating
expenses increased by USD 27 million to USD 1,402 million, primarily due to a
2% increase in personnel expenses. Net new money totaled USD 4.8 billion
compared with USD 3.8 billion. The annualized net new money growth rate for
the third quarter improved to 2.4% from 1.9% in the prior quarter. The gross
margin on invested assets increased 1 basis point to 80 basis points.

The Investment Bank recorded a pre-tax loss of CHF 2,870 million in the third
quarter of 2012 compared with a pre-tax loss of CHF 130 million in the second
quarter of 2012, mainly reflecting impairment losses of CHF 3,064 million on
goodwill and other non-financial assets in connection with the goodwill
impairment test recently performed with respect to the Investment Bank. On an
adjusted¹ basis, pre-tax profit was CHF 178 million in the third quarter of
2012 compared with an adjusted pre-tax loss of CHF 178 million in the second
quarter of 2012, mainly as the second quarter included a loss of CHF 349
million related to the Facebook initial public offering. Revenues improved in
all business areas. Pro-forma Basel III RWA^² measured on a fully applied
basis declined by CHF 8 billion to CHF 162 billion. Total operating income
improved 31% to CHF 2,277 million from CHF 1,736 million in the prior quarter.
Total adjusted operating expenses¹ increased 10% to CHF 2,099 million from CHF
1,915 million. In the investment banking division, total revenues increased by
3% to CHF 383 million from CHF 372 million. Equities revenues increased to CHF
783 million from CHF 247 million. Fixed income, currencies and commodities
revenues of CHF 1,107 million were broadly flat compared with CHF 1,099
million in the second quarter.

Global Asset Management pre-tax profit in the third quarter of 2012 was CHF
124 million compared with CHF 118 million in the second quarter, as higher
performance fees in alternative and quantitative investments more than offset
higher expenses. Total operating income was CHF 468 million compared with CHF
446 million in the second quarter. Total operating expenses were CHF 344
million compared with CHF 328 million in the previous quarter. The annualized
net new money growth rate was positive 1.2% compared with negative 2.5% in the
second quarter. Excluding money market flows, net new money inflows from third
parties remained positive at CHF 0.3 billion but lower than the second quarter
net inflows of CHF 3.4 billion, as net inflows, notably from sovereign
clients, were largely offset by net outflows, particularly in the Americas.
Excluding money market flows, net new money outflows from clients of UBS’s
wealth management businesses were lower at CHF 1.0 billion compared with CHF
2.2 billion. Net outflows in the third quarter were mainly from equities and
multi-asset strategies. Total net new money excluding money market flows was
negative CHF 0.7 billion in the third quarter. The total gross margin was 32
basis points, in line with the second quarter and within our target range of
32 to 38 basis points.

Retail & Corporate pre-tax profit was CHF 409 million compared with CHF 399
million in the previous quarter, reflecting higher operating income and lower
operating expenses. Both our retail and corporate businesses continued to
record strong net new business volume growth. Strong growth in deposit volumes
was more than offset by margin pressure due to historically low interest
rates. Total operating income increased by CHF 5 million to CHF 932 million
from CHF 927 million in the prior quarter. Operating expenses decreased to CHF
523 million from CHF 527 million in the previous quarter, mainly due to a
credit related to the seasonal effect of vacation accruals. Annualized net new
business volume growth was 7.2% compared with 3.3% in the previous quarter.
Both our retail and corporate businesses recorded strong net inflows,
resulting from high net new client assets and to a lesser extent net new loan
inflows.

Corporate Center – Core Functions pre-tax result in the third quarter was a
loss of CHF 936 million compared with a loss of CHF 19 million in the previous
quarter. The third quarter included an own credit loss of CHF 863 million
compared with a gain of CHF 239 million in the prior quarter. Treasury income
remaining in Corporate Center - Core Functions after allocations to the
business divisions was positive CHF 125 million compared with negative CHF 64
million in the prior quarter.

The Legacy Portfolio pre-tax result was a loss of CHF 62 million compared with
a loss of CHF 119 million in the previous quarter. This was primarily due to
an increase in the value of our option to acquire the SNB StabFund’s equity,
partly offset by higher credit loss expenses as well as higher charges for
provisions for litigation, regulatory and similar matters.

Results by business division and Corporate Center
CHF         Total operating income      Total operating expenses    Operating profit before
million                                                                tax
For the                          %                            %                            %
quarter     30.9.12  30.6.12  change  30.9.12  30.6.12  change  30.9.12  30.6.12  change
ended
Wealth      1,789    1,734    3       1,189    1,232    (3)     600      502      20
Management
Wealth
Management  1,561    1,497    4       1,342    1,297    3       219      200      10
Americas
Investment  2,277    1,736    31      5,147    1,867    176     (2,870)  (130)    
Bank
Global
Asset       468      446      5       344      328      5       124      118      5
Management
Retail &    932      927      1       523      527      (1)     409      399      3
Corporate
Corporate   (740)    68              258      206      25      (998)    (138)    
Center
UBS         6,287    6,408    (2)     8,803    5,457    61      (2,516)  951      

Capital position and balance sheet

Our Basel 2.5 tier 1 capital ratio continued to improve and stood at 20.2% on
30 September 2012, up 1.0 percentage point from 30 June 2012. Basel 2.5 tier 1
capital increased by CHF 1.2 billion, as our quarterly loss was offset by the
positive effect of a lower capital deduction due to the goodwill impairment
within the Investment Bank and a reversal of own credit losses for capital
purposes. Our pro-forma Basel III RWA^2 were estimated to be CHF 301 billion
on a fully applied basis at the end of the third quarter, a CHF 4 billion
decline from the prior quarter mainly as a result of lower Basel 2.5 RWA. Our
balance sheet stood at CHF 1,369 billion on 30 September 2012, a decrease of
CHF 43 billion from 30 June 2012.

Invested assets

Invested assets were CHF 2,242 billion as of 30 September 2012 compared with
CHF 2,163 billion as of 30 June 2012. Of the invested assets, CHF 816 billion
were attributable to Wealth Management, CHF 783 billion were attributable to
Wealth Management Americas, CHF 588 billion were attributable to Global Asset
Management.

Outlook

As in recent quarters, the degree of progress towards achieving sustained and
material improvements to eurozone sovereign debt and European banking system
issues, as well as the extent of uncertainty surrounding geopolitical
tensions, the global economic outlook and the US fiscal cliff, will continue
to exert a strong influence on client confidence and, thus, activity levels in
the fourth quarter of 2012. Failure to make progress on these key issues would
make further improvements in prevailing market conditions unlikely and would
thus generate headwinds for revenue growth, net interest margins and net new
money. Despite these challenges, we remain confident that our asset-gathering
businesses as a whole will continue to attract net new money, reflecting our
clients' steadfast trust in the firm.

As a result of the decisive action we have announced to accelerate our
strategy, we expect to recognize restructuring charges of approximately CHF
500 million in the fourth quarter. Combined with reduced Investment Bank
revenues as we exit certain business lines, our current expectations for the
impact of movements in own credit spreads, and despite profits in our wealth
management businesses, Retail & Corporate and Global Asset Management, we are
likely to report a net loss attributable to UBS shareholders in the fourth
quarter. Nevertheless, we are confident that the actions we are taking now
will ensure the firm's long-term success in the fundamentally changed
regulatory and economic environment and will deliver sustainable returns for
our shareholders going forward.

^1Unless otherwise indicated, “adjusted” figures exclude each of the following
items, to the extent applicable, on a Group and business division level: own
credit loss on financial liabilities designated at fair value for the Group
CHF 863 million in 3Q12 (CHF 239 million gain in 2Q12, CHF 1,765 million gain
3Q11); net restructuring provision reversal CHF 22 million for the Group in
3Q12 (net charge of CHF 9 million in 2Q12, net charge of CHF 387 million in
3Q11); impairment losses of CHF 3,064 million on goodwill and other
non-financial assets in connection with the goodwill impairment test recently
performed with respect to the Investment Bank; credit to personnel expenses
related to changes to a US retiree medical and life insurance benefit plan
(CHF 84 million for the Group in 2Q12); gain on the sale of our strategic
investment portfolio (SIPF) of CHF 433 million in Wealth Management and CHF
289 million in Retail & Corporate in 3Q11; unauthorized trading incident loss
of CHF 1,849 million in equities in the Investment Bank in 3Q11. ^2The
calculation of our pro-forma Basel III RWA combines existing Basel 2.5 RWA, a
revised treatment for low-rated securitization exposures which are no longer
deducted from capital but are risk-weighted at 1250%, and new model-based
capital charges. Some of these new models still require regulatory approval
and therefore our pro-forma calculations include estimates (discussed with our
primary regulator) of the effect of these new capital charges which will be
refined as models and the associated systems are enhanced.

UBS key figures        
                       For the quarter ended              Year-to-date
CHF million, except     30.9.12    30.6.12    30.9.11    30.9.12  30.9.11
where indicated
                       
Group results          
Operating income        6,287      6,408      6,412      19,221   21,926
Operating expenses      8,803      5,457      5,432      19,481   17,058
Operating profit        (2,516)    951        980        (260)    4,868
before tax
Net profit
attributable to UBS     (2,172)    425        1,018      (920)    3,840
shareholders
Diluted earnings per    (0.58)     0.11       0.27       (0.25)   1.00
share (CHF) ^1
                       
Key performance
indicators, balance    
sheet and capital
management ^2
Performance            
Return on equity (RoE)                                (2.3)    10.7
(%)
Return on
risk-weighted assets,                                 11.9     14.4
gross (%) ^3
Return on assets,                                     1.9      2.3
gross (%)
Growth                 
Net profit growth (%)   N/A        (48.6)     0.3        N/A      (34.6)
^4
Net new money growth    2.5        1.8        1.0        1.7      2.3
(%) ^5
Efficiency             
Cost / income ratio     137.2      85.1       83.6       100.9    77.5
(%)
                       
                       As of                              
CHF million, except     30.9.12    30.6.12    31.12.11           
where indicated
Capital strength       
BIS tier 1 capital      20.2       19.2       15.9               
ratio (%) ^6
FINMA leverage ratio    6.1        5.6        5.4                
(%) ^6
Balance sheet and      
capital management
Total assets            1,369,075  1,412,043  1,419,162          
Equity attributable to  52,449     54,716     53,447             
UBS shareholders
Total book value per    14.00      14.60      14.26              
share (CHF) ^7
Tangible book value     12.23      12.00      11.68              
per share (CHF) ^7
BIS core tier 1         18.1       17.2       14.1               
capital ratio (%) ^6
BIS total capital       23.6       21.8       17.2               
ratio (%) ^6
BIS risk-weighted       210,278    214,676    240,962            
assets ^6
BIS tier 1 capital ^6   42,396     41,210     38,370             
                       
Additional information 
Invested assets (CHF    2,242      2,163      2,088              
billion) ^8
Personnel (full-time    63,745     63,520     64,820             
equivalents)
Market capitalization   43,894     42,356     42,843             
^9

1 Refer to “Note 9 Earnings per share (EPS) and shares outstanding” in the
“Financial information” section of our third quarter 2012 report for more
information. 2 For the definitions of our key performance indicators, refer to
the “Measurement of performance” section of our Annual Report 2011. 3 Based on
Basel 2.5 risk-weighted assets for 2012. Based on Basel II risk-weighted
assets for 2011. 4 Not meaningful and not included if either the reporting
period or the comparison period is a loss period. 5 Group net new money
includes net new money for Retail & Corporate and excludes interest and
dividend income. 6 Capital management data is disclosed in accordance with the
Basel 2.5 framework. Refer to the “Capital management” section of our third
quarter 2012 report for more information. 7 Refer to the “Capital management”
section of our third quarter 2012 report for more information. 8 In the first
quarter of 2012, we refined our definition of invested assets. Refer to the
“Recent developments and financial reporting structure changes” section of our
first quarter 2012 report for more information. Group invested assets includes
invested assets for Retail & Corporate. 9 Refer to the appendix “UBS shares”
of our third quarter 2012 report for more information.

Income statement
                For the quarter ended        % change      Year-to-date
                                                from
CHF million,
except per       30.9.12  30.6.12  30.9.11  2Q12   3Q11  30.9.12  30.9.11
share data

Interest income  3,891    4,397    4,372    (12)   (11)  12,418   13,830
Interest         (2,360)  (3,004)  (2,512)  (21)   (6)   (7,903)  (8,748)
expense
Net interest     1,531    1,393    1,861    10     (18)  4,515    5,082
income
Credit loss
(expense) /      (129)    (1)      (89)           45    (94)     (70)
recovery
Net interest
income after     1,401    1,392    1,771    1      (21)  4,421    5,012
credit loss
expense
Net fee and
commission       3,919    3,649    3,557    7      10    11,411   11,676
income
Net trading      779      1,369    (28)     (43)        3,109    3,900
income
Other income     188      (1)      1,111          (83)  280      1,339
Total operating  6,287    6,408    6,412    (2)    (2)   19,221   21,926
income
Personnel        3,789    3,601    3,758    5      1     11,032   12,090
expenses
General and
administrative   1,761    1,652    1,411    7      25    4,810    4,307
expenses
Depreciation
and impairment   184      179      212      3      (13)  521      564
of property and
equipment
Impairment of    3,030    0        0                   3,030    0
goodwill
Amortization
and impairment   39       26       51       50     (24)  87       97
of intangible
assets
Total operating  8,803    5,457    5,432    61     62    19,481   17,058
expenses
Operating
profit before    (2,516)  951      980                 (260)    4,868
tax
Tax expense /    (345)    253      (40)           763   384      763
(benefits)
Net profit       (2,170)  698      1,019               (644)    4,106
Net profit
attributable to  1        273      2        (100)  (50)  275      266
non-controlling
interests
Net profit
attributable to  (2,172)  425      1,018               (920)    3,840
UBS
shareholders

Earnings per share (CHF)
Basic earnings   (0.58)   0.11     0.27                (0.24)   1.02
per share
Diluted
earnings per     (0.58)   0.11     0.27                (0.25)   1.00
share

Media release available at www.ubs.com/media and www.ubs.com/investors

Further information on UBS’s quarterly results is available at
www.ubs.com/investors:

  *Third quarter 2012 financial report
  *Third quarter 2012 results slide presentation
  *Letter to shareholders (English, German, French and Italian)

Webcast

The results presentation with Sergio P. Ermotti, Group Chief Executive
Officer, Tom Naratil, Group Chief Financial Officer, and Caroline Stewart,
Global Head of Investor Relations, will be webcast live on www.ubs.com/media
at the following time on 30 October 2012:

  *0930 CET
  *0830 GMT
  *0430 US EDT

Webcast playback will be available from 13.00 CET on 30 October 2012

Cautionary Statement Regarding Forward-Looking Statements

This report contains statements that constitute “forward-looking statements”,
including but not limited to management’s outlook for UBS’s financial
performance and statements relating to the anticipated effect of transactions
and strategic initiatives on UBS’s business and future development. While
these forward-looking statements represent UBS’s judgments and expectations
concerning the matters described, a number of risks, uncertainties and other
important factors could cause actual developments and results to differ
materially from UBS’s expectations. These factors include, but are not limited
to: (1) the degree to which UBS is successful in effecting its announced
strategic plans and related organizational changes, in particular its plans to
transform its Investment Bank, its efficiency initiatives and its planned
reduction in Basel III risk-weighted assets, and whether in each case those
plans and changes will, when implemented, have the effects intended; (2)
developments in the markets in which UBS operates or to which it is exposed,
including movements in securities prices or liquidity, credit spreads,
currency exchange rates and interest rates and the effect of economic
conditions and market developments on the financial position or
creditworthiness of UBS’s clients and counterparties; (3) changes in the
availability of capital and funding, including any changes in UBS’s credit
spreads and ratings; (4) changes in financial legislation and regulation in
Switzerland, the US, the UK and other major financial centers which may impose
constraints on or necessitate changes in the scope and location of UBS’s
business activities and in its legal and booking structures, including the
imposition of more stringent capital and liquidity requirements, incremental
tax requirements and constraints on remuneration; (5) changes in UBS’s
competitive position, including whether differences in regulatory capital and
other requirements among the major financial centers will adversely affect
UBS’s ability to compete in certain lines of business; (6) the liability to
which UBS may be exposed, or possible constraints or sanctions that regulatory
authorities might impose on UBS, due to litigation, contractual claims and
regulatory investigations, including those that may arise from the ongoing
investigations relating to the setting of LIBOR and other reference rates,
from market events and losses incurred by clients and counterparties during
the financial crisis of 2007 to 2009, and from the unauthorized trading
incident announced in September 2011; (7) the effects on UBS’s cross-border
banking business of tax treaties negotiated or under discussion between
Switzerland and other countries and future tax or regulatory developments; (8)
UBS’s ability to retain and attract the employees necessary to generate
revenues and to manage, support and control its businesses; (9) changes in
accounting standards or policies, and accounting determinations affecting the
recognition of gain or loss, the valuation of goodwill and other matters; (10)
limitations on the effectiveness of UBS’s internal processes for risk
management, risk control, measurement and modeling, and of financial models
generally; (11) whether UBS will be successful in keeping pace with
competitors in updating its technology, particularly in trading businesses;
(12) the occurrence of operational failures, such as fraud, unauthorized
trading and systems failures; and (13) the effect that these or other factors
or unanticipated events may have on our reputation and the additional
consequences that this may have on our business and performance. Our business
and financial performance could be affected by other factors identified in our
past and future filings and reports, including those filed with the SEC. More
detailed information about those factors is set forth in documents furnished
by UBS and filings made by UBS with the SEC, including UBS’s Annual Report on
Form 20-F for the year ended 31 December 2011. UBS is not under any obligation
to (and expressly disclaims any obligation to) update or alter its
forward-looking statements, whether as a result of new information, future
events, or otherwise.

Rounding

Numbers presented throughout this report may not add up precisely to the
totals provided in the tables and text. Percentages and percent changes are
calculated based on rounded figures displayed in the tables and text and may
not precisely reflect the percentages and percent changes that would be
derived based on figures that are not rounded.

Contact:

UBS AG
Investor contact
Switzerland: +41-44-234 41 00
Media contact
Switzerland: +41-44-234 85 00
UK: +44-207-567 47 14
Americas: +1-212-882 58 57
APAC: +852-297-1 82 00
www.ubs.com
 
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