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UBS AG: UBS First-Quarter Adjusted¹ Profit before Tax CHF 1.9 Billion; Basel III Fully Applied CET1² Capital Ratio 10.1%



  UBS AG: UBS First-Quarter Adjusted¹ Profit before Tax CHF 1.9 Billion; Basel
  III Fully Applied CET1² Capital Ratio 10.1%

UK Regulatory Announcement

ZURICH, Switzerland

UBS (NYSE:UBS)(SWX:UBSN) delivered a first-quarter adjusted¹ profit before tax
of CHF 1.9 billion, with strong results across all its businesses,
demonstrating its success in focusing on client needs. On a reported basis,
profit before tax was CHF 1.4 billion. Wealth Management delivered the highest
levels of quarterly net new money since 2007, and the highest quarterly profit
since 2009. Wealth Management Americas achieved another record profit and
strong net new money inflows. Combined inflows into UBS’s wealth management
businesses increased to almost CHF 24 billion. The Investment Bank reported
very strong results, demonstrating its focused business model works in
improved but still challenging conditions. Retail & Corporate recorded a
resilient performance with strong business growth in deposits and loans.
Global Asset Management continued to deliver for its clients, with a solid
investment performance and strong non-money market-related inflows.

UBS’s BIS Basel III fully applied common equity tier 1 ratio² rose 30 basis
points to 10.1%, consolidating UBS’s position as the best-capitalized bank in
its peer group. UBS has surpassed the minimum Swiss SRB Basel III common
equity tier 1 ratio (CET1) for systemically relevant Swiss banks six years
early³. The bank continued to make progress in its Non-core and Legacy
Portfolio by reducing BIS Basel III risk-weighted assets and balance sheet.

Increased profitability; higher revenues and lower costs

  * Adjusted¹ Group profit before tax CHF 1.9 billion; net profit attributable
    to UBS shareholders
    CHF 988 million, diluted earnings per share CHF 0.26
  * Adjusted¹ Group revenues up CHF 1.4 billion to CHF 8.0 billion, driven by
    higher client activity
  * Adjusted¹ Group costs down CHF 1.7 billion to CHF 6.1 billion on lower
    litigation/regulatory charges
  * Adjusted¹ Group cost/income ratio improved to 76.0%

Successful strategic execution; capital, liquidity and funding positions
remain strong

  * Fully applied BIS Basel III common equity tier 1 ratio² up to 10.1% from
    9.8%; phase-in BIS Basel III common equity tier 1 ratio stable at 15.3%
  * Group Basel III fully applied RWA stable at CHF 259 billion⁴
  * Successful deleveraging of Group balance sheet continued; down by CHF 46
    billion to CHF 1,214 billion, mainly in Non-core
  * Basel III liquidity coverage ratio and net stable funding ratio above
    regulatory requirements
  * Invested assets up CHF 143 billion to CHF 2,373 billion

Commenting on UBS’s first-quarter results, Group CEO Sergio P. Ermotti said,
"While it is too early to declare victory, we have shown our business model
works in practice. Although markets improved, we still saw challenges, so I am
very pleased with our performance. Our clients continued to benefit from the
safety, service and sound advice that we provide, and our Basel III CET1
capital ratio rose to 10.1%. We have surpassed the capital ratio threshold for
systemically relevant Swiss banks six years early, and our leading capital
position continues to be a competitive advantage for the bank.”

First-quarter 2013 net profit attributable to UBS shareholders was CHF 988
million

First-quarter 2013 net profit attributable to UBS shareholders was CHF 988
million compared with a loss of CHF 1,904 million in fourth quarter 2012. On
an adjusted basis, the first quarter profit before tax was CHF 1,901 million
compared with a loss before tax of CHF 1,165 million in the prior quarter. On
a reported basis, profit before tax was CHF 1,447 million compared with a loss
before tax of CHF 1,837 million in the prior quarter. Operating income
increased by CHF 1,567 million, primarily due to higher net interest and
trading income. Operating expenses declined by CHF 1,717 million,
predominantly as a result of reduced net charges for provisions for
litigation, regulatory and similar matters. In the first quarter, we recorded
a tax expense of CHF 458 million compared with CHF 66 million in the prior
quarter.

Wealth Management’s profit before tax in the first quarter was CHF 664 million
compared with CHF 398 million. Adjusted profit before tax was CHF 690 million
compared with CHF 415 million in the prior quarter. The gross margin on
invested assets increased 6 basis points to 91 basis points, mainly reflecting
an upturn in transaction-based income. Operating expenses decreased to CHF
1,250 million from CHF 1,350 million, mainly due to seasonally lower general
and administrative expenses. Net new money inflows of CHF 15.0 billion
represented the highest quarterly net inflows since 2007. The cost/income
ratio decreased to 64.9% from 77.3%. On an adjusted basis excluding
restructuring charges of CHF 26 million compared with CHF 17 million in the
previous quarter, the cost/income ratio improved 12.7 percentage points to
63.6% from 76.3%, and was within our target range of 60% to 70%.

Wealth Management Americas profit before tax was USD 251 million compared with
a profit before tax of USD 216 million in the prior quarter. It reported a
record adjusted quarterly profit before tax of USD 262 million in the first
quarter of 2013 compared with an adjusted profit before tax of USD 219 million
in the prior quarter. The improvement reflected a 3% decrease in operating
expenses, mainly due to lower charges for provisions for litigation,
regulatory and similar matters. Net new money continued to be strong and
improved to USD 9.2 billion. In US dollar terms, the gross margin on invested
assets decreased 4 basis points to 80 basis points and remained within the
target range of 75 to 85 basis points. The gross margin from recurring income
decreased 4 basis points due to lower mutual fund and annuity fee income,
while the gross margin from non-recurring income remained unchanged from the
prior quarter. The cost/income ratio decreased to 85.5% from 86.8% in the
prior quarter. On an adjusted basis excluding restructuring charges, the
cost/income ratio decreased to 84.9% from 86.6% and remained within the target
range of 80% to 90%.

The Investment Bank recorded a profit before tax of CHF 977 million in the
first quarter of 2013 compared with a loss before tax of CHF 243 million in
the fourth quarter of 2012. Adjusted profit before tax was CHF 928 million
compared with a loss before tax of CHF 70 million. Return on attributed equity
was 49.5%. Both Corporate Client Solutions and Investor Client Services
reported higher revenues. Total operating expenses decreased 2% to CHF 1,806
million from CHF 1,847 million. On an adjusted basis, operating expenses
increased 8% to CHF 1,800 million from CHF 1,674 million, mainly due to higher
variable compensation accruals. Fully applied BIS Basel III risk-weighted
assets increased by CHF 5 billion to CHF 69 billion as of 31 March 2013,
compared with pro-forma CHF 64 billion as of 31 December 2012, and were
compliant with our target of CHF 70 billion or less. Funded assets were CHF
193 billion as of 31 March 2013, unchanged from 31 December 2012 and within
our target range of less than CHF 200 billion. The cost/income ratio improved
to 64.8% from 114.7%. On an adjusted basis, the cost/income ratio improved to
65.9% from 104.0%, within the target range of 65% to 85%.

Global Asset Management‘s profit before tax in the first quarter of 2013 was
CHF 190 million compared with CHF 148 million in the fourth quarter of 2012.
Adjusted profit before tax was CHF 160 million compared with CHF 163 million.
First quarter operating income included a gain of CHF 34 million from the
disposal of our Canadian domestic business. Total operating expenses were CHF
327 million compared with CHF 343 million in the fourth quarter. Excluding
money market flows, net new money inflows were CHF 5.1 billion compared with
net outflows of CHF 3.8 billion in the prior quarter. The total gross margin
was 35 basis points compared with 34 basis points in the fourth quarter of
2012. Excluding the abovementioned gain on disposal, the gross margin was 33
basis points and remained within our target range of 32 to 38 basis points.
The cost/income ratio was 63.2% compared with 69.9% in the fourth quarter.
Adjusted for restructuring charges and the abovementioned gain on disposal,
the cost/income ratio was 66.9%, compared with 66.8%, and remained within our
target range of 60% to 70%.

Retail & Corporate‘s profit before tax was CHF 347 million in the first
quarter of 2013 compared with CHF 361 million in the prior quarter. Adjusted
for restructuring charges, profit before tax was unchanged at CHF 362 million
as lower income was offset by lower operating expenses and credit loss
expenses. Net new business volume growth was 4.7%, compared with 4.4%, and
remained above our target range. Net new business volume growth was positive
for both retail and corporate businesses as well as for net new client assets
and to a lesser extent for loans. The net interest margin decreased 8 basis
points to 154 basis points, reflecting lower net interest income and a
slightly higher average loan volume. The net interest margin was within the
target range of 140 to 180 basis points. The cost/income ratio increased 2.2
percentage points to 62.2%, reflecting lower income. On an adjusted basis,
excluding restructuring charges, the cost/income ratio increased to 60.6% from
59.9% and was slightly above the target range of 50% to 60%.

Corporate Center – Core Functions recorded a loss before tax of CHF 719
million compared with a loss before tax of CHF 1,886 million in the previous
quarter. On an adjusted basis, the loss before tax was CHF 398 million
compared with a loss before tax of CHF 1,472 million. The first quarter
included lower charges for provisions for litigation, regulatory and similar
matters and an own credit loss of CHF 181 million compared with a loss of CHF
414 million in the fourth quarter of 2012. Treasury income remaining in
Corporate Center – Core Functions after allocations to the business divisions
was negative CHF 255 million compared with positive CHF 94 million in the
prior quarter.

Corporate Center – Non-core and Legacy Portfolio recorded a loss before tax of
CHF 245 million in the first quarter of 2013 compared with a loss before tax
of CHF 816 million in the previous quarter. On an adjusted basis, the loss
before tax was CHF 84 million compared with an adjusted loss before tax of CHF
765 million. This was mainly due to a positive debit valuation adjustment on
our derivatives portfolio, lower charges for provisions for litigation,
regulatory and similar matters, as well as a higher gain from the revaluation
of our option to acquire the SNB StabFund’s equity.

Results by business division and Corporate Center
CHF              Total operating income                    Total operating expenses                  Operating profit / (loss) before
million                                                                                              tax
For the                                       %                                         %                                         %
quarter          31.3.13       31.12.12       change       31.3.13       31.12.12       change       31.3.13       31.12.12       change
ended
Wealth           1,913         1,748          9            1,250         1,350          (7)          664           398            67
Management
Wealth
Management       1,618         1,614          0            1,384         1,414          (2)          234           200            17
Americas
Investment       2,783         1,604          74           1,806         1,847          (2)          977           (243)           
Bank
Global
Asset            517           491            5            327           343            (5)          190           148            28
Management
Retail &         919           933            (2)          572           572            0            347           361            (4)
Corporate
Corporate        24            (183)                       989           2,519          (61)         (964)         (2,702)        (64)
Center
of which:
Core             (479)         (240)          100          239           1,646          (85)         (719)         (1,886)        (62)
Functions
of which:
Non-core         504           57             784          749           873            (14)         (245)         (816)          (70)
and Legacy
Portfolio
UBS              7,775         6,208          25           6,327         8,044          (21)         1,447         (1,837)         
                                                                                                                                 

Balance sheet: As of 31 March 2013, our balance sheet stood at CHF 1,214
billion, a decrease of CHF 46 billion from 31 December 2012. Funded assets,
which represent total assets excluding positive replacement values, were
reduced by CHF 9 billion to CHF 832 billion, primarily due to a reduction in
trading portfolio assets, and to a lesser extent reduced financial investments
available-for-sale and collateral trading activities, partially offset by an
increase in lending assets. Excluding currency effects, funded assets were
reduced by CHF 21 billion, mainly in Corporate Center – Non-core and Legacy
Portfolio.

Capital management: The BIS Basel III framework came into effect in
Switzerland on 1 January 2013. Our phase-in BIS Basel III common equity tier 1
(CET1) ratio was 15.3% as of 31 March 2013, unchanged from the end of the
previous quarter. Our phase-in BIS Basel III CET1 capital increased slightly
by CHF 0.2 billion to CHF 40.2 billion at the end of the first quarter of
2013. Our phase-in Basel III risk-weighted assets increased by CHF 0.7 billion
to CHF 262.5 billion. On a fully applied basis, our BIS Basel III CET 1 ratio
increased 0.3 percentage points to 10.1% and our fully applied risk-weighted
assets were CHF 258.7 billion.

Invested assets: Group  invested assets stood at CHF 2,373 billion at the end
of the first quarter, an increase of CHF 143 billion on the prior quarter. Of
these, invested assets in Wealth Management increased by CHF 49 billion to CHF
870 billion, supported by positive market performance of CHF 24 billion,
strong net new money inflows of CHF 15 billion  and positive currency
translation effects of CHF 10 billion. In Wealth Management Americas, invested
assets increased by CHF 73 billion to CHF 845 billion. In US dollar terms,
invested assets increased by USD 48 billion to USD 891 billion, reflecting
positive market performance of USD 39 billion and continued strong net new
money inflows of USD 9 billion. Global Asset Management’s invested assets
increased by CHF 18 billion to CHF 599 billion, mainly as a result of positive
market movements of CHF 19 billion and positive currency translation effects
of CHF 10 billion, partially offset by the disposal of our Canadian domestic
business, which reduced invested assets by CHF 7 billion, and net new money
outflows of CHF 3 billion.

Outlook – While market participants showed renewed interest early in the first
quarter, events in Europe served as a reminder that many of the underlying
challenges related to structural issues remain unsolved. The absence of
further sustained and credible improvements to the eurozone sovereign debt
situation, European banking system issues, ongoing geopolitical risks, and the
outlook for growth in the global economy together with an increasing focus on
unresolved US fiscal issues would continue to exert a strong influence on
client confidence, and thus activity levels, in the second quarter of 2013. It
would make further improvements in prevailing market conditions unlikely and
would consequently generate headwinds for revenue growth, net interest margins
and net new money. Nevertheless, 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. We are confident that the actions we
have taken will ensure the firm’s long-term success 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
181 million in 1Q13 (CHF 414 million loss in 4Q12); net restructuring charges
CHF 246 million for the Group in 1Q13 (net charges of CHF 258 million in
4Q12); gain on the disposal of the Canadian domestic business of CHF 34
million in Global Asset Management, and gain on the sale of the remaining
proprietary business in the Investment Bank of CHF 55 million and an
associated foreign currency translation loss of CHF 24 million in Corporate
Center – Core Functions in 1Q13; a CHF 92 million net loss related to the
buyback in a public tender offer of debt for the Group in 1Q13; and a credit
to personnel expenses related to changes to UBS’s Swiss pension plan (CHF 730
million for the Group in 1Q12). ^2 BIS Basel III common equity tier 1 (CET1)
ratio equals Swiss SRB Basel III CET1 ratio for systemically relevant banks.
All Basel III numbers prior to 1Q13 are on a pro-forma basis ^3 2019 Swiss SRB
Basel III CET1 ratio requirement for systemically relevant banks ^4 BIS Basel
III risk-weighted assets in this release are calculated on a BIS Basel III
fully applied basis unless otherwise stated. All Basel III numbers prior to
1Q13 are on a pro-forma basis

UBS key figures                                                       
                                     As of or for the quarter ended
CHF million, except where            31.3.13         31.12.12        31.3.12
indicated
                                                                    
Group results                                                         
Operating income                     7,775           6,208           6,523
Operating expenses                   6,327           8,044           4,956
Operating profit / (loss)            1,447           (1,837)         1,567
before tax
Net profit / (loss)
attributable to UBS                  988             (1,904)         1,035
shareholders
Diluted earnings per share           0.26            (0.51)          0.27
(CHF) ^1
                                                                      
Key performance indicators ^2,
balance sheet and capital                                             
management, and additional
information
Performance                                                           
Return on equity (RoE) (%)           8.5             (5.1)           8.5
Return on tangible equity (%)        10.1            1.6             10.8
^3
Return on risk-weighted              11.9            12              11.5
assets, gross (%) ^4
Return on assets, gross (%)          2.5             1.9             1.9
Growth                                                                
Net profit growth (%) ^5             N/A             N/A             220.4
Net new money growth (%) ^6          3.7             1.2             0.6
Efficiency                                                            
Cost / income ratio (%)              81.2            129.1           76.4
Capital strength                                                      
BIS Basel III common equity
tier 1 capital ratio (%,             15.3            15.3             
phase-in) ^7
BIS Basel III common equity
tier 1 capital ratio (%, fully       10.1            9.8              
applied) ^7
Swiss SRB leverage ratio (%)         3.8             3.6              
^7, 8
Balance sheet and capital                                             
management
Total assets                         1,213,844       1,259,797       1,364,036
Equity attributable to UBS           47,239          45,949          48,792
shareholders
Total book value per share           12.57           12.26           12.92
(CHF)
Tangible book value per share        10.79           10.54           10.45
(CHF)
BIS Basel III common equity          40,235          40,032           
tier 1 capital (phase-in) ^7
BIS Basel III common equity
tier 1 capital (fully applied)       26,176          25,182           
^7
BIS Basel III risk-weighted          262,454         261,800          
assets (phase-in) ^7
BIS Basel III risk-weighted          258,701         258,113          
assets (fully applied) ^7
BIS Basel III total capital          18.9            18.9             
ratio (%) (phase-in) ^7
BIS Basel III total capital          11.8            11.4             
ratio (%) (fully applied) ^7
                                                                      
Additional information                                                
Invested assets (CHF billion)        2,373           2,230           2,115
^9
Personnel (full-time                 61,782          62,628          64,243
equivalents)
Market capitalization ^10            55,827          54,729          48,488

1 Refer to “Note 8 Earnings per share (EPS) and shares outstanding” in the
“Financial information” section of the first quarter 2013 report for more
information. 2 For the definitions of our key performance indicators, refer to
the “Measurement of performance” section of our Annual Report 2012. 3 Net
profit attributable to UBS shareholders before amortization and impairment of
goodwill and intangible assets / average equity attributable to UBS
shareholders less average goodwill and intangible assets. 4 Based on BIS Basel
III risk-weighted assets (phase-in) for 2013. Based on Basel 2.5 for 2012. 5
Not meaningful and not included if either the reporting period or the
comparison period is a loss period. 6 Group net new money includes net new
money for Retail & Corporate and excludes interest and dividend income. 7 BIS
Basel III numbers for 31 December 2012 are on a pro-forma basis. Refer to the
“Capital management” section of the first quarter 2013 report for more
information. 8 Formerly referred to as FINMA Basel III leverage ratio. SRB:
systemically relevant banks. 9 Group-invested assets includes invested assets
for Retail & Corporate. 10 Refer to the appendix “UBS shares” of the first
quarter 2013 report for more information.

Income statement                                                             
                      For the quarter ended                      % change from
CHF million,
except per            31.3.13       31.12.12       31.3.12       4Q12       1Q12
share data
Interest income       3,484         3,550          4,130         (2)        (16)
Interest              (2,003)       (2,078)        (2,541)       (4)        (21)
expense
Net interest          1,481         1,472          1,589         1          (7)
income
Credit loss
(expense) /           (15)          (24)           37            (38)        
recovery
Net interest
income after          1,466         1,448          1,626         1          (10)
credit loss
expense
Net fee and
commission            4,123         3,992          3,840         3          7
income
Net trading           2,222         378            976           488        128
income
Other income          (37)          390            81                        
Total operating       7,775         6,208          6,523         25         19
income
Personnel             4,100         4,014          3,378         2          21
expenses
General and
administrative        1,999         3,843          1,398         (48)       43
expenses
Depreciation
and impairment        208           169            158           23         32
of property and
equipment
Amortization
and impairment        20            19             23            5          (13)
of intangible
assets
Total operating       6,327         8,044          4,956         (21)       28
expenses
Operating
profit / (loss)       1,447         (1,837)        1,567                    (8)
before tax
Tax expense /         458           66             531           594        (14)
(benefit)
Net profit /          989           (1,903)        1,036                    (5)
(loss)
Net profit /
(loss)
attributable to       0             0              0                         
preferred note
holders
Net profit /
(loss)
attributable to       1             1              1             0          0
non-controlling
interests
Net profit /
(loss)
attributable to       988           (1,904)        1,035                    (5)
UBS
shareholders
                                                                           
Earnings per                                                                 
share (CHF)
Basic earnings        0.26          (0.51)         0.28                     (7)
per share
Diluted
earnings per          0.26          (0.51)         0.27                     (4)
share
                                                                             

UBS’s first quarter 2013 report, shareholders’ letter, media release and slide
presentation will be available from Tuesday, 30 April, 06.45 (CET) at
www.ubs.com/quarterlyreporting.

UBS will hold the presentation of its first quarter 2013 results on Tuesday,
30 April. The results will be presented by Sergio P. Ermotti, Group Chief
Executive Officer, Tom Naratil, Group Chief Financial Officer, Caroline
Stewart, Global Head of Investor Relations, and Hubertus Kuelps, Group Head of
Communications & Branding.

Time

  * 09.00 CET
  * 08.00 BST
  * 03.00 US EDT

Please note: UBS’s results program will be slightly different this quarter.
The presentation and Q&A session will be broadcast via audio (NOT video)
webcast with a simultaneous slideshow at www.ubs.com/quarterlyreporting.

Webcast playbacks: An audio playback of the webcast will be available from
14.00 CET on 30 April 2013. An indexed, on-demand version of the webcast will
be available from 18.00 (CET).

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

Cautionary Statement Regarding Forward-Looking Statements

This document 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 executing
its announced strategic plans and related organizational changes, 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 relate to the setting of LIBOR and other benchmark rates; (7) the
effects on UBS’s cross-border banking business of tax or regulatory
developments and of possible changes in UBS’s policies and practices relating
to this business; (8) UBS’s ability to retain and attract the employees
necessary to generate revenues and to manage, support and control its
businesses, which may be affected by competitive factors including differences
in compensation practices; (9) changes in accounting standards or policies,
and accounting determinations or interpretations 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 2012. 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
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