UBS adjusted¹ profit before tax CHF 1 billion ; BIS Basel III fully applied CET1 capital ratio 11.2% ; UBS to acquire SNB

  UBS adjusted¹ profit before tax CHF 1 billion ; BIS Basel III fully applied
  CET1 capital ratio 11.2% ; UBS to acquire SNB StabFund equity, boosting BIS
  Basel III CET1 capital ratio by 70-90 basis points in fourth quarter 2013

Business Wire

ZURICH & BASEL, Switzerland -- July 30, 2013

Regulatory News:

UBS (NYSE:UBS)(SWX:UBSN) delivered a second-quarter adjusted¹ profit before
tax of CHF 1,022 million. On a reported basis, profit before tax was CHF 1,020
million. UBS’s underlying performance was strong in an environment that
remained challenging. The result was achieved despite pre-tax charges for the
quarter totaling approximately CHF 865 million for litigation matters and
certain other significant provisions and an impairment of financial assets, as
the firm continued to address issues from the past. UBS reinforced its
position as the best-capitalized bank in its peer group with its BIS Basel III
fully applied common equity tier 1 ratio increasing to 11.2%. Halfway through
the year, the firm surpassed its Basel III risk-weighted asset (RWA) reduction
target for the year, with Group Basel III fully applied RWA down CHF 20
billion to CHF 239 billion, primarily due to reductions in Non-core and Legacy
Portfolio.

UBS expects to exercise the option to acquire the SNB StabFund’s equity in the
fourth quarter of 2013, and estimates that this transaction will boost its
industry-leading fully applied BIS Basel III CET1 capital ratio by an
additional 70-90 basis points in the fourth quarter.

Wealth Management delivered its highest profit in four years excluding charges
related to the Swiss-UK tax agreement and restructuring costs, and it
attracted robust inflows. Wealth Management Americas achieved another record
profit as well as record revenues, invested assets and productivity per
financial advisor. UBS’s wealth management businesses have attracted net new
money of over CHF 36 billion year-to-date, up over 50% on the first half of
2012. Retail & Corporate’s profit increased despite the ongoing low interest
environment. Global Asset Management delivered a steady adjusted¹ result in a
challenging quarter. The Investment Bank deployed its resources efficiently to
deliver another strong performance.

UBS continued its disciplined strategic execution

  *Adjusted¹ Group profit before tax CHF 1,022 million; net profit
    attributable to UBS shareholders CHF 690 million; diluted earnings per
    share CHF 0.18
  *Adjusted¹ Group operating income CHF 7,251 million compared with CHF 7,983
    million in the prior quarter, mainly reflecting lower net interest and
    trading income
  *Adjusted¹ Group operating expenses CHF 6,229 million compared with CHF
    6,081 million in the prior quarter, predominantly reflecting higher
    general and administrative costs
  *Fully applied BIS Basel III CET1 ratio up 1.1% to 11.2%; phase-in BIS
    Basel III CET1 ratio up 0.9% to 16.2%
  *Continued successful deleveraging of Group balance sheet; down CHF 85
    billion to CHF 1,129 billion
  *Swiss SRB leverage ratio up to 3.9%; leverage, funding and liquidity
    ratios all comfortably above regulatory requirements

Commenting on UBS’s second-quarter results, Group Chief Executive Officer
Sergio P. Ermotti said,"I am very pleased with our performance this quarter.
The results show that our strategy is right and we're ahead on execution.
Every quarter since we set the strategy in 2011, we have executed it in a very
clear and disciplined way building an unmatched capital position and
delivering for our clients.”

Second-quarter 2013 net profit attributable to UBS shareholders CHF 690
million

Second-quarter 2013 net profit attributable to UBS shareholders was CHF 690
million compared with CHF 988 million in the first quarter of 2013. On an
adjusted basis, the second-quarter profit before tax was CHF 1,022 million
compared with CHF 1,901 million in the prior quarter. On a reported basis,
profit before tax was CHF 1,020 million compared with CHF 1,447 million in the
prior quarter. Operating income decreased by CHF 386 million, primarily due to
lower net interest and trading income. Operating expenses increased by CHF 42
million, predominantly as a result of higher general and administrative
expenses, partly offset by decreased variable compensation performance awards.
In the second quarter, we recorded a tax expense of CHF 125 million compared
with CHF 458 million in the prior quarter. Net profit attributable to
preferred noteholders was CHF 204 million compared with zero in the first
quarter.

Wealth Management’s profit before tax in the second quarter was CHF 557
million compared with CHF 664 million in the prior quarter. Adjusted profit
before tax decreased by CHF 83 million to CHF 607 million and included a
charge of CHF 104 million in relation to the Swiss-UK tax agreement. Excluding
also this charge, profit before tax was CHF 711 million, an increase of CHF 21
million from the previous quarter. Operating income was CHF 1,953 million
compared with CHF 1,913 million in the prior quarter. The gross margin on
invested assets decreased 1 basis point to 90 basis points as average invested
assets increased faster than income. Operating expenses increased by CHF 146
million to CHF 1,396 million, mainly due to the charge in relation to the
Swiss-UK tax agreement. All regions contributed to net new money inflows of
CHF 10.1 billion. The cost / income ratio increased to 71.5% from 64.9%.
Adjusted for restructuring costs of CHF 50 million in the second quarter and
CHF 26 million in the prior quarter, the cost / income ratio increased to
69.0% from 63.6% and was within our target range of 60% to 70%.

Wealth Management Americas’ profit before tax was USD 258 million compared
with USD 251 million in the prior quarter. Adjusted for restructuring charges,
profit before tax increased by USD 7 million to USD 269 million from USD 262
million.  Operating income was USD 1,792 million compared with USD 1,737
million in the prior quarter. Operating expenses were USD 1,534 million
compared with USD 1,486 million. Net new money inflows declined to USD 2.8
billion from USD 9.2 billion, partly reflecting client withdrawals of around
USD 2.5 billion associated with annual income tax payments. The gross margin
on invested assets was unchanged at 80 basis points and remained within the
target range of 75 to 85 basis points. The gross margin from recurring income
increased 3 basis points due to higher managed account fees and interest
income, while the gross margin from non-recurring income decreased 3 basis
points due to lower transaction-based revenue and lower realized gains from
sales of financial investments held in the available-for-sale portfolio. The
cost / income ratio was 85.6%, broadly in line with 85.5% in the prior
quarter. On an adjusted basis, the cost / income ratio was 85.0% compared with
84.9% in the prior quarter, and remained within the target range of 80% to
90%.

The Investment Bank recorded a profit before tax of CHF 775 million compared
with CHF 977 million in the prior quarter. Adjusted profit before tax was CHF
806 million compared with CHF 928 million. Adjusted return on attributed
equity for the quarter was 38% compared with 47% in the prior quarter, and was
consistent with our target of over 15%. Operating income was CHF 2,250 million
compared with CHF 2,783 million in the prior quarter. Both Corporate Client
Solutions and Investor Client Services reported lower revenues. Total
operating expenses decreased 18% to CHF 1,475 million from CHF 1,806 million,
mainly due to lower variable compensation accruals. Adjusted for restructuring
charges of CHF 31 million in the second quarter compared with CHF 6 million in
the first quarter, operating expenses decreased 20% to CHF 1,444 million from
CHF 1,800 million. Fully applied Basel III RWA decreased slightly to CHF 67
billion as of 30 June 2013 from CHF 69 billion as of 31 March 2013, and were
consistent with our target of less than CHF 70 billion. Funded assets
decreased to CHF 179 billion as of 30 June 2013 from CHF 186 billion as of 31
March 2013, and were consistent with our target of less than CHF 200 billion.
The cost / income ratio increased to 65.7% from 64.8%. On an adjusted basis,
the cost / income ratio improved to 64.3% from 65.9%, slightly better than our
target range of 65% to 85%.

Global Asset Management‘s profit before tax was CHF 138 million compared with
CHF 190 million in the prior quarter. Adjusted for a gain of CHF 34 million on
the disposal of its Canadian domestic business in the first quarter and
restructuring charges in both quarters, profit before tax was CHF 152 million
compared with CHF 160 million, mainly due to higher operating expenses.
Operating expenses were CHF 352 million compared with CHF 327 million in the
first quarter. Operating income was CHF 489 million compared with CHF 517
million in the prior quarter. Excluding money market flows, net new money
inflows from third parties were CHF 1.6 billion compared with CHF 4.2 billion
in the prior quarter. The total gross margin was 33 basis points compared with
35 basis points in the first quarter. Excluding the gain on disposal of the
Canadian domestic business in the first quarter, the gross margin remained
unchanged as the effect of higher net management fees due to higher average
invested assets was offset by lower performance fees. It remained within our
target gross margin range of 32 to 38 basis points. The cost / income ratio
was 72.0% compared with 63.2% in the first quarter. Adjusted for restructuring
charges and the gain on disposal of the Canadian domestic business, the cost /
income ratio was 69.1%, compared with 66.9% in the prior quarter, remaining
within our target range of 60% to 70%.

Retail & Corporate‘s profit before tax was CHF 377 million compared with CHF
347 million in the prior quarter. Adjusted profit before tax increased to CHF
390 million from CHF 362 million, reflecting higher operating income and
broadly stable operating expenses. Operating income was CHF 948 million
compared with CHF 919 million in the prior quarter. Net new business volume
growth was negative 2.7%, reflecting a small number of corporate outflows
including an outflow related to the issuance of a banking license to Swiss
PostFinance, compared with positive 4.7% in the previous quarter. The net
interest margin increased 3 basis points to 157 basis points, reflecting 2%
higher 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 improved by 2.2 percentage points to 60.0%, mainly
reflecting higher income. Adjusted for restructuring charges, the cost /
income ratio improved to 58.7% from 60.6%, bringing it within our target range
of 50% to 60%.

Corporate Center – Core Functions recorded a loss before tax of CHF 142
million compared with a loss before tax of CHF 719 million in the previous
quarter. On an adjusted basis, the loss before tax was CHF 275 million
compared with a loss before tax of CHF 398 million in the prior quarter.
Treasury income remaining in Corporate Center – Core Functions after
allocations to the business divisions was negative CHF 136 million compared
with negative CHF 255 million in the prior quarter. Expenses remaining after
allocations to the business divisions and Corporate Center – Non-core and
Legacy Portfolio declined by CHF 113 million.

Corporate Center – Non-core and Legacy Portfolio recorded a loss before tax of
CHF 927 million in the second quarter of 2013 compared with a loss before tax
of CHF 245 million in the previous quarter. On an adjusted basis, the result
before tax was a loss of CHF 909 million compared with an adjusted loss before
tax of CHF 84 million in the prior quarter.  This was mainly due to higher
charges for provisions for litigation, regulatory and similar matters, lower
revenues in rates and credit portfolios within Non-core, a lower gain from the
revaluation of our option to acquire the SNB StabFund’s equity, and an
impairment charge related to certain disputed receivables as well as a
negative debit valuation adjustment on our derivatives portfolio. Balance
sheet assets declined by CHF 82 billion. Fully applied BIS Basel III RWA
decreased by CHF 17 billion to CHF 78 billion.

Results by business division and Corporate Center
CHF           Total operating income                Total operating expenses              Operating profit / (loss) before
million                                                                                            tax
For the                                      %                                        %                                        %
quarter       30.6.13    31.3.13    change    30.6.13    31.3.13    change    30.6.13    31.3.13    change
ended
Wealth        1,953      1,913      2         1,396      1,250      12        557        664        (16)
Management
Wealth
Management    1,692      1,618      5         1,449      1,384      5         243        234        4
Americas
Investment    2,250      2,783      (19)      1,475      1,806      (18)      775        977        (21)
Bank
Global
Asset         489        517        (5)       352        327        8         138        190        (27)
Management
Retail &      948        919        3         571        572        0         377        347        9
Corporate
Corporate     57         24         138       1,127      989        14        (1,070)    (964)      11
Center
of which:
Core          (17)       (479)      (96)      126        239        (47)      (142)      (719)      (80)
Functions
of which:
Non-core
and           73         504        (86)      1,001      749        34        (927)      (245)      278
Legacy
Portfolio
UBS           7,389      7,775      (5)       6,369      6,327      1         1,020      1,447      (30)
                                                                                                   

Balance sheet: As of 30 June 2013, our balance sheet stood at CHF 1,129
billion, a decrease of CHF 85 billion from 31 March 2013. Funded assets, which
represent total assets excluding positive replacement values and collateral
delivered against over-the-counter derivatives, were reduced by CHF 32 billion
to CHF 765 billion, mainly in the Corporate Center – Non-core and Legacy
Portfolio and the Investment Bank, primarily due to a reduction in trading
portfolio assets and reflecting the ongoing implementation of our strategy.

Capital management: Our phase-in BIS Basel III common equity tier 1 (CET1)
ratio was 16.2% as of 30 June 2013, an increase of 0.9 percentage points from
31 March 2013. Our phase-in BIS Basel III CET1 capital decreased by CHF 0.8
billion to CHF 39.4 billion at the end of the second quarter of 2013. Our
phase-in Basel III RWA decreased by CHF 19.8 billion to CHF 242.6 billion. On
a fully applied basis, our BIS Basel III CET1 ratio increased 1.1 percentage
points to 11.2% and our fully applied RWA declined to CHF 239.2 billion.
Consistent with what we have said previously, we expect to reach our 13% BIS
Basel III fully applied CET1 ratio target in 2014.

Invested assets: Group invested assets stood at CHF 2,348 billion at the end
of the second quarter, a decrease of CHF 25 billion on the prior quarter. Of
these, invested assets in Wealth Management decreased by CHF 8 billion to CHF
862 billion as negative market performance of CHF 19 billion more than offset
net new money inflows of CHF 10 billion and positive currency translation
effects of CHF 1 billion. In Wealth Management Americas, invested assets
decreased by CHF 2 billion to CHF 843 billion. In US dollar terms, invested
assets increased by USD 1 billion to USD 892 billion, reflecting continued net
new money inflows, mostly offset by negative market performance of USD 2
billion. Global Asset Management’s invested assets decreased by CHF 13 billion
to CHF 586 billion due to negative currency translation effects of CHF 6
billion, negative market movements of CHF 5 billion and net new money
outflows.

Outlook – At the end of the second quarter the market reaction to the eventual
end of quantitative easing in the US served as a reminder that looser monetary
policy across the globe has not resolved the underlying challenges related to
structural fiscal and economic issues. For the first half of 2013, our revenue
growth and business flows evidence the fact that we continued to manage our
businesses effectively in challenging market conditions. However, for the
third quarter of 2013, client confidence and activity levels could be impacted
further by the continued absence of sustained and credible improvements to
unresolved European sovereign debt and banking system issues and US fiscal
issues, and by the mixed outlook for global growth. This would make
improvements in prevailing market conditions unlikely and, together with the
seasonal decline in activity levels traditionally associated with the summer
holiday season, would consequently generate headwinds for revenue growth, net
interest margins and net new money. Nevertheless, we remain confident that our
wealth management businesses will continue to attract net new money,
reflecting new and existing clients’ steadfast trust in the firm, and that the
actions we have taken will ensure the firm’s long-term success and will
deliver sustainable returns for our shareholders going forward.

¹ Unless otherwise indicated, “adjusted” figures exclude each of the following
items, to the extent applicable, on a Group and business division level: own
credit gain on financial liabilities designated at fair value for the Group of
CHF 138 million in 2Q13 (CHF 181 million loss in 1Q13), net restructuring
charges of CHF 140 million for the Group in 2Q13 (net charges of CHF 246
million in 1Q13), a gain of CHF 34 million on the disposal of Global Asset
Management’s Canadian domestic business in 1Q13, a gain on the sale of the
remaining proprietary trading 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, and a net loss of CHF 92 million
for the Group incurred on the buyback of debt in a public tender offer in
1Q13.

UBS key figures
                 For the quarter ended                        Year-to-date
CHF million,
except where      30.6.13      31.3.13      30.6.12      30.6.13      30.6.12
indicated
Group results
Operating         7,389        7,775        6,402        15,164       12,925
income
Operating         6,369        6,327        5,400        12,697       10,356
expenses
Operating
profit /          1,020        1,447        1,002        2,467        2,569
(loss) before
tax
Net profit /
(loss)
attributable      690          988          524          1,678        1,558
to UBS
shareholders
Diluted
earnings per      0.18         0.26         0.14         0.44         0.41
share (CHF) ^1
Key performance indicators ^2, balance sheet and capital management, and additional
information
Performance
Return on
equity (RoE)      7.2          8.5          6.3          7.2          6.3
(%)
Return on
tangible          8.5          10.1         8.1          8.5          8.1
equity (%) ^3
Return on
risk-weighted     11.8         11.9         11.7         11.8         11.7
assets, gross
(%) ^4
Return on
assets, gross     2.5          2.5          1.9          2.5          1.9
(%)
Growth
Net profit        (30.2)       N/A          (49.4)       7.7          (44.5)
growth (%) ^5
Net new money     1.8          3.7          1.8          2.8          1.2
growth (%) ^6
Efficiency
Cost / income     86.2         81.2         84.3         83.6         80.3
ratio (%)
                 As of                                        As of
CHF million,
except where      30.6.13      31.3.13      31.12.12     30.6.13      30.6.12
indicated
Capital strength
BIS Basel III
common equity
tier 1 capital    16.2         15.3         15.3         16.2         
ratio (%,
phase-in) ^7
BIS Basel III
common equity
tier 1 capital    11.2         10.1         9.8          11.2         
ratio (%,
fully applied)
^7
Swiss SRB
leverage ratio    3.9          3.8          3.6          3.9          
(%) ^7, 8
Balance sheet and capital management
Total assets      1,129,071    1,213,844    1,259,797    1,129,071    1,410,233
Equity
attributable      47,073       47,239       45,949       47,073       50,503
to UBS
shareholders
Total book
value per         12.49        12.57        12.26        12.49        13.47
share (CHF)
Tangible book
value per         10.73        10.79        10.54        10.73        10.87
share (CHF)
BIS Basel III
common equity     39,398       40,235       40,032       39,398       
tier 1 capital
(phase-in) ^7
BIS Basel III
common equity
tier 1 capital    26,817       26,176       25,182       26,817       
(fully
applied) ^7
BIS Basel III
risk-weighted     242,626      262,454      261,800      242,626      
assets
(phase-in) ^7
BIS Basel III
risk-weighted     239,182      258,701      258,113      239,182      
assets (fully
applied) ^7
BIS Basel III
total capital     20.5         18.9         18.9         20.5         
ratio (%,
phase-in) ^7
BIS Basel III
total capital
ratio (%,         13.5         11.8         11.4         13.5         
fully applied)
^7
Additional information
Invested
assets (CHF       2,348        2,373        2,230        2,348        2,163
billion) ^9
Personnel
(full-time        60,754       61,782       62,628       60,754       63,520
equivalents)
Market
capitalization    61,737       55,827       54,729       61,737       42,536
^10

1 Refer to “Note 8 Earnings per share (EPS) and shares outstanding” in the
“Financial information” section of the second 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
Numbers for 31 December 2012 are on a pro-forma basis. Refer to the “Capital
management” section of the second quarter 2013 for more information. 8 SRB:
systemically relevant banks. 9 Group invested assets includes invested assets
for Retail & Corporate. 10 Refer to the appendix “UBS shares” of the second
quarter 2013 report for more information.

Income statement
                  For the quarter ended                  % change from      Year-to-date
CHF million,
except per         30.6.13    31.3.13    30.6.12    1Q13    2Q12    30.6.13    30.6.12
share data

Interest income    3,541      3,484      4,397      2       (19)    7,025      8,527
Interest           (2,333)    (2,003)    (3,008)    16      (22)    (4,336)    (5,549)
expense
Net interest       1,208      1,481      1,389      (18)    (13)    2,689      2,978
income
Credit loss
(expense) /        (3)        (15)       (1)        (80)    200     (18)       35
recovery
Net interest
income after       1,205      1,466      1,387      (18)    (13)    2,671      3,013
credit loss
expense
Net fee and
commission         4,236      4,123      3,648      3       16      8,360      7,487
income
Net trading        1,760      2,222      1,364      (21)    29      3,982      2,340
income
Other income       188        (37)       3                        152        84
Total operating    7,389      7,775      6,402      (5)     15      15,164     12,925
income
Personnel          3,855      4,100      3,544      (6)     9       7,955      6,921
expenses
General and
administrative     2,299      1,999      1,652      15      39      4,298      3,050
expenses
Depreciation
and impairment     196        208        179        (6)     9       404        337
of property and
equipment
Amortization
and impairment     20         20         26         0       (23)    40         48
of intangible
assets
Total operating    6,369      6,327      5,400      1       18      12,697     10,356
expenses
Operating
profit / (loss)    1,020      1,447      1,002      (30)    2       2,467      2,569
before tax
Tax expense /      125        458        257        (73)    (51)    583        788
(benefit)
Net profit /       895        989        745        (10)    20      1,884      1,781
(loss)
Net profit /
(loss)
attributable to    204        0          220               (7)     204        220
preferred
noteholders
Net profit /
(loss)
attributable to    1          1          2          0       (50)    2          3
non-controlling
interests
Net profit /
(loss)
attributable to    690        988        524        (30)    32      1,678      1,558
UBS
shareholders

Earnings per share (CHF)
Basic              0.18       0.26       0.14       (31)    29      0.45       0.41
Diluted            0.18       0.26       0.14       (31)    29      0.44       0.41
                                                                                                    

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

UBS will hold the presentation of its second quarter 2013 results on Tuesday,
30 July. 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 CEST

• 08.00 BST

• 03.00 US EDT

Please note: 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
12.00 CEST on 30 July 2013. An indexed, on-demand version of the webcast will
be available from 18.00 (CEST).

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 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
more stringent capital and liquidity requirements or incremental tax
requirements and constraints on remuneration; (5) possible changes to the
legal entity structure or booking model of UBS Group in response to enacted,
proposed or future legal and regulatory requirements, including capital
requirements, the proposal to require non-US banks to establish intermediate
holding companies for their US operations, and resolvability requirements; (6)
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;
(7) 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; (8) 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;
(9) 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; (10) 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; (11) limitations on the
effectiveness of UBS’s internal processes for risk management, risk control,
measurement and modeling, and of financial models generally; (12) whether UBS
will be successful in keeping pace with competitors in updating its
technology, particularly in trading businesses; (13) the occurrence of
operational failures, such as fraud, unauthorized trading and systems
failures; and (14) 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 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
or
Media contact
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