UBS AG’s (“UBS”) consolidated financial statements (“the Financial
Statements”) are prepared in accordance with International
Financial Reporting Standards (IFRS) and stated in Swiss
francs (CHF). These Financial Statements are presented in accordance
with IAS 34 Interim Financial Reporting. In preparing
the interim Financial Statements, the same accounting principles and methods of computation are applied as in the Financial Statements at 31 December 2004 and for the year then ended except for the changes set out below. The interim Financial Statements are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of financial position, results of operations and cash flows for the
interim periods have been made. These interim Financial Statements
should be read in conjunction with the audited Financial
Statements included in the UBS Financial Report 2004.
UBS sponsors the formation of companies, which may or may
not be directly or indirectly owned subsidiaries, for the purpose
of asset securitization transactions and to accomplish certain narrow
and well-defined objectives. These companies may acquire
assets directly or indirectly from UBS or its affiliates. Some of
these companies are bankruptcy-remote entities whose assets
are not available to satisfy the claims of creditors of UBS or any
of its subsidiaries. Such companies are consolidated in the Financial
Statements when the relationship between UBS and the
company indicates that it is controlled by UBS.
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