Zurich / Basel, February 14, 2006

Revised UBS performance indicators

For the last six years, we have consistently assessed our performance against a set of four measures that were designed to ensure the delivery of continuously improving returns to our shareholders. Since then, our firm has evolved, our business and our client base have grown. As a result, our performance has steadily exceeded our targets. In view of this, we have decided to modify our performance measures.

From 2006 onwards, on average through periods of varying market conditions, we will:

seek to increase the value of UBS by achieving a sustainable, after-tax return on equity of a minimum of 20% (we previously targeted a range of 15-20%)
aim to achieve a clear growth trend in net new money for all our financial businesses, including Global Asset Management and Business

Banking Switzerland. (This measure was previously only applied to our wealth management units.) In future, we will use diluted earnings per share (EPS) instead of basic EPS as a reference for our EPS growth target which remains, as before, annual double-digit percentage growth. Our cost / income objective will not change, and we will continue to manage it at levels that compare well with our best competitors.