Notes to the Financial Statements

Note 11 Changes in organization

Acquisitions

Daehan Investment Trust Management Company

In July 2007, UBS completed the acquisition of 51% of Daehan Investment Trust Management Company Ltd. (DIMCO) from Hana Daetoo Securities (formerly Daehan Investment & Securities Company Ltd.), a wholly owned subsidiary of Hana Financial Group. DIMCO was integrated into UBS's Global Asset Management business and renamed as UBS Hana Asset Management Company Ltd. internationally, and as Hana UBS Asset Management in Korea. The estimated cost of the business combination amounts to CHF 238 million in total and was paid in cash. The purchase price is subject to customary purchase price adjustment and to an earn-out claw back of up to KRW 30 billion (CHF 40 million) over the next three to five years. The allocation of the cost of the business combination to assets acquired and liabilities assumed is still being finalized. At closing, DIMCO managed around KRW 19.9 trillion of assets (CHF 26.4 billion).

Acquisitions announced after the balance sheet date

Caisse Centrale de Réescompte Group

In October 2007, UBS announced that it has agreed to acquire 100% of the Caisse Centrale de Réescompte Group (CCR) from Commerzbank for a total consideration of approximately EUR 435 million. The purchase price includes EUR 275 million for a 100% interest in CCR, as well as approximately EUR 160 million for the expected excess capital of CCR at closing, and is subject to certain adjustments and performance criteria as part of the closing process. CCR is an asset and wealth manager in France with EUR 17 billion of invested assets as of June 2007 and with approximately 190 employees. The business of CCR will be integrated into the asset management and wealth management businesses of UBS in France. The transaction is expected to close in the first quarter of 2008, subject to regulatory approvals.

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