Notes (unaudited)

Acquisitions

Caisse Centrale de Rescompte Group

In February 2008, UBS completed the acquisition in France of Caisse Centrale de Rescompte Group (CCR) from Commerzbank for a total consideration of approximately CHF 612 million (EUR 387 million), paid at the closing date. The purchase price includes EUR 247 million for a 100% interest in CCR, as well as approximately EUR 140 million for the excess capital of CCR at closing, reflecting provisional adjustments made during the closing process. Under the terms of the transaction, the final price for the acquisition will be determined after the closing, following determination of the actual adjustments. The acquisition costs have been allocated to intangible assets of CHF 116 million (EUR 73 million), net assets of CHF 189 million (EUR 119 million) and goodwill of CHF 307 million (EUR 195 million). The allocation of the costs of the business combination to assets acquired and liabilities assumed is still being finalized. The business of CCR, which includes EUR 13.3 billion of invested assets as of 31 December 2007 and approximately 190 employees, will be integrated into the asset management and wealth management businesses of UBS in France.