UBS financial highlights

1 Refer to note 8 of this report for details on the earnings per share (EPS) calculation. 2 Net profit attributable to UBS shareholders from continuing operations year-to-date (annualized as applicable) / average equity attributable to UBS shareholders. 3 Operating expenses / operating income before credit loss expense or recovery. 4 The cost / income ratio is not meaningful due to negative income. 5 Excludes interest and dividend income. 6 Excludes personnel from private equity (part of the Corporate Center). 7 Refer to the "UBS registered shares" section of this report for further information. 8 Refer to the "Capital management" section of this report for further information. 9 Reflects the capital ratios according to Basel II data only and does not include the effects from the transitional provisions of the capital floor, which require that during the year 2008 Basel II capital requirements have to amount to at least 90% of Basel I capital requirements. 10 The calculation prior to 2008 is based on the Basel I approach. 11 Represents economic own credit changes of financial liabilities designated at fair value through profit or loss. Own credit changes and corresponding results for prior periods have been adjusted in this report to adhere to this "economic own credit" approach. Refer to note 10 for details and comparison with own credit amounts as defined by IFRS 7 (which are presented in note 3 of this report). 12 Refer to notes 13 and 14 of this report for more information. 13 4Q08 includes a CHF 60 million trading loss related to the the settlement agreement requiring the repurchase of the auction rate securities, a CHF 360 million net gain on the sale of UBS's stake in Bank of China and a CHF 133 million loss on the divestment of the commodities business by the Investment Bank. 3Q08 includes a CHF 168 million gain on the sale of UBS's stake in Adams Street Partners. Full-year 2007 includes a CHF 1,950 million pre-tax gain on UBS's sale of its stake in Julius Baer. Refer also to the "UBS results in fourth quarter 2008" section of this report. 14 4Q08 includes CHF 435 million of personnel expenses and CHF 302 million of costs related to real estate, both affecting the Investment Bank. Full-year 2007 includes CHF 212 million of pre-tax costs related to the closure of Dillon Read Capital Management.