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Risk management and control 
Summary of key developments in first quarter 2009
UBS experienced further significant losses on its risk positions. These losses resulted primarily from credit valuation adjustments taken against credit default protection from monoline insurers and credit losses on loan positions which had previously been entered into with the intent to syndicate or distribute. Trading losses were also incurred in the management of counterparty risk in over-the-counter (OTC) derivatives portfolios and in businesses that are either being exited or significantly downsized. Exposures to emerging markets are being significantly reduced with the sale of UBS Pactual announced in April 2009.
Risk reduction, primarily in businesses that have been exited or downsized, will remain a priority for UBS.
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