Year in review

January

UBS agrees to take a majority stake in the real estate funds business of Siemens Kapitalanlagegesellschaft mbH. In China, Global Asset Management announces the formation of a joint venture fund management company in partnership with the Chinese State Development Investment Corporation.

February

Contemporary Voices: Works from The UBS Art Collection opens at New York’s Museum of Modern Art. The exhibition includes about 60 works either donated or loaned to MoMA by UBS.

March

Employees donate almost USD 1.8 million to the UBS Tsunami Relief Fund. UBS matches the contributions.

Chief Risk Officer Walter Stuerzinger is appointed to the Group Executive Board. Philip Lofts is appointed Chief Credit Officer, effective 1 April, succeeding Marco Suter, who is proposed for the Board of Directors.

April

China’s regulatory authorities grant approval to UBS and the State Development Investment Corporation to form a joint venture fund management company.

CEO Peter Wuffli is named as Europe’s top CEO by Institutional Investor magazine. “This ranking is a tribute not to any one individual but to the performance of the whole firm,” says Wuffli.

May

UBS is instructed by the Securities Exchange Board of India to cease issuing offshore equity derivative instruments against positions held by UBS in underlying Indian securities.

June

In Germany, Wealth Management, Investment Bank and the distribution arm of Global Asset Management are merged into one company called UBS Deutschland AG.

A Group Offshoring Team is set up to coordinate all offshoring activities of UBS. Besides providing support, advice and coordination, the team will establish a UBS offshoring facility in Hyderabad, India.

UBS announces the integration of its two wealth management businesses under the name Global Wealth Management & Business Banking. Raoul Weil, head of the international wealth management business, is appointed to the GEB. UBS also announces a new alternative investment management business, Dillon Read Capital Management, under the leadership of John Costas. Huw Jenkins is appointed CEO, Investment Bank, and joins the Group Executive Board.

July

BusinessWeek names UBS as one of the five biggest winners, as the firm’s brand moves up to 44th place in the annual ranking of the world’s top 100 brands. UBS is now the eighth most valuable brand in the financial sector.

Euromoney again names UBS as best private bank worldwide in the “Awards for Excellence” poll published in its July 2005 issue. “UBS is once again a deserving winner,” says the magazine.

September

UBS announces its agreement to sell Private Banks & GAM to Julius Baer. The unit comprises the three private banks Banco di Lugano, Ehinger & Armand von Ernst and Ferrier Lullin, as well as specialist asset manager GAM.

UBS agrees to sell its 55.6% stake in Motor-Columbus to a consortium of Atel’s Swiss minority shareholders, EOS Holding and Atel, as well as to French utility Electricité de France (EDF).

In the space of a single week, UBS signs a strategic co-operation agreement with Bank of China and announces that the Chinese authorities have approved a proposal for the restructuring of Beijing Securities by UBS, Beijing SASAC and the International Finance Corporation.

UBS stages a global crisis management exercise through 27 and 28 September. Over a period of more than thirty hours, the “Twister Twister” exercise subjects the effectiveness of the bank’s liquidity, payments, securities, and other functions to a rigorous test.

October

Alinghi, for which UBS is lead sponsor, opens its new base at Valencia, another milestone in its campaign to defend the America’s Cup in 2007.

UBS and Laura Zubulake agree to settle their discrimination suit. In April, a Manhattan jury decided in favor of Ms. Zubulake. UBS at the time denied discriminating against Ms. Zubulake, and said it would pursue appeal options.

November

The Investment Bank executes its largest ever block trade in the US of a US equity, placing USD 545 million of Juniper Networks common stock held by Siemens AG.

The Fondation Beyeler in Riehen opens an exhibition of selected works from The UBS Art Collection.

December

UBS completes the sale of its Private Banks & GAM unit to Julius Baer for CHF 6.1 billion, resulting in a post-tax disposal gain of approximately CHF 3.7 billion.

UBS will be the official bank and one of four Swiss “National Supporters” at the 2008 UEFA European Football Championship, which will be held in Switzerland and Austria.