Note 35 Significant Subsidiaries and Associates

The legal entity group structure of UBS is designed to support the Group's businesses within an efficient legal, tax, regulatory and funding framework. Neither the Business Groups of UBS (namely Investment Bank, Global Wealth Management & Business Banking and Global Asset Management) nor Corporate Center are replicated in their own individual legal entities, but rather they generally operate out of UBS AG (Parent Bank) through its Swiss and foreign branches.

The parent bank structure allows UBS to capitalize on the advantages offered by the use of one legal platform by all the Business Groups. It provides for the most cost-efficient and flexible structure and facilitates efficient allocation and use of capital, comprehensive risk management and control and straightforward funding processes.

Where, usually due to local legal, tax or regulatory rules or due to additional legal entities joining the UBS Group via acquisition, it is either not possible or not efficient to operate out of the Parent Bank, then local subsidiary companies host the businesses. The significant operating subsidiary companies in the Group are listed below:

Significant subsidiaries
Company	Jurisdiction of incorporation	Business Group ¹		Share capital in millions	Equity interest accumulated in %
Banco UBS Pactual S.A.	Rio de Janeiro, Brazil	IB	BRL	296.7	100.0
Banco UBS S.A.	Rio de Janeiro, Brazil	IB	BRL	52.9	100.0
Crédit Industriel Société Anonyme in Liquidation	Zurich, Switzerland	Global WM&BB	CHF	0.1	100.0
Dillon Read Capital Management (Singapore) Pte. Ltd.	Singapore, Singapore	Global AM	USD	8.6	100.0
Dillon Read Capital Management (UK) Ltd	London, Great Britain	Global AM	GBP	18.0	100.0
Dillon Read Capital Management LLC	Delaware, USA	Global AM	USD	12.5	100.0
Dillon Read Solutions Pte. Ltd.	Singapore, Singapore	Global AM	USD	1.1	100.0
Noriba Bank BSC	Manama, Bahrain	Global WM&BB	USD	10.0	100.0
OOO UBS Bank	Moscow, Russia	IB	RUB	1,250.0	100.0
PT UBS Securities Indonesia	Jakarta, Indonesia	IB	IDR	100,000.0	98.4
Thesaurus Continentale Effekten	Zurich, Switzerland	Global WM&BB	CHF	0.1	100.0
UBS (Bahamas) Ltd.	Nassau, Bahamas	Global WM&BB	USD	4.0	100.0
UBS (France) S.A.	Paris, France	Global WM&BB	EUR	25.7	100.0
UBS (Grand Cayman) Limited	George Town, Cayman Islands	IB	USD	25.0	100.0
UBS (Italia) S.p.A.	Milan, Italy	Global WM&BB	EUR	60.0	100.0
UBS (Luxembourg) S.A.	Luxembourg, Luxembourg	Global WM&BB	CHF	150.0	100.0
UBS (Monaco) S.A.	Monte Carlo, Monaco	Global WM&BB	EUR	9.2	100.0
UBS Advisory and Capital Markets Australia Ltd	Sydney, Australia	IB	AUD	580.8 ²	100.0
UBS Alternative and Quantitative Investments LLC	Delaware, USA	Global AM	USD	0.1	100.0
UBS Americas Inc	Delaware, USA	IB	USD	0.0	100.0
UBS Asesores SA	Panama, Panama	Global WM&BB	USD	0.0	100.0
UBS Bank (Canada)	Toronto, Canada	Global WM&BB	CAD	8.5	100.0
UBS Bank USA	Utah, USA	Global WM&BB	USD	1,700.0	100.0
UBS Belgium SA/NV	Brussels, Belgium	Global WM&BB	EUR	23.0	100.0
UBS Capital (Jersey) Ltd	St. Helier, Jersey	IB	GBP	181.0	100.0
UBS Capital AG	Zurich, Switzerland	IB	CHF	5.0	100.0
UBS Capital B.V.	Amsterdam, the Netherlands	IB	EUR	78.8 ²	100.0
UBS Card Center AG	Glattbrugg, Switzerland	Global WM&BB	CHF	0.1	100.0
UBS Clearing and Execution Services Limited	London, Great Britain	IB	USD	50.0	100.0
UBS Commodities Canada Ltd.	Toronto, Canada	IB	USD	11.3	100.0
UBS Corporate Finance Italia SpA	Milan, Italy	IB	EUR	1.9	100.0
UBS Derivatives Hong Kong Limited	Hong Kong, China	IB	HKD	60.0	100.0
UBS Deutschland AG	Frankfurt am Main, Germany	Global WM&BB	EUR	176.0	100.0
UBS Employee Benefits Trust Limited	St. Helier, Jersey	CC	GBP	0.0	100.0
UBS Energy LLC	Delaware, USA	IB	USD	0.0	100.0
UBS España, S.A.	Madrid, Spain	Global WM&BB	EUR	72.2	100.0
UBS Factoring AG	Zurich, Switzerland	Global WM&BB	CHF	5.0	100.0
1 Global WM&BB: Global Wealth Management & Business Banking, Global AM: Global Asset Management, IB: Investment Bank, CC: Corporate Center. 2 Share capital and share premium.

Company	Jurisdiction of incorporation	Business Group ¹		Share capital in millions	Equity interest accumulated in %
UBS Fiduciaria S.p.A.	Milan, Italy	Global WM&BB	EUR	0.2	100.0
UBS Fiduciary Trust Company	New Jersey, USA	Global WM&BB	USD	4.4 ²	100.0
UBS Finance (Cayman Islands) Ltd.	George Town, Cayman Islands	CC	USD	0.5	100.0
UBS Finance (Curação) N.V.	Willemstad, Netherlands Antilles	CC	USD	0.1	100.0
UBS Finance (Delaware) LLC	Delaware, USA	IB	USD	37.3 ²	100.0
UBS Financial Services Inc.	Delaware, USA	Global WM&BB	USD	2,005.8 ²	100.0
UBS Financial Services Incorporated of Puerto Rico	Hato Rey, Puerto Rico	Global WM&BB	USD	31.0 ²	100.0
UBS Fund Advisor, L.L.C.	Delaware, USA	Global WM&BB	USD	0.0	100.0
UBS Fund Holding (Luxembourg) S.A.	Luxembourg, Luxembourg	Global AM	CHF	42.0	100.0
UBS Fund Holding (Switzerland) AG	Basel, Switzerland	Global AM	CHF	18.0	100.0
UBS Fund Management (Switzerland) AG	Basel, Switzerland	Global AM	CHF	1.0	100.0
UBS Fund Services (Cayman) Ltd	George Town, Cayman Islands	Global AM	USD	5.6	100.0
UBS Fund Services (Ireland) Limited	Dublin, Ireland	Global AM	EUR	1.3	100.0
UBS Fund Services (Luxembourg) SA	Luxembourg, Luxembourg	Global AM	CHF	2.5	100.0
UBS Futures Singapore Ltd.	Singapore, Singapore	IB	USD	39.8 ²	100.0
UBS Global Asset Management (Americas) Inc	Delaware, USA	Global AM	USD	0.0	100.0
UBS Global Asset Management (Australia) Ltd	Sydney, Australia	Global AM	AUD	8.0	100.0
UBS Global Asset Management (Canada) Co	Toronto, Canada	Global AM	CAD	117.0	100.0
UBS Global Asset Management (Deutschland) GmbH	Frankfurt am Main, Germany	Global AM	EUR	7.7	100.0
UBS Global Asset Management (France) S.A.	Paris, France	Global WM&BB	EUR	2.1	100.0
UBS Global Asset Management (Hong Kong) Limited	Hong Kong, China	Global AM	HKD	25.0	100.0
UBS Global Asset Management (Italia) SIM SpA	Milan, Italy	Global AM	EUR	2.0	100.0
UBS Global Asset Management (Japan) Ltd	Tokyo, Japan	Global AM	JPY	2,200.0	100.0
UBS Global Asset Management (Singapore) Ltd	Singapore, Singapore	Global AM	SGD	4.0	100.0
UBS Global Asset Management (Taiwan) Ltd	Taipei, Taiwan	Global AM	TWD	340.0	100.0
UBS Global Asset Management (US) Inc	Delaware, USA	Global AM	USD	35.2 ²	100.0
UBS Global Asset Management Holding Ltd	London, Great Britain	Global AM	GBP	48.0	100.0
UBS Global Life AG	Vaduz, Liechtenstein	Global WM&BB	CHF	5.0	100.0
UBS Global Trust Corporation	St. John, Canada	Global WM&BB	CAD	0.1	100.0
UBS International Holdings B.V.	Amsterdam, the Netherlands	CC	EUR	6.8	100.0
UBS International Inc.	New York, USA	Global WM&BB	USD	44.3 ²	100.0
UBS International Life Limited	Dublin, Ireland	Global WM&BB	EUR	1.0	100.0
UBS Investment Management Canada Inc.	Toronto, Canada	Global WM&BB	CAD	0.0	100.0
UBS Italia SIM SpA	Milan, Italy	IB	EUR	15.1	100.0
UBS Leasing AG	Zurich, Switzerland	Global WM&BB	CHF	10.0	100.0
UBS Life AG	Zurich, Switzerland	Global WM&BB	CHF	25.0	100.0
UBS Life Insurance Company USA	California, USA	Global WM&BB	USD	39.3 ²	100.0
UBS Limited	London, Great Britain	IB	GBP	29.4	100.0
UBS Loan Finance LLC	Delaware, USA	IB	USD	16.7	100.0
UBS Menkul Degerler AS	Istanbul, Turkey	IB	TRY	0.4	100.0
UBS Mortgage Holdings LLC	Delaware, USA	Global WM&BB	USD	0.0	100.0
UBS New Zealand Limited	Auckland, New Zealand	IB	NZD	7.5	100.0
UBS O'Connor LLC	Delaware, USA	Global AM	USD	1.0	100.0
UBS Pactual Asset Management S.A. DTVM	Rio de Janeiro, Brazil	Global AM	BRL	53.9	100.0
UBS Portfolio LLC	Delaware, USA	IB	USD	0.1	100.0
UBS Preferred Funding Company LLC I	Delaware, USA	CC	USD	0.0	100.0
UBS Preferred Funding Company LLC II	Delaware, USA	CC	USD	0.0	100.0
UBS Preferred Funding Company LLC IV	Delaware, USA	CC	USD	0.0	100.0
1 Global WM&BB: Global Wealth Management & Business Banking, Global AM: Global Asset Management, IB: Investment Bank, CC: Corporate Center. 2 Share capital and share premium.

Company	Jurisdiction of incorporation	Business Group ¹		Share capital in millions	Equity interest accumulated in %
UBS Principal Finance LLC	Delaware, USA	IB	USD	0.1	100.0
UBS Real Estate Investments Inc	Delaware, USA	Global AM	USD	0.0	100.0
UBS Real Estate Kapitalanlagegesellschaft mbH	Munich, Germany	Global AM	EUR	7.5	51.0
UBS Real Estate Securities Inc	Delaware, USA	IB	USD	0.4 ²	100.0
UBS Realty Investors LLC	Massachusetts, USA	Global AM	USD	9.3	100.0
UBS Sauerborn Private Equity Komplementär GmbH	Bad Homburg, Germany	Global WM&BB	EUR	0.0	100.0
UBS Securities (Thailand) Ltd	Bangkok, Thailand	IB	THB	400.0	100.0
UBS Securities Asia Limited	Hong Kong, China	IB	HKD	20.0	100.0
UBS Securities Australia Ltd	Sydney, Australia	IB	AUD	209.8 ²	100.0
UBS Securities Canada Inc	Toronto, Canada	IB	CAD	10.0	100.0
UBS Securities España Sociedad de Valores SA	Madrid, Spain	IB	EUR	15.0	100.0
UBS Securities France S.A.	Paris, France	IB	EUR	22.9	100.0
UBS Securities Hong Kong Limited	Hong Kong, China	IB	HKD	230.0	100.0
UBS Securities India Private Limited	Mumbai, India	IB	INR	237.8	75.0
UBS Securities International Limited	London, Great Britain	IB	GBP	18.0	100.0
UBS Securities Japan Ltd	George Town, Cayman Islands	IB	JPY	60,000.0	100.0
UBS Securities Limited	London, Great Britain	IB	GBP	140.0	100.0
UBS Securities LLC	Delaware, USA	IB	USD	2,455.6 ²	100.0
UBS Securities Malaysia Sdn. Bhd.	Kuala Lumpur, Malaysia	IB	MYR	75.0	100.0
UBS Securities Philippines Inc	Makati City, Philippines	IB	PHP	190.0	100.0
UBS Securities Pte. Ltd.	Singapore, Singapore	IB	SGD	311.5	100.0
UBS Securities Pte. Ltd. Seoul Branch	Seoul, South Korea	IB	KRW	150,000.0	100.0
UBS Services USA LLC	Delaware, USA	Global WM&BB	USD	0.0	100.0
UBS South Africa (Proprietary) Limited	Sandton, South Africa	IB	ZAR	87.1 ²	100.0
UBS Swiss Financial Advisers AG	Zurich, Switzerland	Global WM&BB	CHF	1.5	100.0
UBS Trust Company National Association	New York, USA	Global WM&BB	USD	5.0 ²	100.0
UBS Trustees (Bahamas) Ltd	Nassau, Bahamas	Global WM&BB	USD	2.0	100.0
UBS Trustees (Cayman) Ltd	George Town, Cayman Islands	Global WM&BB	USD	2.0	100.0
UBS Trustees (Jersey) Ltd.	St. Helier, Jersey	Global WM&BB	GBP	0.0	100.0
UBS Trustees (Singapore) Ltd	Singapore, Singapore	Global WM&BB	SGD	3.3	100.0
UBS UK Holding Limited	London, Great Britain	IB	GBP	5.0	100.0
UBS UK Properties Limited	London, Great Britain	IB	GBP	100.0	100.0
UBS Wealth Management (UK) Ltd	London, Great Britain	Global WM&BB	GBP	2.5	100.0
UBS Wealth Management Australia Ltd	Melbourne, Australia	Global WM&BB	AUD	53.9	100.0
1 Global WM&BB: Global Wealth Management & Business Banking, Global AM: Global Asset Management, IB: Investment Bank, CC: Corporate Center. 2 Share capital and share premium.

Consolidated companies: changes in 2006

Significant new companies

Banco UBS Pactual S.A. – Rio de Janeiro, Brazil

Dillon Read Capital Management (Singapore) Pte. Ltd. – Singapore, Singapore

Dillon Read Capital Management (UK) Ltd – London, Great Britain

Dillon Read Capital Management LLC – Delaware, USA

Dillon Read Solutions Pte. Ltd. – Singapore, Singapore

OOO UBS Bank – Moscow, Russia

UBS Clearing and Execution Services Limited – London Great Britain

UBS Futures Singapore Ltd. – Singapore, Singapore

UBS Menkul Degerler AS – Instanbul, Turkey

UBS Pactual Asset Management S.A. DTVM – Rio de Janeiro, Brazil

UBS Sauerborn Private Equity Komplementär GmbH – Bad Homburg, Germany

Deconsolidated companies
Significant deconsolidated companies	Reason for deconsolidation
Aare-Tessin AG für Elektrizität – Olten, Switzerland	Sold
Atel Energia S.r.l. – Milan, Italy	Sold
Atel Installationstechnik AG – Olten, Switzerland	Sold
Entrade GmbH – Schaffhausen, Switzerland	Sold
Etra SIM SpA – Milan, Italy	Merged
GAH Beteiligungs AG – Heidelberg, Germany	Sold
Motor-Columbus AG – Baden, Switzerland	Sold
Società Elettrica Sopracenerina SA – Locarno, Switzerland	Sold
UBS (Trust and Banking) Limited – Tokyo, Japan	Liquidated
UBS Capital II LLC – Delaware, USA	Liquidated
UBS Preferred Funding Company LLC III – Delaware, USA	Liquidated

Significant associates
Company	Industry	Equity interest in %	Share capital in millions
SIS Swiss Financial Services Group AG – Zurich, Switzerland	Financial	32.9	CHF 26
Telekurs Holding AG – Zurich, Switzerland	Financial	33.3	CHF 45
UBS Alpha Select – George Town, Cayman Islands	Private Investment Company	37.4	USD 896 ¹
UBS Alpha Hedge Fund – George Town, Cayman Islands	Private Investment Company	21.8	USD 427 ¹
UBS Currency Portfolio Ltd – George Town, Cayman Islands	Private Investment Company	29.9	USD 517 ¹
ATR Acquisition LLC – Texas, USA	Manufacturing	24.2	USD 314
Waterside Plaza Holdings LLC – Delaware, USA	Real Estate	50.0	USD 119
A&Q Select Funds – Euro Limited – George Town, Cayman Islands	Private Investment Company	22.0	USD 316 ¹
Williamsburg Edge LLC – Delaware, USA	Real Estate	50.0	USD 78
Dillon Read Financial Products Trading Ltd – George Town, Cayman Islands	Private Investment Company	7.1 ²	USD 542
1 For hedge funds net asset value instead of share capital. 2 UBS has significant influence even though it holds less than 20% of the voting power of the entity.