Annual Reporting 2007

Provides a description of our firm, its strategy, organizational structure and financial performance. Discusses standards for corporate behavior and responsibility, outlines facts about our employees.

Outlines the principles by which we manage and control risk, provides an account of developments in credit risk, market risk, operational risk and treasury management during 2007. Also includes information on UBS shares.

Includes comprehensive information on our governance and explains how we manage our relationships with regulators and shareholders. Discusses compensation of senior management and the Board of Directors.

Comprises the audited financial statements of UBS for 2007, 2006 and 2005, prepared according to the International Financial Reporting Standards (IFRS) and audi-ted financial statements of UBS AG (the parent bank) for 2007 and 2006.