Note 33

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	349.6	100.0
Crédit Industriel Société Anonyme in Liquidation	Zurich, Switzerland	Global WM&BB	CHF	0.1	100.0
Dillon Read U.S. Finance L.P.	Delaware, USA	IB	USD	548.0	100.0
Fondcenter AG	Zurich, Switzerland	Global AM	CHF	0.1	100.0
OOO UBS Bank	Moscow, Russia	IB	RUB	1 250.0	100.0
PT UBS Securities Indonesia	Jakarta, Indonesia	IB	IDR	118 000.0	98.4
Thesaurus Continentale Effekten-Gesellschaft in Zürich in Liquidation	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 Alternative and Quantitative Investments Limited	London, Great Britain	Global AM	GBP	0.3	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 Mexico, S.A. Institucion de Banca Multiple, UBS Grupo Financiero	Mexico City, Mexico	IB	MXN	409.4	100.0
UBS Bank USA	Utah, USA	Global WM&BB	USD	1 700.0	100.0
UBS Bank, S.A.	Madrid, Spain	Global WM&BB	EUR	72.2	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	130.0	100.0
UBS Capital B.V.	Amsterdam, the Netherlands	IB	EUR	29.8 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 Derivatives Hong Kong Limited	Hong Kong, China	IB	HKD	500.0	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 Factoring AG	Zurich, Switzerland	Global WM&BB	CHF	5.0	100.0
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) S.A.	Luxembourg, Luxembourg	Global AM	CHF	2.5	100.0
UBS Fund Services (Luxembourg) S.A. Poland Branch	Zabierzow, Poland	CC	PLN	0.1	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) SGR SpA	Milan, Italy	Global AM	EUR	3.1	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 (UK) Ltd.	London, Great Britain	Global AM	GBP	56.0	100.0
UBS Global Asset Management (US) Inc.	Delaware, USA	Global AM	USD	23.2 ²	100.0
UBS Global Asset Management Funds Ltd.	London, Great Britain	Global AM	GBP	11.0	100.0
UBS Global Asset Management Holding Ltd.	London, Great Britain	Global AM	GBP	78.0	100.0
UBS Global Asset Management Life Ltd.	London, Great Britain	Global AM	GBP	5.0	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 Grupo Financiero, S.A. de C.V.	Mexico City, Mexico	IB	MXN	548.8	100.0
UBS Hana Asset Management Company Ltd.	Seoul, South Korea	Global AM	KRW	45 000.0	51.0
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 Investments Philippines, Inc.	Makati City, Philippines	IB	PHP	360.0	99.4
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 New Zealand Limited	Auckland, New Zealand	IB	NZD	7.5	100.0
UBS O'Connor Limited	London, Great Britain	Global AM	GBP	8.8	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	73.2	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
UBS Real Estate Investments Inc.	Delaware, USA	IB	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	300.4 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	430.0	100.0
UBS Securities India Private Limited	Mumbai, India	IB	INR	668.3	100.0
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 Service Centre (Poland) Sp. z o.o.	Krakow, Poland	CC	PLN	0.1	100.0
UBS Services USA LLC	Delaware, USA	Global WM&BB	USD	0.1	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	105.0 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 2007

Significant new companies

Dillon Read U.S. Finance L.P. – Delaware, USA

Fondcenter AG – Zurich, Switzerland

UBS Alternative and Quantitative Investments Limited - London, Great Britain

UBS Bank Mexico, S.A. Institucion de Banca Multiple, UBS Grupo Financiero – Mexico City, Mexico

UBS Fund Services (Luxembourg) S.A. Poland Branch – Zabierzow, Poland

UBS Global Asset Management (Italia) SGR SpA – Milan, Italy

UBS Global Asset Management (UK) Ltd – London, Great Britain

UBS Global Asset Management Funds Ltd – London, Great Britain

UBS Global Asset Management Life Ltd – London, Great Britain

UBS Grupo Financiero, S.A. de C.V. – Mexico City, Mexico

UBS Hana Asset Management Company Ltd – Seoul, South Korea

UBS Investments Philippines, Inc. – Makati City, Philippines

UBS O'Connor Limited – London, Great Britain

UBS Service Centre (Poland) Sp. z o.o. – Krakow, Poland

Deconsolidated companies

Significant deconsolidated companies	Reason for deconsolidation
Banco UBS S.A. – Rio de Janeiro, Brazil	Merged
Noriba Bank BSC – Manama, Bahrain	Liquidated
UBS Capital AG – Zurich, Switzerland	Merged
UBS Corporate Finance Italia SpA – Milan, Italy	Merged
UBS Global Asset Management (Italia) SIM SpA – Milan, Italy	Merged

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 Securities Co. Limited, Beijing – China	Financial	20.0	CNY	1,490
UBS Alpha Select – George Town, Cayman Islands	Private Investment Company	20.7	USD	2,323 ¹
UBS Global Alpha Strategies XL (Multi Currency) Limited – George Town, Cayman Islands	Private Investment Company	23.2	USD	164 ¹
Williamsburg Edge LLC – Delaware, USA	Real Estate	50.0	USD	72
219 West 81st LLC – Wilmington – USA	Real Estate	50.0	USD	56
Greensands Holding Limited – St. Helier, Jersey	Water Supply	15.6 2	GBP	1,282
1 For hedge funds net asset value instead of share capital. 2 In some entities UBS has significant influence even though it holds less than 20% of the voting power of the entity. In these cases, UBS exercices significant influence through other means than voting power, e. g. participation in policy-making processes or material transactions between the investor and the investee.

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