Information policy

UBS provides regular information to its shareholders and to the financial community.

UBS meets with institutional investors worldwide throughout the year. It regularly holds results presentations, special investor seminars, road shows, individual and group meetings. Where possible, meetings involve senior management as well as members of the investor relations team. UBS makes use of diverse technologies such as webcasting, audio links and cross-location video-conferencing to widen its audience and maintain contact with shareholders around the world.

Once a year, unless they explicitly choose not to, registered shareholders receive a summary of UBS's annual report in the form of an annual review. It provides an overview of the firm and its activities during the year as well as key financial information. Each quarter, shareholders are mailed a brief update on the firm's quarterly financial performance. Shareholders can also request UBS's complete financial reports, produced on a quarterly and annual basis, free of charge.

To ensure fair access to and dissemination of its financial information, UBS makes its publications available to all shareholders at the same time.

Refer to www.ubs.com/investors for a complete set of published reporting documents, access to recent webcasts and a selection of senior management industry conference presentations

Financial disclosure principles

Based on discussions with analysts and investors, UBS believes that the market rewards companies that provide clear, consistent and informative disclosure about their business. Therefore, UBS aims to communicate its strategy and results in a manner that allows shareholders and investors to gain a full and accurate understanding of how the company works, what its growth prospects are and what risks the strategy and results might entail. Feedback from analysts and investors is continually assessed and, where relevant, reflected in the firm's quarterly and annual reports. To continue to achieve these goals, UBS applies the following principles in its financial reporting and disclosure:

- Transparency in disclosure enhances understanding of the economic drivers and, as with the provision of detailed business results, builds trust and credibility.

- Consistency in disclosure within each reporting period and between reporting periods.

- Simplicity in disclosure allows readers to gain the appropriate level of understanding of the performance of the firm's businesses.

- Relevance in disclosure avoids information overload by focusing on what is relevant to UBS's stakeholders or required by regulation or statute.

- Best practice in line with industry norms, leading the way to improved standards where possible.

Financial reporting policies

UBS reports its results after the end of every quarter, including a breakdown of results by business divisions and extensive disclosures relating to credit and market risk.

UBS's financial statements are prepared according to International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. Refer to "Note 1 Summary of significant accounting policies" in the financial statements of this report for a detailed explanation of the basis of UBS's accounting.

UBS is committed to maintaining the transparency of its reported results and to ensuring that analysts and investors can make meaningful comparisons with previous periods. If there is a major reorganization of its business divisions, or if changes to accounting standards or interpretations lead to a material change in the Group's reported results, UBS's results are restated for previous periods when required by applicable accounting standards to show how they would have been reported according to the new basis and provide clear explanations of all relevant changes. Prior to publication of first quarter 2009 results, UBS will publish restated business division results on www.ubs.com/investors showing quarterly and annual results for 2007 and 2008 under the new organizational structure announced on 10 February 2009.

US regulatory disclosure requirements

As a reporting company under the US federal securities laws (a foreign private issuer), UBS must file or submit certain reports and other information, including certain financial reports, with the US Securities and Exchange Commission (SEC). UBS files an annual report on Form 20-F with the SEC, and submits to the SEC its quarterly financial reporting under cover of Form 6-K.

As of the end of the period covered by this annual report, an evaluation was carried out under the supervision of management, including the Group Chief Executive Officer (CEO) and Group Chief Financial Officer (CFO), of the effectiveness of UBS's disclosure controls and procedures (as defined in Rule 13a-15e) under the US Securities Exchange Act of 1934. Based upon that evaluation, the Group CEO and Group CFO concluded that these disclosure controls and procedures were effective as of the end of the period covered by this annual report. No significant changes were made in UBS's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation.

These reports and filings, as well as materials sent to shareholders in connection with annual and extraordinary general meetings, are all available at www.ubs.com/investors

In accordance with Section 404 of the US Sarbanes-Oxley Act of 2002, the management of UBS is responsible for establishing and maintaining adequate internal control over financial reporting. The financial statements of this report contain management's assessment of the effectiveness of internal control over financial reporting as of the time of the report's publication. The external auditors' report on this assessment is also included.

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