Code of Business Conduct and Ethics of the UBS Group

Our continued adherence to high international standards of corporate governance and maintaining UBS' reputation for good corporate citizenship and integrity requires the ongoing support and commitment of all of its employees. The Code of Business Conduct and Ethics of the UBS Group describes the ethical policies and practices which we expect all directors and employees of the UBS Group to follow with the fundamental purpose of reaffirming UBS' commitment to the values of good corporate citizenship and integrity.

Together with the Addendum to the Code of Business Conduct and Ethics we believe this Code satisfies the corporate governance standards of the New York Stock Exchange and the US Sarbanes-Oxley Act, as those corporate governance standards apply to UBS.