UBS ordinary shares are registered shares with a par value of
CHF 0.80 per share. They are issued in the form of Global Registered
Shares (GRS). A Global Registered Share is a security that
provides direct and equal ownership for all shareholders. It can be
traded and transferred across applicable borders without the need
for conversion, with identical shares traded on different stock
exchanges in different currencies. The share is listed on the Swiss
(traded on virt-x), New York and Tokyo stock exchanges.