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 (as at 31 Dec 2006)

Company	Jurisdiction of incorporation	Business Group¹		Share capital in millions	Equity interest accumulated in %

Banco UBS Pactual S.A.	Rio de Janeiro, Brazil	IB	BRL	296.7	100
Banco UBS S.A.	Rio de Janeiro, Brazil	IB	BRL	52.9	100
Crédit Industriel Société Anonyme in Liquidation	Zurich, Switzerland	Global WM&BB	CHF	0.1	100
Dillon Read Capital Management (Singapore) Pte. Ltd.	Singapore, Singapore	Global AM	USD	8.6	100
Dillon Read Capital Management (UK) Ltd	London, Great Britain	Global AM	GBP	18	100
Dillon Read Capital Management LLC	Delaware, USA	Global AM	USD	12.5	100
Dillon Read Solutions Pte. Ltd.	Singapore, Singapore	Global AM	USD	1.1	100
Noriba Bank BSC	Manama, Bahrain	Global WM&BB	USD	10	100
OOO UBS Bank	Moscow, Russia	IB	RUB	1,250.0	100
PT UBS Securities Indonesia	Jakarta, Indonesia	IB	IDR	100,000.0	98.4
Thesaurus Continentale Effekten	Zurich, Switzerland	Global WM&BB	CHF	0.1	100
UBS (Bahamas) Ltd.	Nassau, Bahamas	Global WM&BB	USD	4	100
UBS (France) S.A.	Paris, France	Global WM&BB	EUR	25.7	100
UBS (Grand Cayman) Limited	George Town, Cayman Islands	IB	USD	25	100
UBS (Italia) S.p.A.	Milan, Italy	Global WM&BB	EUR	60	100
UBS (Luxembourg) S.A.	Luxembourg, Luxembourg	Global WM&BB	CHF	150	100
UBS (Monaco) S.A.	Monte Carlo, Monaco	Global WM&BB	EUR	9.2	100
UBS Advisory and Capital Markets Australia Ltd	Sydney, Australia	IB	AUD	580.8²	100
UBS Alternative and Quantitative Investments LLC	Delaware, USA	Global AM	USD	0.1	100
UBS Americas Inc	Delaware, USA	IB	USD	0	100
UBS Asesores SA	Panama, Panama	Global WM&BB	USD	0	100
UBS Bank (Canada)	Toronto, Canada	Global WM&BB	CAD	8.5	100
UBS Bank USA	Utah, USA	Global WM&BB	USD	1,700.0	100
UBS Belgium SA/NV	Brussels, Belgium	Global WM&BB	EUR	23	100
UBS Capital (Jersey) Ltd	St. Helier, Jersey	IB	GBP	181	100
UBS Capital AG	Zurich, Switzerland	IB	CHF	5	100
UBS Capital B.V.	Amsterdam, the Netherlands	IB	EUR	78.8²	100
UBS Card Center AG	Glattbrugg, Switzerland	Global WM&BB	CHF	0.1	100
UBS Clearing and Execution Services Limited	London, Great Britain	IB	USD	50	100
UBS Commodities Canada Ltd.	Toronto, Canada	IB	USD	11.3	100
UBS Corporate Finance Italia SpA	Milan, Italy	IB	EUR	1.9	100
UBS Derivatives Hong Kong Limited	Hong Kong, China	IB	HKD	60	100
UBS Deutschland AG	Frankfurt am Main, Germany	Global WM&BB	EUR	176	100
UBS Employee Benefits Trust Limited	St. Helier, Jersey	CC	GBP	0	100
UBS Energy LLC	Delaware, USA	IB	USD	0	100
UBS España, S.A.	Madrid, Spain	Global WM&BB	EUR	72.2	100
UBS Factoring AG	Zurich, Switzerland	Global WM&BB	CHF	5	100


UBS Fiduciaria S.p.A.	Milan, Italy	Global WM&BB	EUR	0.2	100
UBS Fiduciary Trust Company	New Jersey, USA	Global WM&BB	USD	4.4²	100
UBS Finance (Cayman Islands) Ltd.	George Town, Cayman Islands	CC	USD	0.5	100
UBS Finance (Curação) N.V.	Willemstad, Netherlands Antilles	CC	USD	0.1	100
UBS Finance (Delaware) LLC	Delaware, USA	IB	USD	37.3²	100
UBS Financial Services Inc.	Delaware, USA	Global WM&BB	USD	2,005.8²	100
UBS Financial Services Incorporated of Puerto Rico	Hato Rey, Puerto Rico	Global WM&BB	USD	31.0²	100
UBS Fund Advisor, L.L.C.	Delaware, USA	Global WM&BB	USD	0	100
UBS Fund Holding (Luxembourg) S.A.	Luxembourg, Luxembourg	Global AM	CHF	42	100
UBS Fund Holding (Switzerland) AG	Basel, Switzerland	Global AM	CHF	18	100
UBS Fund Management (Switzerland) AG	Basel, Switzerland	Global AM	CHF	1	100
UBS Fund Services (Cayman) Ltd	George Town, Cayman Islands	Global AM	USD	5.6	100
UBS Fund Services (Ireland) Limited	Dublin, Ireland	Global AM	EUR	1.3	100
UBS Fund Services (Luxembourg) SA	Luxembourg, Luxembourg	Global AM	CHF	2.5	100
UBS Futures Singapore Ltd.	Singapore, Singapore	IB	USD	39.8²	100
UBS Global Asset Management (Americas) Inc	Delaware, USA	Global AM	USD	0	100
UBS Global Asset Management (Australia) Ltd	Sydney, Australia	Global AM	AUD	8	100
UBS Global Asset Management (Canada) Co	Toronto, Canada	Global AM	CAD	117	100
UBS Global Asset Management (Deutschland) GmbH	Frankfurt am Main, Germany	Global AM	EUR	7.7	100
UBS Global Asset Management (France) S.A.	Paris, France	Global WM&BB	EUR	2.1	100
UBS Global Asset Management (Hong Kong) Limited	Hong Kong, China	Global AM	HKD	25	100
UBS Global Asset Management (Italia) SIM SpA	Milan, Italy	Global AM	EUR	2	100
UBS Global Asset Management (Japan) Ltd	Tokyo, Japan	Global AM	JPY	2,200.0	100
UBS Global Asset Management (Singapore) Ltd	Singapore, Singapore	Global AM	SGD	4	100
UBS Global Asset Management (Taiwan) Ltd	Taipei, Taiwan	Global AM	TWD	340	100
UBS Global Asset Management (US) Inc	Delaware, USA	Global AM	USD	35.2²	100
UBS Global Asset Management Holding Ltd	London, Great Britain	Global AM	GBP	48	100
UBS Global Life AG	Vaduz, Liechtenstein	Global WM&BB	CHF	5	100
UBS Global Trust Corporation	St. John, Canada	Global WM&BB	CAD	0.1	100
UBS International Holdings B.V.	Amsterdam, the Netherlands	CC	EUR	6.8	100
UBS International Inc.	New York, USA	Global WM&BB	USD	44.3²	100
UBS International Life Limited	Dublin, Ireland	Global WM&BB	EUR	1	100
UBS Investment Management Canada Inc.	Toronto, Canada	Global WM&BB	CAD	0	100
UBS Italia SIM SpA	Milan, Italy	IB	EUR	15.1	100
UBS Leasing AG	Zurich, Switzerland	Global WM&BB	CHF	10	100
UBS Life AG	Zurich, Switzerland	Global WM&BB	CHF	25	100
UBS Life Insurance Company USA	California, USA	Global WM&BB	USD	39.3²	100
UBS Limited	London, Great Britain	IB	GBP	29.4	100
UBS Loan Finance LLC	Delaware, USA	IB	USD	16.7	100
UBS Menkul Degerler AS	Istanbul, Turkey	IB	TRY	0.4	100
UBS Mortgage Holdings LLC	Delaware, USA	Global WM&BB	USD	0	100
UBS New Zealand Limited	Auckland, New Zealand	IB	NZD	7.5	100
UBS O'Connor LLC	Delaware, USA	Global AM	USD	1	100
UBS Pactual Asset Management S.A. DTVM	Rio de Janeiro, Brazil	Global AM	BRL	53.9	100
UBS Portfolio LLC	Delaware, USA	IB	USD	0.1	100
UBS Preferred Funding Company LLC I	Delaware, USA	CC	USD	0	100
UBS Preferred Funding Company LLC II	Delaware, USA	CC	USD	0	100
UBS Preferred Funding Company LLC IV	Delaware, USA	CC	USD	0	100


UBS Principal Finance LLC	Delaware, USA	IB	USD	0.1	100
UBS Real Estate Investments Inc	Delaware, USA	Global AM	USD	0	100
UBS Real Estate Kapitalanlagegesellschaft mbH	Munich, Germany	Global AM	EUR	7.5	51
UBS Real Estate Securities Inc	Delaware, USA	IB	USD	0.4²	100
UBS Realty Investors LLC	Massachusetts, USA	Global AM	USD	9.3	100
UBS Sauerborn Private Equity Komplementär GmbH	Bad Homburg, Germany	Global WM&BB	EUR	0	100
UBS Securities (Thailand) Ltd	Bangkok, Thailand	IB	THB	400	100
UBS Securities Asia Limited	Hong Kong, China	IB	HKD	20	100
UBS Securities Australia Ltd	Sydney, Australia	IB	AUD	209.8²	100
UBS Securities Canada Inc	Toronto, Canada	IB	CAD	10	100
UBS Securities España Sociedad de Valores SA	Madrid, Spain	IB	EUR	15	100
UBS Securities France S.A.	Paris, France	IB	EUR	22.9	100
UBS Securities Hong Kong Limited	Hong Kong, China	IB	HKD	230	100
UBS Securities India Private Limited	Mumbai, India	IB	INR	237.8	75
UBS Securities International Limited	London, Great Britain	IB	GBP	18	100
UBS Securities Japan Ltd	George Town, Cayman Islands	IB	JPY	60,000.0	100
UBS Securities Limited	London, Great Britain	IB	GBP	140	100
UBS Securities LLC	Delaware, USA	IB	USD	2,455.6²	100
UBS Securities Malaysia Sdn. Bhd.	Kuala Lumpur, Malaysia	IB	MYR	75	100
UBS Securities Philippines Inc	Makati City, Philippines	IB	PHP	190	100
UBS Securities Pte. Ltd.	Singapore, Singapore	IB	SGD	311.5	100
UBS Securities Pte. Ltd. Seoul Branch	Seoul, South Korea	IB	KRW	150,000.0	100
UBS Services USA LLC	Delaware, USA	Global WM&BB	USD	0	100
UBS South Africa (Proprietary) Limited	Sandton, South Africa	IB	ZAR	87.1²	100
UBS Swiss Financial Advisers AG	Zurich, Switzerland	Global WM&BB	CHF	1.5	100
UBS Trust Company National Association	New York, USA	Global WM&BB	USD	5.0²	100
UBS Trustees (Bahamas) Ltd	Nassau, Bahamas	Global WM&BB	USD	2	100
UBS Trustees (Cayman) Ltd	George Town, Cayman Islands	Global WM&BB	USD	2	100
UBS Trustees (Jersey) Ltd.	St. Helier, Jersey	Global WM&BB	GBP	0	100
UBS Trustees (Singapore) Ltd	Singapore, Singapore	Global WM&BB	SGD	3.3	100
UBS UK Holding Limited	London, Great Britain	IB	GBP	5	100
UBS UK Properties Limited	London, Great Britain	IB	GBP	100	100
UBS Wealth Management (UK) Ltd	London, Great Britain	Global WM&BB	GBP	2.5	100
UBS Wealth Management Australia Ltd	Melbourne, Australia	Global WM&BB	AUD	53.9	100

Consolidated companies: changes in 2006

Significant new companies

Banco UBS Pactual S.A. – Rio de Janeiro, Brazil
Dillon Read Capital Management (Singapore) Pte. Ltd. – Singapore, Singapore
Dillon Read Capital Management (UK) Ltd – London, Great Britain
Dillon Read Capital Management LLC – Delaware, USA
Dillon Read Solutions Pte. Ltd. – Singapore, Singapore
OOO UBS Bank – Moscow, Russia
UBS Clearing and Execution Services Limited – London Great Britain
UBS Futures Singapore Ltd. – Singapore, Singapore
UBS Menkul Degerler AS – Istanbul, Turkey
UBS Pactual Asset Management S.A. DTVM – Rio de Janeiro, Brazil
UBS Sauerborn Private Equity Komplementär GmbH – Bad Homburg, Germany

Deconsolidated companies (as at 31 Dec 2006)