Disclosures of management transactions

UBS reports all transactions in UBS shares made by the Board of Directors and the Group Executive Board. Reported transactions also include all types of financial instruments whose price is primarily influenced by UBS shares.

UBS executives receive a part of their compensation in UBS shares or options. For this reason, management transactions may see sales outweighing purchases. Blackout periods and synchronized dates for unblocking or vesting of shares or options granted as compensation may lead to transactions being concentrated in short periods.

All senior managers, including the independent members of the Board of Directors, are subject to a policy that specifically requires pre-approval of all transactions in UBS shares and related instruments by the firm's compliance organization.

A list of UBS management transactions from May 4, 2009 can be found on the website of SIX Swiss Exchange (there have been no management transactions between January 1, 2009 and May 3, 2009):

Prior to the repatriation of SWX Europe London to SIX Swiss Exchange Zurich on May 4, 2009, UBS management transactions have been disclosed, as a regulatory requirement, to the German regulator BaFin.