In response to the tsunami in Asia last year, UBS made a donation in January of US$3 million for immediate relief. In addition, the firm established a relief fund to collect donations from its employees around the world. UBS has matched employees' contributions, bringing the total collected to a further US$3.1 million. Our intention is to dedicate these funds to specific medium and long-term rehabilitation efforts in the areas affected by the disaster in the fields of education and community regeneration.

It is important to us that our employees' generosity has the maximum impact on the communities affected by the tsunami. Fortunately, as we have built our business in the Asia Pacific region, so we have been building links with the voluntary sector as part of our global Community Affairs program. When disbursing the tsunami relief funds, we therefore hope to be in a good position to consult with our community partners and not only ensure that we enhance existing partnerships but also forge new links with charities and organizations operating in the region.

Projects and programs will be selected according to guidelines by a cross-business group including country heads from the affected region. It is hoped that their local knowledge, contacts and insight will enable the fund to reach the communities in most need of support.