This "Code of Business Conduct and Ethics of UBS" (the Code) sets out the principles and practices that are binding for all of UBS's employees and Board members to follow unreservedly both in letter and in spirit. The principles and standards set out in the Code should characterize all our business activities and all our dealings with our stakeholders, including clients, colleagues, shareholders, regulators and business partners. These principles and standards form the basis for all UBS policies, guidelines and procedures relating to the appropriate and responsible corporate behavior expected of employees.