The protection of the legitimate right to privacy of our bank clients will remain intact - as declared by the Swiss Government. UBS emphatically supports this position.

Switzerland is adopting an emerging global standard. Switzerland repeatedly said that a "level-playing field" with other financial centers is paramount.

Switzerland has declared that it will not adopt the automatic exchange of information nor allow for unspecific "fishing expeditions" by foreign authorities. It will permit the exchange of information with other countries in individual cases where a specific and justified request has been made.

This is a political and legislative process that reflects the Swiss Federal Council's intention to improve cooperation with other governments in combating tax offenses and to initiate a dialogue with non-EU and non-EFTA countries concerning taxation of interest income.

UBS will respect this framework and supports Switzerland's intentions.

Switzerland's main assets as a financial center remain intact – such as the broad skill base, the highly developed infrastructure, the political, economic and monetary stability, the protection of financial privacy, legal security and the country's long tradition of wealth management, demonstrated by the professionalism and expertise of its banks. The financial center's reputation will benefit from the adoption of global OECD standards.

UBS's attractiveness as a service provider for wealthy clients remains also unchanged: We offer high-quality advice, products and services – regardless of where clients want to bank with us.

This development does not lead to immediate changes: It will only be effective when the renegotiated double-taxation agreements with foreign countries come into force. Where required, clients have sufficient time to evaluate their financial position and their options.

We will help our clients to make a well thought-out decision on where to bank, keeping their best interest at heart. We do not provide tax advice.