Dear colleagues,

I have handed in my resignation as CEO to the Board of Directors today. That it was possible for one of our traders in London to inflict a multi-billion loss on our bank through unauthorized trading shocked me, as it did everyone else, deeply. This incident has worldwide repercussions, including political ones. I did not take the step of resigning lightly. I am convinced that it is in the best interests of UBS to approach the future with a new leader at the top.

The precise circumstances that led to the loss are being investigated by an independent body. Many questions remain open, and it is vital that they are cleared up in a comprehensive way. What is certain is that, as CEO, I bear full responsibility for what occurs at UBS. From my first day on the job I placed the reputation of the bank above all else. That is why I want to and must act according to my convictions. I hope my resignation makes it possible for our clients, our investors and the public to return their attention more quickly to the quality and strengths of our bank.

We achieved a great deal together in the past two-and-a-half years. The bank's core businesses are well positioned in every important market, and we enjoy strong relationships with our clients. The loss represents a significant setback in our efforts to rebuild trust in our bank. However, you should have no doubt about the fundamental strengths of UBS. Because of you, the bank has made sustainable progress, which is something you can take pride in.

As I've always emphasized, a lot of work remains to be done here. So don't let recent events distract you from your work. Continue giving your all and keep your focus on your clients. I am certain that UBS can carve out a strong place for itself within the fundamentally changing financial industry.

I want to extend you my sincere thanks for your strong commitment and support during my tenure. It was a privilege to be your CEO. I wish you and UBS only the best in the future.

Yours,
Oswald J. Grübel