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Social partnership agreement (SOVIA CH) concluded by the Swiss Association of Bank Employees, the Swiss Association of Commercial Employees and UBS's in-house Employee Representation Committee

Zurich / Basel Media Releases Switzerland

Following UBS' 6 May 2008 announcement of redundancies, the Swiss Association of Bank Employees (SBPV) and the Swiss Association of Commercial Employees (KV Schweiz) have, as social partners, joined with UBS' own Employee Representation Committee in signing a social plan.

As social partners, the Swiss Association of Bank Employees (SBPV) and the Swiss Association of Commercial Employees (KV Schweiz), together with UBS and its Employee Representation Committee, the ERC, have come to an agreement on job cuts and operational changes necessitated by the need to reduce costs. The agreement was reached on the basis of the provisions of the 2003 "transfer and severance processes in the event of restructuring incurring redundancies" (COACH). UBS welcomes the agreement as a significant example of how social partnership operates in Switzerland.

The agreement was negotiated by UBS's in-house Employee Representation Committee( the ERC), the SBPV, the KV Schweiz, and UBS itself, and signed by all four partners. A committee composed of equal numbers of representatives of the parties, and reporting to them, will monitor the implementation of the agreement. The provisions of this agreement, to be known as the "Social Partnership Agreement for Employees in Switzerland" (SOVIA CH), will become effective on 1 August 2008.

The talks, under the guidance of the ERC, were set up at the request of the social partners, prompted by UBS' announcement, on 6 May 2008 , of plans for job reduction in Switzerland, which, as the bank pointed out, might result in up to 200 staff being laid off. In addition to the tried and tested measures already provided for by COACH, today's agreement includes appropriate adaptations and extensions to cover the employees affected.

In their negotiations, the partners worked on the principle that everything possible had to be done to keep the employees affected by job cuts within the work process, and to avoid layoffs if at all possible. With this end in mind, the bank is offering support in the shape of vocational reorientation and help with the process of seeking a new job within the company or elsewhere. The maximum possible use will be made of the bank's internal job market.

Schweizerischer
Bankpersonalverband
SBPV
Mary-France Goy
+41-79-408 92 40

Kaufmännischer
Verband Schweiz
KV Schweiz
Barbara Gisi
+41-44-283 45 76
+41-79-775 66 10

UBS
Media Relations
+41-44-234 85 00
ERC

+41-61-288 20 13