Code of Conduct and Ethics of UBS

The Code defines the way UBS does business.

• It sets out the principles and practices that define our ethical standards.
• It applies to everything and everyone at UBS.
• It underscores the critical importance of responsible behavior.
• It covers our dealings with stakeholders, clients, counterparties, shareholders, regulators and business partners - and each other.
• It is the basis for all our policies, guidelines and procedures.
• It and all related internal and external policies and rules must be complied with.