Annual reporting

Annual Report 2007

UBS's full Annual Report 2007 consists of four themed reports, which combine audited and non-audited information.

Strategy, Performance and Responsibility

Strategy, Performance and Responsibility

Provides a description of our firm, its strategy, organizational structure and financial performance. Discusses standards for corporate behavior and responsibility, outlines facts about our employees.

Risk, Treasury and Capital Management

Risk, Treasury and Capital Management

Outlines the principles by which we manage and control risk, provides an account of developments in credit risk, market risk, operational risk and treasury management during 2007. Also includes information on UBS shares.

Corporate Governance and Compensation

Corporate Governance and Compensation

Includes comprehensive information on our governance and explains how we manage our relationships with regulators and shareholders. Discusses compensation of senior management and the Board of Directors.

Financial Statements

Financial Statements

Comprises the audited financial statements of UBS for 2007, 2006 and 2005, prepared according to the International Financial Reporting Standards (IFRS) and audi-ted financial statements of UBS AG (the parent bank) for 2007 and 2006.

AR

The Review 2007 contains key information on our strategy and financials. This booklet summarizes the information provided in the four-part annual report.