<br />
abThird Quarter 2011 Report<br />
Our financial results for<br />
the third quarter of 2011.<br />
2<br />
Third Quarter 2011 Report<br />
Dear shareholders,<br />
For the third quarter of 2011, we delivered a net profit attribut-<br />
able to UBS shareholders of CHF 1,018 million with diluted earn-<br />
ings per share of CHF 0.27. This was achieved despite the impact<br />
of the unauthorized trading incident and was affected by signifi-<br />
cant volatility in global financial markets.<br />
Towards the end of the quarter, the Board of Directors regretfully<br />
accepted the resignation of Oswald J. Grübel. He felt it was his<br />
duty to take full responsibility for the unauthorized trading inci-<br />
dent and decided that it was in the best interests of the firm for<br />
him to stand down as Group Chief Executive Officer. On behalf of<br />
the Board, management and employees across the firm, we<br />
would like to express our gratitude to him for th<a title="Quarterly Report 3Q2011 - en page 1" href="http://viewer.zmags.com/publication/0ee7ca69?page=1"> abThird Quarter 2011 Report Our financi</a>
<a title="Quarterly Report 3Q2011 - en page 2" href="http://viewer.zmags.com/publication/0ee7ca69?page=2"> 2</a>
<a title="Quarterly Report 3Q2011 - en page 3" href="http://viewer.zmags.com/publication/0ee7ca69?page=3"> Third Quarter 2011 Report Dear sharehold</a>
<a title="Quarterly Report 3Q2011 - en page 4" href="http://viewer.zmags.com/publication/0ee7ca69?page=4"> Third Quarter 2011 Report uity increased</a>
<a title="Quarterly Report 3Q2011 - en page 5" href="http://viewer.zmags.com/publication/0ee7ca69?page=5"> markets impacted the value of our invested assets</a>
<a title="Quarterly Report 3Q2011 - en page 6" href="http://viewer.zmags.com/publication/0ee7ca69?page=6"> Third Quarter 2011 Report UBS key figure</a>
<a title="Quarterly Report 3Q2011 - en page 7" href="http://viewer.zmags.com/publication/0ee7ca69?page=7"> Corporate calendar Publication of the fourth quar</a>
<a title="Quarterly Report 3Q2011 - en page 8" href="http://viewer.zmags.com/publication/0ee7ca69?page=8"> Third Quarter 2011 Report UBS and its bu</a>
<a title="Quarterly Report 3Q2011 - en page 9" href="http://viewer.zmags.com/publication/0ee7ca69?page=9"> UBS Group Management report </a>
<a title="Quarterly Report 3Q2011 - en page 10" href="http://viewer.zmags.com/publication/0ee7ca69?page=10"> Recent developments Recent developments </a>
<a title="Quarterly Report 3Q2011 - en page 11" href="http://viewer.zmags.com/publication/0ee7ca69?page=11"> of CHF 722 million was recognized as other income</a>
<a title="Quarterly Report 3Q2011 - en page 12" href="http://viewer.zmags.com/publication/0ee7ca69?page=12"> Group results Group results Net profi</a>
<a title="Quarterly Report 3Q2011 - en page 13" href="http://viewer.zmags.com/publication/0ee7ca69?page=13"> Development of the Swiss franc during the third q</a>
<a title="Quarterly Report 3Q2011 - en page 14" href="http://viewer.zmags.com/publication/0ee7ca69?page=14"> Group results Credit loss (expense) / rec</a>
<a title="Quarterly Report 3Q2011 - en page 15" href="http://viewer.zmags.com/publication/0ee7ca69?page=15"> cost reduction program, which was more than offse</a>
<a title="Quarterly Report 3Q2011 - en page 16" href="http://viewer.zmags.com/publication/0ee7ca69?page=16"> Group results value gains on financial in</a>
<a title="Quarterly Report 3Q2011 - en page 17" href="http://viewer.zmags.com/publication/0ee7ca69?page=17"> kets, as well as globally from ultra high net wor</a>
<a title="Quarterly Report 3Q2011 - en page 18" href="http://viewer.zmags.com/publication/0ee7ca69?page=18"> Group results Personnel by reporting segm</a>
<a title="Quarterly Report 3Q2011 - en page 19" href="http://viewer.zmags.com/publication/0ee7ca69?page=19"> UBS business divisions and Corporate Center Manag</a>
<a title="Quarterly Report 3Q2011 - en page 20" href="http://viewer.zmags.com/publication/0ee7ca69?page=20"> Wealth Management & Swiss Bank Wealth Ma</a>
<a title="Quarterly Report 3Q2011 - en page 21" href="http://viewer.zmags.com/publication/0ee7ca69?page=21"> Wealth Management Pre-tax profit was CHF 888 m</a>
<a title="Quarterly Report 3Q2011 - en page 22" href="http://viewer.zmags.com/publication/0ee7ca69?page=22"> Wealth Management & Swiss Bank Business u</a>
<a title="Quarterly Report 3Q2011 - en page 23" href="http://viewer.zmags.com/publication/0ee7ca69?page=23"> Invested assets development: 3Q11 vs 2Q11 Net ne</a>
<a title="Quarterly Report 3Q2011 - en page 24" href="http://viewer.zmags.com/publication/0ee7ca69?page=24"> Wealth Management & Swiss Bank Retail & </a>
<a title="Quarterly Report 3Q2011 - en page 25" href="http://viewer.zmags.com/publication/0ee7ca69?page=25"> Results: 3Q11 vs 2Q11 Operating income Total ope</a>
<a title="Quarterly Report 3Q2011 - en page 26" href="http://viewer.zmags.com/publication/0ee7ca69?page=26"> Wealth Management Americas Wealth Manage</a>
<a title="Quarterly Report 3Q2011 - en page 27" href="http://viewer.zmags.com/publication/0ee7ca69?page=27"> Business division reporting (continued) As of or </a>
<a title="Quarterly Report 3Q2011 - en page 28" href="http://viewer.zmags.com/publication/0ee7ca69?page=28"> Wealth Management Americas financial advi</a>
<a title="Quarterly Report 3Q2011 - en page 29" href="http://viewer.zmags.com/publication/0ee7ca69?page=29"> Global Asset Management Global Asset Managemen</a>
<a title="Quarterly Report 3Q2011 - en page 30" href="http://viewer.zmags.com/publication/0ee7ca69?page=30"> Global Asset Management Business division</a>
<a title="Quarterly Report 3Q2011 - en page 31" href="http://viewer.zmags.com/publication/0ee7ca69?page=31"> restructuring charges, were CHF 91 million compar</a>
<a title="Quarterly Report 3Q2011 - en page 32" href="http://viewer.zmags.com/publication/0ee7ca69?page=32"> Global Asset Management Invested as</a>
<a title="Quarterly Report 3Q2011 - en page 33" href="http://viewer.zmags.com/publication/0ee7ca69?page=33"> Key composites versus benchmarks The table shows</a>
<a title="Quarterly Report 3Q2011 - en page 34" href="http://viewer.zmags.com/publication/0ee7ca69?page=34"> Investment Bank Investment Bank A pre</a>
<a title="Quarterly Report 3Q2011 - en page 35" href="http://viewer.zmags.com/publication/0ee7ca69?page=35"> Business division reporting (continued) As of or </a>
<a title="Quarterly Report 3Q2011 - en page 36" href="http://viewer.zmags.com/publication/0ee7ca69?page=36"> Investment Bank advisory and capital mark</a>
<a title="Quarterly Report 3Q2011 - en page 37" href="http://viewer.zmags.com/publication/0ee7ca69?page=37"> a debit valuation adjustments gain of CHF 393 mil</a>
<a title="Quarterly Report 3Q2011 - en page 38" href="http://viewer.zmags.com/publication/0ee7ca69?page=38"> Corporate Center Corporate Center The</a>
<a title="Quarterly Report 3Q2011 - en page 39" href="http://viewer.zmags.com/publication/0ee7ca69?page=39"> Results: 3Q11 vs. 2Q11 Operating income The Corp</a>
<a title="Quarterly Report 3Q2011 - en page 40" href="http://viewer.zmags.com/publication/0ee7ca69?page=40"> </a>
<a title="Quarterly Report 3Q2011 - en page 41" href="http://viewer.zmags.com/publication/0ee7ca69?page=41"> Risk and treasury management Management report</a>
<a title="Quarterly Report 3Q2011 - en page 42" href="http://viewer.zmags.com/publication/0ee7ca69?page=42"> Risk management and control Risk managem</a>
<a title="Quarterly Report 3Q2011 - en page 43" href="http://viewer.zmags.com/publication/0ee7ca69?page=43"> Allowances and provisions for credit losses </a>
<a title="Quarterly Report 3Q2011 - en page 44" href="http://viewer.zmags.com/publication/0ee7ca69?page=44"> Risk management and control Wealth Manage</a>
<a title="Quarterly Report 3Q2011 - en page 45" href="http://viewer.zmags.com/publication/0ee7ca69?page=45"> Investment Bank: banking products and OTC derivat</a>
<a title="Quarterly Report 3Q2011 - en page 46" href="http://viewer.zmags.com/publication/0ee7ca69?page=46"> Risk management and control On 30 Sept</a>
<a title="Quarterly Report 3Q2011 - en page 47" href="http://viewer.zmags.com/publication/0ee7ca69?page=47"> Exposures to selected European countries not rate</a>
<a title="Quarterly Report 3Q2011 - en page 48" href="http://viewer.zmags.com/publication/0ee7ca69?page=48"> Risk management and control Market risk </a>
<a title="Quarterly Report 3Q2011 - en page 49" href="http://viewer.zmags.com/publication/0ee7ca69?page=49"> Group: value-at-risk (1-day, 95% confidence, 5 ye</a>
<a title="Quarterly Report 3Q2011 - en page 50" href="http://viewer.zmags.com/publication/0ee7ca69?page=50"> Risk management and control Non-trading p</a>
<a title="Quarterly Report 3Q2011 - en page 51" href="http://viewer.zmags.com/publication/0ee7ca69?page=51"> fair value adjustments for uncertainties associat</a>
<a title="Quarterly Report 3Q2011 - en page 52" href="http://viewer.zmags.com/publication/0ee7ca69?page=52"> Balance sheet Balance sheet On 30 Sep</a>
<a title="Quarterly Report 3Q2011 - en page 53" href="http://viewer.zmags.com/publication/0ee7ca69?page=53"> Liabilities Unsecured funding rose by CHF 18 bil</a>
<a title="Quarterly Report 3Q2011 - en page 54" href="http://viewer.zmags.com/publication/0ee7ca69?page=54"> Liquidity and funding Liquidity and fund</a>
<a title="Quarterly Report 3Q2011 - en page 55" href="http://viewer.zmags.com/publication/0ee7ca69?page=55"> then factored into our overall contingency plans.</a>
<a title="Quarterly Report 3Q2011 - en page 56" href="http://viewer.zmags.com/publication/0ee7ca69?page=56"> Capital management Capital management </a>
<a title="Quarterly Report 3Q2011 - en page 57" href="http://viewer.zmags.com/publication/0ee7ca69?page=57"> Capital adequacy CHF million, except where indica</a>
<a title="Quarterly Report 3Q2011 - en page 58" href="http://viewer.zmags.com/publication/0ee7ca69?page=58"> Capital management FINMA leverage ratio </a>
<a title="Quarterly Report 3Q2011 - en page 59" href="http://viewer.zmags.com/publication/0ee7ca69?page=59"> FINMA leverage ratio CHF billion, except where in</a>
<a title="Quarterly Report 3Q2011 - en page 60" href="http://viewer.zmags.com/publication/0ee7ca69?page=60"> </a>
<a title="Quarterly Report 3Q2011 - en page 61" href="http://viewer.zmags.com/publication/0ee7ca69?page=61"> Financial information Unaudited</a>
<a title="Quarterly Report 3Q2011 - en page 62" href="http://viewer.zmags.com/publication/0ee7ca69?page=62"> Table of contents Financial statements (unaudi</a>
<a title="Quarterly Report 3Q2011 - en page 63" href="http://viewer.zmags.com/publication/0ee7ca69?page=63"> Financial statements (unaudited) Income statem</a>
<a title="Quarterly Report 3Q2011 - en page 64" href="http://viewer.zmags.com/publication/0ee7ca69?page=64"> Financial statements Statement of compreh</a>
<a title="Quarterly Report 3Q2011 - en page 65" href="http://viewer.zmags.com/publication/0ee7ca69?page=65"> Balance sheet % change from CHF million </a>
<a title="Quarterly Report 3Q2011 - en page 66" href="http://viewer.zmags.com/publication/0ee7ca69?page=66"> Financial statements Statement of changes</a>
<a title="Quarterly Report 3Q2011 - en page 67" href="http://viewer.zmags.com/publication/0ee7ca69?page=67"> </a>
<a title="Quarterly Report 3Q2011 - en page 68" href="http://viewer.zmags.com/publication/0ee7ca69?page=68"> Financial statements Statement of cash fl</a>
<a title="Quarterly Report 3Q2011 - en page 69" href="http://viewer.zmags.com/publication/0ee7ca69?page=69"> Notes to the financial statements Note 1 Basis</a>
<a title="Quarterly Report 3Q2011 - en page 70" href="http://viewer.zmags.com/publication/0ee7ca69?page=70"> Notes to the financial statements Note 2 </a>
<a title="Quarterly Report 3Q2011 - en page 71" href="http://viewer.zmags.com/publication/0ee7ca69?page=71"> Note 2 Segment reporting (continued) Wealth Wealt</a>
<a title="Quarterly Report 3Q2011 - en page 72" href="http://viewer.zmags.com/publication/0ee7ca69?page=72"> Notes to the financial statements Note 3 </a>
<a title="Quarterly Report 3Q2011 - en page 73" href="http://viewer.zmags.com/publication/0ee7ca69?page=73"> Note 3 Net interest and trading income (continued</a>
<a title="Quarterly Report 3Q2011 - en page 74" href="http://viewer.zmags.com/publication/0ee7ca69?page=74"> Notes to the financial statements Note 4 </a>
<a title="Quarterly Report 3Q2011 - en page 75" href="http://viewer.zmags.com/publication/0ee7ca69?page=75"> Note 6 Personnel expenses For the quarter ended </a>
<a title="Quarterly Report 3Q2011 - en page 76" href="http://viewer.zmags.com/publication/0ee7ca69?page=76"> Notes to the financial statements Note 8 </a>
<a title="Quarterly Report 3Q2011 - en page 77" href="http://viewer.zmags.com/publication/0ee7ca69?page=77"> Note 9 Income taxes UBS recognized a net income </a>
<a title="Quarterly Report 3Q2011 - en page 78" href="http://viewer.zmags.com/publication/0ee7ca69?page=78"> Notes to the financial statements Note 11</a>
<a title="Quarterly Report 3Q2011 - en page 79" href="http://viewer.zmags.com/publication/0ee7ca69?page=79"> Note 11 Fair value of financial instruments (cont</a>
<a title="Quarterly Report 3Q2011 - en page 80" href="http://viewer.zmags.com/publication/0ee7ca69?page=80"> Notes to the financial statements Note 11</a>
<a title="Quarterly Report 3Q2011 - en page 81" href="http://viewer.zmags.com/publication/0ee7ca69?page=81"> Note 11 Fair value of financial instruments (cont</a>
<a title="Quarterly Report 3Q2011 - en page 82" href="http://viewer.zmags.com/publication/0ee7ca69?page=82"> Notes to the financial statements Note 12</a>
<a title="Quarterly Report 3Q2011 - en page 83" href="http://viewer.zmags.com/publication/0ee7ca69?page=83"> Note 13 Derivative instruments 30.9.11 </a>
<a title="Quarterly Report 3Q2011 - en page 84" href="http://viewer.zmags.com/publication/0ee7ca69?page=84"> Notes to the financial statements Note 13</a>
<a title="Quarterly Report 3Q2011 - en page 85" href="http://viewer.zmags.com/publication/0ee7ca69?page=85"> Note 15 Provisions and contingent liabilities a)</a>
<a title="Quarterly Report 3Q2011 - en page 86" href="http://viewer.zmags.com/publication/0ee7ca69?page=86"> Notes to the financial statements Note 15</a>
<a title="Quarterly Report 3Q2011 - en page 87" href="http://viewer.zmags.com/publication/0ee7ca69?page=87"> Note 15 Provisions and contingent liabilities (co</a>
<a title="Quarterly Report 3Q2011 - en page 88" href="http://viewer.zmags.com/publication/0ee7ca69?page=88"> Notes to the financial statements Note 15</a>
<a title="Quarterly Report 3Q2011 - en page 89" href="http://viewer.zmags.com/publication/0ee7ca69?page=89"> Note 15 Provisions and contingent liabilities (co</a>
<a title="Quarterly Report 3Q2011 - en page 90" href="http://viewer.zmags.com/publication/0ee7ca69?page=90"> Notes to the financial statements Note 15</a>
<a title="Quarterly Report 3Q2011 - en page 91" href="http://viewer.zmags.com/publication/0ee7ca69?page=91"> Note 16 Financial instruments not recognized on t</a>
<a title="Quarterly Report 3Q2011 - en page 92" href="http://viewer.zmags.com/publication/0ee7ca69?page=92"> Notes to the financial statements Note 18</a>
<a title="Quarterly Report 3Q2011 - en page 93" href="http://viewer.zmags.com/publication/0ee7ca69?page=93"> Appendix UBS registered shares 7$5UJC</a>
<a title="Quarterly Report 3Q2011 - en page 94" href="http://viewer.zmags.com/publication/0ee7ca69?page=94"> Information sources Reporting publications An</a>
<a title="Quarterly Report 3Q2011 - en page 95" href="http://viewer.zmags.com/publication/0ee7ca69?page=95"> Cautionary Statement Regarding Forward-Looking St</a>
<a title="Quarterly Report 3Q2011 - en page 96" href="http://viewer.zmags.com/publication/0ee7ca69?page=96"> UBS AG P.O. Box, CH-8098 Zurich P.O. Box, CH-4002</a>