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<br /> Review 2011<br /> Our businesses in 2011<br /> <br /> Contents<br /> 2 UBS 150 years: Looking back, looking forward<br /> 4 A trip through three centuries<br /> 12 Financial performance 2011<br /> 13 Our strategy<br /> 22 Wealth Management<br /> 27 Retail & Corporate<br /> 30 Wealth Management Americas<br /> 34 Global Asset Management<br /> 40 Investment Bank<br /> 45 Corporate Center<br /> 48 Our Board of Directors<br /> 50 Our Group Executive Board<br /> 52 Corporate responsibility<br /> 54 Information sources<br /> This review is provided as a convenience to our investors, clients and other stakeholders who would like a brief overview of our business, strategy and 2011 performance. Please<br /> refer to UBS’s Annual Report 2011 for additional information. Details about how to obtain the Annual Report and other publicly available information about UBS, including<br /> the Annual Report on Form 20-F for the year ended 31 Decemb<a title="Annual review 2011 - en page 1" href="http://viewer.zmags.com/publication/c5e19afc?page=1"> Review 2011 Our businesses in 2011</a> <a title="Annual review 2011 - en page 2" href="http://viewer.zmags.com/publication/c5e19afc?page=2"> </a> <a title="Annual review 2011 - en page 3" href="http://viewer.zmags.com/publication/c5e19afc?page=3"> Contents 2 UBS 150 years: Looking back, loo</a> <a title="Annual review 2011 - en page 4" href="http://viewer.zmags.com/publication/c5e19afc?page=4"> UBS 150 years: Looking back, looking forward D</a> <a title="Annual review 2011 - en page 5" href="http://viewer.zmags.com/publication/c5e19afc?page=5"> Sergio P. Ermotti Group Chief Executive Officer a</a> <a title="Annual review 2011 - en page 6" href="http://viewer.zmags.com/publication/c5e19afc?page=6"> A trip through three centuries As UBS turns 150,</a> <a title="Annual review 2011 - en page 7" href="http://viewer.zmags.com/publication/c5e19afc?page=7"> Swiss Bank Corporation is formed by a merger of Z</a> <a title="Annual review 2011 - en page 8" href="http://viewer.zmags.com/publication/c5e19afc?page=8"> The Bank in Winterthur thrived from the outset an</a> <a title="Annual review 2011 - en page 9" href="http://viewer.zmags.com/publication/c5e19afc?page=9"> The SBC key symbol and Union Bank of Switzerland </a> <a title="Annual review 2011 - en page 10" href="http://viewer.zmags.com/publication/c5e19afc?page=10"> Then in 1998 came the major event leading to toda</a> <a title="Annual review 2011 - en page 11" href="http://viewer.zmags.com/publication/c5e19afc?page=11"> 2012 UBS celebrates its 150th anniversary.</a> <a title="Annual review 2011 - en page 12" href="http://viewer.zmags.com/publication/c5e19afc?page=12"> </a> <a title="Annual review 2011 - en page 13" href="http://viewer.zmags.com/publication/c5e19afc?page=13"> Our financial performance and strategy </a> <a title="Annual review 2011 - en page 14" href="http://viewer.zmags.com/publication/c5e19afc?page=14"> Financial performance 2011 For the financial y</a> <a title="Annual review 2011 - en page 15" href="http://viewer.zmags.com/publication/c5e19afc?page=15"> Our strategy UBS is a client-focused financial</a> <a title="Annual review 2011 - en page 16" href="http://viewer.zmags.com/publication/c5e19afc?page=16"> clients and our shareholders. As a key part of th</a> <a title="Annual review 2011 - en page 17" href="http://viewer.zmags.com/publication/c5e19afc?page=17"> lending initiatives, to ensure continued growth i</a> <a title="Annual review 2011 - en page 18" href="http://viewer.zmags.com/publication/c5e19afc?page=18"> organization, pay even greater attention to safeg</a> <a title="Annual review 2011 - en page 19" href="http://viewer.zmags.com/publication/c5e19afc?page=19"> we expect to see the fastest market growth in the</a> <a title="Annual review 2011 - en page 20" href="http://viewer.zmags.com/publication/c5e19afc?page=20"> traders to banks and insurers. We strive to furth</a> <a title="Annual review 2011 - en page 21" href="http://viewer.zmags.com/publication/c5e19afc?page=21"> we will build on our current strengths in providi</a> <a title="Annual review 2011 - en page 22" href="http://viewer.zmags.com/publication/c5e19afc?page=22"> legacy risk-weighted assets by 2016. We will cont</a> <a title="Annual review 2011 - en page 23" href="http://viewer.zmags.com/publication/c5e19afc?page=23"> Our businesses 21</a> <a title="Annual review 2011 - en page 24" href="http://viewer.zmags.com/publication/c5e19afc?page=24"> Wealth Management Headquartered in Switzerland</a> <a title="Annual review 2011 - en page 25" href="http://viewer.zmags.com/publication/c5e19afc?page=25"> Business Wealth Management delivers compre- hens</a> <a title="Annual review 2011 - en page 26" href="http://viewer.zmags.com/publication/c5e19afc?page=26"> +PXGUVGFCUUGVUD[CUUGVENCUU| +PGZEGRVYJGTGKPFKECV</a> <a title="Annual review 2011 - en page 27" href="http://viewer.zmags.com/publication/c5e19afc?page=27"> Organizational structure Wealth Management is he</a> <a title="Annual review 2011 - en page 28" href="http://viewer.zmags.com/publication/c5e19afc?page=28"> +PXGUVOGPVOCPCIGOGPVCPFCFXKUQT[sMG[EQORQPGPVU 8CU</a> <a title="Annual review 2011 - en page 29" href="http://viewer.zmags.com/publication/c5e19afc?page=29"> Retail & Corporate As the leading retail and c</a> <a title="Annual review 2011 - en page 30" href="http://viewer.zmags.com/publication/c5e19afc?page=30"> $WUKPGUUOKZ +P </a> <a title="Annual review 2011 - en page 31" href="http://viewer.zmags.com/publication/c5e19afc?page=31"> Organizational structure The Retail & Corporate </a> <a title="Annual review 2011 - en page 32" href="http://viewer.zmags.com/publication/c5e19afc?page=32"> Wealth Management Americas Wealth Management A</a> <a title="Annual review 2011 - en page 33" href="http://viewer.zmags.com/publication/c5e19afc?page=33"> Business Wealth Management Americas is among the</a> <a title="Annual review 2011 - en page 34" href="http://viewer.zmags.com/publication/c5e19afc?page=34"> Organizational structure Wealth Management Ameri</a> <a title="Annual review 2011 - en page 35" href="http://viewer.zmags.com/publication/c5e19afc?page=35"> )GQITCRJKECNRTGUGPEGKPMG[OCTMGVU| %CNICT[ %#0 Q</a> <a title="Annual review 2011 - en page 36" href="http://viewer.zmags.com/publication/c5e19afc?page=36"> Global Asset Management Global Asset Managemen</a> <a title="Annual review 2011 - en page 37" href="http://viewer.zmags.com/publication/c5e19afc?page=37"> $WUKPGUUUVTWEVWTG +PXGUVOGPVECRCDKNKVKGUCTGINQDC</a> <a title="Annual review 2011 - en page 38" href="http://viewer.zmags.com/publication/c5e19afc?page=38"> +PXGUVGFCUUGVUD[EJCPPGN +PGZEGRVYJGTGKPFKECVGF 1P</a> <a title="Annual review 2011 - en page 39" href="http://viewer.zmags.com/publication/c5e19afc?page=39"> +PXGUVOGPVECRCDKNKVKGUCPFUGTXKEGU| 'SWKVKGU %Q</a> <a title="Annual review 2011 - en page 40" href="http://viewer.zmags.com/publication/c5e19afc?page=40"> +PXGUVGFCUUGVUD[TGIKQP +PGZEGRVYJGTGKPFKECVGF 1P</a> <a title="Annual review 2011 - en page 41" href="http://viewer.zmags.com/publication/c5e19afc?page=41"> Alternative and quantitative investments has two </a> <a title="Annual review 2011 - en page 42" href="http://viewer.zmags.com/publication/c5e19afc?page=42"> Investment Bank The Investment Bank provides a</a> <a title="Annual review 2011 - en page 43" href="http://viewer.zmags.com/publication/c5e19afc?page=43"> 1WTUVTCVGI[ 9JCV! %NKGPVU! *QY! %+TCVK</a> <a title="Annual review 2011 - en page 44" href="http://viewer.zmags.com/publication/c5e19afc?page=44"> In reshaping our securities business, we are exit</a> <a title="Annual review 2011 - en page 45" href="http://viewer.zmags.com/publication/c5e19afc?page=45"> funds, asset managers, wealth manage- ment adviso</a> <a title="Annual review 2011 - en page 46" href="http://viewer.zmags.com/publication/c5e19afc?page=46"> risk management to direct or structured investmen</a> <a title="Annual review 2011 - en page 47" href="http://viewer.zmags.com/publication/c5e19afc?page=47"> Corporate Center The Corporate Center enables </a> <a title="Annual review 2011 - en page 48" href="http://viewer.zmags.com/publication/c5e19afc?page=48"> agreement framework, ensuring investments are ali</a> <a title="Annual review 2011 - en page 49" href="http://viewer.zmags.com/publication/c5e19afc?page=49"> Our corporate governance and responsibility </a> <a title="Annual review 2011 - en page 50" href="http://viewer.zmags.com/publication/c5e19afc?page=50"> Our Board of Directors </a> <a title="Annual review 2011 - en page 51" href="http://viewer.zmags.com/publication/c5e19afc?page=51"> 1 2 3 4 5 6 7 8 9 10 11 1 Kaspar</a> <a title="Annual review 2011 - en page 52" href="http://viewer.zmags.com/publication/c5e19afc?page=52"> Our Group Executive Board </a> <a title="Annual review 2011 - en page 53" href="http://viewer.zmags.com/publication/c5e19afc?page=53"> 1 2 3 4 5 6 7 8 9 </a> <a title="Annual review 2011 - en page 54" href="http://viewer.zmags.com/publication/c5e19afc?page=54"> Corporate responsibility In 2011, we continued</a> <a title="Annual review 2011 - en page 55" href="http://viewer.zmags.com/publication/c5e19afc?page=55"> Carbon Performance Leadership Index and its Carbo</a> <a title="Annual review 2011 - en page 56" href="http://viewer.zmags.com/publication/c5e19afc?page=56"> Information sources Reporting publications An</a> <a title="Annual review 2011 - en page 57" href="http://viewer.zmags.com/publication/c5e19afc?page=57"> Corporate information The legal and commercial n</a> <a title="Annual review 2011 - en page 58" href="http://viewer.zmags.com/publication/c5e19afc?page=58"> Cautionary Statement Regarding Forward-Looking St</a> <a title="Annual review 2011 - en page 59" href="http://viewer.zmags.com/publication/c5e19afc?page=59"> </a> <a title="Annual review 2011 - en page 60" href="http://viewer.zmags.com/publication/c5e19afc?page=60"> UBS AG P.O. Box, CH-8098 Zurich P.O. Box, CH-4002</a>