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<br /> Fourth Quarter 2011 Report<br /> Our financial results for<br /> the fourth quarter of 2011.<br /> <br /> Fourth Quarter 2011 Report<br /> Dear shareholders,<br /> For the fourth quarter of 2011, we report a net profit attributable<br /> to UBS shareholders of CHF 393 million and diluted earnings per<br /> share of CHF 0.10.<br /> Despite continued challenging market conditions, we ended the<br /> quarter with an even stronger capital position and sound liquidity<br /> and funding positions, and we achieved substantial reductions in<br /> our risk-weighted assets without a significant impact on our profit-<br /> ability. We remain one of the best capitalized banks in the world,<br /> with a Basel 2.5 tier 1 ratio of 16.0% and a Basel II tier 1 ratio of<br /> 19.7% on 31 December 2011. We recorded net new money total-<br /> ing CHF 5 billion for the quarter across our wealth management<br /> businesses, demonstrating our clients’ continued confidence in us<br /><a title="Quarterly Report 4Q2011 - en page 1" href="http://viewer.zmags.com/publication/cc7aeaf8?page=1"> Fourth Quarter 2011 Report Our financia</a> <a title="Quarterly Report 4Q2011 - en page 2" href="http://viewer.zmags.com/publication/cc7aeaf8?page=2"> </a> <a title="Quarterly Report 4Q2011 - en page 3" href="http://viewer.zmags.com/publication/cc7aeaf8?page=3"> Fourth Quarter 2011 Report Dear sharehol</a> <a title="Quarterly Report 4Q2011 - en page 4" href="http://viewer.zmags.com/publication/cc7aeaf8?page=4"> Fourth Quarter 2011 Report and, if condit</a> <a title="Quarterly Report 4Q2011 - en page 5" href="http://viewer.zmags.com/publication/cc7aeaf8?page=5"> Wealth Management reported a pre-tax profit of CH</a> <a title="Quarterly Report 4Q2011 - en page 6" href="http://viewer.zmags.com/publication/cc7aeaf8?page=6"> Fourth Quarter 2011 Report UBS key figur</a> <a title="Quarterly Report 4Q2011 - en page 7" href="http://viewer.zmags.com/publication/cc7aeaf8?page=7"> Corporate calendar Publication of the Annual Repo</a> <a title="Quarterly Report 4Q2011 - en page 8" href="http://viewer.zmags.com/publication/cc7aeaf8?page=8"> Fourth Quarter 2011 Report UBS and its b</a> <a title="Quarterly Report 4Q2011 - en page 9" href="http://viewer.zmags.com/publication/cc7aeaf8?page=9"> UBS Group Management report</a> <a title="Quarterly Report 4Q2011 - en page 10" href="http://viewer.zmags.com/publication/cc7aeaf8?page=10"> Group results Group results Net profi</a> <a title="Quarterly Report 4Q2011 - en page 11" href="http://viewer.zmags.com/publication/cc7aeaf8?page=11"> Performance: 4Q11 vs 3Q11 Profit from continuing</a> <a title="Quarterly Report 4Q2011 - en page 12" href="http://viewer.zmags.com/publication/cc7aeaf8?page=12"> Group results Credit loss (expense) / rec</a> <a title="Quarterly Report 4Q2011 - en page 13" href="http://viewer.zmags.com/publication/cc7aeaf8?page=13"> Tax: 4Q11 vs 3Q11 In the fourth quarter, we reco</a> <a title="Quarterly Report 4Q2011 - en page 14" href="http://viewer.zmags.com/publication/cc7aeaf8?page=14"> Group results quarter. Net recruiting of </a> <a title="Quarterly Report 4Q2011 - en page 15" href="http://viewer.zmags.com/publication/cc7aeaf8?page=15"> Personnel by reporting segment As of </a> <a title="Quarterly Report 4Q2011 - en page 16" href="http://viewer.zmags.com/publication/cc7aeaf8?page=16"> Group results Transfer of legacy portfol</a> <a title="Quarterly Report 4Q2011 - en page 17" href="http://viewer.zmags.com/publication/cc7aeaf8?page=17"> UBS business divisions and Corporate Center Manag</a> <a title="Quarterly Report 4Q2011 - en page 18" href="http://viewer.zmags.com/publication/cc7aeaf8?page=18"> Wealth Management & Swiss Bank Wealth Ma</a> <a title="Quarterly Report 4Q2011 - en page 19" href="http://viewer.zmags.com/publication/cc7aeaf8?page=19"> Wealth Management Pre-tax profit was CHF 471 m</a> <a title="Quarterly Report 4Q2011 - en page 20" href="http://viewer.zmags.com/publication/cc7aeaf8?page=20"> Wealth Management & Swiss Bank Business u</a> <a title="Quarterly Report 4Q2011 - en page 21" href="http://viewer.zmags.com/publication/cc7aeaf8?page=21"> Invested assets development: 4Q11 vs 3Q11 Net ne</a> <a title="Quarterly Report 4Q2011 - en page 22" href="http://viewer.zmags.com/publication/cc7aeaf8?page=22"> Wealth Management & Swiss Bank Retail & </a> <a title="Quarterly Report 4Q2011 - en page 23" href="http://viewer.zmags.com/publication/cc7aeaf8?page=23"> Results: 4Q11 vs 3Q11 Operating income Total ope</a> <a title="Quarterly Report 4Q2011 - en page 24" href="http://viewer.zmags.com/publication/cc7aeaf8?page=24"> Wealth Management Americas Wealth Manage</a> <a title="Quarterly Report 4Q2011 - en page 25" href="http://viewer.zmags.com/publication/cc7aeaf8?page=25"> Business division reporting (continued) As of or </a> <a title="Quarterly Report 4Q2011 - en page 26" href="http://viewer.zmags.com/publication/cc7aeaf8?page=26"> Wealth Management Americas terms. General</a> <a title="Quarterly Report 4Q2011 - en page 27" href="http://viewer.zmags.com/publication/cc7aeaf8?page=27"> Global Asset Management Global Asset Managemen</a> <a title="Quarterly Report 4Q2011 - en page 28" href="http://viewer.zmags.com/publication/cc7aeaf8?page=28"> Global Asset Management Business division</a> <a title="Quarterly Report 4Q2011 - en page 29" href="http://viewer.zmags.com/publication/cc7aeaf8?page=29"> higher personnel expenses, the depreciation of th</a> <a title="Quarterly Report 4Q2011 - en page 30" href="http://viewer.zmags.com/publication/cc7aeaf8?page=30"> Global Asset Management Net new money o</a> <a title="Quarterly Report 4Q2011 - en page 31" href="http://viewer.zmags.com/publication/cc7aeaf8?page=31"> Investment performance – key composites versus be</a> <a title="Quarterly Report 4Q2011 - en page 32" href="http://viewer.zmags.com/publication/cc7aeaf8?page=32"> Investment Bank Investment Bank A pre</a> <a title="Quarterly Report 4Q2011 - en page 33" href="http://viewer.zmags.com/publication/cc7aeaf8?page=33"> Business division reporting (continued) As of or </a> <a title="Quarterly Report 4Q2011 - en page 34" href="http://viewer.zmags.com/publication/cc7aeaf8?page=34"> Investment Bank uted an own credit loss o</a> <a title="Quarterly Report 4Q2011 - en page 35" href="http://viewer.zmags.com/publication/cc7aeaf8?page=35"> revenues in Europe and Asia, stemming from eurozo</a> <a title="Quarterly Report 4Q2011 - en page 36" href="http://viewer.zmags.com/publication/cc7aeaf8?page=36"> Corporate Center Corporate Center The</a> <a title="Quarterly Report 4Q2011 - en page 37" href="http://viewer.zmags.com/publication/cc7aeaf8?page=37"> Results: 4Q11 vs. 3Q11 Operating income The Corp</a> <a title="Quarterly Report 4Q2011 - en page 38" href="http://viewer.zmags.com/publication/cc7aeaf8?page=38"> </a> <a title="Quarterly Report 4Q2011 - en page 39" href="http://viewer.zmags.com/publication/cc7aeaf8?page=39"> Risk and treasury management Management report</a> <a title="Quarterly Report 4Q2011 - en page 40" href="http://viewer.zmags.com/publication/cc7aeaf8?page=40"> Risk management and control Risk managem</a> <a title="Quarterly Report 4Q2011 - en page 41" href="http://viewer.zmags.com/publication/cc7aeaf8?page=41"> Allowances and provisions for credit losses </a> <a title="Quarterly Report 4Q2011 - en page 42" href="http://viewer.zmags.com/publication/cc7aeaf8?page=42"> Risk management and control Wealth Manage</a> <a title="Quarterly Report 4Q2011 - en page 43" href="http://viewer.zmags.com/publication/cc7aeaf8?page=43"> Investment Bank: banking products and OTC derivat</a> <a title="Quarterly Report 4Q2011 - en page 44" href="http://viewer.zmags.com/publication/cc7aeaf8?page=44"> Risk management and control were other as</a> <a title="Quarterly Report 4Q2011 - en page 45" href="http://viewer.zmags.com/publication/cc7aeaf8?page=45"> Exposures to selected European countries Trading </a> <a title="Quarterly Report 4Q2011 - en page 46" href="http://viewer.zmags.com/publication/cc7aeaf8?page=46"> Risk management and control For some </a> <a title="Quarterly Report 4Q2011 - en page 47" href="http://viewer.zmags.com/publication/cc7aeaf8?page=47"> exchange and interest rate risk in connection wit</a> <a title="Quarterly Report 4Q2011 - en page 48" href="http://viewer.zmags.com/publication/cc7aeaf8?page=48"> Risk management and control Group: value-</a> <a title="Quarterly Report 4Q2011 - en page 49" href="http://viewer.zmags.com/publication/cc7aeaf8?page=49"> other asset categories, future exposure is derive</a> <a title="Quarterly Report 4Q2011 - en page 50" href="http://viewer.zmags.com/publication/cc7aeaf8?page=50"> Balance sheet Balance sheet On 31 Dec</a> <a title="Quarterly Report 4Q2011 - en page 51" href="http://viewer.zmags.com/publication/cc7aeaf8?page=51"> Liabilities Secured funding (collateral trading)</a> <a title="Quarterly Report 4Q2011 - en page 52" href="http://viewer.zmags.com/publication/cc7aeaf8?page=52"> Liquidity and funding Liquidity and fund</a> <a title="Quarterly Report 4Q2011 - en page 53" href="http://viewer.zmags.com/publication/cc7aeaf8?page=53"> 7$5CUUGVHWPFKPI %*(DKNNKQPGZEGRVYJGTGKPFKECVGF #U</a> <a title="Quarterly Report 4Q2011 - en page 54" href="http://viewer.zmags.com/publication/cc7aeaf8?page=54"> Liquidity and funding UBS: funding by pro</a> <a title="Quarterly Report 4Q2011 - en page 55" href="http://viewer.zmags.com/publication/cc7aeaf8?page=55"> Capital management Capital management </a> <a title="Quarterly Report 4Q2011 - en page 56" href="http://viewer.zmags.com/publication/cc7aeaf8?page=56"> Capital management Basel 2.5 eligible cap</a> <a title="Quarterly Report 4Q2011 - en page 57" href="http://viewer.zmags.com/publication/cc7aeaf8?page=57"> Reconciliation IFRS equity to BIS capital </a> <a title="Quarterly Report 4Q2011 - en page 58" href="http://viewer.zmags.com/publication/cc7aeaf8?page=58"> Capital management Regulatory development</a> <a title="Quarterly Report 4Q2011 - en page 59" href="http://viewer.zmags.com/publication/cc7aeaf8?page=59"> FINMA leverage ratio CHF billion, except where in</a> <a title="Quarterly Report 4Q2011 - en page 60" href="http://viewer.zmags.com/publication/cc7aeaf8?page=60"> </a> <a title="Quarterly Report 4Q2011 - en page 61" href="http://viewer.zmags.com/publication/cc7aeaf8?page=61"> Financial information Unaudited</a> <a title="Quarterly Report 4Q2011 - en page 62" href="http://viewer.zmags.com/publication/cc7aeaf8?page=62"> Table of contents Financial information (unaud</a> <a title="Quarterly Report 4Q2011 - en page 63" href="http://viewer.zmags.com/publication/cc7aeaf8?page=63"> Financial information (unaudited) Income state</a> <a title="Quarterly Report 4Q2011 - en page 64" href="http://viewer.zmags.com/publication/cc7aeaf8?page=64"> Financial information Statement of compre</a> <a title="Quarterly Report 4Q2011 - en page 65" href="http://viewer.zmags.com/publication/cc7aeaf8?page=65"> Balance sheet % change from CHF million </a> <a title="Quarterly Report 4Q2011 - en page 66" href="http://viewer.zmags.com/publication/cc7aeaf8?page=66"> Financial information Statement of change</a> <a title="Quarterly Report 4Q2011 - en page 67" href="http://viewer.zmags.com/publication/cc7aeaf8?page=67"> </a> <a title="Quarterly Report 4Q2011 - en page 68" href="http://viewer.zmags.com/publication/cc7aeaf8?page=68"> Notes Notes Note 1 Basis of accountin</a> <a title="Quarterly Report 4Q2011 - en page 69" href="http://viewer.zmags.com/publication/cc7aeaf8?page=69"> Note 2 Segment reporting Transactions between th</a> <a title="Quarterly Report 4Q2011 - en page 70" href="http://viewer.zmags.com/publication/cc7aeaf8?page=70"> Notes Note 2 Segment reporting (continued</a> <a title="Quarterly Report 4Q2011 - en page 71" href="http://viewer.zmags.com/publication/cc7aeaf8?page=71"> Note 3 Net interest and trading income The “Brea</a> <a title="Quarterly Report 4Q2011 - en page 72" href="http://viewer.zmags.com/publication/cc7aeaf8?page=72"> Notes Note 3 Net interest and trading inc</a> <a title="Quarterly Report 4Q2011 - en page 73" href="http://viewer.zmags.com/publication/cc7aeaf8?page=73"> Note 4 Net fee and commission income For the quar</a> <a title="Quarterly Report 4Q2011 - en page 74" href="http://viewer.zmags.com/publication/cc7aeaf8?page=74"> Notes Note 6 Personnel expenses For the q</a> <a title="Quarterly Report 4Q2011 - en page 75" href="http://viewer.zmags.com/publication/cc7aeaf8?page=75"> Note 8 Earnings per share (EPS) and shares outsta</a> <a title="Quarterly Report 4Q2011 - en page 76" href="http://viewer.zmags.com/publication/cc7aeaf8?page=76"> Notes Note 9 Income taxes We recorded a </a> <a title="Quarterly Report 4Q2011 - en page 77" href="http://viewer.zmags.com/publication/cc7aeaf8?page=77"> Note 11 Fair value of financial instruments a) F</a> <a title="Quarterly Report 4Q2011 - en page 78" href="http://viewer.zmags.com/publication/cc7aeaf8?page=78"> Notes Note 11 Fair value of financial ins</a> <a title="Quarterly Report 4Q2011 - en page 79" href="http://viewer.zmags.com/publication/cc7aeaf8?page=79"> Note 12 Reclassification of financial assets In </a> <a title="Quarterly Report 4Q2011 - en page 80" href="http://viewer.zmags.com/publication/cc7aeaf8?page=80"> Notes Note 13 Other assets and liabilitie</a> <a title="Quarterly Report 4Q2011 - en page 81" href="http://viewer.zmags.com/publication/cc7aeaf8?page=81"> Note 14 Provisions and contingent liabilities (co</a> <a title="Quarterly Report 4Q2011 - en page 82" href="http://viewer.zmags.com/publication/cc7aeaf8?page=82"> Notes Note 14 Provisions and contingent l</a> <a title="Quarterly Report 4Q2011 - en page 83" href="http://viewer.zmags.com/publication/cc7aeaf8?page=83"> Note 14 Provisions and contingent liabilities (co</a> <a title="Quarterly Report 4Q2011 - en page 84" href="http://viewer.zmags.com/publication/cc7aeaf8?page=84"> Notes Note 14 Provisions and contingent l</a> <a title="Quarterly Report 4Q2011 - en page 85" href="http://viewer.zmags.com/publication/cc7aeaf8?page=85"> Note 14 Provisions and contingent liabilities (co</a> <a title="Quarterly Report 4Q2011 - en page 86" href="http://viewer.zmags.com/publication/cc7aeaf8?page=86"> Notes Note 14 Provisions and contingent l</a> <a title="Quarterly Report 4Q2011 - en page 87" href="http://viewer.zmags.com/publication/cc7aeaf8?page=87"> Note 14 Provisions and contingent liabilities (co</a> <a title="Quarterly Report 4Q2011 - en page 88" href="http://viewer.zmags.com/publication/cc7aeaf8?page=88"> Notes Note 15 Changes in organization Re</a> <a title="Quarterly Report 4Q2011 - en page 89" href="http://viewer.zmags.com/publication/cc7aeaf8?page=89"> Appendix UBS registered shares 7$5UJC</a> <a title="Quarterly Report 4Q2011 - en page 90" href="http://viewer.zmags.com/publication/cc7aeaf8?page=90"> Information sources Reporting publications An</a> <a title="Quarterly Report 4Q2011 - en page 91" href="http://viewer.zmags.com/publication/cc7aeaf8?page=91"> Cautionary Statement Regarding Forward-Looking St</a> <a title="Quarterly Report 4Q2011 - en page 92" href="http://viewer.zmags.com/publication/cc7aeaf8?page=92"> UBS AG P.O. Box, CH-8098 Zurich P.O. Box, CH-4002</a>