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<br /> First Quarter 2012 Report<br /> Our financial results for<br /> the first quarter of 2012.<br /> 2<br /> First Quarter 2012 Report<br /> Dear shareholders,<br /> For the first quarter of 2012, we report a net profit attributable to<br /> UBS shareholders of CHF 827 million and diluted earnings per<br /> share of CHF 0.22. The adjusted pre-tax profit for the Group was<br /> CHF 2.2 billion1 as all of our business divisions recorded improved<br /> profitability, with increased revenues reflecting a partial recovery<br /> in client activity levels. We also saw improved net new money in<br /> our wealth management businesses where we recorded com-<br /> bined net inflows of CHF 10.9 billion. At the same time we made<br /> further progress in reducing risk-weighted assets and building our<br /> capital base. A noteworthy event in the quarter was the inaugural<br /> issuance of our Basel III-compliant loss-absorbing capital notes,<br /> where we successfully raised U<a title="Quarterly Report 2012Q1 - en page 1" href="http://viewer.zmags.com/publication/e1f5fab9?page=1"> First Quarter 2012 Report Our financial</a> <a title="Quarterly Report 2012Q1 - en page 2" href="http://viewer.zmags.com/publication/e1f5fab9?page=2"> 2</a> <a title="Quarterly Report 2012Q1 - en page 3" href="http://viewer.zmags.com/publication/e1f5fab9?page=3"> First Quarter 2012 Report Dear sharehold</a> <a title="Quarterly Report 2012Q1 - en page 4" href="http://viewer.zmags.com/publication/e1f5fab9?page=4"> First Quarter 2012 Report to USD 4.6 bill</a> <a title="Quarterly Report 2012Q1 - en page 5" href="http://viewer.zmags.com/publication/e1f5fab9?page=5"> Sergio P. Ermotti Group Chief Executive Officer </a> <a title="Quarterly Report 2012Q1 - en page 6" href="http://viewer.zmags.com/publication/e1f5fab9?page=6"> First Quarter 2012 Report duce risk-weig</a> <a title="Quarterly Report 2012Q1 - en page 7" href="http://viewer.zmags.com/publication/e1f5fab9?page=7"> ment of up to five new permanent chairs, facilita</a> <a title="Quarterly Report 2012Q1 - en page 8" href="http://viewer.zmags.com/publication/e1f5fab9?page=8"> First Quarter 2012 Report UBS key figure</a> <a title="Quarterly Report 2012Q1 - en page 9" href="http://viewer.zmags.com/publication/e1f5fab9?page=9"> Corporate calendar Annual General Meeting Thursd</a> <a title="Quarterly Report 2012Q1 - en page 10" href="http://viewer.zmags.com/publication/e1f5fab9?page=10"> First Quarter 2012 Report UBS and its bu</a> <a title="Quarterly Report 2012Q1 - en page 11" href="http://viewer.zmags.com/publication/e1f5fab9?page=11"> UBS Group Management report </a> <a title="Quarterly Report 2012Q1 - en page 12" href="http://viewer.zmags.com/publication/e1f5fab9?page=12"> Recent developments and financial reporting struc</a> <a title="Quarterly Report 2012Q1 - en page 13" href="http://viewer.zmags.com/publication/e1f5fab9?page=13"> Wealth Management and Retail & Corporate reportin</a> <a title="Quarterly Report 2012Q1 - en page 14" href="http://viewer.zmags.com/publication/e1f5fab9?page=14"> Group results Group results Net profi</a> <a title="Quarterly Report 2012Q1 - en page 15" href="http://viewer.zmags.com/publication/e1f5fab9?page=15"> Performance: 1Q12 vs 4Q11 Operating profit befor</a> <a title="Quarterly Report 2012Q1 - en page 16" href="http://viewer.zmags.com/publication/e1f5fab9?page=16"> Group results Credit loss (expense) / rec</a> <a title="Quarterly Report 2012Q1 - en page 17" href="http://viewer.zmags.com/publication/e1f5fab9?page=17"> Performance by business divisions and Corporate C</a> <a title="Quarterly Report 2012Q1 - en page 18" href="http://viewer.zmags.com/publication/e1f5fab9?page=18"> Group results Our pro-forma Basel III e</a> <a title="Quarterly Report 2012Q1 - en page 19" href="http://viewer.zmags.com/publication/e1f5fab9?page=19"> Personnel by business divisions and Corporate Cen</a> <a title="Quarterly Report 2012Q1 - en page 20" href="http://viewer.zmags.com/publication/e1f5fab9?page=20"> </a> <a title="Quarterly Report 2012Q1 - en page 21" href="http://viewer.zmags.com/publication/e1f5fab9?page=21"> UBS business divisions and Corporate Center Manag</a> <a title="Quarterly Report 2012Q1 - en page 22" href="http://viewer.zmags.com/publication/e1f5fab9?page=22"> Wealth Management Wealth Management Pr</a> <a title="Quarterly Report 2012Q1 - en page 23" href="http://viewer.zmags.com/publication/e1f5fab9?page=23"> Regional breakdown of key figures1 </a> <a title="Quarterly Report 2012Q1 - en page 24" href="http://viewer.zmags.com/publication/e1f5fab9?page=24"> Wealth Management mainly due to the afore</a> <a title="Quarterly Report 2012Q1 - en page 25" href="http://viewer.zmags.com/publication/e1f5fab9?page=25"> Wealth Management Americas Wealth Management A</a> <a title="Quarterly Report 2012Q1 - en page 26" href="http://viewer.zmags.com/publication/e1f5fab9?page=26"> Wealth Management Americas Business divis</a> <a title="Quarterly Report 2012Q1 - en page 27" href="http://viewer.zmags.com/publication/e1f5fab9?page=27"> Business division reporting – in Swiss francs (co</a> <a title="Quarterly Report 2012Q1 - en page 28" href="http://viewer.zmags.com/publication/e1f5fab9?page=28"> Wealth Management Americas Results: 1Q12 </a> <a title="Quarterly Report 2012Q1 - en page 29" href="http://viewer.zmags.com/publication/e1f5fab9?page=29"> this quarter, while financial advisors employed w</a> <a title="Quarterly Report 2012Q1 - en page 30" href="http://viewer.zmags.com/publication/e1f5fab9?page=30"> Investment Bank Investment Bank Exclu</a> <a title="Quarterly Report 2012Q1 - en page 31" href="http://viewer.zmags.com/publication/e1f5fab9?page=31"> Business division reporting1 (continued) As of </a> <a title="Quarterly Report 2012Q1 - en page 32" href="http://viewer.zmags.com/publication/e1f5fab9?page=32"> Investment Bank the fourth quarter which </a> <a title="Quarterly Report 2012Q1 - en page 33" href="http://viewer.zmags.com/publication/e1f5fab9?page=33"> rates was slightly lower than in the fourth quart</a> <a title="Quarterly Report 2012Q1 - en page 34" href="http://viewer.zmags.com/publication/e1f5fab9?page=34"> Global Asset Management Global Asset Man</a> <a title="Quarterly Report 2012Q1 - en page 35" href="http://viewer.zmags.com/publication/e1f5fab9?page=35"> Business division reporting (continued) As of or </a> <a title="Quarterly Report 2012Q1 - en page 36" href="http://viewer.zmags.com/publication/e1f5fab9?page=36"> Global Asset Management Results: 1Q12 vs </a> <a title="Quarterly Report 2012Q1 - en page 37" href="http://viewer.zmags.com/publication/e1f5fab9?page=37"> Invested assets were CHF 484 billion on 31 Ma</a> <a title="Quarterly Report 2012Q1 - en page 38" href="http://viewer.zmags.com/publication/e1f5fab9?page=38"> Global Asset Management 2011. Key strat</a> <a title="Quarterly Report 2012Q1 - en page 39" href="http://viewer.zmags.com/publication/e1f5fab9?page=39"> Collective funds compared with peers The table s</a> <a title="Quarterly Report 2012Q1 - en page 40" href="http://viewer.zmags.com/publication/e1f5fab9?page=40"> Retail & Corporate Retail & Corporate </a> <a title="Quarterly Report 2012Q1 - en page 41" href="http://viewer.zmags.com/publication/e1f5fab9?page=41"> Results: 1Q12 vs 4Q11 Operating income Total ope</a> <a title="Quarterly Report 2012Q1 - en page 42" href="http://viewer.zmags.com/publication/e1f5fab9?page=42"> Retail & Corporate tion in personnel expe</a> <a title="Quarterly Report 2012Q1 - en page 43" href="http://viewer.zmags.com/publication/e1f5fab9?page=43"> Corporate Center Corporate Center reporting – </a> <a title="Quarterly Report 2012Q1 - en page 44" href="http://viewer.zmags.com/publication/e1f5fab9?page=44"> Corporate Center Corporate Center – Core</a> <a title="Quarterly Report 2012Q1 - en page 45" href="http://viewer.zmags.com/publication/e1f5fab9?page=45"> Results: 1Q12 vs 4Q11 Operating income Operating</a> <a title="Quarterly Report 2012Q1 - en page 46" href="http://viewer.zmags.com/publication/e1f5fab9?page=46"> Corporate Center Legacy Portfolio Pre</a> <a title="Quarterly Report 2012Q1 - en page 47" href="http://viewer.zmags.com/publication/e1f5fab9?page=47"> Results: 1Q12 vs 4Q11 Operating income Operating</a> <a title="Quarterly Report 2012Q1 - en page 48" href="http://viewer.zmags.com/publication/e1f5fab9?page=48"> </a> <a title="Quarterly Report 2012Q1 - en page 49" href="http://viewer.zmags.com/publication/e1f5fab9?page=49"> Risk and treasury management Management report </a> <a title="Quarterly Report 2012Q1 - en page 50" href="http://viewer.zmags.com/publication/e1f5fab9?page=50"> Risk management and control Risk managem</a> <a title="Quarterly Report 2012Q1 - en page 51" href="http://viewer.zmags.com/publication/e1f5fab9?page=51"> Allowances and provisions for credit losses1 </a> <a title="Quarterly Report 2012Q1 - en page 52" href="http://viewer.zmags.com/publication/e1f5fab9?page=52"> Risk management and control Composition o</a> <a title="Quarterly Report 2012Q1 - en page 53" href="http://viewer.zmags.com/publication/e1f5fab9?page=53"> At the end of the first quarter, 64% of our </a> <a title="Quarterly Report 2012Q1 - en page 54" href="http://viewer.zmags.com/publication/e1f5fab9?page=54"> Risk management and control the sum of th</a> <a title="Quarterly Report 2012Q1 - en page 55" href="http://viewer.zmags.com/publication/e1f5fab9?page=55"> Exposures to selected European countries Trading </a> <a title="Quarterly Report 2012Q1 - en page 56" href="http://viewer.zmags.com/publication/e1f5fab9?page=56"> Risk management and control of the legal </a> <a title="Quarterly Report 2012Q1 - en page 57" href="http://viewer.zmags.com/publication/e1f5fab9?page=57"> Group: value-at-risk (1-day, 95% confidence, 5 ye</a> <a title="Quarterly Report 2012Q1 - en page 58" href="http://viewer.zmags.com/publication/e1f5fab9?page=58"> Risk management and control Backtesting B</a> <a title="Quarterly Report 2012Q1 - en page 59" href="http://viewer.zmags.com/publication/e1f5fab9?page=59"> levels) of those assets. Key assumptions of the m</a> <a title="Quarterly Report 2012Q1 - en page 60" href="http://viewer.zmags.com/publication/e1f5fab9?page=60"> Balance sheet Balance sheet On 31 Mar</a> <a title="Quarterly Report 2012Q1 - en page 61" href="http://viewer.zmags.com/publication/e1f5fab9?page=61"> Liabilities The increase in funded assets was ma</a> <a title="Quarterly Report 2012Q1 - en page 62" href="http://viewer.zmags.com/publication/e1f5fab9?page=62"> Liquidity and funding Liquidity and fund</a> <a title="Quarterly Report 2012Q1 - en page 63" href="http://viewer.zmags.com/publication/e1f5fab9?page=63"> 7$5CUUGVHWPFKPI %*(DKNNKQPGZEGRVYJGTGKPFKECVGF #U</a> <a title="Quarterly Report 2012Q1 - en page 64" href="http://viewer.zmags.com/publication/e1f5fab9?page=64"> Liquidity and funding UBS: funding by pro</a> <a title="Quarterly Report 2012Q1 - en page 65" href="http://viewer.zmags.com/publication/e1f5fab9?page=65"> Capital management Our Basel 2.5 tier 1 capita</a> <a title="Quarterly Report 2012Q1 - en page 66" href="http://viewer.zmags.com/publication/e1f5fab9?page=66"> Capital management Basel 2.5 capital info</a> <a title="Quarterly Report 2012Q1 - en page 67" href="http://viewer.zmags.com/publication/e1f5fab9?page=67"> Reconciliation IFRS equity to Basel 2.5 capital C</a> <a title="Quarterly Report 2012Q1 - en page 68" href="http://viewer.zmags.com/publication/e1f5fab9?page=68"> Capital management Average attributed equ</a> <a title="Quarterly Report 2012Q1 - en page 69" href="http://viewer.zmags.com/publication/e1f5fab9?page=69"> Financial information Unaudited Financial informa</a> <a title="Quarterly Report 2012Q1 - en page 70" href="http://viewer.zmags.com/publication/e1f5fab9?page=70"> Table of contents 69 Update on internal cont</a> <a title="Quarterly Report 2012Q1 - en page 71" href="http://viewer.zmags.com/publication/e1f5fab9?page=71"> Update on internal control over financial reporti</a> <a title="Quarterly Report 2012Q1 - en page 72" href="http://viewer.zmags.com/publication/e1f5fab9?page=72"> Interim consolidated financial statements (unaudi</a> <a title="Quarterly Report 2012Q1 - en page 73" href="http://viewer.zmags.com/publication/e1f5fab9?page=73"> Statement of comprehensive income For the quarter</a> <a title="Quarterly Report 2012Q1 - en page 74" href="http://viewer.zmags.com/publication/e1f5fab9?page=74"> Interim consolidated financial statements (unaudi</a> <a title="Quarterly Report 2012Q1 - en page 75" href="http://viewer.zmags.com/publication/e1f5fab9?page=75"> 73 Financial information</a> <a title="Quarterly Report 2012Q1 - en page 76" href="http://viewer.zmags.com/publication/e1f5fab9?page=76"> Interim consolidated financial statements (unaudi</a> <a title="Quarterly Report 2012Q1 - en page 77" href="http://viewer.zmags.com/publication/e1f5fab9?page=77"> </a> <a title="Quarterly Report 2012Q1 - en page 78" href="http://viewer.zmags.com/publication/e1f5fab9?page=78"> Interim consolidated financial statements (unaudi</a> <a title="Quarterly Report 2012Q1 - en page 79" href="http://viewer.zmags.com/publication/e1f5fab9?page=79"> Notes to the interim consolidated financial state</a> <a title="Quarterly Report 2012Q1 - en page 80" href="http://viewer.zmags.com/publication/e1f5fab9?page=80"> Notes to the interim consolidated financial state</a> <a title="Quarterly Report 2012Q1 - en page 81" href="http://viewer.zmags.com/publication/e1f5fab9?page=81"> Note 2 Segment reporting (continued) Wealth </a> <a title="Quarterly Report 2012Q1 - en page 82" href="http://viewer.zmags.com/publication/e1f5fab9?page=82"> Notes to the interim consolidated financial state</a> <a title="Quarterly Report 2012Q1 - en page 83" href="http://viewer.zmags.com/publication/e1f5fab9?page=83"> Note 4 Net fee and commission income For the quar</a> <a title="Quarterly Report 2012Q1 - en page 84" href="http://viewer.zmags.com/publication/e1f5fab9?page=84"> Notes to the interim consolidated financial state</a> <a title="Quarterly Report 2012Q1 - en page 85" href="http://viewer.zmags.com/publication/e1f5fab9?page=85"> Note 8 Earnings per share (EPS) and shares outsta</a> <a title="Quarterly Report 2012Q1 - en page 86" href="http://viewer.zmags.com/publication/e1f5fab9?page=86"> Notes to the interim consolidated financial state</a> <a title="Quarterly Report 2012Q1 - en page 87" href="http://viewer.zmags.com/publication/e1f5fab9?page=87"> Note 12 Fair value of financial instruments a) F</a> <a title="Quarterly Report 2012Q1 - en page 88" href="http://viewer.zmags.com/publication/e1f5fab9?page=88"> Notes to the interim consolidated financial state</a> <a title="Quarterly Report 2012Q1 - en page 89" href="http://viewer.zmags.com/publication/e1f5fab9?page=89"> Note 12 Fair value of financial instruments (cont</a> <a title="Quarterly Report 2012Q1 - en page 90" href="http://viewer.zmags.com/publication/e1f5fab9?page=90"> Notes to the interim consolidated financial state</a> <a title="Quarterly Report 2012Q1 - en page 91" href="http://viewer.zmags.com/publication/e1f5fab9?page=91"> Note 14 Derivative instruments 31.3.12 </a> <a title="Quarterly Report 2012Q1 - en page 92" href="http://viewer.zmags.com/publication/e1f5fab9?page=92"> Notes to the interim consolidated financial state</a> <a title="Quarterly Report 2012Q1 - en page 93" href="http://viewer.zmags.com/publication/e1f5fab9?page=93"> Note 16 Provisions and contingent liabilities (co</a> <a title="Quarterly Report 2012Q1 - en page 94" href="http://viewer.zmags.com/publication/e1f5fab9?page=94"> Notes to the interim consolidated financial state</a> <a title="Quarterly Report 2012Q1 - en page 95" href="http://viewer.zmags.com/publication/e1f5fab9?page=95"> Note 16 Provisions and contingent liabilities (co</a> <a title="Quarterly Report 2012Q1 - en page 96" href="http://viewer.zmags.com/publication/e1f5fab9?page=96"> Notes to the interim consolidated financial state</a> <a title="Quarterly Report 2012Q1 - en page 97" href="http://viewer.zmags.com/publication/e1f5fab9?page=97"> Note 16 Provisions and contingent liabilities (co</a> <a title="Quarterly Report 2012Q1 - en page 98" href="http://viewer.zmags.com/publication/e1f5fab9?page=98"> Notes to the interim consolidated financial state</a> <a title="Quarterly Report 2012Q1 - en page 99" href="http://viewer.zmags.com/publication/e1f5fab9?page=99"> Note 16 Provisions and contingent liabilities (co</a> <a title="Quarterly Report 2012Q1 - en page 100" href="http://viewer.zmags.com/publication/e1f5fab9?page=100"> Notes to the interim consolidated financial state</a> <a title="Quarterly Report 2012Q1 - en page 101" href="http://viewer.zmags.com/publication/e1f5fab9?page=101"> Supplemental information (unaudited) for UBS AG (</a> <a title="Quarterly Report 2012Q1 - en page 102" href="http://viewer.zmags.com/publication/e1f5fab9?page=102"> Supplemental information (unaudited) for UBS AG (</a> <a title="Quarterly Report 2012Q1 - en page 103" href="http://viewer.zmags.com/publication/e1f5fab9?page=103"> Balance sheet UBS AG (Parent Bank) % change from </a> <a title="Quarterly Report 2012Q1 - en page 104" href="http://viewer.zmags.com/publication/e1f5fab9?page=104"> Supplemental information (unaudited) for UBS AG (</a> <a title="Quarterly Report 2012Q1 - en page 105" href="http://viewer.zmags.com/publication/e1f5fab9?page=105"> BIS Basel 2.5 capital information UBS AG (Parent </a> <a title="Quarterly Report 2012Q1 - en page 106" href="http://viewer.zmags.com/publication/e1f5fab9?page=106"> Supplemental information (unaudited) for UBS AG (</a> <a title="Quarterly Report 2012Q1 - en page 107" href="http://viewer.zmags.com/publication/e1f5fab9?page=107"> Balance sheet UBS Limited1 % change from GBP mi</a> <a title="Quarterly Report 2012Q1 - en page 108" href="http://viewer.zmags.com/publication/e1f5fab9?page=108"> Supplemental information (unaudited) for UBS AG (</a> <a title="Quarterly Report 2012Q1 - en page 109" href="http://viewer.zmags.com/publication/e1f5fab9?page=109"> Information sources Reporting publications An</a> <a title="Quarterly Report 2012Q1 - en page 110" href="http://viewer.zmags.com/publication/e1f5fab9?page=110"> Cautionary Statement Regarding Forward-Looking St</a> <a title="Quarterly Report 2012Q1 - en page 111" href="http://viewer.zmags.com/publication/e1f5fab9?page=111"> Financial information</a> <a title="Quarterly Report 2012Q1 - en page 112" href="http://viewer.zmags.com/publication/e1f5fab9?page=112"> UBS AG P.O. Box, CH-8098 Zurich P.O. Box, CH-4002</a>