If you are visually impaired or blind, you can visit the PDF version by Pressing CONTROL + ALT + 4
<br /> Annual Report 2011<br /> Our performance in 2011<br /> <br /> Contents<br /> 2 Letter to shareholders<br /> 6 Key figures<br /> 7 UBS and its businesses<br /> 8 Our Board of Directors<br /> 10 Our Group Executive Board<br /> 12 The making of UBS<br /> 1. Operating environment 3.<br /> and strategy<br /> 16 Current market climate and industry drivers 112<br /> 19 Regulatory developments 116<br /> 22 Our strategy 133<br /> 27 Measurement of performance 140<br /> 30 Wealth Management 142<br /> 33 Retail & Corporate 144<br /> 35 Wealth Management Americas 151<br /> 38 Global Asset Management <a title="Annual Report 2011 - en page 1" href="http://viewer.zmags.com/publication/ec06d4aa?page=1"> Annual Report 2011 Our performance in 2</a> <a title="Annual Report 2011 - en page 2" href="http://viewer.zmags.com/publication/ec06d4aa?page=2"> </a> <a title="Annual Report 2011 - en page 3" href="http://viewer.zmags.com/publication/ec06d4aa?page=3"> Contents 2 Letter to shareholders 6 Key </a> <a title="Annual Report 2011 - en page 4" href="http://viewer.zmags.com/publication/ec06d4aa?page=4"> Annual Report 2011 Letter to shareholders </a> <a title="Annual Report 2011 - en page 5" href="http://viewer.zmags.com/publication/ec06d4aa?page=5"> Sergio P. Ermotti Group Chief Executive Officer </a> <a title="Annual Report 2011 - en page 6" href="http://viewer.zmags.com/publication/ec06d4aa?page=6"> Annual Report 2011 Letter to shareholders </a> <a title="Annual Report 2011 - en page 7" href="http://viewer.zmags.com/publication/ec06d4aa?page=7"> expertise to strengthen the Board further. Bruno </a> <a title="Annual Report 2011 - en page 8" href="http://viewer.zmags.com/publication/ec06d4aa?page=8"> Annual Report 2011 Key figures As of</a> <a title="Annual Report 2011 - en page 9" href="http://viewer.zmags.com/publication/ec06d4aa?page=9"> UBS and its businesses We draw on our 150-year</a> <a title="Annual Report 2011 - en page 10" href="http://viewer.zmags.com/publication/ec06d4aa?page=10"> Annual Report 2011 Our Board of Director</a> <a title="Annual Report 2011 - en page 11" href="http://viewer.zmags.com/publication/ec06d4aa?page=11"> 1 2 3 4 5 6 8 9 10 </a> <a title="Annual Report 2011 - en page 12" href="http://viewer.zmags.com/publication/ec06d4aa?page=12"> Annual Report 2011 Our Group Executive B</a> <a title="Annual Report 2011 - en page 13" href="http://viewer.zmags.com/publication/ec06d4aa?page=13"> 1 7 2 3 4 5 6 8 9 10 </a> <a title="Annual Report 2011 - en page 14" href="http://viewer.zmags.com/publication/ec06d4aa?page=14"> Annual Report 2011 The making of UBS </a> <a title="Annual Report 2011 - en page 15" href="http://viewer.zmags.com/publication/ec06d4aa?page=15"> In the early 1990s, SBC and Union Bank of Sw</a> <a title="Annual Report 2011 - en page 16" href="http://viewer.zmags.com/publication/ec06d4aa?page=16"> Annual Report 2011 The firm’s progres</a> <a title="Annual Report 2011 - en page 17" href="http://viewer.zmags.com/publication/ec06d4aa?page=17"> Operating environment and strategy</a> <a title="Annual Report 2011 - en page 18" href="http://viewer.zmags.com/publication/ec06d4aa?page=18"> Operating environment and strategy Current market</a> <a title="Annual Report 2011 - en page 19" href="http://viewer.zmags.com/publication/ec06d4aa?page=19"> Foreign exchange markets: Swiss franc appreciatio</a> <a title="Annual Report 2011 - en page 20" href="http://viewer.zmags.com/publication/ec06d4aa?page=20"> Operating environment and strategy Current market</a> <a title="Annual Report 2011 - en page 21" href="http://viewer.zmags.com/publication/ec06d4aa?page=21"> Regulatory developments Operating environment and</a> <a title="Annual Report 2011 - en page 22" href="http://viewer.zmags.com/publication/ec06d4aa?page=22"> Operating environment and strategy Regulatory dev</a> <a title="Annual Report 2011 - en page 23" href="http://viewer.zmags.com/publication/ec06d4aa?page=23"> underwriting activities. The rule would also limi</a> <a title="Annual Report 2011 - en page 24" href="http://viewer.zmags.com/publication/ec06d4aa?page=24"> Operating environment and strategy Our strategy </a> <a title="Annual Report 2011 - en page 25" href="http://viewer.zmags.com/publication/ec06d4aa?page=25"> strengthen its industry-leading positioning, whil</a> <a title="Annual Report 2011 - en page 26" href="http://viewer.zmags.com/publication/ec06d4aa?page=26"> Operating environment and strategy Our strategy </a> <a title="Annual Report 2011 - en page 27" href="http://viewer.zmags.com/publication/ec06d4aa?page=27"> competitive and successful Investment Bank is cri</a> <a title="Annual Report 2011 - en page 28" href="http://viewer.zmags.com/publication/ec06d4aa?page=28"> Operating environment and strategy Our strategy </a> <a title="Annual Report 2011 - en page 29" href="http://viewer.zmags.com/publication/ec06d4aa?page=29"> Measurement of performance Performance measure</a> <a title="Annual Report 2011 - en page 30" href="http://viewer.zmags.com/publication/ec06d4aa?page=30"> Operating environment and strategy Our strategy </a> <a title="Annual Report 2011 - en page 31" href="http://viewer.zmags.com/publication/ec06d4aa?page=31"> Changes to key performance indicators in 2012 Co</a> <a title="Annual Report 2011 - en page 32" href="http://viewer.zmags.com/publication/ec06d4aa?page=32"> Operating environment and strategy Our strategy </a> <a title="Annual Report 2011 - en page 33" href="http://viewer.zmags.com/publication/ec06d4aa?page=33"> latory and suitability requirements in every regi</a> <a title="Annual Report 2011 - en page 34" href="http://viewer.zmags.com/publication/ec06d4aa?page=34"> Operating environment and strategy Our strategy </a> <a title="Annual Report 2011 - en page 35" href="http://viewer.zmags.com/publication/ec06d4aa?page=35"> Retail & Corporate Operating environment and stra</a> <a title="Annual Report 2011 - en page 36" href="http://viewer.zmags.com/publication/ec06d4aa?page=36"> Operating environment and strategy Our strategy </a> <a title="Annual Report 2011 - en page 37" href="http://viewer.zmags.com/publication/ec06d4aa?page=37"> Wealth Management Americas Operating environment </a> <a title="Annual Report 2011 - en page 38" href="http://viewer.zmags.com/publication/ec06d4aa?page=38"> Operating environment and strategy Our strategy </a> <a title="Annual Report 2011 - en page 39" href="http://viewer.zmags.com/publication/ec06d4aa?page=39"> ment advisors, trust companies, and other financi</a> <a title="Annual Report 2011 - en page 40" href="http://viewer.zmags.com/publication/ec06d4aa?page=40"> Operating environment and strategy Our strategy </a> <a title="Annual Report 2011 - en page 41" href="http://viewer.zmags.com/publication/ec06d4aa?page=41"> The long-term outlook for the asset managemen</a> <a title="Annual Report 2011 - en page 42" href="http://viewer.zmags.com/publication/ec06d4aa?page=42"> Operating environment and strategy Our strategy </a> <a title="Annual Report 2011 - en page 43" href="http://viewer.zmags.com/publication/ec06d4aa?page=43"> the US, across the major real estate sectors</a> <a title="Annual Report 2011 - en page 44" href="http://viewer.zmags.com/publication/ec06d4aa?page=44"> Operating environment and strategy Our strategy </a> <a title="Annual Report 2011 - en page 45" href="http://viewer.zmags.com/publication/ec06d4aa?page=45"> nificantly. We will nevertheless continue to</a> <a title="Annual Report 2011 - en page 46" href="http://viewer.zmags.com/publication/ec06d4aa?page=46"> Operating environment and strategy Our strategy </a> <a title="Annual Report 2011 - en page 47" href="http://viewer.zmags.com/publication/ec06d4aa?page=47"> Corporate Center Operating environment and strate</a> <a title="Annual Report 2011 - en page 48" href="http://viewer.zmags.com/publication/ec06d4aa?page=48"> Operating environment and strategy Our strategy </a> <a title="Annual Report 2011 - en page 49" href="http://viewer.zmags.com/publication/ec06d4aa?page=49"> Regulation and supervision Operating environment </a> <a title="Annual Report 2011 - en page 50" href="http://viewer.zmags.com/publication/ec06d4aa?page=50"> Operating environment and strategy Regulation and</a> <a title="Annual Report 2011 - en page 51" href="http://viewer.zmags.com/publication/ec06d4aa?page=51"> The Dodd-Frank Wall Street Reform and Consume</a> <a title="Annual Report 2011 - en page 52" href="http://viewer.zmags.com/publication/ec06d4aa?page=52"> Operating environment and strategy Risk factors </a> <a title="Annual Report 2011 - en page 53" href="http://viewer.zmags.com/publication/ec06d4aa?page=53"> or indirectly, for example, to alter our legal st</a> <a title="Annual Report 2011 - en page 54" href="http://viewer.zmags.com/publication/ec06d4aa?page=54"> Operating environment and strategy Risk factors </a> <a title="Annual Report 2011 - en page 55" href="http://viewer.zmags.com/publication/ec06d4aa?page=55"> – a market downturn is likely to reduce the volu</a> <a title="Annual Report 2011 - en page 56" href="http://viewer.zmags.com/publication/ec06d4aa?page=56"> Operating environment and strategy Risk factors </a> <a title="Annual Report 2011 - en page 57" href="http://viewer.zmags.com/publication/ec06d4aa?page=57"> Operational risks may affect our business All of</a> <a title="Annual Report 2011 - en page 58" href="http://viewer.zmags.com/publication/ec06d4aa?page=58"> Operating environment and strategy Risk factors </a> <a title="Annual Report 2011 - en page 59" href="http://viewer.zmags.com/publication/ec06d4aa?page=59"> Financial and operating performance</a> <a title="Annual Report 2011 - en page 60" href="http://viewer.zmags.com/publication/ec06d4aa?page=60"> Financial and operating performance Critical acco</a> <a title="Annual Report 2011 - en page 61" href="http://viewer.zmags.com/publication/ec06d4aa?page=61"> which is described in the “Capital management” se</a> <a title="Annual Report 2011 - en page 62" href="http://viewer.zmags.com/publication/ec06d4aa?page=62"> Financial and operating performance Critical acco</a> <a title="Annual Report 2011 - en page 63" href="http://viewer.zmags.com/publication/ec06d4aa?page=63"> Changes in the fair value of derivatives tha</a> <a title="Annual Report 2011 - en page 64" href="http://viewer.zmags.com/publication/ec06d4aa?page=64"> Financial and operating performance UBS results </a> <a title="Annual Report 2011 - en page 65" href="http://viewer.zmags.com/publication/ec06d4aa?page=65"> 2011 Performance before tax Profit from contin</a> <a title="Annual Report 2011 - en page 66" href="http://viewer.zmags.com/publication/ec06d4aa?page=66"> Financial and operating performance UBS results </a> <a title="Annual Report 2011 - en page 67" href="http://viewer.zmags.com/publication/ec06d4aa?page=67"> In  2011, we recorded CHF 261 million in personne</a> <a title="Annual Report 2011 - en page 68" href="http://viewer.zmags.com/publication/ec06d4aa?page=68"> Financial and operating performance UBS results </a> <a title="Annual Report 2011 - en page 69" href="http://viewer.zmags.com/publication/ec06d4aa?page=69"> Net new money1 For the year ended CHF billion </a> <a title="Annual Report 2011 - en page 70" href="http://viewer.zmags.com/publication/ec06d4aa?page=70"> Financial and operating performance UBS results </a> <a title="Annual Report 2011 - en page 71" href="http://viewer.zmags.com/publication/ec06d4aa?page=71"> 2010 Results In 2010, we reported a Group net </a> <a title="Annual Report 2011 - en page 72" href="http://viewer.zmags.com/publication/ec06d4aa?page=72"> Financial and operating performance UBS results </a> <a title="Annual Report 2011 - en page 73" href="http://viewer.zmags.com/publication/ec06d4aa?page=73"> Swiss Confederation in consideration of the </a> <a title="Annual Report 2011 - en page 74" href="http://viewer.zmags.com/publication/ec06d4aa?page=74"> Financial and operating performance UBS results </a> <a title="Annual Report 2011 - en page 75" href="http://viewer.zmags.com/publication/ec06d4aa?page=75"> CUUGVFGXGNQROGPV %*(DKNNKQP </a> <a title="Annual Report 2011 - en page 76" href="http://viewer.zmags.com/publication/ec06d4aa?page=76"> Financial and operating performance UBS results </a> <a title="Annual Report 2011 - en page 77" href="http://viewer.zmags.com/publication/ec06d4aa?page=77"> (20%), respectively, and ending 2011 at CHF 487 b</a> <a title="Annual Report 2011 - en page 78" href="http://viewer.zmags.com/publication/ec06d4aa?page=78"> Financial and operating performance UBS results </a> <a title="Annual Report 2011 - en page 79" href="http://viewer.zmags.com/publication/ec06d4aa?page=79"> gage-backed securities which are backed by a US g</a> <a title="Annual Report 2011 - en page 80" href="http://viewer.zmags.com/publication/ec06d4aa?page=80"> Financial and operating performance UBS results </a> <a title="Annual Report 2011 - en page 81" href="http://viewer.zmags.com/publication/ec06d4aa?page=81"> Financial instruments not recognized on the balan</a> <a title="Annual Report 2011 - en page 82" href="http://viewer.zmags.com/publication/ec06d4aa?page=82"> Financial and operating performance UBS results </a> <a title="Annual Report 2011 - en page 83" href="http://viewer.zmags.com/publication/ec06d4aa?page=83"> 2010 As of 31 December 2010, cash and cash equiv</a> <a title="Annual Report 2011 - en page 84" href="http://viewer.zmags.com/publication/ec06d4aa?page=84"> Financial and operating performance Wealth Manage</a> <a title="Annual Report 2011 - en page 85" href="http://viewer.zmags.com/publication/ec06d4aa?page=85"> Wealth Management Business unit reporting As of </a> <a title="Annual Report 2011 - en page 86" href="http://viewer.zmags.com/publication/ec06d4aa?page=86"> Financial and operating performance Wealth Manage</a> <a title="Annual Report 2011 - en page 87" href="http://viewer.zmags.com/publication/ec06d4aa?page=87"> 2010 Results In 2010, pre-tax profit increased</a> <a title="Annual Report 2011 - en page 88" href="http://viewer.zmags.com/publication/ec06d4aa?page=88"> Financial and operating performance Wealth Manage</a> <a title="Annual Report 2011 - en page 89" href="http://viewer.zmags.com/publication/ec06d4aa?page=89"> Business performance 2011 Results Pre-tax pr</a> <a title="Annual Report 2011 - en page 90" href="http://viewer.zmags.com/publication/ec06d4aa?page=90"> Financial and operating performance Wealth Manage</a> <a title="Annual Report 2011 - en page 91" href="http://viewer.zmags.com/publication/ec06d4aa?page=91"> Wealth Management Americas Business division r</a> <a title="Annual Report 2011 - en page 92" href="http://viewer.zmags.com/publication/ec06d4aa?page=92"> Financial and operating performance Wealth Manage</a> <a title="Annual Report 2011 - en page 93" href="http://viewer.zmags.com/publication/ec06d4aa?page=93"> Business performance 2011 Results Wealth Man</a> <a title="Annual Report 2011 - en page 94" href="http://viewer.zmags.com/publication/ec06d4aa?page=94"> Financial and operating performance Wealth Manage</a> <a title="Annual Report 2011 - en page 95" href="http://viewer.zmags.com/publication/ec06d4aa?page=95"> 2010 Results Wealth Management Americas report</a> <a title="Annual Report 2011 - en page 96" href="http://viewer.zmags.com/publication/ec06d4aa?page=96"> Financial and operating performance Wealth Manage</a> <a title="Annual Report 2011 - en page 97" href="http://viewer.zmags.com/publication/ec06d4aa?page=97"> Global Asset Management Business division repo</a> <a title="Annual Report 2011 - en page 98" href="http://viewer.zmags.com/publication/ec06d4aa?page=98"> Financial and operating performance Global Asset </a> <a title="Annual Report 2011 - en page 99" href="http://viewer.zmags.com/publication/ec06d4aa?page=99"> Business performance 2011 Results Pre-tax pr</a> <a title="Annual Report 2011 - en page 100" href="http://viewer.zmags.com/publication/ec06d4aa?page=100"> Financial and operating performance Global Asset </a> <a title="Annual Report 2011 - en page 101" href="http://viewer.zmags.com/publication/ec06d4aa?page=101"> US large cap growth select strategy finished well</a> <a title="Annual Report 2011 - en page 102" href="http://viewer.zmags.com/publication/ec06d4aa?page=102"> Financial and operating performance Global Asset </a> <a title="Annual Report 2011 - en page 103" href="http://viewer.zmags.com/publication/ec06d4aa?page=103"> Net new money outflows were CHF 3.2 billion </a> <a title="Annual Report 2011 - en page 104" href="http://viewer.zmags.com/publication/ec06d4aa?page=104"> Financial and operating performance Investment Ba</a> <a title="Annual Report 2011 - en page 105" href="http://viewer.zmags.com/publication/ec06d4aa?page=105"> Business division reporting (continued) As of or </a> <a title="Annual Report 2011 - en page 106" href="http://viewer.zmags.com/publication/ec06d4aa?page=106"> Financial and operating performance Investment Ba</a> <a title="Annual Report 2011 - en page 107" href="http://viewer.zmags.com/publication/ec06d4aa?page=107"> Europe, the Middle East and Africa declined and m</a> <a title="Annual Report 2011 - en page 108" href="http://viewer.zmags.com/publication/ec06d4aa?page=108"> Financial and operating performance Investment Ba</a> <a title="Annual Report 2011 - en page 109" href="http://viewer.zmags.com/publication/ec06d4aa?page=109"> exposure to which was also reduced during this pe</a> <a title="Annual Report 2011 - en page 110" href="http://viewer.zmags.com/publication/ec06d4aa?page=110"> Financial and operating performance Corporate Cen</a> <a title="Annual Report 2011 - en page 111" href="http://viewer.zmags.com/publication/ec06d4aa?page=111"> 2011 Results The Corporate Centre recorded a p</a> <a title="Annual Report 2011 - en page 112" href="http://viewer.zmags.com/publication/ec06d4aa?page=112"> Financial and operating performance Corporate Cen</a> <a title="Annual Report 2011 - en page 113" href="http://viewer.zmags.com/publication/ec06d4aa?page=113"> Risk, treasury and capital management Risk, treas</a> <a title="Annual Report 2011 - en page 114" href="http://viewer.zmags.com/publication/ec06d4aa?page=114"> Risk, treasury and capital management Risk manage</a> <a title="Annual Report 2011 - en page 115" href="http://viewer.zmags.com/publication/ec06d4aa?page=115"> in line with evolving industry practice, we adapt</a> <a title="Annual Report 2011 - en page 116" href="http://viewer.zmags.com/publication/ec06d4aa?page=116"> Risk, treasury and capital management Risk manage</a> <a title="Annual Report 2011 - en page 117" href="http://viewer.zmags.com/publication/ec06d4aa?page=117"> Group risk appetite framework Our risk appetite </a> <a title="Annual Report 2011 - en page 118" href="http://viewer.zmags.com/publication/ec06d4aa?page=118"> Risk, treasury and capital management Risk manage</a> <a title="Annual Report 2011 - en page 119" href="http://viewer.zmags.com/publication/ec06d4aa?page=119"> risk from specific counterparties, sectors or por</a> <a title="Annual Report 2011 - en page 120" href="http://viewer.zmags.com/publication/ec06d4aa?page=120"> Risk, treasury and capital management Risk manage</a> <a title="Annual Report 2011 - en page 121" href="http://viewer.zmags.com/publication/ec06d4aa?page=121"> credit valuation adjustment (CVA) on traded </a> <a title="Annual Report 2011 - en page 122" href="http://viewer.zmags.com/publication/ec06d4aa?page=122"> Risk, treasury and capital management Risk manage</a> <a title="Annual Report 2011 - en page 123" href="http://viewer.zmags.com/publication/ec06d4aa?page=123"> Wealth Management & Swiss Bank: distribution of n</a> <a title="Annual Report 2011 - en page 124" href="http://viewer.zmags.com/publication/ec06d4aa?page=124"> Risk, treasury and capital management Risk manage</a> <a title="Annual Report 2011 - en page 125" href="http://viewer.zmags.com/publication/ec06d4aa?page=125"> The Investment Bank’s net banking products expo</a> <a title="Annual Report 2011 - en page 126" href="http://viewer.zmags.com/publication/ec06d4aa?page=126"> Risk, treasury and capital management Risk manage</a> <a title="Annual Report 2011 - en page 127" href="http://viewer.zmags.com/publication/ec06d4aa?page=127"> Impairment and default – distressed claims Audit</a> <a title="Annual Report 2011 - en page 128" href="http://viewer.zmags.com/publication/ec06d4aa?page=128"> Risk, treasury and capital management Risk manage</a> <a title="Annual Report 2011 - en page 129" href="http://viewer.zmags.com/publication/ec06d4aa?page=129"> Impaired assets by type of financial instrument </a> <a title="Annual Report 2011 - en page 130" href="http://viewer.zmags.com/publication/ec06d4aa?page=130"> Risk, treasury and capital management Risk manage</a> <a title="Annual Report 2011 - en page 131" href="http://viewer.zmags.com/publication/ec06d4aa?page=131"> the underlying reference asset, fell instantaneou</a> <a title="Annual Report 2011 - en page 132" href="http://viewer.zmags.com/publication/ec06d4aa?page=132"> Risk, treasury and capital management Risk manage</a> <a title="Annual Report 2011 - en page 133" href="http://viewer.zmags.com/publication/ec06d4aa?page=133"> 86% of our emerging market country exposures were</a> <a title="Annual Report 2011 - en page 134" href="http://viewer.zmags.com/publication/ec06d4aa?page=134"> Risk, treasury and capital management Risk manage</a> <a title="Annual Report 2011 - en page 135" href="http://viewer.zmags.com/publication/ec06d4aa?page=135"> Market risk Market risk is the risk of loss r</a> <a title="Annual Report 2011 - en page 136" href="http://viewer.zmags.com/publication/ec06d4aa?page=136"> Risk, treasury and capital management Risk manage</a> <a title="Annual Report 2011 - en page 137" href="http://viewer.zmags.com/publication/ec06d4aa?page=137"> with our risk positions, as well as the revenue i</a> <a title="Annual Report 2011 - en page 138" href="http://viewer.zmags.com/publication/ec06d4aa?page=138"> Risk, treasury and capital management Risk manage</a> <a title="Annual Report 2011 - en page 139" href="http://viewer.zmags.com/publication/ec06d4aa?page=139"> rates on client deposit behavior, results in non-</a> <a title="Annual Report 2011 - en page 140" href="http://viewer.zmags.com/publication/ec06d4aa?page=140"> Risk, treasury and capital management Risk manage</a> <a title="Annual Report 2011 - en page 141" href="http://viewer.zmags.com/publication/ec06d4aa?page=141"> targeted stress tests for our concentrated exposu</a> <a title="Annual Report 2011 - en page 142" href="http://viewer.zmags.com/publication/ec06d4aa?page=142"> Risk, treasury and capital management Risk manage</a> <a title="Annual Report 2011 - en page 143" href="http://viewer.zmags.com/publication/ec06d4aa?page=143"> the form of policies. Where the residual operatio</a> <a title="Annual Report 2011 - en page 144" href="http://viewer.zmags.com/publication/ec06d4aa?page=144"> Risk, treasury and capital management Treasury ma</a> <a title="Annual Report 2011 - en page 145" href="http://viewer.zmags.com/publication/ec06d4aa?page=145"> Equity attribution We use an equity attribution </a> <a title="Annual Report 2011 - en page 146" href="http://viewer.zmags.com/publication/ec06d4aa?page=146"> Risk, treasury and capital management Treasury ma</a> <a title="Annual Report 2011 - en page 147" href="http://viewer.zmags.com/publication/ec06d4aa?page=147"> the net cumulative funding requirement for a s</a> <a title="Annual Report 2011 - en page 148" href="http://viewer.zmags.com/publication/ec06d4aa?page=148"> Risk, treasury and capital management Treasury ma</a> <a title="Annual Report 2011 - en page 149" href="http://viewer.zmags.com/publication/ec06d4aa?page=149"> Funding position and diversification As stated, b</a> <a title="Annual Report 2011 - en page 150" href="http://viewer.zmags.com/publication/ec06d4aa?page=150"> Risk, treasury and capital management Treasury ma</a> <a title="Annual Report 2011 - en page 151" href="http://viewer.zmags.com/publication/ec06d4aa?page=151"> Maturity analysis of financial liabilities1 </a> <a title="Annual Report 2011 - en page 152" href="http://viewer.zmags.com/publication/ec06d4aa?page=152"> Risk, treasury and capital management Treasury ma</a> <a title="Annual Report 2011 - en page 153" href="http://viewer.zmags.com/publication/ec06d4aa?page=153"> Interest rate and currency management Manageme</a> <a title="Annual Report 2011 - en page 154" href="http://viewer.zmags.com/publication/ec06d4aa?page=154"> Risk, treasury and capital management Treasury ma</a> <a title="Annual Report 2011 - en page 155" href="http://viewer.zmags.com/publication/ec06d4aa?page=155"> Capital management Eligible capital must be av</a> <a title="Annual Report 2011 - en page 156" href="http://viewer.zmags.com/publication/ec06d4aa?page=156"> Risk, treasury and capital management Capital man</a> <a title="Annual Report 2011 - en page 157" href="http://viewer.zmags.com/publication/ec06d4aa?page=157"> Reconciliation of IFRS equity to BIS capital Base</a> <a title="Annual Report 2011 - en page 158" href="http://viewer.zmags.com/publication/ec06d4aa?page=158"> Risk, treasury and capital management Capital man</a> <a title="Annual Report 2011 - en page 159" href="http://viewer.zmags.com/publication/ec06d4aa?page=159"> “FINMA leverage ratio” shows the FINMA leverage r</a> <a title="Annual Report 2011 - en page 160" href="http://viewer.zmags.com/publication/ec06d4aa?page=160"> Risk, treasury and capital management Capital man</a> <a title="Annual Report 2011 - en page 161" href="http://viewer.zmags.com/publication/ec06d4aa?page=161"> cover future employee option exercises. At the en</a> <a title="Annual Report 2011 - en page 162" href="http://viewer.zmags.com/publication/ec06d4aa?page=162"> Risk, treasury and capital management Capital man</a> <a title="Annual Report 2011 - en page 163" href="http://viewer.zmags.com/publication/ec06d4aa?page=163"> Basel 2.5 Pillar 3 Introduction The capital a</a> <a title="Annual Report 2011 - en page 164" href="http://viewer.zmags.com/publication/ec06d4aa?page=164"> Risk, treasury and capital management Basel 2.5 P</a> <a title="Annual Report 2011 - en page 165" href="http://viewer.zmags.com/publication/ec06d4aa?page=165"> Category UB</a> <a title="Annual Report 2011 - en page 166" href="http://viewer.zmags.com/publication/ec06d4aa?page=166"> Risk, treasury and capital management Basel 2.5 P</a> <a title="Annual Report 2011 - en page 167" href="http://viewer.zmags.com/publication/ec06d4aa?page=167"> Credit risk exposures and RWA This table shows t</a> <a title="Annual Report 2011 - en page 168" href="http://viewer.zmags.com/publication/ec06d4aa?page=168"> Risk, treasury and capital management Basel 2.5 P</a> <a title="Annual Report 2011 - en page 169" href="http://viewer.zmags.com/publication/ec06d4aa?page=169"> Derivation of regulatory net credit exposure Thi</a> <a title="Annual Report 2011 - en page 170" href="http://viewer.zmags.com/publication/ec06d4aa?page=170"> Risk, treasury and capital management Basel 2.5 P</a> <a title="Annual Report 2011 - en page 171" href="http://viewer.zmags.com/publication/ec06d4aa?page=171"> Advanced IRB approach Advanced IRB approach: re</a> <a title="Annual Report 2011 - en page 172" href="http://viewer.zmags.com/publication/ec06d4aa?page=172"> Risk, treasury and capital management Basel 2.5 P</a> <a title="Annual Report 2011 - en page 173" href="http://viewer.zmags.com/publication/ec06d4aa?page=173"> Regulatory gross and net credit exposure by risk </a> <a title="Annual Report 2011 - en page 174" href="http://viewer.zmags.com/publication/ec06d4aa?page=174"> Risk, treasury and capital management Basel 2.5 P</a> <a title="Annual Report 2011 - en page 175" href="http://viewer.zmags.com/publication/ec06d4aa?page=175"> Changes in allowances, provisions and specific cr</a> <a title="Annual Report 2011 - en page 176" href="http://viewer.zmags.com/publication/ec06d4aa?page=176"> Risk, treasury and capital management Basel 2.5 P</a> <a title="Annual Report 2011 - en page 177" href="http://viewer.zmags.com/publication/ec06d4aa?page=177"> Credit derivatives1, 2 This table provides an o</a> <a title="Annual Report 2011 - en page 178" href="http://viewer.zmags.com/publication/ec06d4aa?page=178"> Risk, treasury and capital management Basel 2.5 P</a> <a title="Annual Report 2011 - en page 179" href="http://viewer.zmags.com/publication/ec06d4aa?page=179"> Market risk As a result of the implementation of</a> <a title="Annual Report 2011 - en page 180" href="http://viewer.zmags.com/publication/ec06d4aa?page=180"> Risk, treasury and capital management Basel 2.5 P</a> <a title="Annual Report 2011 - en page 181" href="http://viewer.zmags.com/publication/ec06d4aa?page=181"> Stressed value-at-risk Stressed VaR is a 10­day 9</a> <a title="Annual Report 2011 - en page 182" href="http://viewer.zmags.com/publication/ec06d4aa?page=182"> Risk, treasury and capital management Basel 2.5 P</a> <a title="Annual Report 2011 - en page 183" href="http://viewer.zmags.com/publication/ec06d4aa?page=183"> Securitization This section provides details on </a> <a title="Annual Report 2011 - en page 184" href="http://viewer.zmags.com/publication/ec06d4aa?page=184"> Risk, treasury and capital management Basel 2.5 P</a> <a title="Annual Report 2011 - en page 185" href="http://viewer.zmags.com/publication/ec06d4aa?page=185"> Securitization in the banking book Banking book</a> <a title="Annual Report 2011 - en page 186" href="http://viewer.zmags.com/publication/ec06d4aa?page=186"> Risk, treasury and capital management Basel 2.5 P</a> <a title="Annual Report 2011 - en page 187" href="http://viewer.zmags.com/publication/ec06d4aa?page=187"> Banking book – losses recognized from retained se</a> <a title="Annual Report 2011 - en page 188" href="http://viewer.zmags.com/publication/ec06d4aa?page=188"> Risk, treasury and capital management Basel 2.5 P</a> <a title="Annual Report 2011 - en page 189" href="http://viewer.zmags.com/publication/ec06d4aa?page=189"> Banking book – deductions from eligible capital r</a> <a title="Annual Report 2011 - en page 190" href="http://viewer.zmags.com/publication/ec06d4aa?page=190"> Risk, treasury and capital management Basel 2.5 P</a> <a title="Annual Report 2011 - en page 191" href="http://viewer.zmags.com/publication/ec06d4aa?page=191"> Securitization in the trading book Trading book</a> <a title="Annual Report 2011 - en page 192" href="http://viewer.zmags.com/publication/ec06d4aa?page=192"> Risk, treasury and capital management Basel 2.5 P</a> <a title="Annual Report 2011 - en page 193" href="http://viewer.zmags.com/publication/ec06d4aa?page=193"> Trading book – correlation products subject to th</a> <a title="Annual Report 2011 - en page 194" href="http://viewer.zmags.com/publication/ec06d4aa?page=194"> Risk, treasury and capital management Basel 2.5 P</a> <a title="Annual Report 2011 - en page 195" href="http://viewer.zmags.com/publication/ec06d4aa?page=195"> Trading book – securitization exposures subject t</a> <a title="Annual Report 2011 - en page 196" href="http://viewer.zmags.com/publication/ec06d4aa?page=196"> </a> <a title="Annual Report 2011 - en page 197" href="http://viewer.zmags.com/publication/ec06d4aa?page=197"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 198" href="http://viewer.zmags.com/publication/ec06d4aa?page=198"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 199" href="http://viewer.zmags.com/publication/ec06d4aa?page=199"> Group structure and shareholders UBS Group leg</a> <a title="Annual Report 2011 - en page 200" href="http://viewer.zmags.com/publication/ec06d4aa?page=200"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 201" href="http://viewer.zmags.com/publication/ec06d4aa?page=201"> Capital structure Capital Under Swiss company</a> <a title="Annual Report 2011 - en page 202" href="http://viewer.zmags.com/publication/ec06d4aa?page=202"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 203" href="http://viewer.zmags.com/publication/ec06d4aa?page=203"> At year-end 2011, we owned UBS registered share</a> <a title="Annual Report 2011 - en page 204" href="http://viewer.zmags.com/publication/ec06d4aa?page=204"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 205" href="http://viewer.zmags.com/publication/ec06d4aa?page=205"> Convocation of general meetings of shareholders </a> <a title="Annual Report 2011 - en page 206" href="http://viewer.zmags.com/publication/ec06d4aa?page=206"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 207" href="http://viewer.zmags.com/publication/ec06d4aa?page=207"> Michel Demaré Belgian, born 31 August 1956 ABB Lt</a> <a title="Annual Report 2011 - en page 208" href="http://viewer.zmags.com/publication/ec06d4aa?page=208"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 209" href="http://viewer.zmags.com/publication/ec06d4aa?page=209"> Wolfgang Mayrhuber Austrian, born 22 March 1947 D</a> <a title="Annual Report 2011 - en page 210" href="http://viewer.zmags.com/publication/ec06d4aa?page=210"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 211" href="http://viewer.zmags.com/publication/ec06d4aa?page=211"> the BoD and its Committees are functioning effect</a> <a title="Annual Report 2011 - en page 212" href="http://viewer.zmags.com/publication/ec06d4aa?page=212"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 213" href="http://viewer.zmags.com/publication/ec06d4aa?page=213"> of three and a half hours each. The Senior Indepe</a> <a title="Annual Report 2011 - en page 214" href="http://viewer.zmags.com/publication/ec06d4aa?page=214"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 215" href="http://viewer.zmags.com/publication/ec06d4aa?page=215"> John A. Fraser Australian and British, born 8 Aug</a> <a title="Annual Report 2011 - en page 216" href="http://viewer.zmags.com/publication/ec06d4aa?page=216"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 217" href="http://viewer.zmags.com/publication/ec06d4aa?page=217"> Tom Naratil American (US), born 1 December 1961 U</a> <a title="Annual Report 2011 - en page 218" href="http://viewer.zmags.com/publication/ec06d4aa?page=218"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 219" href="http://viewer.zmags.com/publication/ec06d4aa?page=219"> Change of control and defense measures We ref</a> <a title="Annual Report 2011 - en page 220" href="http://viewer.zmags.com/publication/ec06d4aa?page=220"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 221" href="http://viewer.zmags.com/publication/ec06d4aa?page=221"> Fees paid to external independent auditors UBS p</a> <a title="Annual Report 2011 - en page 222" href="http://viewer.zmags.com/publication/ec06d4aa?page=222"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 223" href="http://viewer.zmags.com/publication/ec06d4aa?page=223"> We are committed to maintaining the transparen</a> <a title="Annual Report 2011 - en page 224" href="http://viewer.zmags.com/publication/ec06d4aa?page=224"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 225" href="http://viewer.zmags.com/publication/ec06d4aa?page=225"> In 2011, BoD member Wolfgang Mayrhuber became </a> <a title="Annual Report 2011 - en page 226" href="http://viewer.zmags.com/publication/ec06d4aa?page=226"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 227" href="http://viewer.zmags.com/publication/ec06d4aa?page=227"> ernmental organizations on the subjects of defore</a> <a title="Annual Report 2011 - en page 228" href="http://viewer.zmags.com/publication/ec06d4aa?page=228"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 229" href="http://viewer.zmags.com/publication/ec06d4aa?page=229"> All commercial activities that: – engage in chil</a> <a title="Annual Report 2011 - en page 230" href="http://viewer.zmags.com/publication/ec06d4aa?page=230"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 231" href="http://viewer.zmags.com/publication/ec06d4aa?page=231"> tive and negative feedback on relevant ESG issues</a> <a title="Annual Report 2011 - en page 232" href="http://viewer.zmags.com/publication/ec06d4aa?page=232"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 233" href="http://viewer.zmags.com/publication/ec06d4aa?page=233"> Environmental indicators1 20112 </a> <a title="Annual Report 2011 - en page 234" href="http://viewer.zmags.com/publication/ec06d4aa?page=234"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 235" href="http://viewer.zmags.com/publication/ec06d4aa?page=235"> again made valuable contributions to important so</a> <a title="Annual Report 2011 - en page 236" href="http://viewer.zmags.com/publication/ec06d4aa?page=236"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 237" href="http://viewer.zmags.com/publication/ec06d4aa?page=237"> ployees transferred between business divisions, c</a> <a title="Annual Report 2011 - en page 238" href="http://viewer.zmags.com/publication/ec06d4aa?page=238"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 239" href="http://viewer.zmags.com/publication/ec06d4aa?page=239"> Education and talent development We take a struc</a> <a title="Annual Report 2011 - en page 240" href="http://viewer.zmags.com/publication/ec06d4aa?page=240"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 241" href="http://viewer.zmags.com/publication/ec06d4aa?page=241"> as finances, family, bereavement and legal / cons</a> <a title="Annual Report 2011 - en page 242" href="http://viewer.zmags.com/publication/ec06d4aa?page=242"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 243" href="http://viewer.zmags.com/publication/ec06d4aa?page=243"> Corporate governance, responsibility and compensa</a> <a title="Annual Report 2011 - en page 244" href="http://viewer.zmags.com/publication/ec06d4aa?page=244"> Advisory vote Corporate governance, responsibilit</a> <a title="Annual Report 2011 - en page 245" href="http://viewer.zmags.com/publication/ec06d4aa?page=245"> weaker share price performance had on the value o</a> <a title="Annual Report 2011 - en page 246" href="http://viewer.zmags.com/publication/ec06d4aa?page=246"> Advisory vote Corporate governance, responsibilit</a> <a title="Annual Report 2011 - en page 247" href="http://viewer.zmags.com/publication/ec06d4aa?page=247"> levels of the organization. Towers Watson has no </a> <a title="Annual Report 2011 - en page 248" href="http://viewer.zmags.com/publication/ec06d4aa?page=248"> Advisory vote Corporate governance, responsibilit</a> <a title="Annual Report 2011 - en page 249" href="http://viewer.zmags.com/publication/ec06d4aa?page=249"> takes into account the long-term risk impact of e</a> <a title="Annual Report 2011 - en page 250" href="http://viewer.zmags.com/publication/ec06d4aa?page=250"> Advisory vote Corporate governance, responsibilit</a> <a title="Annual Report 2011 - en page 251" href="http://viewer.zmags.com/publication/ec06d4aa?page=251"> Overview of our compensation model Our compen</a> <a title="Annual Report 2011 - en page 252" href="http://viewer.zmags.com/publication/ec06d4aa?page=252"> Advisory vote Corporate governance, responsibilit</a> <a title="Annual Report 2011 - en page 253" href="http://viewer.zmags.com/publication/ec06d4aa?page=253"> Impact of the unauthorized trading incident The </a> <a title="Annual Report 2011 - en page 254" href="http://viewer.zmags.com/publication/ec06d4aa?page=254"> Advisory vote Corporate governance, responsibilit</a> <a title="Annual Report 2011 - en page 255" href="http://viewer.zmags.com/publication/ec06d4aa?page=255"> Sign-on payments, severance payments and guarante</a> <a title="Annual Report 2011 - en page 256" href="http://viewer.zmags.com/publication/ec06d4aa?page=256"> Advisory vote Corporate governance, responsibilit</a> <a title="Annual Report 2011 - en page 257" href="http://viewer.zmags.com/publication/ec06d4aa?page=257"> proximately 1,000 senior executives, employees wh</a> <a title="Annual Report 2011 - en page 258" href="http://viewer.zmags.com/publication/ec06d4aa?page=258"> Advisory vote Corporate governance, responsibilit</a> <a title="Annual Report 2011 - en page 259" href="http://viewer.zmags.com/publication/ec06d4aa?page=259"> Deferred variable compensation plans Apart fr</a> <a title="Annual Report 2011 - en page 260" href="http://viewer.zmags.com/publication/ec06d4aa?page=260"> Advisory vote Corporate governance, responsibilit</a> <a title="Annual Report 2011 - en page 261" href="http://viewer.zmags.com/publication/ec06d4aa?page=261"> Performance Equity Plan Plan type – UBS share pl</a> <a title="Annual Report 2011 - en page 262" href="http://viewer.zmags.com/publication/ec06d4aa?page=262"> Advisory vote Corporate governance, responsibilit</a> <a title="Annual Report 2011 - en page 263" href="http://viewer.zmags.com/publication/ec06d4aa?page=263"> Equity Ownership Plan Plan type – UBS share plan</a> <a title="Annual Report 2011 - en page 264" href="http://viewer.zmags.com/publication/ec06d4aa?page=264"> Advisory vote Corporate governance, responsibilit</a> <a title="Annual Report 2011 - en page 265" href="http://viewer.zmags.com/publication/ec06d4aa?page=265"> Compensation funding and expenses How we deter</a> <a title="Annual Report 2011 - en page 266" href="http://viewer.zmags.com/publication/ec06d4aa?page=266"> Advisory vote Corporate governance, responsibilit</a> <a title="Annual Report 2011 - en page 267" href="http://viewer.zmags.com/publication/ec06d4aa?page=267"> Total variable compensation1 </a> <a title="Annual Report 2011 - en page 268" href="http://viewer.zmags.com/publication/ec06d4aa?page=268"> Advisory vote Corporate governance, responsibilit</a> <a title="Annual Report 2011 - en page 269" href="http://viewer.zmags.com/publication/ec06d4aa?page=269"> Ex-post explicit and implicit adjustments to defe</a> <a title="Annual Report 2011 - en page 270" href="http://viewer.zmags.com/publication/ec06d4aa?page=270"> Advisory vote Corporate governance, responsibilit</a> <a title="Annual Report 2011 - en page 271" href="http://viewer.zmags.com/publication/ec06d4aa?page=271"> framework provides for the Chairman to receive a </a> <a title="Annual Report 2011 - en page 272" href="http://viewer.zmags.com/publication/ec06d4aa?page=272"> Advisory vote Corporate governance, responsibilit</a> <a title="Annual Report 2011 - en page 273" href="http://viewer.zmags.com/publication/ec06d4aa?page=273"> Share and option ownership / entitlements of GEB </a> <a title="Annual Report 2011 - en page 274" href="http://viewer.zmags.com/publication/ec06d4aa?page=274"> Advisory vote Corporate governance, responsibilit</a> <a title="Annual Report 2011 - en page 275" href="http://viewer.zmags.com/publication/ec06d4aa?page=275"> Total payments to BoD members CHF, except where i</a> <a title="Annual Report 2011 - en page 276" href="http://viewer.zmags.com/publication/ec06d4aa?page=276"> Advisory vote Corporate governance, responsibilit</a> <a title="Annual Report 2011 - en page 277" href="http://viewer.zmags.com/publication/ec06d4aa?page=277"> Total For the number of Number of Year o</a> <a title="Annual Report 2011 - en page 278" href="http://viewer.zmags.com/publication/ec06d4aa?page=278"> Advisory vote Corporate governance, responsibilit</a> <a title="Annual Report 2011 - en page 279" href="http://viewer.zmags.com/publication/ec06d4aa?page=279"> Total For the number of Number of Year o</a> <a title="Annual Report 2011 - en page 280" href="http://viewer.zmags.com/publication/ec06d4aa?page=280"> Advisory vote Corporate governance, responsibilit</a> <a title="Annual Report 2011 - en page 281" href="http://viewer.zmags.com/publication/ec06d4aa?page=281"> Financial information</a> <a title="Annual Report 2011 - en page 282" href="http://viewer.zmags.com/publication/ec06d4aa?page=282"> Financial information Table of contents </a> <a title="Annual Report 2011 - en page 283" href="http://viewer.zmags.com/publication/ec06d4aa?page=283"> 411 UBS AG (Parent Bank) </a> <a title="Annual Report 2011 - en page 284" href="http://viewer.zmags.com/publication/ec06d4aa?page=284"> Financial information Introduction and a</a> <a title="Annual Report 2011 - en page 285" href="http://viewer.zmags.com/publication/ec06d4aa?page=285"> Update on internal control over financial reporti</a> <a title="Annual Report 2011 - en page 286" href="http://viewer.zmags.com/publication/ec06d4aa?page=286"> Financial information Consolidated financial stat</a> <a title="Annual Report 2011 - en page 287" href="http://viewer.zmags.com/publication/ec06d4aa?page=287"> 285 Financial information</a> <a title="Annual Report 2011 - en page 288" href="http://viewer.zmags.com/publication/ec06d4aa?page=288"> Financial information Consolidated financial stat</a> <a title="Annual Report 2011 - en page 289" href="http://viewer.zmags.com/publication/ec06d4aa?page=289"> 287 Financial information</a> <a title="Annual Report 2011 - en page 290" href="http://viewer.zmags.com/publication/ec06d4aa?page=290"> Financial information Consolidated financial stat</a> <a title="Annual Report 2011 - en page 291" href="http://viewer.zmags.com/publication/ec06d4aa?page=291"> Income statement For the year ended </a> <a title="Annual Report 2011 - en page 292" href="http://viewer.zmags.com/publication/ec06d4aa?page=292"> Financial information Consolidated financial stat</a> <a title="Annual Report 2011 - en page 293" href="http://viewer.zmags.com/publication/ec06d4aa?page=293"> Balance sheet % change from CHF million </a> <a title="Annual Report 2011 - en page 294" href="http://viewer.zmags.com/publication/ec06d4aa?page=294"> Financial information Consolidated financial stat</a> <a title="Annual Report 2011 - en page 295" href="http://viewer.zmags.com/publication/ec06d4aa?page=295"> </a> <a title="Annual Report 2011 - en page 296" href="http://viewer.zmags.com/publication/ec06d4aa?page=296"> Financial information Consolidated financial stat</a> <a title="Annual Report 2011 - en page 297" href="http://viewer.zmags.com/publication/ec06d4aa?page=297"> Statement of cash flows For the year ended CHF mi</a> <a title="Annual Report 2011 - en page 298" href="http://viewer.zmags.com/publication/ec06d4aa?page=298"> Financial information Consolidated financial stat</a> <a title="Annual Report 2011 - en page 299" href="http://viewer.zmags.com/publication/ec06d4aa?page=299"> Notes to the consolidated financial statements </a> <a title="Annual Report 2011 - en page 300" href="http://viewer.zmags.com/publication/ec06d4aa?page=300"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 301" href="http://viewer.zmags.com/publication/ec06d4aa?page=301"> Note 1 Summary of significant accounting policies</a> <a title="Annual Report 2011 - en page 302" href="http://viewer.zmags.com/publication/ec06d4aa?page=302"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 303" href="http://viewer.zmags.com/publication/ec06d4aa?page=303"> Note 1 Summary of significant accounting policies</a> <a title="Annual Report 2011 - en page 304" href="http://viewer.zmags.com/publication/ec06d4aa?page=304"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 305" href="http://viewer.zmags.com/publication/ec06d4aa?page=305"> Note 1 Summary of significant accounting policies</a> <a title="Annual Report 2011 - en page 306" href="http://viewer.zmags.com/publication/ec06d4aa?page=306"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 307" href="http://viewer.zmags.com/publication/ec06d4aa?page=307"> Note 1 Summary of significant accounting policies</a> <a title="Annual Report 2011 - en page 308" href="http://viewer.zmags.com/publication/ec06d4aa?page=308"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 309" href="http://viewer.zmags.com/publication/ec06d4aa?page=309"> Note 1 Summary of significant accounting policies</a> <a title="Annual Report 2011 - en page 310" href="http://viewer.zmags.com/publication/ec06d4aa?page=310"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 311" href="http://viewer.zmags.com/publication/ec06d4aa?page=311"> Note 1 Summary of significant accounting policies</a> <a title="Annual Report 2011 - en page 312" href="http://viewer.zmags.com/publication/ec06d4aa?page=312"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 313" href="http://viewer.zmags.com/publication/ec06d4aa?page=313"> Note 1 Summary of significant accounting policies</a> <a title="Annual Report 2011 - en page 314" href="http://viewer.zmags.com/publication/ec06d4aa?page=314"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 315" href="http://viewer.zmags.com/publication/ec06d4aa?page=315"> Note 1 Summary of significant accounting policies</a> <a title="Annual Report 2011 - en page 316" href="http://viewer.zmags.com/publication/ec06d4aa?page=316"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 317" href="http://viewer.zmags.com/publication/ec06d4aa?page=317"> Note 1 Summary of significant accounting policies</a> <a title="Annual Report 2011 - en page 318" href="http://viewer.zmags.com/publication/ec06d4aa?page=318"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 319" href="http://viewer.zmags.com/publication/ec06d4aa?page=319"> Note 1 Summary of significant accounting policies</a> <a title="Annual Report 2011 - en page 320" href="http://viewer.zmags.com/publication/ec06d4aa?page=320"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 321" href="http://viewer.zmags.com/publication/ec06d4aa?page=321"> Note 2a Segment reportin g UBS AG is the parent</a> <a title="Annual Report 2011 - en page 322" href="http://viewer.zmags.com/publication/ec06d4aa?page=322"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 323" href="http://viewer.zmags.com/publication/ec06d4aa?page=323"> Note 2a Segment reporting (continued) Transactio</a> <a title="Annual Report 2011 - en page 324" href="http://viewer.zmags.com/publication/ec06d4aa?page=324"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 325" href="http://viewer.zmags.com/publication/ec06d4aa?page=325"> Note 2b Segment reporting by geographic location </a> <a title="Annual Report 2011 - en page 326" href="http://viewer.zmags.com/publication/ec06d4aa?page=326"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 327" href="http://viewer.zmags.com/publication/ec06d4aa?page=327"> Note 3 Net interest and trading income (continued</a> <a title="Annual Report 2011 - en page 328" href="http://viewer.zmags.com/publication/ec06d4aa?page=328"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 329" href="http://viewer.zmags.com/publication/ec06d4aa?page=329"> Note 6 Personnel expenses For the year ended </a> <a title="Annual Report 2011 - en page 330" href="http://viewer.zmags.com/publication/ec06d4aa?page=330"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 331" href="http://viewer.zmags.com/publication/ec06d4aa?page=331"> Balance sheet notes: asset s Note 9a Due from</a> <a title="Annual Report 2011 - en page 332" href="http://viewer.zmags.com/publication/ec06d4aa?page=332"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 333" href="http://viewer.zmags.com/publication/ec06d4aa?page=333"> Note 11 Trading portfolio CHF million </a> <a title="Annual Report 2011 - en page 334" href="http://viewer.zmags.com/publication/ec06d4aa?page=334"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 335" href="http://viewer.zmags.com/publication/ec06d4aa?page=335"> Note 12 Financial assets designated at fair value</a> <a title="Annual Report 2011 - en page 336" href="http://viewer.zmags.com/publication/ec06d4aa?page=336"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 337" href="http://viewer.zmags.com/publication/ec06d4aa?page=337"> Note 14 Investments in associates CHF million </a> <a title="Annual Report 2011 - en page 338" href="http://viewer.zmags.com/publication/ec06d4aa?page=338"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 339" href="http://viewer.zmags.com/publication/ec06d4aa?page=339"> Note 16 Goodwill and intangible assets (continued</a> <a title="Annual Report 2011 - en page 340" href="http://viewer.zmags.com/publication/ec06d4aa?page=340"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 341" href="http://viewer.zmags.com/publication/ec06d4aa?page=341"> Balance sheet notes: liabilitie s Note 18 Due</a> <a title="Annual Report 2011 - en page 342" href="http://viewer.zmags.com/publication/ec06d4aa?page=342"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 343" href="http://viewer.zmags.com/publication/ec06d4aa?page=343"> Note 20 Other liabilities CHF million </a> <a title="Annual Report 2011 - en page 344" href="http://viewer.zmags.com/publication/ec06d4aa?page=344"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 345" href="http://viewer.zmags.com/publication/ec06d4aa?page=345"> Note 21 Provisions and contingent liabilities (co</a> <a title="Annual Report 2011 - en page 346" href="http://viewer.zmags.com/publication/ec06d4aa?page=346"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 347" href="http://viewer.zmags.com/publication/ec06d4aa?page=347"> Note 21 Provisions and contingent liabilities (co</a> <a title="Annual Report 2011 - en page 348" href="http://viewer.zmags.com/publication/ec06d4aa?page=348"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 349" href="http://viewer.zmags.com/publication/ec06d4aa?page=349"> Note 21 Provisions and contingent liabilities (co</a> <a title="Annual Report 2011 - en page 350" href="http://viewer.zmags.com/publication/ec06d4aa?page=350"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 351" href="http://viewer.zmags.com/publication/ec06d4aa?page=351"> Note 22 Income taxes For the year ended CHF milli</a> <a title="Annual Report 2011 - en page 352" href="http://viewer.zmags.com/publication/ec06d4aa?page=352"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 353" href="http://viewer.zmags.com/publication/ec06d4aa?page=353"> Note 23 Derivative instruments and hedge accounti</a> <a title="Annual Report 2011 - en page 354" href="http://viewer.zmags.com/publication/ec06d4aa?page=354"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 355" href="http://viewer.zmags.com/publication/ec06d4aa?page=355"> Note 23 Derivative instruments and hedge accounti</a> <a title="Annual Report 2011 - en page 356" href="http://viewer.zmags.com/publication/ec06d4aa?page=356"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 357" href="http://viewer.zmags.com/publication/ec06d4aa?page=357"> Note 23 Derivative instruments and hedge accounti</a> <a title="Annual Report 2011 - en page 358" href="http://viewer.zmags.com/publication/ec06d4aa?page=358"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 359" href="http://viewer.zmags.com/publication/ec06d4aa?page=359"> Note 23 Derivative instruments and hedge accounti</a> <a title="Annual Report 2011 - en page 360" href="http://viewer.zmags.com/publication/ec06d4aa?page=360"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 361" href="http://viewer.zmags.com/publication/ec06d4aa?page=361"> Additional information Note 26 Fair value of f</a> <a title="Annual Report 2011 - en page 362" href="http://viewer.zmags.com/publication/ec06d4aa?page=362"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 363" href="http://viewer.zmags.com/publication/ec06d4aa?page=363"> Note 26 Fair value of financial instruments (cont</a> <a title="Annual Report 2011 - en page 364" href="http://viewer.zmags.com/publication/ec06d4aa?page=364"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 365" href="http://viewer.zmags.com/publication/ec06d4aa?page=365"> Note 26 Fair value of financial instruments (cont</a> <a title="Annual Report 2011 - en page 366" href="http://viewer.zmags.com/publication/ec06d4aa?page=366"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 367" href="http://viewer.zmags.com/publication/ec06d4aa?page=367"> Note 26 Fair value of financial instruments (cont</a> <a title="Annual Report 2011 - en page 368" href="http://viewer.zmags.com/publication/ec06d4aa?page=368"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 369" href="http://viewer.zmags.com/publication/ec06d4aa?page=369"> Note 26 Fair value of financial instruments (cont</a> <a title="Annual Report 2011 - en page 370" href="http://viewer.zmags.com/publication/ec06d4aa?page=370"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 371" href="http://viewer.zmags.com/publication/ec06d4aa?page=371"> Note 26 Fair value of financial instruments (cont</a> <a title="Annual Report 2011 - en page 372" href="http://viewer.zmags.com/publication/ec06d4aa?page=372"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 373" href="http://viewer.zmags.com/publication/ec06d4aa?page=373"> Note 28 Measurement categories of financial asset</a> <a title="Annual Report 2011 - en page 374" href="http://viewer.zmags.com/publication/ec06d4aa?page=374"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 375" href="http://viewer.zmags.com/publication/ec06d4aa?page=375"> Note 28 Measurement categories of financial asset</a> <a title="Annual Report 2011 - en page 376" href="http://viewer.zmags.com/publication/ec06d4aa?page=376"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 377" href="http://viewer.zmags.com/publication/ec06d4aa?page=377"> Note 29 Pension and other post-employment benefit</a> <a title="Annual Report 2011 - en page 378" href="http://viewer.zmags.com/publication/ec06d4aa?page=378"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 379" href="http://viewer.zmags.com/publication/ec06d4aa?page=379"> Note 29 Pension and other post-employment benefit</a> <a title="Annual Report 2011 - en page 380" href="http://viewer.zmags.com/publication/ec06d4aa?page=380"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 381" href="http://viewer.zmags.com/publication/ec06d4aa?page=381"> Note 29 Pension and other post-employment benefit</a> <a title="Annual Report 2011 - en page 382" href="http://viewer.zmags.com/publication/ec06d4aa?page=382"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 383" href="http://viewer.zmags.com/publication/ec06d4aa?page=383"> Note 30 Equity participation and other compensati</a> <a title="Annual Report 2011 - en page 384" href="http://viewer.zmags.com/publication/ec06d4aa?page=384"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 385" href="http://viewer.zmags.com/publication/ec06d4aa?page=385"> Note 30 Equity participation and other compensati</a> <a title="Annual Report 2011 - en page 386" href="http://viewer.zmags.com/publication/ec06d4aa?page=386"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 387" href="http://viewer.zmags.com/publication/ec06d4aa?page=387"> Note 30 Equity participation and other compensati</a> <a title="Annual Report 2011 - en page 388" href="http://viewer.zmags.com/publication/ec06d4aa?page=388"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 389" href="http://viewer.zmags.com/publication/ec06d4aa?page=389"> Note 30 Equity participation and other compensati</a> <a title="Annual Report 2011 - en page 390" href="http://viewer.zmags.com/publication/ec06d4aa?page=390"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 391" href="http://viewer.zmags.com/publication/ec06d4aa?page=391"> Note 30 Equity participation and other compensati</a> <a title="Annual Report 2011 - en page 392" href="http://viewer.zmags.com/publication/ec06d4aa?page=392"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 393" href="http://viewer.zmags.com/publication/ec06d4aa?page=393"> Note 31 Related parties The Group defines relate</a> <a title="Annual Report 2011 - en page 394" href="http://viewer.zmags.com/publication/ec06d4aa?page=394"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 395" href="http://viewer.zmags.com/publication/ec06d4aa?page=395"> Note 31 Related parties (continued) e) Other rela</a> <a title="Annual Report 2011 - en page 396" href="http://viewer.zmags.com/publication/ec06d4aa?page=396"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 397" href="http://viewer.zmags.com/publication/ec06d4aa?page=397"> Note 33 Significant subsidiaries and associates (</a> <a title="Annual Report 2011 - en page 398" href="http://viewer.zmags.com/publication/ec06d4aa?page=398"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 399" href="http://viewer.zmags.com/publication/ec06d4aa?page=399"> Note 33 Significant subsidiaries and associates (</a> <a title="Annual Report 2011 - en page 400" href="http://viewer.zmags.com/publication/ec06d4aa?page=400"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 401" href="http://viewer.zmags.com/publication/ec06d4aa?page=401"> Note 37 Reorganizations and disposals Restructur</a> <a title="Annual Report 2011 - en page 402" href="http://viewer.zmags.com/publication/ec06d4aa?page=402"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 403" href="http://viewer.zmags.com/publication/ec06d4aa?page=403"> Note 39 Swiss banking law requirements (continued</a> <a title="Annual Report 2011 - en page 404" href="http://viewer.zmags.com/publication/ec06d4aa?page=404"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 405" href="http://viewer.zmags.com/publication/ec06d4aa?page=405"> Note 40 Supplemental guarantor information requir</a> <a title="Annual Report 2011 - en page 406" href="http://viewer.zmags.com/publication/ec06d4aa?page=406"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 407" href="http://viewer.zmags.com/publication/ec06d4aa?page=407"> Note 40 Supplemental guarantor information requir</a> <a title="Annual Report 2011 - en page 408" href="http://viewer.zmags.com/publication/ec06d4aa?page=408"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 409" href="http://viewer.zmags.com/publication/ec06d4aa?page=409"> Note 40 Supplemental guarantor information requir</a> <a title="Annual Report 2011 - en page 410" href="http://viewer.zmags.com/publication/ec06d4aa?page=410"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 411" href="http://viewer.zmags.com/publication/ec06d4aa?page=411"> Note 40 Supplemental guarantor information requir</a> <a title="Annual Report 2011 - en page 412" href="http://viewer.zmags.com/publication/ec06d4aa?page=412"> Financial information Notes to the consolidated f</a> <a title="Annual Report 2011 - en page 413" href="http://viewer.zmags.com/publication/ec06d4aa?page=413"> UBS AG (Parent Bank) Parent Bank review Inco</a> <a title="Annual Report 2011 - en page 414" href="http://viewer.zmags.com/publication/ec06d4aa?page=414"> Financial information UBS AG (Parent Bank) </a> <a title="Annual Report 2011 - en page 415" href="http://viewer.zmags.com/publication/ec06d4aa?page=415"> rowing of CHF 14 billion as well as reduced secur</a> <a title="Annual Report 2011 - en page 416" href="http://viewer.zmags.com/publication/ec06d4aa?page=416"> Financial information UBS AG (Parent Bank) </a> <a title="Annual Report 2011 - en page 417" href="http://viewer.zmags.com/publication/ec06d4aa?page=417"> Balance sheet </a> <a title="Annual Report 2011 - en page 418" href="http://viewer.zmags.com/publication/ec06d4aa?page=418"> Financial information UBS AG (Parent Bank) </a> <a title="Annual Report 2011 - en page 419" href="http://viewer.zmags.com/publication/ec06d4aa?page=419"> Notes to the Parent Bank financial statements </a> <a title="Annual Report 2011 - en page 420" href="http://viewer.zmags.com/publication/ec06d4aa?page=420"> Financial information UBS AG (Parent Bank) </a> <a title="Annual Report 2011 - en page 421" href="http://viewer.zmags.com/publication/ec06d4aa?page=421"> Note 2 Accounting policies (continued) Investmen</a> <a title="Annual Report 2011 - en page 422" href="http://viewer.zmags.com/publication/ec06d4aa?page=422"> Financial information UBS AG (Parent Bank) </a> <a title="Annual Report 2011 - en page 423" href="http://viewer.zmags.com/publication/ec06d4aa?page=423"> Additional balance sheet information Note 5 Ot</a> <a title="Annual Report 2011 - en page 424" href="http://viewer.zmags.com/publication/ec06d4aa?page=424"> Financial information UBS AG (Parent Bank) </a> <a title="Annual Report 2011 - en page 425" href="http://viewer.zmags.com/publication/ec06d4aa?page=425"> Note 10 Share capital and significant shareholder</a> <a title="Annual Report 2011 - en page 426" href="http://viewer.zmags.com/publication/ec06d4aa?page=426"> Financial information UBS AG (Parent Bank) </a> <a title="Annual Report 2011 - en page 427" href="http://viewer.zmags.com/publication/ec06d4aa?page=427"> Off-balance-sheet and other information Note 1</a> <a title="Annual Report 2011 - en page 428" href="http://viewer.zmags.com/publication/ec06d4aa?page=428"> Financial information UBS AG (Parent Bank) </a> <a title="Annual Report 2011 - en page 429" href="http://viewer.zmags.com/publication/ec06d4aa?page=429"> Share and option ownership / entitlements of GEB </a> <a title="Annual Report 2011 - en page 430" href="http://viewer.zmags.com/publication/ec06d4aa?page=430"> Financial information UBS AG (Parent Bank) </a> <a title="Annual Report 2011 - en page 431" href="http://viewer.zmags.com/publication/ec06d4aa?page=431"> Total payments to BoD members CHF, except where i</a> <a title="Annual Report 2011 - en page 432" href="http://viewer.zmags.com/publication/ec06d4aa?page=432"> Financial information UBS AG (Parent Bank) </a> <a title="Annual Report 2011 - en page 433" href="http://viewer.zmags.com/publication/ec06d4aa?page=433"> Vested and unvested options of GEB members on 31 </a> <a title="Annual Report 2011 - en page 434" href="http://viewer.zmags.com/publication/ec06d4aa?page=434"> Financial information UBS AG (Parent Bank) </a> <a title="Annual Report 2011 - en page 435" href="http://viewer.zmags.com/publication/ec06d4aa?page=435"> Vested and unvested options of GEB members on 31 </a> <a title="Annual Report 2011 - en page 436" href="http://viewer.zmags.com/publication/ec06d4aa?page=436"> Financial information UBS AG (Parent Bank) </a> <a title="Annual Report 2011 - en page 437" href="http://viewer.zmags.com/publication/ec06d4aa?page=437"> 435 Financial information</a> <a title="Annual Report 2011 - en page 438" href="http://viewer.zmags.com/publication/ec06d4aa?page=438"> Financial information UBS AG (Parent Bank) </a> <a title="Annual Report 2011 - en page 439" href="http://viewer.zmags.com/publication/ec06d4aa?page=439"> 437 Financial information</a> <a title="Annual Report 2011 - en page 440" href="http://viewer.zmags.com/publication/ec06d4aa?page=440"> </a> <a title="Annual Report 2011 - en page 441" href="http://viewer.zmags.com/publication/ec06d4aa?page=441"> Additional disclosure required under SEC regulati</a> <a title="Annual Report 2011 - en page 442" href="http://viewer.zmags.com/publication/ec06d4aa?page=442"> Financial information Additional disclosure requi</a> <a title="Annual Report 2011 - en page 443" href="http://viewer.zmags.com/publication/ec06d4aa?page=443"> Key figures As of or for the year ended CHF milli</a> <a title="Annual Report 2011 - en page 444" href="http://viewer.zmags.com/publication/ec06d4aa?page=444"> Financial information Additional disclosure requi</a> <a title="Annual Report 2011 - en page 445" href="http://viewer.zmags.com/publication/ec06d4aa?page=445"> Balance sheet data CHF million </a> <a title="Annual Report 2011 - en page 446" href="http://viewer.zmags.com/publication/ec06d4aa?page=446"> Financial information Additional disclosure requi</a> <a title="Annual Report 2011 - en page 447" href="http://viewer.zmags.com/publication/ec06d4aa?page=447"> D – Information required by industry guide 3 S</a> <a title="Annual Report 2011 - en page 448" href="http://viewer.zmags.com/publication/ec06d4aa?page=448"> Financial information Additional disclosure requi</a> <a title="Annual Report 2011 - en page 449" href="http://viewer.zmags.com/publication/ec06d4aa?page=449"> Average balances and interest rates (continued) 3</a> <a title="Annual Report 2011 - en page 450" href="http://viewer.zmags.com/publication/ec06d4aa?page=450"> Financial information Additional disclosure requi</a> <a title="Annual Report 2011 - en page 451" href="http://viewer.zmags.com/publication/ec06d4aa?page=451"> Analysis of changes in interest income and expens</a> <a title="Annual Report 2011 - en page 452" href="http://viewer.zmags.com/publication/ec06d4aa?page=452"> Financial information Additional disclosure requi</a> <a title="Annual Report 2011 - en page 453" href="http://viewer.zmags.com/publication/ec06d4aa?page=453"> Short-term borrowings The following table presen</a> <a title="Annual Report 2011 - en page 454" href="http://viewer.zmags.com/publication/ec06d4aa?page=454"> Financial information Additional disclosure requi</a> <a title="Annual Report 2011 - en page 455" href="http://viewer.zmags.com/publication/ec06d4aa?page=455"> Due from banks and loans (gross) (continued) The</a> <a title="Annual Report 2011 - en page 456" href="http://viewer.zmags.com/publication/ec06d4aa?page=456"> Financial information Additional disclosure requi</a> <a title="Annual Report 2011 - en page 457" href="http://viewer.zmags.com/publication/ec06d4aa?page=457"> Cross-border outstandings Cross-border outstandi</a> <a title="Annual Report 2011 - en page 458" href="http://viewer.zmags.com/publication/ec06d4aa?page=458"> Financial information Additional disclosure requi</a> <a title="Annual Report 2011 - en page 459" href="http://viewer.zmags.com/publication/ec06d4aa?page=459"> Allocation of the allowances and provisions for c</a> <a title="Annual Report 2011 - en page 460" href="http://viewer.zmags.com/publication/ec06d4aa?page=460"> Financial information Additional disclosure requi</a> <a title="Annual Report 2011 - en page 461" href="http://viewer.zmags.com/publication/ec06d4aa?page=461"> Loss history statistics CHF million, except where</a> <a title="Annual Report 2011 - en page 462" href="http://viewer.zmags.com/publication/ec06d4aa?page=462"> </a> <a title="Annual Report 2011 - en page 463" href="http://viewer.zmags.com/publication/ec06d4aa?page=463"> UBS registered shares 7$5UJCTGRTKEGEJCTVXU&QY,</a> <a title="Annual Report 2011 - en page 464" href="http://viewer.zmags.com/publication/ec06d4aa?page=464"> Annual Report 2011 Information sources </a> <a title="Annual Report 2011 - en page 465" href="http://viewer.zmags.com/publication/ec06d4aa?page=465"> Corporate information The legal and commercial n</a> <a title="Annual Report 2011 - en page 466" href="http://viewer.zmags.com/publication/ec06d4aa?page=466"> Annual Report 2011 </a> <a title="Annual Report 2011 - en page 467" href="http://viewer.zmags.com/publication/ec06d4aa?page=467"> </a> <a title="Annual Report 2011 - en page 468" href="http://viewer.zmags.com/publication/ec06d4aa?page=468"> UBS AG P.O. Box, CH-8098 Zurich P.O. Box, CH-4002</a>