Company Quick10K Filing
UBS
20-F 2019-12-31 Filed 2020-03-03
20-F 2018-12-31 Filed 2019-03-15
20-F 2017-12-31 Filed 2018-03-09
20-F 2016-12-31 Filed 2017-03-10
20-F 2015-12-31 Filed 2016-03-18
20-F 2014-12-31 Filed 2015-03-13

UBS 20F Annual Report

Item 17 O Item 18 O
Item 4. Information on The Company
Item 4.B.2. Geographic Breakdown of Revenues
Item 10. Additional Information.
Item 19. Exhibits.
Note 1 Summary of Significant Accounting Policies
Note 2A Segment Reporting
Note 2B Segment Reporting By Geographic Location
Note 3 Net Interest Income and Other Net Income From Financial Instruments Measured At Fair Value Through Profit or Loss
Note 4 Net Fee and Commission Income1
Note 5 Other Income
Note 6 Personnel Expenses
Note 7 General and Administrative Expenses
Note 8 Income Taxes
Note 9 Earnings per Share (Eps) and Shares Outstanding
Note 10 Financial Assets At Amortized Cost and Other Positions in Scope of Expected Credit Loss Measurement
Note 11 Derivative Instruments
Note 12 Financial Assets and Liabilities At Fair Value Held for Trading
Note 13 Financial Assets At Fair Value Not Held for Trading
Note 14 Financial Assets Measured At Fair Value Through Other Comprehensive Income
Note 15 Property, Equipment and Software
Note 16 Goodwill and Intangible Assets
Note 17 Other Assets
Note 19 Debt Issued Designated At Fair Value
Note 20 Debt Issued Measured At Amortized Cost
Note 21 Provisions and Contingent Liabilities
Note 22 Other Liabilities
Note 23 Expected Credit Loss Measurement
Note 24 Fair Value Measurement
Note 25 Offsetting Financial Assets and Financial Liabilities
Note 26 Restricted and Transferred Financial Assets
Note 27 Maturity Analysis of Financial Liabilities
Note 28 Hedge Accounting
Note 29 Pension and Other Post-Employment Benefit Plans
Note 30 Employee Benefits: Variable Compensation
Note 31 Interests in Subsidiaries and Other Entities
Note 32 Changes in Organization and Acquisitions and Disposals of Subsidiaries and Businesses
Note 33 Finance Lease Receivables
Note 34 Guarantees, Commitments and Forward Starting Transactions
Note 35 Related Parties
Note 36 Invested Assets and Net New Money
Note 37 Currency Translation Rates
Note 38 Main Differences Between Ifrs and Swiss Gaap
Note 1 Summary of Significant Accounting Policies
Note 2A Segment Reporting
Note 2B Segment Reporting By Geographic Location
Note 3 Net Interest Income and Other Net Income From Financial Instruments Measured At Fair Value Through Profit or Loss
Note 4 Net Fee and Commission Income1
Note 5 Other Income
Note 6 Personnel Expenses
Note 7 General and Administrative Expenses
Note 8 Income Taxes
Note 9 Earnings per Share (Eps) and Shares Outstanding
Note 10 Financial Assets At Amortized Cost and Other Positions in Scope of Expected Credit Loss Measurement
Note 11 Derivative Instruments
Note 12 Financial Assets and Liabilities At Fair Value Held for Trading
Note 13 Financial Assets At Fair Value Not Held for Trading
Note 14 Financial Assets Measured At Fair Value Through Other Comprehensive Income
Note 15 Property, Equipment and Software
Note 16 Goodwill and Intangible Assets
Note 17 Other Assets
Note 18 Amounts Due To Banks, Customer Deposits, and Funding From Ubs Group Ag and Its Subsidiaries
Note 19 Debt Issued Designated At Fair Value
Note 20 Debt Issued Measured At Amortized Cost
Note 21 Provisions and Contingent Liabilities
Note 22 Other Liabilities
Note 23 Expected Credit Loss Measurement
Note 24 Fair Value Measurement
Note 25 Offsetting Financial Assets and Financial Liabilities
Note 26 Restricted and Transferred Financial Assets
Note 27 Maturity Analysis of Financial Liabilities
Note 28 Hedge Accounting
Note 29 Pension and Other Post-Employment Benefit Plans
Note 30 Employee Benefits: Variable Compensation
Note 31 Interests in Subsidiaries and Other Entities
Note 32 Changes in Organization and Acquisitions and Disposals of Subsidiaries and Businesses
Note 33 Finance Lease Receivables
Note 34 Guarantees, Commitments and Forward Starting Transactions
Note 35 Related Parties
Note 36 Invested Assets and Net New Money
Note 37 Currency Translation Rates
Note 38 Main Differences Between Ifrs and Swiss Gaap
Note 39 Supplemental Guarantor Information Required Under Sec Regulations
EX-12 exhibit12.htm
EX-13 exhibit13.htm
EX-1 exhibit102.htm
EX-1 exhibit104.htm
EX-15 exhibit151.htm
EX-15 exhibit152.htm
EX-4 exhibit417.htm
EX-4 exhibit418.htm
EX-4 exhibit419.htm
EX-1 exhibit101.htm
EX-1 exhibit103.htm

UBS Earnings 2019-12-31

Balance SheetIncome StatementCash Flow

20-F 1 arubsen.htm 20F

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 

Washington, D.C. 20549  

FORM 20-F  

(Mark One)

 

 

 

 

REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

 

 

 

 

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2019

OR

 

 

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to                .

OR

 

 

 

 

SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

UBS Group AG

Commission file number: 1-36764

UBS AG  

Commission file number: 1-15060  

 (Exact Name of Registrants as Specified in Their Respective Charters)

Switzerland
(Jurisdiction of Incorporation or Organization)

 

UBS Group AG

Bahnhofstrasse 45, CH-8001 Zurich, Switzerland

(Address of Principal Executive Office)


UBS AG

Bahnhofstrasse 45, CH-8001 Zurich, Switzerland and

Aeschenvorstadt 1, CH-4051 Basel, Switzerland
(Address of Principal Executive Offices)

David Kelly
600 Washington Boulevard

Stamford, CT  06901

Telephone: (203) 719-3000

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

 

Securities registered or to be registered pursuant to Section 12(b) of the Act:
Please see page 4-5.

Securities registered or to be registered pursuant to Section 12(g) of the Act:
Please see page 5.

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
Please see page 5.

1 


 

Indicate the number of outstanding shares of each of each issuer’s classes of capital or common stock as of 31 December 2019:

 

UBS Group AG

Ordinary shares, par value CHF 0.10 per share:

3,859,055,395 ordinary shares

(including 243,021,296treasury shares)

UBS AG

Ordinary shares, par value CHF 0.10 per share: 3,858,408,466 ordinary shares

(none of which are treasury shares)

 

 

 

 

Indicate by check mark if the registrants are well-known seasoned issuers, as defined in Rule 405 of the Securities Act.

 

UBS Group AG

Yes

 

No ☑ 

 

 

 

 


UBS AG

Yes ☐

 

No ☑ 

 

 

 

 

 

 

 

 

 

2 


 

If this report is an annual or transition report, indicate by check mark if the registrants are not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

 

 

 

Yes  

 

No ☑ 

Note — Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

 

Indicate by check mark whether the Registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrants were required to file such reports) and (2) have been subject to such filing requirements for the past 90 days.

 

 

 

Yes ☑   

 

No

 

Indicate by check mark whether the registrants have submitted electronically and posted on their corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit and post such files).

 

Yes  ☑   

 

No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer or an emerging growth company. See definition of “accelerated filer and large accelerated filer” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  (Check One):

 

 

UBS Group AG

 

 

Large accelerated filer ☑ 

 

Accelerated filer  

 

Non-accelerated filer ☐

Emerging growth company ☐

 

 

 

UBS AG

 

 

Large accelerated filer  ☐

 

Accelerated filer ☐

 

Non-accelerated filer ☑ 

Emerging growth company ☐

 

Indicate by check mark which basis of accounting the registrants have used to prepare the financial statements included in this filing.

 

 

 

 

 

U.S. GAAP  

 

International Financial Reporting Standards as issued by the International Accounting Standards Board ☑   

 

Other

 

3 


 

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrants have elected to follow.

 

 

 

Item 17  

 

Item 18

 

If this is an annual report, indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act)

 

 

 

Yes  

 

No ☑ 

 

 

Securities registered or to be registered pursuant to Section 12(b) of the Act:

 

UBS Group AG

Title of each class

Trading symbol(s)

Name of each exchange on

which registered

Ordinary Shares (par value of CHF 0.10 each)

UBS

New York Stock Exchange

UBS AG

Title of each class

Trading symbol(s)

Name of each exchange on

which registered

UBS AG FI Enhanced Large Cap Growth ETN due June 19, 2024

FBGX

NYSE Arca

UBS AG FI Enhanced Europe 50 ETN due February 12, 2026

FIEE

NYSE Arca

UBS AG FI Enhanced Global High Yield ETN due March 3, 2026

FIHD

NYSE Arca

E-TRACS Linked to the UBS Bloomberg CMCI Food Total Return due April 5, 2038

FUD

NYSE Arca

E-TRACS Linked to the UBS Bloomberg CMCI Agriculture Total Return due April 5, 2038

UAG

NYSE Arca

E-TRACS Linked to the UBS Bloomberg CMCI Total Return due April 5, 2038

UCI

NYSE Arca

E-TRACS Linked to the UBS Bloomberg CMCI Total Return Series B due April 5, 2038

UCIB

NYSE Arca

E-TRACS Linked to the UBS Bloomberg CMCI Gold Total Return due April 5, 2038

UBG

NYSE Arca

E-TRACS Linked to the UBS Bloomberg CMCI Silver Total Return due April 5, 2038

USV

NYSE Arca

E-TRACS Linked to the Bloomberg Commodity Index Total ReturnSM due October 31, 2039

DJCI

NYSE Arca

E-TRACS Linked to the Bloomberg Commodity Index Total ReturnSM Series B due October 31, 2039

DJCB

NYSE Arca

E-TRACS Linked to the Alerian MLP Infrastructure Index due April 2, 2040

MLPI

NYSE Arca

E-TRACS Linked to the Alerian MLP Infrastructure Index Series B due April 2, 2040

MLPB

NYSE Arca

E-TRACS Linked to the Alerian Natural Gas MLP Index due July 9,  2040

MLPG

NYSE Arca

E-TRACS Linked to the Wells Fargo® Business Development Company Index due April 26, 2041

BDCS

NYSE Arca

E-TRACS Linked to the Wells Fargo® Business Development Company Index Series B due April 26, 2041

BDCZ

NYSE Arca

2×Leveraged Long E-TRACS Linked to the Wells Fargo® Business Development Company Index due May 24, 2041

BDCL

NYSE Arca

2×Leveraged E-TRACS Linked to the Wells Fargo® Diversified Business Development Company Index Series B due October 21, 2049

BDCY

NYSE Arca

ETRACS Monthly Pay 2xLeveraged Dow Jones Select Dividend Index ETN due May 22, 2042

DVYL

NYSE Arca

       

 

4 


 

ETRACS 2xMonthly Leveraged Alerian MLP Infrastructure Index ETN Series B due February 12, 2046

MLPQ

NYSE Arca

ETRACS Monthly Pay 2xLeveraged S&P Dividend ETN due May 22, 2042

SDYL

NYSE Arca

ETRACS Alerian MLP Index ETN due July 18, 2042

AMU

NYSE Arca

ETRACS Alerian MLP Index ETN Series B due July 18, 2042

AMUB

NYSE Arca

ETRACS Monthly Pay 2xLeveraged Mortgage REIT ETN due October 16, 2042

MORL

NYSE Arca

ETRACS Monthly Pay 2xLeveraged Mortgage REIT ETN Series B due October 16, 2042

MRRL

NYSE Arca

ETRACS Monthly Pay 2xLeveraged Diversified High Income ETN due November 12, 2043

DVHL

NYSE Arca

ETRACS Monthly Pay 2xLeveraged Closed-End Fund ETN Series B due December 10, 2043

CEFZ

NYSE Arca

ETRACS Monthly Pay 2xLeveraged Closed-End Fund ETN due December 10, 2043

CEFL

NYSE Arca

ETRACS 2xLeveraged Long Wells Fargo Business Development Company Index ETN Series B due May 24, 2041

LBDC

NYSE Arca

ETRACS Monthly Pay 2xLeveragedWells FargoMLP Ex-Energy ETN Series B due October 21, 2049

LMLB

NYSE Arca

ETRACS Monthly Pay 2xLeveraged Wells Fargo MLP Ex-Energy ETN due June 24, 2044

LMLP

NYSE Arca

ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN due September 30, 2044

HDLV

NYSE Arca

ETRACS Monthly Pay 2xLeveraged US Small Cap High Dividend ETN due February 6, 2045

SMHD

NYSE Arca

ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B due November 10, 2048

SMHB

NYSE Arca

ETRACS Monthly Reset 2xLeveraged ISE Exclusively Homebuilders ETN due March 13, 2045

HOML

NYSE Arca

ETRACS Monthly Pay 2xLeveraged MSCI US REIT index ETN due May 5, 2045

LRET

NYSE Arca

ETRACS 2xMonthly Leveraged S&P MLP Index ETN Series B due February 12. 2046

MLPZ

NYSE Arca

ETRACS S&P GSCI Crude Oil Total Return Index ETN due February 22, 2046

OILX

NYSE Arca

ETRACS ProShares Daily 3x Long Crude ETN linked to the Bloomberg WTI Crude Oil Subindex ER due January 4, 2047

WTIU

NYSE Arca

ETRACS ProShares Daily 3x Inverse Crude ETN linked to the Bloomberg WTI Crude Oil Subindex ER due January 4, 2047

WTID

NYSE Arca

ETRACS 2xMonthly Pay Leveraged Preferred Stock Index ETN due September 25, 2048

PFFL

NYSE Arca

ETRACS NYSE® Pickens CoreMidstream™ Index ETN due August 20, 2048

PYPE

NYSE Arca

VelocitySharesTM 1X Long VSTOXX Futures ETN linked to the VSTOXX Short-Term Futures Investable Index due May 3, 2047

EVIX

Cboe

VelocitySharesTM 1X Daily Inverse VSTOXX Futures ETN linked to the VSTOXX Short-Term Futures Inverse Investable Index due May 3, 2047

EXIV

Cboe

ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B due October 21, 2049

HDLB

NYSE Arca

 

Securities registered or to be registered pursuant to Section 12(g) of the Act:  

None

 

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:  

None

5 


 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS  

This report contains statements that constitute “forward-looking statements,” including but not limited to management’s outlook for UBS’s financial performance and statements relating to the anticipated effect of transactions and strategic initiatives on UBS’s business and future development. While these forward-looking statements represent UBS’s judgments and expectations concerning the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBS’s expectations. These factors include, but are not limited to: (i) the degree to which UBS is successful in the ongoing execution of its strategic plans, including its cost reduction and efficiency initiatives and its ability to manage its levels of risk-weighted assets (RWA) and leverage ratio denominator (LRD), including to counteract regulatory-driven increases, liquidity coverage ratio and other financial resources, and the degree to which UBS is successful in implementing changes to its businesses to meet changing market, regulatory and other conditions; (ii) the continuing low or negative interest rate environment in Switzerland and other jurisdictions, developments in the macroeconomic climate and in the markets in which UBS operates or to which it is exposed, including movements in securities prices or liquidity, credit spreads, and currency exchange rates, and the effects of economic conditions, market developments, and geopolitical tensions, and changes to national trade policies on the financial position or creditworthiness of UBS’s clients and counterparties as well as on client sentiment and levels of activity; (iii) changes in the availability of capital and funding, including any changes in UBS’s credit spreads and ratings, as well as availability and cost of funding to meet requirements for debt eligible for total loss-absorbing capacity (TLAC); (iv) changes in or the implementation of financial legislation, including Interest Rate Benchmark Reform, and regulation in Switzerland, the US, the UK, the European Union and other financial centers that have imposed, or resulted in, or may do so in the future, more stringent or entity-specific capital, TLAC, leverage ratio, net stable funding ratio, liquidity and funding requirements, heightened operational resilience requirements, incremental tax requirements, additional levies, limitations on permitted activities, constraints on remuneration, constraints on transfers of capital and liquidity and sharing of operational costs across the Group or other measures, and the effect these will or would have on UBS’s business activities; (v) the degree to which UBS is successful in implementing further changes to its legal structure to improve its resolvability and meet related regulatory requirements and the potential need to make further changes to the legal structure or booking model of UBS Group in response to legal and regulatory requirements, proposals in Switzerland and other jurisdictions for mandatory structural reform of banks or systemically important institutions or to other external developments, and the extent to which such changes will have the intended effects; (vi) UBS’s ability to maintain and improve its systems and controls for the detection and prevention of money laundering and compliance with sanctions to meet evolving regulatory requirements and expectations, in particular in the US; (vii) the uncertainty arising from the UK’s exit from the EU; (viii) changes in UBS’s competitive position, including whether differences in regulatory capital and other requirements among the major financial centers will adversely affect UBS’s ability to compete in certain lines of business; (ix) changes in the standards of conduct applicable to our businesses that may result from new regulations or new enforcement of existing standards, including recently enacted and proposed measures to impose new and enhanced duties when interacting with customers and in the execution and handling of customer transactions; (x) the liability to which UBS may be exposed, or possible constraints or sanctions that regulatory authorities might impose on UBS, due to litigation, contractual claims and regulatory investigations, including the potential for disqualification from certain businesses, potentially large fines or monetary penalties, or the loss of licenses or privileges as a result of regulatory or other governmental sanctions, as well as the effect that litigation, regulatory and similar matters have on the operational risk component of our RWA as well as the amount of capital available for return to shareholders; (xi) the effects on UBS’s cross-border banking business of tax or regulatory developments and of possible changes in UBS’s policies and practices relating to this business; (xii) UBS’s ability to retain and attract the employees necessary to generate revenues and to manage, support and control its businesses, which may be affected by competitive factors; (xiii) changes in accounting or tax standards or policies, and determinations or interpretations affecting the recognition of gain or loss, the valuation of goodwill, the recognition of deferred tax assets and other matters; (xiv) UBS’s ability to implement new technologies and business methods, including digital services and technologies, and ability to successfully compete with both existing and new financial service providers, some of which may not be regulated to the same extent; (xv) limitations on the effectiveness of UBS’s internal processes for risk management, risk control, measurement and modeling, and of financial models generally; (xvi) the occurrence of operational failures, such as fraud, misconduct, unauthorized trading, financial crime, cyberattacks or other cybersecurity disruptions, and systems failures; (xvii) restrictions on the ability of UBS Group AG to make payments or distributions, including due to restrictions on the ability of its subsidiaries to make loans or distributions, directly or indirectly, or, in the case of financial difficulties, due to the exercise by FINMA or the regulators of UBS’s operations in other countries of their broad statutory powers in relation to protective measures, restructuring and liquidation proceedings; (xviii) the degree to which changes in regulation, capital or legal structure, financial results or other factors may affect UBS’s ability to maintain its stated capital return objective; and (xix) the effect that these or other factors or unanticipated events may have on our reputation and the additional consequences that this may have on our business and performance. The sequence in which the factors above are presented is not indicative of their likelihood of occurrence or the potential magnitude of their consequences. Our business and financial performance could be affected by other factors identified in our past and future filings and reports, including those filed with the SEC. More detailed information about those factors is set forth in documents furnished by UBS and filings made by UBS with the SEC, including UBS’s Annual Report on Form 20-F for the year ended 31 December 2019. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

6 


 

Cross-reference table

 

Set forth below are the respective items of SEC Form 20-F, and the locations in this document where the corresponding information can be found.

 

  • Annual Report refers to the Annual Report 2019 of UBS Group AG and UBS AG annexed hereto, which forms an integral part hereof. 
  • Supplement refers to certain supplemental information contained in this forepart of the Form 20-F, starting on page 13 following the cross-reference table. 
  • Financial Statements refers to the consolidated financial statements of either UBS Group AG or UBS AG, or both, depending upon the context, contained in the Annual Report.

 

In the cross-reference table below, page numbers refer to either the Annual Report or the Supplement, as noted.

 

Please see page 6 of the Annual Report for definitions of terms used in this Form 20-F relating to UBS.

 

Form 20-F item

Response or location in this filing

 

 

Item 1.  Identity of Directors, Senior Management and Advisors.

Not applicable.

Item 2.  Offer Statistics and Expected Timetable.

Not applicable.

Item 3.  Key Information

 

A – Selected Financial Data

Annual Report, Selected Financial Data (682-685 and 705-708), Statement of changes in equity (304-307 and 490-493) and UBS shares (197). 

B – Capitalization and Indebtedness.

Not applicable.

C – Reasons for the Offer and Use of Proceeds.

Not applicable.

D – Risk Factors.

Annual Report, Risk factors (60-70). 

Item 4.  Information on the Company.

A – History and Development of the Company

1-3: Annual Report, Corporate information and Contacts (7). The registrants' agent is David Kelly, 600 Washington Boulevard, Stamford, CT  06901.

4: Annual Report, Our evolution (14-15); Our strategy (18); Our businesses (20-30); Note 32 to each set of Financial Statements (Changes in organization and acquisitions and disposals of subsidiaries and businesses) (464-465 and 651-652)

5: Refer to our management discussion and analysis for a description of material acquisitions and divestitures in Annual Report, Our businesses (20-30), as applicable, Note 15 to each set of Financial Statements (Property, equipment and software) (372 and 558) and Note 32 to each set of Financial Statements (Changes in organization and acquisitions and disposals of subsidiaries and businesses) (464-465 and 651-652).

6-7: Nothing to disclose.

8: Annual Report, Information sources (732).

B – Business Overview.

1, 2 and 5: Annual Report, Our strategy, business model and environment (18-70), Note 2a to each set of Financial Statements (Segment reporting) (347-350 and 534-537) and Note 2b to each set of Financial Statements (Segment reporting by geographic location) (351 and 538). See also Supplement (13).

3: Seasonal characteristics (83). 

4: Not applicable.

6: None.

7: Information as to the basis for these statements normally accompanies the statements, except where marked in the report as a statement based upon publicly available information or internal estimates, as applicable.

8: Regulation and supervision (49-53)  and  Regulatory and legal developments (54-59).

Supplement (14).

 

7 


 

C – Organizational Structure.

 

Annual Report, Our evolution (14-15) and Note 31 to each set of Financial Statements (Interests in subsidiaries and other entities) (458-463 and 645-650).

D – Property, Plant and Equipment.

 

Annual Report, Property, plant and equipment (686 and 709), Note 15 to each set of Financial Statements (Property, equipment and software) (372 and 558), Note 33 to each set of Financial Statements (Finance lease receivables (466 and 653)

Information required by Industry Guide 3

Annual Report, Information required by industry guide 3 (687-703 and 710-726) and Selected financial data (682-685 and 705-708)

Item 4A.  Unresolved Staff Comments.

None.

Item 5.  Operating and Financial Review and Prospects.

A – Operating Results.

Annual Report, Our key figures (8),  UBS AG consolidated key figures (476), Performance targets and measurement (19), Group performance (75-84), financial and operating performance by business division and Corporate Center (85-102), Note 2a to each set of Financial Statements (Segment reporting) (347-350 and 534-537), Currency management (173),  Capital management (175-199),  Risk factors (60-70), Our environment (31-34), Note 28 to each set of Financial Statements (Hedge Accounting) (430-435 and 617-622), Regulatory and legal developments (54-59), Significant accounting and financial reporting changes (73-74), Note 1 to each set of Financial Statements (Summary of significant accounting policies) (311-346 and 498-533) and Note 32 to each set of Financial Statements (Changes in organization and acquisitions and disposals of subsidiaries and businesses) (464-465 and 651-652).

B – Liquidity and Capital Resources.

Annual Report, Risk factors (60-70) Group performance (75-84), financial and operating performance by business division and Corporate Center (85-102), Seasonal characteristics (83), Interest rate risk in the banking book (143-146), Balance sheet, liquidity and funding management (156-169), Currency management (173),