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Handbook 2006 / 2007

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Handbook 2006 / 2007 Handbook 2006 / 2007 Introduction UBS key facts 2 Introduction Who we are 3 More about us 4 Contacts 6 This is the seventh edition of our Handbook. UBS 7 Strategy and structure 8 In it, we describe ourselves – our strategy, organization, and Industry trends 4 businesses. We outline the principles by which we manage The making of UBS 7 risk, and report on last year’s developments in credit risk, market risk, and treasury management. Our employees 9 As in previous years, we also discuss our corporate gover- Our businesses 27 nance and our relationships with regulators and sharehold- Global Wealth Management & Business Banking 28 ers, and provide comprehensive information on UBS shares. Global Asset Management 40 We describe demographic trends in our workforce and the Investment Bank 46 way people are trained and managed. Corporate Center 52 You should read the Handbook in conjunction with the other Industrial Holdings 55 information published by UBS, set out on page 4. Risk management 57 We hope you will find this Handbook useful and informative. Risk management and control 58 We believe that UBS is one of the leaders in corporate disclo- Credit risk 63 sure, and would be keen to hear your views on how we Market risk 76 might improve the content, information or presentation of Operational risk 84 all our publications. Treasury management 87 Tom Hill Introduction 88 Chief Communication Officer Interest rate and currency management 89 UBS Liquidity and funding management 92 Capital management & UBS shares 95 Capital management 96 Treasury shares 98 Distributions to shareholders 00 UBS shares in 2006 02 Corporate Governance 07 Introduction and principles 08 Group structure and shareholders 09 Capital structure Board of Directors 3 Group Executive Board 20 Compensation, shareholdings and loans 24 Shareholders’ participation rights 38 Change of control and defensive measures 40 Auditors 4 Information policy 43 Regulation and supervision 45 Compliance with NYSE listing standards on corporate governance 48 Senior leadership 5 Corporate Responsibility 53 Introduction UBS key facts As of or for the year ended % change from 31.12.06 31.12.05 31.12.04 31.12.05 Financials Operating income (CHF million) 1 47,171 39,896 35,971 18 Net profit attributable to UBS shareholders (CHF million) 1 11,249 9,442 7,357 19 Invested assets (CHF billion) 2 2,989 2,652 2,125 13 Tier 1 ratio (%) 3 11.9 12.8 11.8 Economic Tax expense (CHF million) 4 2,751 2,785 2,201 (1) Distribution to shareholders (dividends & buybacks) (CHF million) 5,889 6,702 6,600 (12) Salaries & bonuses (CHF million) 19,076 15,930 14,254 20 Social & environmental Personnel (FTE) 4 78,140 69,569 67,407 12 Women in ranked positions (% of total officer population) 25.5 22.1 N / A 18 Corporate charitable donations (incl. disaster relief efforts) (CHF million) 38 45 28 (16) Volunteering hours spent by employees 53,679 N / A N / A CO2 emissions (tons) 293,169 372,184 360,502 (21) Long-term ratings and benchmarks Fitch, London AA+ AA+ AA+ Moody’s, New York Aa2 Aa2 Aa2 Standard & Poor’s, New York AA+ AA+ AA+ Dow Jones Sustainability Index 5 ¸ ¸ ¸ FTSE4Good 5 ¸ ¸ ¸ Climate Leadership index 5 ¸ ¸ ¸ Interbrand: rank among 100 most valuable global brands 42 44 45 1 Financial Businesses results from continuing operations. 2 Excludes Private Banks & GAM 3 Includes hybrid Tier 1 capital. Please refer to the BIS capital and ratios table in the capital management section and note 29 to the financial statements. 4 Excludes Industrial Holdings. 5 ¸ Indicates UBS is included in the index. All share and earnings per share figures throughout the report reflect the 2-for-1 share split made on 10 July 2006. 2 Introduction Who we are We are one of the world’s leading financial firms, serving a ple, with 39% in the Americas, 35% in Switzerland, 16% in discerning international client base. Our business, global in the rest of Europe and 10% in Asia Pacific. scale, is focused on growth. As an integrated firm, we create We are one of the best-capitalized financial institutions in more value for clients by drawing on the combined resources the world, with a BIS Tier 1 ratio of 11.9%, invested assets and expertise of all our businesses. of CHF 3.0 trillion, shareholders’ equity of around CHF 50 We are present in all major financial centers, with offices billion and market capitalization of roughly CHF 154 billion in more than 50 countries. We employ around 78,000 peo- (on 3 December 2006). Our vision We are determined to be the best global financial services company. We focus on wealth and asset management, and on investment banking and securities businesses. We continually earn recognition and trust from clients, shareholders, and staff through our ability to anticipate, learn and shape our future. We share a common ambition to succeed by delivering quality in what we do. Our purpose is to help our clients make financial decisions with confidence. We use our resources to develop effective solutions and services for our clients. We foster a distinctive, meritocratic culture of ambition, perfor- mance and learning as this attracts, retains and develops the best talent for our company. By growing both our client and our talent franchises, we add sustainable value for our shareholders. 3 Introduction More about us This Handbook contains a detailed description of UBS, its strategy, organization, businesses, employees, cor- porate governance and responsibility. The risk management chapter includes detailed information on credit, market and operational risk and a separate chapter explains Treasury’s interest rate, currency, liquidity and funding management activities. This Handbook is available in English and German (SAP no. 80532). You can find out more about UBS from the sources below. Publications How to order reports These reports are available in PDF format on the internet at Annual Review 2006 www.ubs.com/investors in the Reporting section. Printed Our Annual Review this year looks at some major global eco- copies can be ordered from the same website by accessing nomic and financial trends, and the part we play in them. It the order / subscribe panel on the right-hand side of the also briefly reviews our financial performance in 2006, cor- screen. Alternatively, they can be ordered by quoting the porate governance, and approach to corporate responsibili- SAP number and the language preference where applicable, ty. It is available in English, German, French, Italian, Chinese from UBS AG, Information Center, P.O. Box, CH-8098 Zur- and Japanese. (SAP no. 80530). ich, Switzerland. Financial Report 2006 Information tools for investors The Financial Report 2006 contains our audited financial statements for the year 2006 and related detailed analysis. It Website is available in English and German. (SAP no. 8053). Our Analysts and Investors website at www.ubs.com/inves- tors offers a wide range of information about UBS, financial Quarterly reports information (including SEC filings), corporate information, We provide detailed quarterly financial reporting and analy- share price graphs and data, an event calendar, dividend in- sis, including comment on the progress of our businesses formation and recent presentations given by senior manage- and key strategic initiatives. These quarterly reports are avail- ment to investors at external conferences. Information on able in English. the internet is available in English and German, with some sections in French and Italian. Compensation Report 2006 The Compensation Report 2006 provides detailed informa- Messaging service tion on the compensation paid to the members of UBS’s Board On the Analysts and Investors website, you can register to of Directors (BoD) and the Group Executive Board (GEB). The receive news alerts about UBS via Short Messaging System report is available in English and German. (SAP no. 82307). (SMS) or e-mail. Messages are sent in either English or Ger- The same information can also be read in the Corporate man and users are able to state their preferences for the top- Governance chapter of this Handbook. ics of the alerts received. The making of UBS Results presentations Our brochure, “The making of UBS”, outlines the series of Senior management presents UBS’s results every quarter. transformational mergers and acquisitions that created to- These presentations are broadcast live over the internet, and day’s UBS. It also includes brief profiles of the firm’s anteced- can be downloaded on demand. The most recent result web- ent companies and their historical roots. It is available in Eng- casts can be found in the financials section of our Analysts lish and German. (SAP no. 82252) and Investors website. 4 Introduction Form 20-F and other submissions to the US Securities You may read and copy any document that we file with and Exchange Commission the SEC on the SEC’s website, www.sec.gov, or at the SEC’s public reference room at 100 F Street, N.E., Room 1580, We file periodic reports and submit other information about Washington, DC, 20549. Please call the SEC by dialing UBS to the US Securities and Exchange Commission (SEC). -800-SEC-0330 (in the US) or +1 202 942 8088 (outside Principal among these filings is our annual report on Form 20-F, the US) for further information on the operation of its filed pursuant to the US Securities Exchange Act of 1934. public reference room. You may also inspect our SEC Our Form 20-F filing is structured as a “wrap-around” reports and other information at the New York Stock Ex- document. Most sections of the filing can be satisfied by re- change, Inc., 20 Broad Street, New York, NY 10005.
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