UBS agrees to publish a summary of all its reports relating to the SFBC inquiry

At the extraordinary general meeting held on 27 February 2008, 45% of the votes supported the special audit requested by Ethos. Following the vote, Ethos engaged in discussions with UBS management in an attempt to reach a compromise and avoid having to take the request for a special audit before a judge, as permitted by law.

In the invitation to the extraordinary general meeting the UBS Board of Directors had objected to the request for a special audit on the grounds that the SFBC had already launched an inquiry and asked the bank to answer various questions. The subjects raised were communicated on the agenda. In addition to asking a series of questions on the facts of the matter, the SFBC also asked about the reasons for the bank's write-offs, the lessons it had learned and the measures adopted as a result. Ethos nevertheless maintained its request for a special audit given that UBS had stated that neither its answers to the SFBC inquiry nor the SFBC report would be conveyed to the shareholders.

Following its recent discussions with Ethos and in view of the considerable shareholder support for a special audit, UBS has revised its position and agreed to send the shareholders summaries of all its reports relating to the SFBC inquiry. UBS will publish a 30-page summary of the 300 pages of answers it will give to SFBC. UBS has also agreed to ask an external expert, commissioned together with Ethos, to certify that the document accurately reflects the original report. The Bank should be able to make this initial summary available to shareholders at the ordinary general meeting scheduled for 23 April 2008.

At a later date, at completion of the SFBC inquiry, UBS will also convey to the shareholders a substantial report on SFBC's conclusions (conditional upon approval of the SFBC). An independent expert will certify the quality of this report. UBS has also pledged to publish the content of any other reports in the light of the SFBC's findings.

Ethos welcomes UBS' desire to engage in transparent communication, which will help win back the shareholders' trust. In view of the substantial amount of information that UBS has agreed to communicate to the shareholders in connection with the SFBC inquiry, Ethos has decided not to take its request for a special audit to the courts.