Form 6-K UBS AG For: Oct 28

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 6-K

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REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Date: October�28, 2014

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UBS AG

Commission File Number: 1-15060

UBS Group AG

(Registrants� Names)

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Bahnhofstrasse 45, Zurich, Switzerland

(Address of principal executive office)

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F��x������������Form 40-F���

This Form 6-K consists of the presentation materials related to the Third Quarter 2014 Results of UBS AG, which appear immediately following this page.

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October 28, 2014 Third quarter 2014 results

Cautionary statement regarding forward-looking statements 1 This presentation 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 executing its announced strategic plans, including its efficiency initiatives and its planned further reduction in its Basel III risk-weighted assets (RWA) and leverage ratio denominator (LRD); (ii) developments in the markets in which UBS operates or to which it is exposed, including movements in securities prices or liquidity, credit spreads, currency exchange rates and interest rates and the effect of economic conditions and market developments on the financial position or creditworthiness of UBS�s clients and counterparties; (iii) changes in the availability of capital and funding, including any changes in UBS�s credit spreads and ratings, or arising from requirements for bail-in debt or loss-absorbing capital; (iv) changes in or the implementation of financial legislation and regulation in Switzerland, the US, the UK and other financial centers that may impose more stringent capital (including leverage ratio), liquidity and funding requirements, incremental tax requirements, additional levies, limitations on permitted activities, constraints on remuneration or other measures; (v) uncertainty as to when and to what degree the Swiss Financial Market Supervisory Authority (FINMA) will approve reductions to the incremental RWA resulting from the supplemental operational risk capital analysis mutually agreed to by UBS and FINMA, or will approve a limited reduction of capital requirements due to measures to reduce resolvability risk; (vi) the degree to which UBS is successful in executing the announced creation of a new Swiss banking subsidiary, a holding company for the UBS Group (including the pending offer to exchange shares of UBS AG for shares of such holding company), a US intermediate holding company, changes in the operating model of UBS Limited and other changes which UBS may make in its legal entity structure and operating model, including the possible consequences of such changes, and the potential need to make other changes to the legal structure or booking model of UBS Group in response to legal and regulatory requirements, including capital requirements, resolvability requirements and proposals in Switzerland and other countries for mandatory structural reform of banks; (vii) 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; (viii) 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; (ix) 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; (x) 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 including differences in compensation practices; (xi) 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; (xii) limitations on the effectiveness of UBS�s internal processes for risk management, risk control, measurement and modeling, and of financial models generally; (xiii) whether UBS will be successful in keeping pace with competitors in updating its technology, particularly in trading businesses; (xiv) the occurrence of operational failures, such as fraud, unauthorized trading and systems failures; and (xv) 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 2013. UBS is not under any obligation to (and ������� This presentation and the information contained herein are provided solely for information purposes, and are not to be construed as a solicitation of an offer to buy or sell any securities or other financial instruments in Switzerland, the United States or any other jurisdiction. No investment decision relating to securities of or relating to UBS AG or its affiliates should be made on the basis of this document. Refer to UBS's third quarter 2014 report and its Annual report on Form 20-F for the year ended 31 December 2013. No representation or warranty is made or implied concerning, and UBS assumes no responsibility for, the accuracy, completeness, reliability or comparability of the information contained herein relating to third parties, which is based solely on publicly available information. UBS undertakes no obligation to update the information contained herein. � UBS 2014. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. Disclaimer: expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

2 3Q14 highlights�Group Strong underlying results; significant DTA write-up and litigation provisions Refer to slide 36 for details about adjusted and underlying numbers, Basel III numbers and FX rates in this presentation Underlying profit before tax (PBT) CHF 1.7 billion Net profit attributable to UBS shareholders CHF 762 million, diluted EPS CHF 0.20 Provisions for litigation, regulatory and similar matters CHF 1,836 million Net upward revaluation of deferred tax assets CHF 1,420 million PBT negative CHF 554 million, adjusted PBT negative CHF 424 million WM, WMA, R&C and Global AM all reported higher PBT QoQ and YoY Strong net new money CHF 14.4 billion from our wealth management businesses Basel III fully applied CET1 ratio 13.7%, post-stress ratio remained above 10%, fully applied Swiss SRB leverage ratio 4.2%, CHF 7 billion reduction in RWA

Our wealth management franchise is unrivaled Refer to slide 36 for details about adjusted and underlying numbers, Basel III numbers and FX rates in this presentation CHF 1.9 trillion invested assets; combined adjusted PBT >CHF 1 billion 3 Profit before tax adjusted, CHF million Invested assets CHF billion Operating income CHF million Leading global franchise with superior growth prospects and a unique global footprint 1,610 1,837 3,810 1,779 2,031 3,447 3Q13 WM WMA 3Q14 3Q13 832 1,015 3Q14 +22% 3Q14 1,936 3Q13 1,702 +11% +14% 248 215 767 617 970 871 966 831

4 3Q14 highlights�business divisions 1 Strong performance with underlying PBT up YoY in all businesses Refer to slide 36 for details about adjusted and underlying numbers, Basel III numbers and FX rates in this presentation 1 Figures on an adjusted basis unless otherwise stated; 2 Refer to page 118 of the 3Q14 report for details on funding valuation adjustments (FVA) Wealth Management: Highest PBT since 2Q09 CHF 767 million � NNM CHF 9.8 billion, positive in all regions Wealth Management Americas: � Record income on record FA productivity with USD 1.1 million in annualized revenues per FA Retail & Corporate: � All KPIs within target ranges for 3Q14 and 9M14 Global Asset Management: � PBT up 41% QoQ and 16% YoY Investment Bank: � Provisions for litigation, regulatory and similar matters CHF 1,687 million Corporate Center: implementation of FVA 2 � Non-core and Legacy Portfolio RWA decreased 19% Strong performance, PBT USD 267 million and NNM USD 4.9 billion Highest PBT since 3Q10 CHF 446 million Strong performance, PBT CHF 151 million and NNM CHF 3.8 billion ex-MM Strong underlying PBT CHF 494 million, up 47% YoY Reported pre-tax loss CHF 793 million; CHF 252 million net loss resulting from the

Key messages The fundamental earnings power of our unrivaled franchise is evident � WM/WMA combined adjusted PBT >CHF 1 billion � Strong performance in Retail & Corporate with all KPIs within target ranges � Solid Investment Bank and Global AM performance despite challenging market conditions Results include provisions for litigation, regulatory and similar matters � We continue to seek resolution of open issues � Timing of full resolution of complex industry-wide issues is difficult to predict We will continue executing our strategy and are well positioned for growth � Seizing current revenue opportunities and positioned for future economic recovery � Improving efficiency will release resources to invest for growth � Continued reduction in the Non-core and Legacy Portfolio Our capital position is strong and our businesses are highly capital accretive � Continued capital strength in an evolving regulatory environment � Share-for-share exchange offer in progress creating eligibility for capital rebate � Committed to payout ratio of at least 50% subject to maintaining our capital targets 1 5 1 Payout ratio of at least 50% conditional on both fully applied CET1 ratio of minimum 13% and fully applied CET1 ratio of minimum 10% post-stress

6 Group results Refer to slide 36 for details about adjusted and underlying numbers, Basel III numbers and FX rates in this presentation 1 Refer to page 118 of the 3Q14 report for details on funding valuation adjustments (FVA) CHF million 3Q13 2Q14 3Q14 Total operating income 6,261 7,147 6,876 Total operating expenses 5,906 5,929 7,430 Profit before tax as reported 356 1,218 (554) of which: own credit on financial liabilities designated at fair value (147) 72 61 of which: gains on sales of real estate 207 1 0 of which: gain on disposals 0 43 0 of which: impairment of a financial investment available-for-sale 0 0 (48) of which: net restructuring charges (188) (89) (176) of which: credit related to changes to a retiree benefit plan in the US 0 0 33 Adjusted profit before tax 484 1,191 (424) of which: provisions for litigation, regulatory and similar matters (586) (254) (1,836) of which: impairment of certain disputed receivables and other items 0 (53) 26 of which: net loss associated with implementation of FVA - - (267) Underlying profit before tax 1,070 1,498 1,653 Profit before tax as reported 356 1,218 (554) Tax (expense)/benefit 222 (314) 1,317 Net profit attributable to preferred noteholders/non-controlling interests (1) (112) (1) Net profit attributable to UBS shareholders 577 792 762 Diluted EPS (CHF) 0.15 0.21 0.20 Return on Equity (RoE) (%) 4.9 6.4 6.1 Total book value per share (CHF) 12.58 13.20 13.54 Tangible book value per share (CHF) 10.89 11.54 11.78 1

6.6 9.0 5.0 10.7 9.8 FY12 FY13 3Q13 2Q14 3Q14 Operating income and profit before tax CHF million Net new money CHF billion 7 Wealth Management Highest adjusted PBT since 2Q09; NNM CHF 9.8 billion, positive in all regions Operating income up 6% Recurring income up 8% to CHF 1,548 million on higher recurring net fee income and higher net interest income Transaction-based income up 1% to CHF 479 million Strong net new money at CHF 9.8 billion Positive NNM in all regions, CHF 7.8 billion from APAC Balanced NNM inflows, UHNW share of NNM at 58% Annualized NNM growth rate of 4.2% Adjusted cost/income ratio 62% Adjusted expenses CHF 1,264 million, down 17% following lower charges for litigation, regulatory and similar matters of CHF 14 million in 3Q14, down from CHF 291 million in 2Q14 Excluding charges for litigation, regulatory and similar matters, the business exercised good expense control in the quarter Refer to slide 36 for details about adjusted and underlying numbers, Basel III numbers and FX rates in this presentation Operating income (as reported) Profit before tax (as reported) Profit before tax (adjusted) Quarterly average Profit before tax (adjusted), further excluding provisions for litigation, regulatory and similar matters Mandate penetration CHF 7.3 billion in net mandate sales, penetration up from 24.2% to 24.5% 1,837 1,921 2,031 555 355 707 617 393 767 3Q13 2Q14 3Q14 684 684 781

8 Wealth Management�revenue by source Increased gross margin on highest quarterly operating income since 3Q08 3Q14 3Q13 1Q14 2Q14 4Q13 Income (CHF million) Gross margin (bps) Recurring income as a % of income Net interest income Recurring net fee income Transaction- based and other income Increase mainly due to higher revenues allocated from Group Treasury and higher net interest income from Lombard lending Positive effect from invested asset growth,� pricing measures and mandate sales more than offset impact of cross-border asset outflows Higher FX related trading income partially offset by first-time fees paid to R&C for net client shifts and referral fees Gross margin components (bps) 871 886 899 928 966 Invested assets CHF billion Wealth Management 1 Gross margin components on the slide do not add up to total due to rounding 77% 77% 72% 75% 76% 85 85 87 84 1,837 1,859 1,943 1,919 2,031 24 23 22 23 24 517 513 496 518 569 41 41 40 40 41 891 911 897 922 978 20 20 25 21 20 429 434 551 479 484 86 1

5.2 8.4 7.1 9.1 5.1 2.4 7.0 5.0 8.9 7.8 0.1 (1.4) (2.2) (0.6) 1.0 0.1 (1.6) (2.5) (0.7) 1.1 4.6 13.3 9.2 16.0 13.1 5.5 0.8 11.0 5.3 0.9 1.8 0.3 8.7 0.8 1.8 2.1 0.3 4.4 2.2 0.4 0.6 0.1 3.3 0.3 0.7 5.1 8.5 7.4 9.6 5.7 86 86 85 83 83 3Q13 4Q13 1Q14 2Q14 3Q14 74 74 85 78 83 3Q13 4Q13 1Q14 2Q14 3Q14 92 91 90 89 91 3Q13 4Q13 1Q14 2Q14 3Q14 90 92 93 92 97 3Q13 4Q13 1Q14 2Q14 3Q14 52 51 55 52 57 3Q13 4Q13 1Q14 2Q14 3Q14 1 Based on the Wealth Management business area structure; refer to page 25 of the 3Q14 financial report for more information Gross margin bps 9 Net new money CHF billion Invested assets CHF billion 1,463 808 745 Client advisors FTE 30.9.14 Europe Emerging Markets of which: UHNW Wealth Management�by region 1 Switzerland Asia Pacific 1,189 765 478 358 258 174 165 Net new money growth rate %

5.5 4.8 2.1 (2.5) 4.9 5.7 6.3 5.4 5.7 5.6 FY12 FY13 3Q13 2Q14 3Q14 10 Wealth Management Americas Refer to slide 36 for details about adjusted and underlying numbers, Basel III numbers and FX rates in this presentation USD 4.9 billion net new money Strong same store NNM and improved net recruiting Annualized NNM growth rate of 1.9% Adjusted cost/income ratio 86% Adjusted expenses decreased slightly to USD 1,651 million Charges for litigation, regulatory and similar matters remained elevated at USD 50 million Operating income up 1% Record recurring income as net interest income rose 6% to USD 276 million on continued� growth in lending balances, recurring net fee income increased 3% to USD 1,197 million on higher managed account assets Transaction-based income decreased 5% on seasonally lower client activity NNM excl. dividends & interest Dividends & interest Operating income (as reported) Quarterly average Profit before tax (as reported) Profit before tax (adjusted) 11.2 11.1 7.5 3.2 Continued strong FA productivity Record annualized revenue per FA of USD 1.1 million Invested assets per FA of USD 143 million Adjusted PBT USD 267 million on record income and record FA productivity Operating income and profit before tax USD million Net new money USD billion 10.5 1,748 1,898 1,919 218 238 254 232 246 267 3Q13 2Q14 3Q14

11 Wealth Management Americas�FA productivity and lending Record invested assets and revenue per FA Invested assets and FA productivity (USD) NII 1 and lending balance 2 (USD) Invested assets per FA Annualized revenue per FA Mortgages Other 5 Credit lines 4 Credit loss (expense)/recovery Net interest income 3 (5) (16) (2) 19 (9) 1 Net interest income 2 Period-end balances; 3 Total WMA net interest income excluding the following effective interest rate adjustments from mortgage-backed securities in the available-for-sale portfolio (USD): 4Q11 (3) million, 4Q12 2 million, 4Q13 7 million, 1Q14 (9) million, 2Q14 (3) million and 3Q14 4 million; 4 Mostly collateralized; 5 Mainly margin loans Invested assets (USD billion) (1) 109 119 136 139 143 143 859 967 1,042 1,037 1,068 1,079 221 228 269 259 264 272 756 843 970 987 1,017 1,016 4Q11 4Q12 4Q13 1Q14 2Q14 3Q14 22.8 26.1 29.2 29.4 30.9 32.1 2.0 3.8 6.4 6.7 7.0 7.4 29.7 34.1 39.1 39.6 41.7 43.3 4Q11 4Q12 4Q13 1Q14 2Q14 3Q14

12 Operating income up 2% Net interest income increased on higher revenues from Group Treasury and improved loan margin Transaction-based income increased, driven by the implementation of client shift and referral fees from Wealth Management CHF 33 million net credit loss expense, up from CHF 8 million, partly due to seasonal effects mainly in corporates Adjusted cost/income ratio 52% Decreased largely due to CHF 48 million lower charges for provisions for litigation, regulatory and similar matters and reduced professional fees Refer to slide 36 for details about adjusted and underlying numbers, Basel III numbers and FX rates in this presentation 1 Net new business volume Operating income and profit before tax CHF million Operating income (as reported) Profit before tax (as reported) Profit before tax (adjusted) Net interest income, CHF million Net interest margin, bps Net interest margin Highest adjusted PBT since third quarter 2010 NNBV 1 growth rate (retail business) %, annualized Retail & Corporate 958 938 958 402 354 426 417 367 446 3Q13 2Q14 3Q14 547 545 556 531 542 531 540 523 541 563 161 159 162 154 157 154 157 153 158 164 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 3.5 (0.3) 4.9 1.7 1.1 (0.3) 4.3 2.5 1.7 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

13 Investments in mobile and e-banking support business growth Retail & Corporate Significant business growth rate Financial metrics all substantially higher across age groups and segments for e-banking and mobile banking customers Higher client loyalty Lower attrition rate for e-banking clients, especially in higher wealth segments Driven by strategic investments ~40% of current R&C strategic IT investments focused on client- facing digital and multi-channel capabilities Investments in R&C platform also benefit our WM franchise: direct use by WM clients booked in Switzerland; Swiss platform leveraged by clients in other booking centers 1 9M14, for Swiss private clients (retail and WM Switzerland's high net worth clients) active in both December 2013 and September 2014, excluding rental deposits and single-purpose accounts (e.g. mono-saver or mortgages only); 2 Return on business volume; 3 Net new business volume Financials by client type 1 Without e-banking With e-banking only With e- and mobile banking Income per client account RoBV 2 NNBV 3 growth rate per client account Higher client satisfaction Excellent client feedback: continued 5-star Apple App store ratings, award recognition, positive press coverage E-banking and mobile banking clients have higher satisfaction, shown by a strong uplift of the net promoter score, driving UBS recommendation and new business 1.2x 2.9x 1.3x

447 465 489 118 105 154 130 107 151 3Q13 2Q14 3Q14 14 Global Asset Management PBT up 41% QoQ and 16% YoY; CHF 3.8 billion NNM excluding money markets WM businesses Third party Operating income up 5% Net management fees up by CHF 35 million, driven by the sale of a co-investment in global real estate and increased fees on higher invested assets Performance fees of CHF 27 million, declined by CHF 11 million as a decrease in the O'Connor and A&Q business line were partly offset by increases in traditional investments and global real estate Adjusted cost/income ratio 69% Adjusted operating expenses down 5%, as the prior quarter included CHF 33 million in charges for litigation, regulatory and similar matters Refer to slide 36 for details about adjusted and underlying numbers, Basel III numbers and FX rates in this presentation 1 Individual NNM channel totals may not add up to total NNM due to rounding Investment performance: Gross margin 31 bps Unchanged as higher revenues were offset by the effect of a higher invested asset base Quarterly average Operating income (as reported) Profit before tax (as reported) Profit before tax (adjusted) CHF 3.8 billion NNM ex-money market NNM by channel � excluding money market 1 CHF billion Operating income and profit before tax CHF million (1.3) (1.4) (0.3) 2.9 3.9 (0.2) 0.2 (3.7) 8.7 0.0 FY12 FY13 3Q13 2Q14 3Q14 Strong collective fund performance vs. peers with marked improvement in equity fund rankings Increased NNM from WM businesses more than offset by lower contribution from third parties

Underlying PBT CHF 494 million, up 47% YoY 15 Refer to slide 36 for details about adjusted and underlying numbers, Basel III numbers and FX rates in this presentation 1 Based on phase-in Basel III RWA; 2 Refer to page 118 of the 3Q14 report for details on funding valuation adjustments (FVA) Adjusted operating income up 16% YoY Strong delivery in a seasonally slow quarter; up YoY on strong CCS and equities performance; FX, Rates and Credit impacted by challenging credit trading conditions Operating income and profit before tax 1 CHF million Investment Bank Adjusted cost/income ratio 161% Adjusted operating expenses up CHF 1,818 million YoY, driven by CHF 1,687 million in charges for litigation, regulatory and similar matters Underlying operating expenses up 9% YoY on higher personnel expenses Operating income (adjusted) Profit before tax (as reported) Profit before tax (adjusted) Profit before tax (underlying) Focused resource utilization 1,707 2,241 1,985 251 579 (1,284) 335 563 (1,205) 3Q13 2Q14 3Q14 494 CHF million 3Q13 2Q14 3Q14 Profit before tax as reported 251 579 (1,284) Adjusted profit before tax 335 563 (1,205) of which: provisions for litigation, regulatory and similar matters (2) (11) (1,687) of which: net loss associated with implementation of FVA 2 - - (12) Underlying profit before tax 337 574 494 3Q13 2Q14 3Q14 Underlying cost/income ratio (%) 80 74 75 Underlying RoAE (%) 17 31 27 RWA (CHF billion) 59 68 62 RWA ex-operational risk (CHF billion) 46 47 46 RoRWA 1 (%, gross) 11 14 12 Funded assets (CHF billion) 172 182 173 Swiss SRB LRD (CHF billion) - 278 279 Front office staff (FTE) 5,318 5,167 5,285

16 Highest 3Q revenues in equities since 2010; CCS up YoY in all regions Corporate Client Solutions (CCS) Advisory up 31% with balanced mix of M&A and advisory revenues, strong performance from EMEA and APAC Equity capital markets up 20% with a strong participation in rights issues and IPOs Debt capital markets up 15% as DCM improved across all regions and LCM continued on its momentum from 1H14 Financing solutions up 25% on an improved performance in the structured financing businesses Investor Client Services 2� (ICS) Equities up 7% driven by financing services; named "Structured Products House of the Year" and "Corporate FX Rates and Credit down 7% with slight improvement in FX, but was more than offset by weaker credit revenues Advisory Debt capital markets Financing solutions Risk management Equities FX, Rates and Credit Adjusted income 1 Refer to slide 36 for details about adjusted and underlying numbers, Basel III numbers and FX rates in this presentation 1 3Q14 Equities results adjusted for a loss of CHF 48 million (USD 50 million) from an impairment of a financial investment available-for-sale; 2 Refer to the "Regulatory and legal developments and financial reporting changes" section of the 3Q14 report for more information on the shift of our exchange traded fixed income derivatives execution business from equities into foreign exchange, rates and credit; 3 September 2014 Corporate Investor Investment Bank CHF million USD million CHF million USD million YoY comparison in USD terms Services Client Solutions Client (70) 33 113 149 164 197 185 216 112 143 505 738 3Q13 3Q14 (76) 35 123 161 178 214 202 233 122 153 548 796 3Q13 3Q14 939 1,003 368 341 1,307 1,344 3Q13 3Q14 864 932 338 315 1,202 1,247 3Q13 3Q14 Equity capital markets Derivatives House of the Year" by Global Capital 3

17 Corporate Center�Core Functions Reported profit before tax of negative CHF 190 million Refer to slide 36 for details about adjusted and underlying numbers, Basel III numbers and FX rates in this presentation Operating income and profit before tax CHF million Operating income CHF 5 million Operating expenses CHF 194 million 3Q13 4Q13 1Q14 2Q14 3Q14 Treasury income remaining in CC-CF (219) (343) (46) (55) (65) Own credit gain/(loss) (147) (94) 88 72 61 Other 169 72 9 6 9 Operating income (as reported) (197) (365) 51 23 5 Own credit gain/(loss) (147) (94) 88 72 61 Gains on sales of real estate 207 61 23 1 0 Early redemption/buyback of UBS debt 0 (75) 0 0 0 Adjusted operating income (257) (257) (60) (50) (56) Operating expenses (as reported) 282 200 227 (2) 194 Net restructuring charges (1) (7) 2 4 16 Adjusted operating expenses 283 207 225 (6) 178 Profit before tax (as reported) (479) (565) (176) 25 (190) Profit before tax (adjusted) (540) (464) (285) (44) (235) Personnel (after allocation) 1,139 1,055 951 881 916 Net treasury income remaining in Corporate Center � Core Functions included CHF 207 million of retained funding costs Retained funding costs partly offset by CHF 65 million in gains on cross-currency basis swaps, interest income CHF 29 million related to preferred securities and net gains CHF 25 million related to high-quality liquid asset portfolios Increase largely due to net release of CHF 141 million for provisions, for litigation, regulatory and similar matters in 2Q14 and CHF 69 million increase from the difference between actual costs incurred and the cost allocations charged

18 Corporate Center�Non-core and Legacy Portfolio Operating income and profit before tax Refer to slide 36 for details about adjusted and underlying numbers, Basel III numbers and FX rates in this presentation 1 Refer to page 118 of the 3Q14 report for details on funding valuation adjustments (FVA) CHF million Reported profit before tax of negative CHF 603 million Operating income negative CHF 322 million Operating expenses CHF 280 million 3Q13 4Q13 1Q14 2Q14 3Q14 Non-core (120) (104) 17 (151) (233) of which: DVA (47) (68) (19) (44) - of which: FVA/DVA - - - - (188) Legacy Portfolio 21 (36) 13 (15) (92) of which: SNB StabFund option 74 (28) (1) 0 0 Credit loss (expense)/recovery (1) 11 0 (2) 2 Total operating income (100) (130) 29 (167) (322) Adjusted operating income (100) (130) 29 (167) (322) Operating expenses (as reported) 593 317 254 245 280 Net restructuring charges 5 24 9 (2) 10 Credit related to changes to a retiree benefit plan in the US 0 0 0 0 (3) Adjusted operating expenses 588 293 245 247 273 Profit before tax (as reported) (693) (446) (225) (412) (603) Profit before tax (adjusted) (688) (422) (216) (414) (596) Personnel (front office) 245 222 195 160 150 Negative income in both Non-core and Legacy Portfolio largely driven by CHF 252 million net loss resulting from the implementation of FVA Non-core: CHF 188 million net loss related to FVA/DVA, of which CHF 175 million was the net loss upon implementation of FVA Legacy Portfolio: Negative income driven by CHF 77 million net loss upon implementation of FVA Increase largely due to charges of CHF 89 million for provisions for litigation, regulatory and similar matters vs. a net release of 27 million in 2Q14 2Q14 included an impairment charge of CHF 78 million related to certain disputed receivables 1 1 1

Corporate Center�Non-core and Legacy Portfolio 1 19 Non-core and Legacy Portfolio RWA CHF billion Operational risk 3 Non-core credit Non-core rates Non-core other Legacy Portfolio 4 Market and credit risk RWA down 17%, LRD down 12% in the quarter Non-core OTC positions natural decay of RWA CHF billion Original estimate at 30.9.12 5 Actual at 30.9.14 and updated projection for future dates 6 1 Refer to pages 68-70 of the 3Q14 report for more information; 2 Pro-forma estimate for 31.12.12 based on period ending balance; 3 Non-core and Legacy Portfolio operational risk; 4 Excluding operational risk; 5 Estimates disclosed in the 3Q12 presentation; 6 Estimates based on 30.9.14 data Non-core Legacy Portfolio Non-core and Legacy Portfolio Swiss SRB LRD 2 CHF billion 33 30.9.14 44% 95% of Non-core RWA ex-operational risk are OTC positions which will naturally decay over time 12 27 22 17 10 9 8 31.12.15 31.12.16 31.12.17 20.3 3.7 1.8 29.3 9.6 9.2 4.5 1.3 1.3 34.2 14.1 11.3 14.2 23.1 18.4 102.5 51.9 42.1 31.12.12 30.6.14 30.9.14 ~255 99 87 ~38 22 19 ~293 121 106 31.12.12 30.6.14 30.9.14

Corporate Center cost reductions 20 Core Functions: CHF 1.0 billion net cost reduction target by 2015 1 Adjusted operating expenses before allocations to business divisions CHF billion Non-core and Legacy Portfolio: CHF 0.4 billion net cost reduction target by 2015 1 Adjusted operating expenses CHF billion Refer to slide 34 in the appendix for details about adjusted numbers; charts illustrative only and bars not to scale 1 Refer to page 11 of the 2Q14 report for details on our cost reduction targets Achieved net cost reduction of ~CHF 0.1 billion vs. 9M13 Annualized 9M14 costs lower than previous year primarily due to decrease in litigation provisions Achieved net cost reduction of ~CHF 0.2 billion vs. 9M13 Significantly lower provisions for litigation and regulatory matters ~CHF 0.3 billion of net cost reductions achieved year-to-date Net cost reduction 9M13 annualized adjusted operating expenses 9M14 annualized adjusted operating expenses 2.8 Changes in provisions for litigation, regulatory and similar matters Net cost reduction FX movements Changes in regulatory demand of temporary nature 9M13 annualized adjusted operating expenses 9M14 annualized adjusted operating expenses 7.8 7.6 1.0 Changes in provisions for litigation, regulatory and similar matters (0.4) 0.3 (0.1) (0.1) (0.2) (1.6)

~0.9 ~0.9 ~0.4 ~0.5 ~1.0 ~0.8 ~1.5 ~1.4 ~0.7 ~1.5 ~2.2 Guidance Actual Updated restructuring cost guidance 21 1 Initially announced 30.10.12; 2 Additional temporary costs that are necessary to effect our cost reduction program but not classified as restructuring charges; 3 Refer to page 154 of our 3Q14 report for the definition of restructuring charges; 4 Cumulative total initial guidance for 2011-2013 as announced 23.8.11 and 30.10.12; 5 Refer to page 11 of our 2Q14 report for details about our cost reduction targets 2011-2013 CHF billion 2014-2015 CHF billion 2016-2017 CHF billion Actual restructuring expenses have been lower than guidance 4 2011-2013 restructuring costs ~CHF 0.6 billion below guidance Committed to our CHF 1.4 billion net cost reduction target for 2015 year-end run-rate 5 Revised restructuring guidance for 2014-2015 IT infrastructure and simplification investment will account for ~50% of total restructuring costs and additional CtA in 2015-2017 2014 2015 Previous guidance 1 Additional cost-to-achieve 2 (CtA) Restructuring costs 3 (excluded from adjusted results) 2016 2017 Committed to our CHF 0.7 billion net cost reduction target 5 as we fully exit the Non-core and Legacy Portfolio Guidance period extended to 2017 as we invest to offset ongoing incremental regulatory costs

Net tax benefit and deferred tax assets 1 DTA figures are stated net of DTL; 2 As of 30.9.14, the net DTA recognized on UBS's balance sheet (CHF 10,074 million) includes a tax loss DTA (CHF 6,860 million) and a DTA for temporary differences (CHF 3,214 million);� 3 DTA annual revaluations performed in 3Q14 but smaller revaluations can take place at different times for specific entities based on specific circumstances; 4 As disclosed on page 69 in our 2013 Annual Report, UBS may, depending on our financial performance, increase the future profit recognition period. Where appropriate, such an extended DTA profit recognition period was applied in 3Q14. 5 years Year: 1 2 3 4 5 6 8 7 � Tax loss DTA 1 CHF billion 22 DTA revaluation 3 Illustrative example Net tax benefit of CHF 1,317 million; DTA potential remains significant 9 6 years 2013 2014 Net upward revaluation of DTA for the Group of CHF 1,420 million recognized in 3Q14, additional ~CHF 0.4 billion expected to be recognized in 4Q14 The future profit recognition period used for DTA revaluation was extended from 5 years to 6 years Average unrecognized tax loss DTA have a remaining life of ~16 years in the US and ~2 years in Switzerland; unrecognized tax losses have indefinite life in the UK Total 2 US RoW CH UK 3 6.9 3.6 3.1 0.1 0.1 23.1 16.4 2.8 2.9 1.0 CHF million Net deferred tax benefit with respect to recognition of DTA 1,420 Other net tax expense in respect of 3Q14 taxable profits (103) Net tax benefit 1,317 Extended profit recognition period 4 Unrecognized Recognized

99 107 115 129 ~105 ~105 62 68 62 14 70 70 64 52 42 76 ~40 ~25 ~400 225 227 219 219 <215 <200 30.9.11 31.12.13 30.6.14 30.9.14 30.9.14 by risk type 31.12.15 target 31.12.17 target Swiss SRB capital and leverage ratios Fully applied CET1 capital ratio of 13.7% and leverage ratio of 4.2% Swiss SRB RWA and capital ratios CHF billion Swiss SRB LRD and leverage ratio CHF billion Non-core and Legacy Portfolio Leverage ratio (fully applied) Leverage ratio (phase-in) Swiss SRB total exposure Refer to slide 36 for details about adjusted and underlying numbers, Basel III numbers and FX rates in this presentation 1 At the end of the third quarter, our post-stress CET1 capital ratio exceeded our objective of achieving and maintaining a post-stress CET1 capital ratio of at least 10% on a fully applied basis. Refer to the "Capital management" section of the 3Q14 financial report for more detail; 2 Includes CHF 15 billion for non-counterparty-related risk; 3 Full exit of Non-core and Legacy Portfolio equivalent to ~45-55 bps increase in fully applied Swiss SRB leverage ratio based on current fully applied Swiss SRB leverage ratio numerator and denominator; 4 Based on the rules applicable as of the announcement of the target (6.5.14) Investment Bank Other business divisions and Corporate Center � Core Functions Non-core and Legacy Portfolio CET1 capital ratio (fully applied) 1 Total capital ratio (fully applied) 23 Operational 35% Market 6% Credit 2 59% 4.7% 5.3% 5.4% 3.4% 4.2% 4.2% 15.4% 18.1% 18.7% 6.2% 12.8% 13.5% 13.7% 160 121 106 3 1,020 981 985 900 31.12.13 30.6.14 30.9.14 2016 target 4

~22% ~21% ~35% 24 Currency sensitivites Group CC � Core Functions Investment Bank CHF USD EUR Other RWA Fully applied LRD Fully applied ~13% A 10% depreciation of the Swiss franc against other currencies would: Currency distribution of RWA and LRD % of total Percentages on charts may not add up to 100% due to rounding 1 Based on period ending balance as of 30.9.14 USD appreciation/CHF depreciation inflates RWA, balance sheet and LRD Basel III CET1 (fully applied) Equity attributable to shareholders ~15% ~24% ~33% ~25% ~17% ~14% ~46% ~23% ~19% ~12% ~63% 27% Currency distribution of equity % of total ~10% ~6% ~35% ~56% ~24% ~67% ~3% ~6% ~3% ~6% Operational risk RWA (CHF) ~2% ~22% ~55% ~2% ~1% ~8% ~43% ~6% ~42% Increase fully applied RWA by ~5% Increase fully applied LRD 1 by ~8% Increase IFRS equity by ~5% Increase Basel III fully applied CET1 capital by ~3% 1

Interest rate sensitivities 1 Our revenues are positively geared to rising interest rates 1 For all scenarios, interest rate increases are assumed to be equal across all currencies and relative to implied forward rates based on static balance sheet and constant FX rates; 2 The estimated impact is for the first year of the relevant interest rate scenario; 3 The estimated impact on OCI only applies to treasury portfolios and does not consider pension liabilities and assets; 4 Majority of the impact on OCI would be through cash flow hedges, which would not affect regulatory capital 25 ~0.7 R&C ~0.4 WM WMA ~0.2 Scenario overview and incremental NII by business division (+100 bps parallel increase, scenario B) 3M 8Y 10Y B C A +20 bps +100 bps +200 bps 1Y A Steepener (+20 bps to +200 bps) B Parallel (+100 bps) C Flattener (+200 bps to +20 bps) Annual incremental net interest income 2 Negative impact on OCI 3 Negative impact on regulatory capital ~ 0.2 (all scenarios 4 ) ~0.4 ~1.7 ~1.3 ~2.1 ~2.3 ~2.8 Interest rate scenarios: estimated impact on NII, OCI and regulatory capital CHF billion

Indicative timetable of principal events 1 1 Dates and duration dependent on certain conditions, acceptance periods could be extended one or several times; 2 F-4 registration statement publicly filed; 3 Two simultaneous offers are being conducted in the USA and Switzerland (to include an international component via a EU prospectus); 4 Subject to shareholder approval through a General Meeting; 5 Payout ratio of at least 50% conditional on both fully applied CET1 ratio of minimum 13% and our objective of achieving and maintaining a post- stress CET1 capital ratio of at least 10% 29 Sept: Swiss offer prospectus published; US offer to exchange / prospectus for offer published 2 Cooling-off period 30 Sept to 13 Oct Initial acceptance period 1 14 Oct to 11 Nov 12 Nov: Publication of preliminary interim exchange offer results 17 Nov: Publication of definitive results 19 Nov: First settlement for UBS shares tendered in initial acceptance period, first trading day of UBS Group Shares on SIX Swiss Exchange and NYSE 2 Dec: Publication of preliminary interim exchange offer results 5 Dec: Publication of definitive results Additional acceptance period 1 17 Nov to 1 Dec The exchange offer may take up to three months from the publication of the Swiss and US prospectuses 3 to final settlement of the offer, any squeeze-out required thereafter could take several additional months Shareholders will be able to tender their shares in an initial and additional acceptance period A key condition for the successful completion of the offer is achieving a 90% acceptance level by shareholders Enhanced resolvability is expected to result in UBS qualifying for a capital rebate under Swiss Too-Big-To-Fail legislation Following successful completion of the transaction, we expect to propose a supplementary capital return of at least CHF 0.25 per share 4 from the Group holding company, which would be separate and in addition to our targeted capital return of at least 50% of net profit attributable to shareholders 5 9 Dec: Second settlement for UBS shares tendered in additional acceptance period 26 Group holding company: share for share exchange timeline Initial acceptance period ending on 11 November 1

Key messages The fundamental earnings power of our unrivaled franchise is evident � WM/WMA combined adjusted PBT >CHF 1 billion � Strong performance in Retail & Corporate with all KPIs within target ranges � Solid Investment Bank and Global AM performance despite challenging market conditions Results include provisions for litigation, regulatory and similar matters � We continue to seek resolution of open issues � Timing of full resolution of complex industry-wide issues is difficult to predict We will continue executing our strategy and are well positioned for growth � Seizing current revenue opportunities and positioned for future economic recovery � Improving efficiency will release resources to invest for growth � Continued reduction in the Non-core and Legacy Portfolio Our capital position is strong and our businesses are highly capital accretive � Continued capital strength in an evolving regulatory environment � Share-for-share exchange offer in progress creating eligibility for capital rebate � Committed to payout ratio of at least 50% subject to maintaining our capital targets 1 27 1 Payout ratio of at least 50% conditional on both fully applied CET1 ratio of minimum 13% and fully applied CET1 ratio of minimum 10% post-stress

Appendix

1 The regional figures do not correspond precisely to the financial statements of the UBS subsidiaries and branches established in the regions because they reflect different allocation principles; 2 Europe, Middle East, and Africa excluding Switzerland; 3 Refers to items managed globally 29 Regional performance excluding charges for provisions for litigation, regulatory and similar matters 1 CHF billion 2Q14 3Q14 2Q14 3Q14 2Q14 3Q14 2Q14 3Q14 2Q14 3Q14 2Q14 3Q14 WM 0.1 0.1 0.4 0.5 1.0 1.0 0.4 0.4 0.0 (0.0) 1.9 2.0 WMA 1.7 1.8 - - - - - - - - 1.7 1.8 R&C - - - - - - 0.9 1.0 - - 0.9 1.0 Global AM 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 - - 0.5 0.5 Investment Bank 0.7 0.6 0.6 0.6 0.7 0.6 0.3 0.2 0.0 (0.1) 2.3 1.9 Corporate Center - - - - - - - - (0.1) (0.3) (0.1) (0.3) Group 2.6 2.7 1.2 1.2 1.7 1.7 1.7 1.7 (0.1) (0.4) 7.1 6.9 WM 0.1 0.1 0.3 0.3 0.7 0.7 0.2 0.2 0.0 (0.0) 1.3 1.3 WMA 1.4 1.5 - - - - - - - - 1.4 1.5 R&C - - - - - - 0.5 0.5 - - 0.5 0.5 Global AM 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.3 0.3 Investment Bank 0.5 0.5 0.5 0.4 0.5 0.5 0.2 0.2 0.0 0.0 1.7 1.5 Corporate Center - - - - - - - - 0.4 0.4 0.4 0.4 Group 2.2 2.2 0.8 0.8 1.2 1.2 1.0 1.0 0.4 0.4 5.7 5.6 WM 0.0 0.0 0.1 0.2 0.3 0.3 0.2 0.2 0.0 0.0 0.6 0.7 WMA 0.3 0.3 - - - - - - - - 0.3 0.3 R&C - - - - - - 0.4 0.4 - - 0.4 0.4 Global AM 0.1 0.1 0.0 0.0 0.0 0.0 0.1 0.0 (0.0) (0.0) 0.1 0.2 Investment Bank 0.1 0.1 0.2 0.2 0.2 0.1 0.1 0.1 (0.0) (0.1) 0.6 0.4 Corporate Center - - - - - - - - (0.6) (0.7) (0.6) (0.7) Group 0.5 0.5 0.3 0.4 0.5 0.4 0.7 0.7 (0.6) (0.8) 1.5 1.3 Switzerland Corporate Center and global� Total Operating income Operating expenses Profit before tax Americas Asia Pacific EMEA�

30 Retained Treasury income in Corporate Center�Core Functions Treasury income retained in Corporate Center � Core Functions We continue to expect retained funding costs to decline in the mid-term CHF million Central funding costs retained in Group Treasury increased as a result of the issuance of CHF 8.8 billion in senior unsecured debt in 3Q14, the negative impact from the WM and R&C methodology change in the allocation of liquidity and funding costs, and as businesses continued to reduce their consumption of funding Retained funding costs expected to decrease to a negligible amount in FY16 Credit spread compression will drive down costs of the Group's overall long term funding along with declining volumes as we reduce our balance sheet We will continue to maintain a diversified funding profile and comfortable LCR and NSFR ratios FY13 1Q14 2Q14 3Q14 Gross results (excluding accounting driven adjustments) 664 137 174 235 Allocations to business divisions (921) (206) (243) (341) Net revenues (excluding accounting driven adjustments) (257) (69) (69) (108) of which: retained funding costs (510) (165) (182) (207) of which: profits retained in Treasury 253 96 113 99 Accounting asymmetry and other adjustments (645) 23 16 42 Mark-to-market losses from cross currency swaps, macro cash flow hedge ineffectiveness, Group Treasury FX, debt buyback and other Net treasury income retained in CC-Core Functions (902) (46) (55) (65)

31 IFRS equity attributable to UBS shareholders 30.6.14 Foreign currency translation (OCI) 30.9.14 Employee share and share options plans (within share premium) Cash flow hedges (OCI) Net profit Treasury shares Financial investments available-for- sale (OCI) Defined benefit plans (OCI) Other QoQ movement CHF millions, except for per share figures in CHF Refer to slide 36 for details about adjusted and underlying numbers, Basel III numbers and FX rates in this presentation Total book value per share: Tangible book value per share: 11.54 13.20 Equity attributable to UBS shareholders surpasses CHF 50 billion 30.6.14 11.78 13.54 30.9.14 +2.6% +2.1% 49,532 762 1,195 15 (38) (889) 232 8 7 50,824

Other (including net replacement) Loans Cash collateral on securities borrowed and reverse repo agreements Trading portfolio assets Financial investments available- for-sale Cash, balances with central banks and due from banks 32 Our balance sheet, funding and liquidity positions are strong Our balance sheet structure has many characteristics of a AA-rated bank Refer to slide 36 for details about adjusted and underlying numbers, Basel III numbers and FX rates in this presentation 1 As of 30.9.14. Refer to liquidity and funding management section of the 3Q14 report for further detail; 2 As of 30.9.14. Pro-forma ratios using supervisory guidance from FINMA. Refer to the liquidity and funding management section of the 3Q14 financial report for details about the calculation of UBS�s Basel III LCR and NSFR Due to banks (12), Short-term debt issued (34), Trading portfolio liabilities (28), and Cash collateral on securities lent and repo agreements (23) Long-term debt issued Due to customers Total equity Other liabilities Strong funding and liquidity Well diversified by market, tenor and currency with over 59% of funding from deposits Limited use of short-term wholesale funding 107% Basel III NSFR 2 and 128% Basel III LCR 2 129% coverage Asset funding 1 CHF billion 89 53 310 117 130 136 94 402 56 126 Assets Liabilities and equity

Breakdown of changes in Group RWA 33 30.6.14 Refer to slide 36 for details about adjusted and underlying numbers, Basel III numbers and FX rates in this presentation 1 Incremental operational risk RWA based on the supplemental operational risk capital analysis mutually agreed to by UBS and FINMA; 2 Refer to pages 68-70 of the 3Q14 By type CHF billion 30.6.14 By business division CHF billion 227 219 +4 (5) 227 219 +5 (6) +4 (10) 30.9.14 � � � Book size and other � � � FX impact Non-core and Legacy Portfolio� � � � Investment Bank � � � 30.9.14 (6) Corporate Center � Core Functions � � All other businesses� � � CHF 6.7 billion decrease related to incremental operational risk RWA� CHF 1.3 billion increase in market risk RWA due to the annual recalibration of risks not in VaR CHF 1.0 billion decrease in credit risk RWA related to right way risk trades CHF 4.9 billion reduction in credit risk RWA as the prior quarter included temporarily higher RWA related to aged trade settlements and the sale of certain collateralized loan obligation (CLO) bond positions in the current quarter CHF 1.0 billion reduction in market risk RWA, primarily comprehensive risk measure as a result of the exit of the majority of the correlation trading portfolio CHF 1.4 billion higher non-counterparty-related risk RWA, mainly related to deferred tax assets CHF 4.6 billion decrease in incremental operational risk� RWA CHF 2.2 billion reduction in market risk RWA, primarily comprehensive risk measure as a result of the exit of the majority of the correlation trading portfolio CHF 2.8 billion reduction in credit risk RWA primarily due to the sale of certain collateralized loan obligation (CLO) bond positions and termination of derivative trades CHF 3.0 billion increase in incremental operational risk� RWA CHF 1.4 billion higher non-counterparty-related risk RWA mainly due to deferred tax assets CHF 5.5 billion decrease related to incremental operational risk RWA CHF 2.0 billion lower credit risk RWA, as the prior quarter included temporarily higher RWA related to aged trade settlements CHF 1.0 billion increase in market risk RWA primarily due to the annual recalibration of risks not in VaR CHF 1.4 billion increase in incremental operational risk RWA CHF 2.3 billion increase in credit risk RWA due resulting from the strengthening of the US dollar versus the Swiss franc and also reflecting higher RWA related to undrawn commitments Methodology/model-driven financial report for more information on Non-core and Legacy Portfolio; 3 Wealth Management, Wealth Management Americas, Retail & Corporate and Global Asset Management

Corporate Center adjusted operating expenses before service allocation 34 CC - Core Functions - adjusted expenses before service allocation to business divisions and CC - Non-core and Legacy Portfolio 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 9M13 9M14 FY13 CHF million Personnel expenses 1,101 1,006 955 1,007 959 904 875 3,063 2,739 4,070 General and administrative expense 910 849 1,022 970 947 806 1,014 2,781 2,767 3,750 Depreciation and impairment of property and equipment 161 180 170 185 179 184 178 511 542 696 Amortization and impairment of intangible assets 1 1 1 1 1 1 2 3 4 4 Total adjusted operating expenses before service allocation to business divisions and CC - Non-core and Legacy Portfolio 2,173 2,036 2,148 2,163 2,087 1,895 2,069 6,357 6,051 8,520 Net allocations to business divisions (1,931) (1,915) (1,865) (1,956) (1,862) (1,902) (1,892) (5,711) (5,655) (7,667) of which: Wealth Management 498 484 460 521 464 504 490 1,443 1,457 (1,964) of which: Wealth Management Americas 274 267 264 268 250 264 265 806 778 (1,074) of which: Retail & Corporate 316 306 305 319 275 282 268 927 825 (1,246) of which: Global Asset Management 128 123 126 123 113 114 116 377 342 (499) of which: Investment Bank 557 562 560 589 632 621 626 1,678 1,879 (2,267) of which: CC - Non-core and Legacy Portfolio 157 173 150 136 129 117 126 480 372 (616) Total adjusted operating expenses 242 121 283 207 225 (6) 178 646 397 853

35 Adjusted results Adjusting items Business division / Corporate Center 3Q13 2Q14 3Q14 FY13 CHF million Operating income as reported (Group) 6,261 7,147 6,876 27,732 Of which: Own credit on financial liabilities designated at fair value Corporate Center - Core Functions (147) 72 61 (283) Gains on sales of real estate Corporate Center - Core Functions 207 1 0 288 Corporate Center - Core Functions 0 0 0 (194) Corporate Center - Non-core and Legacy Portfolio 0 0 0 27 Gain from the partial sale of our investment in Markit Investment Bank 0 43 0 0 Impairment of financial investments available-for-sale Investment Bank 0 0 (48) 34 Investment Bank 0 0 0 55 Corporate Center - Core Functions 0 0 0 (24) Operating income adjusted (Group) 6,201 7,031 6,863 27,829 Operating expenses as reported (Group) 5,906 5,929 7,430 24,461 Of which: Wealth Management 62 38 60 178 Wealth Management Americas 13 7 15 59 Retail & Corporate 15 13 20 54 Global Asset Management 12 2 5 43 Investment Bank 84 27 50 210 Corporate Center - Core Functions (1) 4 16 (6) Corporate Center - Non-core and Legacy Portfolio 5 (2) 10 235 Wealth Management Americas 0 0 (3) 0 Global Asset Management 0 0 (8) 0 Investment Bank 0 0 (19) 0 Corporate Center - Non-core and Legacy Portfolio 0 0 (3) 0 Operating expenses adjusted (Group) 5,718 5,840 7,287 23,689 Operating profit/(loss) before tax as reported 356 1,218 (554) 3,272 Operating profit/(loss) before tax adjusted 484 1,191 (424) 4,141 Net loss related to the buyback of debt in public tender offer Net restructuring charges Credit related to changes to a retiree benefit plan in the US Net gain on sale of remaining proprietary trading business

Important information related to numbers shown in this presentation 36 Use of adjusted numbers Unless otherwise indicated, �adjusted� figures exclude the adjustment items listed on the previous slide, to the extent applicable, on a Group and business division level. Adjusted results are a non-GAAP financial measure as defined by SEC regulations. Refer to pages 12-13 of the 3Q14 financial report for an overview of adjusted numbers. Use of underlying numbers Unless otherwise indicated, �underlying� figures exclude the adjusting items listed on the previous slide as well as charges for provisions for litigation, regulatory and similar matters, net losses associated with the implementation of FVA, impairment charges related to certain disputed receivables and other expenses, to the extent applicable, on a Group and business division level. Adjusted results are a non-GAAP financial measure as defined by SEC regulations. Refer to the "Group Performance" and "Investment Bank" sections of the 3Q14 financial report for more information on underlying numbers. Basel III RWA, Basel III capital and Basel III liquidity ratios Basel III numbers are based on the BIS Basel III framework, as applicable for Swiss Systemically relevant banks (SRB). Numbers in the presentation are SRB Basel III numbers unless otherwise stated. Our fully applied and phase-in Swiss SRB Basel III and BIS Basel III capital components have the same basis of calculation, except for differences disclosed on page 84 of the 3Q14 financial report. Basel III risk-weighted assets in the presentation are calculated on the basis of Basel III fully applied unless otherwise stated. Our RWA under BIS Basel III are the same as under Swiss SRB Basel III. Leverage ratio and leverage ratio denominator in this presentation are calculated on the basis of fully applied Swiss SRB Basel III, unless otherwise stated. From 1Q13 Basel III requirements apply. All Basel III numbers prior to 1Q13 are on a pro-forma basis. Some of the models applied when calculating pro-forma information required regulatory approval and included estimates (discussed with our primary regulator) of the effect of these new capital charges. Refer to the �Capital Management� section in the 3Q14 financial report for more information. Currency translation Monthly income statement items of foreign operations with a functional currency other than Swiss francs are translated with month-end rates into Swiss francs. Refer to �Note 17 Currency translation rates� in the 3Q14 financial report for more information. Rounding Numbers presented throughout this presentation may not add up precisely to the totals provided in the tables and text. Percentages, percent changes and absolute variances are calculated based on rounded figures displayed in the tables and text and may not precisely reflect the percentages, percent changes and absolute variances that would be derived based on figures that are not rounded.

This Form 6-K is hereby incorporated by reference into (1)�each of the registration statements of UBS�AG on Form�F-3 (Registration Number 333-178960) and Form�S-8 (Registration Numbers 333-49210; 333-49212; 333-127183; 333-127184; 333-162798; 333-162799; 333-162800; 333-178539; 333-178540; 333-178541; and 333-178543) and into each prospectus outstanding under any of the foregoing registration statements, (2)�the registration statement of UBS Group AG on Form F-4 (Registration Number 333-199011) and into each prospectus outstanding thereunder, (3)�any outstanding offering circular or similar document issued or authorized by UBS�AG that incorporates by reference any Form�6-K�s of UBS�AG that are incorporated into its registration statements filed with the SEC, and (4)�the base prospectus of Corporate Asset Backed Corporation (�CABCO�) dated June�23, 2004 (Registration Number�333-111572), the Form�8-K of CABCO filed and dated June�23, 2004 (SEC�File Number�001-13444), and the Prospectus Supplements relating to the CABCO Series�2004-101 Trust dated May�10, 2004 and May�17, 2004 (Registration Number�033-91744 and 033-91744-05).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

�

Date: October�28, 2014

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