UNITED STATES SECURITIES AND EXCHANGE COMMISSION. Washington, D.C FORM 6-K

Transcription

1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 Date: May 6, 2014 Commission File Number: UBS AG (Registrant s Name) Bahnhofstrasse 45, Zurich, Switzerland, and Aeschenvorstadt 1, Basel, Switzerland (Address of principal executive office) 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 Form 40-F

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

3 First quarter May results

4 Cautionary This transactions uncertainties executing which requirements capital when creation entity regulatory UBS s liability cross revenues determinations for businesses; additional consequences disclaims Disclaimer: instruments first completeness contained 1 set the risk quarter presentation and forth border structure UBS financial (including competitive management 2014 of and FINMA any to herein its consequences requirements which a statement (xiv) operates This 2014 what banking new announced and for documents to The obligation reliability Switzerland Our or position manage strategic bail presentation other UBS contains Swiss report interpretations leverage degree effective key business position operating occurrence regarding risk symbol may important to banking debt strategic to) that including furnished support the initiatives control which statements ratio) creditworthiness comparability 31 the be update and its including Swiss this model of December and exposed United Annual loss forward of financial subsidiary affecting and tax may factors plans liquidity the measurement is UBS capital by operational Financial on absorbing exposed including control that information alter have whether States UBS s report regulatory are looking could 2013 performance of constitute requirements possible its and among a of its Market holding recognition forward including our failures capital; funding cause UBS s differences filings the businesses any and information statements Form its contained will developments possible constraints other forward modeling efficiency Supervisory actual company clients made looking (iv) approve could 20 registered requirements and such resolvability movements jurisdiction of F changes and future developments which consequences for herein contained as gain by be and regulatory looking and statements fraud a initiatives performance UBS the affected limited and counterparties; sanctions Authority development may of are the year loss of with incremental requirements unregistered unauthorized financial statements No herein provided UBS securities be possible capital ended by reduction and investment affected of whether that other (FINMA) implementation Group valuation such The relating SEC its results 31 models and regulatory While solely changes (iii) prices planned factors tax sequence December trademarks of by and as trading including other changes capital decision US competitive a will of for these generally; result differ third identified intermediate goodwill requirements further liquidity information authorities approve pending and forward of 2013 but UBS s parties materially of which relating systems financial the new not (xiii) factors policies No reductions potential Swiss additional the credit availability limited Annual the looking information our which might holding purposes representation All among whether recognition failures; factors legislation from securities past including parliamentary spreads due rights and impose need Report its statements levies and UBS s to the based company management s practices of above Basel and the reserved measures to major future capital currency of and differences incremental make (xv) solely are limitations will expectations deferred are III UBS Form regulation warranty proposals financial not represent relating filings events changes be risk and presented other to exchange to successful effect due 20 reduce outlook funding weighted publicly tax be and changes or F RWA to is centers compensation construed UBS s assets and for These otherwise that permitted this made litigation reports resolvability Switzerland for rates not proposals including resulting available these business; operating assets AG will judgments factors UBS s year keeping indicative the including implied other activities adversely contractual (RWA) ended a legal interest its other practices; from solicitation information financial include any (x) risk; model pace matters; affiliates other and structure concerning of UBS s changes 31 US factors those and (vi) their with rates constraints affect December expectations of countries but supplemental claims performance (xi) leverage the (xii) UBS filed should of ability likelihood competitors and are UK UBS s degree changes unanticipated limitations booking Limited not and with the offer 2013 undertakes to be ratio limited effect regulatory UBS ability concerning retain other mandatory made remuneration of operational credit which denominator; model UBS accounting buy SEC occurrence assumes of statements updating financial to: other spreads economic events is UBS compete (i) More investigations; of attract sell not structural obligation effectiveness the UBS basis risk changes or may its under any matters centers or detailed and degree responsibility (ii) relating successful other capital technology tax conditions Group of securities have ratings developments certain employees any this reform standards potential which to measures; that described to information to update (ix) analysis obligation document of which may the response lines our UBS s of and the particularly executing arising anticipated magnitude banks; other necessary reputation impose UBS effects (v) market of mutually a may policies number internal information to business; Refer about uncertainty to the financial from is accuracy (and (vii) make legal more successful the developments markets of effect to those and agreed changes expressly of processes announced trading generate their and UBS s stringent (viii) risks its as factors of legal the by

5 1Q14 Group Net achieving Wealth Retail Global Investment Corporate Refer Increased Strong Annualized Adjusted Continued Business profit highlights to & Asset Management: slide performance Corporate: divisions1 our attributable Center: RoAE Bank: recurring profitability progress Management: NNM 26 13% PBT Pre target and growth PBT details 28% Americas: fees in to tax best CHF Corporate reduction UBS CHF for with loss first about PBT rate record shareholders CHF 401 improved quarter Record of 659 CHF million adjusted of Center managed 6% million Non client 126 adjusted PBT million performance above continued figures core numbers CHF up activity USD NNM account 17% and target pre CHF Legacy efficient QoQ an Basel strong tax range asset across million adjusted profit III Portfolio net levels 0 with 9 resource all billion numbers since new NNM diluted basis regions inflows money 2010 assets of utilization USD 2 gross and EPS NNM from FX 2 margin CHF 1 excluding WM rates billion 0 27 up and 2 this RoE money third bps presentation 8 to party 7% 87 market Profit bps channels flows before tax (PBT) CHF million adjusted PBT CHF million Basel III fully applied CET1 ratio of 13 2%

6 Group CHF Total Profit Own Adjusted Tax 1Net Diluted Return 1Q13 (181) 06123(92)(75)0 65 (378) 0306(458)470(339) Refer We which profit 917 (expenses)/benefit 0 credit million operating expect (94) (79) to 4Q before (246) results EPS 1 slide guarantee profit 0 attributable Equity (193) on 27 1Q (198) (CHF) net tax 26 financial 8 before income profit 5 as (RoE) 7 (204) reported payments details to 8 tax attributable liabilities 7 (%) 6 UBS preferred 12 of 307 about Total which 57 in shareholders 7 12 relation 258 adjusted designated noteholders/non book to 74 provisions 6 preferred value to 07 numbers the at per for Swiss noteholders/non fair 79 5 share litigation controlling value Basel UK 07 (CHF) 11 tax Gains III 41 regulatory agreement numbers interests Tangible controlling sales and book of FX interests real similar others value rates estate matters per in of Net this ~CHF share loss presentation (CHF) 110 related million to the for buyback FY14 (all of of debt which in a in public 2Q14) tender ~CHF offer 110 Gain million disposals for FY15 Net and restructuring ~CHF 85 million charges for FY16 3

7 Wealth Increased 664 Net Quarterly 90 FY Q13 Operating Recurring Transaction Adjusted variable CHF 5th consecutive Annualized Refer Net Europe 0 9 new 619 billion million 10 interest to 4Q13 1 FY13 Management compensation 471 slide money cost/income average profitability billion income1 net NNM 1Q14 quarter 1 based new for 659 net and (as up growth income money down details new 5% reported) ratio profit positive expenses recurring improved 2% money rate up was 66% about before to 28% of NNM negatively Profit CHF Adjusted 4 Strong net adjusted to 9% tax client fee CHF in 1 before 392 Switzerland net income activity expenses impacted numbers 542 million inflows tax million (as strong down reported) by in Basel APAC lower a single net 5% client III new net to numbers Profit and large activity CHF interest money Emerging before outflow 1 and 285 improved income tax FX million Markets and (adjusted) rates and ongoing across as recurring this higher all cross presentation regions provisions net border fee income asset for litigation outflows regulatory and similar matters were more than offset by lower other G&A expenses as well as lower

8 Wealth Europe money growthrate010803% 93 Netnew74money (1 (2 Gross Q13 31 Invested 346 CHF Client FTE 504 Based 6)(2 4) 2) billion 2Q advisors 5) Asia Management assets 86 margin the 4 3Q Pacific Wealth Q13 91 Switzerland Management by bps 1Q14 90 region1 57 1Q13 Emerging business 2Q13 3Q13 Markets area 4Q13 structure; o/w 1Q14 UHNW refer 1Q13 to 2Q13 page 3Q13 23 of the 4Q13 1Q14 1Q14 financial 1Q13 2Q13 report 3Q13 for more 4Q13 information 1Q14 1Q13 2Q13 3Q13 4Q13 1Q14

9 Improved 1Q13 Wealth 91 Income Net Recurring Transaction Lower Increase Invested 870 CHF 926 Gross interest billion 2Q treasury Management (CHF 952 margin assets gross net mandates client income 3Q based components fee 837 million) 71% 856 related calculation margin activity income 4Q13 as 1 and % a more % Gross other income 891 1Q14 1 of levels 77% 943 (bps) higher than excludes 911 income1 margin 77% and across offset 897 client a 72% any (bps) slight by all activity effect negative regions decrease profit impact most in income notably or from loss cross from in APAC client a border property deposits asset fund outflows partially from other offset income increased Refer interest to page income 22 of the from 1Q14 Lombard report loans for additional information 6

10 Wealth 1Q Net Quarterly FY12 NNM Operating Transaction Credit Adjusted costs USD 15th Solid Continued Record Refer 851 Net 0 2 new consecutive million billion 15 2 increase new to 4Q13 1 FY13 excl loss 1 Management invested adjusted million slide billion cost/income average money strong recovery dividends 1Q14 based 1Q net insurance assets PBT for same 272 quarter FA brought and (as up 4Q13 income new details of Americas 1% productivity 284 reported) & ratio profit store1 per USD interest 1Q14 money Recurring reimbursement down FA 86% positive about before 19 by NNM 284 of (USD) Profit million financial Dividends Adjusted 1% adjusted Annualized tax net NNM with lower before 139 fee compared advisors slight in expenses numbers record flows million & income 4Q13 tax interest revenue decrease (as from revenue that with up reported) Basel 3% net have 1% per credit in and recruited on FA III to client been USD record numbers Profit loss > invested USD with activity expense 1 FAs before managed UBS and assets million partly tax FX of for USD account (adjusted) rates more mostly offset 9 in than million asset this by due 12 higher presentation levels to months in USD 4Q13 net offset 34 trading 7 million by 9% income higher decrease charges 4Q13 in net included for interest litigation trading income regulatory losses related and similar to Puerto matters Rico municipal partly offset market by lower Corporate Center allocated

11 Retail Best CHF 1Q NNBV1 % (0 Operating Adjusted Q12 Net Refer Net 3) annualized interest first (0 million new to 4Q13 2Q12 & 3) slide growth Corporate cost/income quarter business margin 1Q14 3Q rate for adjusted Q12 stable and (as volume details CHF (retail reported) ratio profit 1Q13 Net million pre 58% business) about 8 before credit tax Q13 Profit 9% profit adjusted Net loss tax decrease 3Q13 before interest recovery since numbers 4Q13 tax 2010 margin adjusted (as 1Q14 compared reported) Basel bps expenses III with numbers Profit net Lower before credit and charges loss tax FX (adjusted) rates expense for in litigation this in the presentation prior regulatory quarter and Lower similar transaction matters based and lower and net technology interest income expenses not partly entirely offset offset by by higher higher personnel recurring expenses net fee income

12 Global 1Q NNM Quarterly (0 (1 FY12 WM Operating Net Adjusted Gross CHF Solid Refer 9 2) 3) management businesses (1 billion million investment to 4Q13 FY13 margin by Asset 4) billion 160 slide operating cost/income channel 9 (3 0 1Q14 1Q ) Management average NNM net (1 Third bps 126 performance fees (adjusted) down 4Q13 5) new income details Down excluding down ratio party money 6% 1Q14 72% and about 2 by Performance Profit bps money Strong excluding CHF profit Adjusted MM adjusted before 6 lower markets funds performance before million money fees operating tax numbers performance Net tax (as mainly down inflows market reported) versus expenses Basel by CHF from fees traditional funds peers III Profit in 25 third down numbers A&Q in million before multi party investments by and 4% to tax asset channels O Connor CHF FX (adjusted) and lower rates 47 and alternatives million variable in wealth this presentation mainly compensation management in A&Q businesses and G&A O Connor across expenses a variety partly offset capabilities by CHF 14 million provision for a fund liquidation

13 Investment Q13 Basel 53 (CHF Funded Swiss Front Operating ICS: Adjusted 28% Stable Refer over Return adjusted the strong million office III to 4Q13 1 billion) SRB RWA assets slide counter RWA operating cost/income RoRWA RoAE Bank LRD4 performance attributed 1Q14 staff 386 with 26 RoAE1 (CHF excluding of (%)1 (OTC) (FTE) slight up (adjusted) (CHF 28% income details billion)3 18% ratio equity 47 gross)2 5 with increase derivatives; 1Q operational CCS: 75% (%) and Equities about 28 Profit improved (RoAE); Solid 16 profit Adjusted strong 62 in adjusted before funded 275 while 5 4 profits 14 risk before 254 Swiss performance 272 Based operating tax FX numbers assets delivered tax SRB (as Rates on reported) on phase leverage expenses Basel across higher and with in Credit robust III tight Profit Basel ratio all trading up numbers regions RWA were denominator contribution 11% III before assets risk resilient and tax CHF weighted balance FX (adjusted) ICS from 1 in rates 641 an assets; sheet DCM unusually million in this management in 3 presentation Funded both driven weak the by assets 1Q leveraged higher defined variable finance as total compensation and IFRS investment balance expenses grade sheet businesses assets partly less offset positive by decrease replacement in G&A values expenses (PRV) and collateral delivered against

14 Corporate Solid Operating CHF +9% Q13 Key Vodafone/Verizon Secondary ECM DCM Nationwide Comparison Advisory Up Equity Debt Refer corporate 11 Financing 40% transactions 1 capital million performance increase to 4Q slide year sale (22%) Equity lending Client income sell +10% and 1Q14 solutions markets USD over 26 JLL/Pantheon of USD down Santander Decrease Elk/Antelope capital for Solutions in and 1Q13 million with Wireless; year 1Q143 +8% details terms +48% provides hedging (18%) Lloyds strong markets 4Q13 Increased 230 (10) from hybrid (1Q14 (CCS) Strong about Co Accellent/KKR/Bain Decrease 208 1Q14 (13) activities; DCM customized Banking strong Debt Op Total adjusted vs 341 growth revenues (73) restructuring; results 4Q13) capital 303 (63) Group; 3 line numbers Transactions solutions 535 reflects 9% from (77) both markets with 503 Piraeus increase (70) investment structured InterOil and market 270 Basel lower across Financing CHS/HMA; Bank closed 243 III Corp fee revenues asset 221 financing grade numbers capital pool solutions1 s classes 196 and partly from and on leveraged via private a offset FX Risk larger a wide rates management2 by transactions finance number range strong this of of contribution presentation financing deals capabilities from increased including block structured trading activity financing real estate finance and special situations group; 2 Risk management includes

15 Investor Strong Adjusted +23% Q13 1Q14 CHF <(50) Comparison Equities Increase FX Rates Refer Ranked days 330 Rates million daily (50) 4Q13 and 1 +24% performance slide Client FX +22% operating #1 Credit: and (25) Financing revenue 1Q globally Rates USD 26 Credit USD Higher Services (25) 619 Increase 1Q13 million and income distribution2 from details 0025 terms 1 +30% Services revenues 282 Credit a (ICS) 4Q13 equities leading (1Q about 25 Foreign revenues 1Q adjusted vs improved private >50 no cash exchange: 4Q13) negative on across survey improved numbers revenues all Increase (March regions trading Basel across trading 2014); on revenues III across equity seasonally numbers days 2 Daily Flow finance mainly and higher revenue FX prime in Solutions client FX rates distribution brokerage options in activity; businesses this and presentation includes and #1 EM clearing short cash DVA equities term and execution; interest globally1 rates best Derivatives driven 1Q since by higher revenue 2010 client increased activity on and seasonally improved higher market client liquidity activity and stronger trading revenues

16 Corporate CHF 1Q13 Treasury Other Own Gains Early Sale Operating Net Adjusted Profit Personnel Reported Refer 13 Foreign restructuring of credit million redemption/buyback to 2Q13 (43) before the slide sales pre operating currency (after income expenses Center (19) Prediction gain/(loss) 3Q13 tax 26 of 169 allocation) (as (adjusted) for (217) charges real 4Q13 and (as translation Core expenses income (as 72 reported) details estate business profit (181) 9 (124) 1Q14 CHF Functions (3) of (359) (117) 1 about 0 before CHF (219) 092 UBS 176 (680) (FCT) (1) and (441) 51 (147) (283) 121 (162) adjusted 1 (7) 227 debt FCT1 (343) tax 006 (131) million (5) million (94) (540) (257) 1 (119) 23 (197) (46) (24) (479) 207 numbers An 88 (464) (257) Increase (365) own (565) (75) (285) (60) credit Basel (176) 0 of CHF III gain numbers of 27 CHF million and 88 million FX mainly rates and due in this CHF to expenses presentation 23 million from in untaken gains on vacation sales of accruals real estate partly offset by negative CHF 46 million of net treasury income

17 Treasury CHF FY13 Gross Allocations of Accounting Mark hedge Net Costs We Retained Increase Lower loss 14 Majority which: continue will revenues treasury of million of to 4Q13 results ineffectiveness negative 10 continue the market income Treasury funding retained million offset profits to asymmetry 1Q14 Group s income to (excluding business expect revenue losses by costs to retained funding income maintain CHF 4Q13 overall Group retained expected divisions and from accounting 204 costs and other cross Corporate long a Treasury treasury accounting million diversified funding no CC (510) to (921) term adjustments currency debt decrease Core driven 2531 net partially (149) funding Center FX (296) buyback costs Functions asymmetry profit funding 59 adjustments) swaps debt slightly (165) (206) to (645) 96 due will attributable decline Core buyback costs macro profile to be (902) (253) and Functions 37 in reduced FY14 in 664 (257) 1Q14 million other cash (343) and 23 to 206 from other mid comfortable preferred flow (90) adjustments as (46) loss 137 the term CHF (69) long noteholders 510 sales term LCR largely million of debt and financial due NSFR portfolio FY13 to instruments CHF ratios to rolls 104 approximately off million held and with in lower the CHF declining available losses 100 from million volumes for cross sale in as portfolio FY15 currency we reduce and in basis to 4Q13 our a negligible swaps balance a CHF sheet amount 49 million in FY16 gain on macro cash flow hedges compared with a

18 Corporate 1Q13 Non Credit Total Early Operating Net Profit Personnel Legacy CHF Adjusted 4Q13 We Refer 15 which: continue restructuring core million redemption/buyback included to 2Q13 before loss Portfolio: million slide operating 231 Debit SNB (front income expenses Center (expense)/recovery 3Q13 to tax 26 (57) a StabFund expect income valuation office) (as (adjusted) CHF for 274 charges Income 4Q13 and gains (120) expenses income Non (as reported) details profit elevated Q14 core (104) million option adjustments of RLN (84) 477 about before CHF (36) 561 and UBS 18 (245) (2) 17 (100) charges 73 (909) 29 portfolio adjusted Legacy 13 (5) 245 (100) debt tax million (927) (130) (1) 9 (688) 37 million 001 for 27 related (130) (21) Portfolio (693) 293 and numbers 0 litigation Non 593 (422) (28) 0 (47) real 245 Provisions 0 29 to (446) core: (1) (216) the estate (68) Basel 254 regulatory (225) annual Income (19) assets for III litigation UK numbers of more and CHF bank similar than 17 and levy regulatory million offset FX matters rates losses largely and through in similar this in due muni presentation the to matters portfolio mark year to of market CHF 54 movements million in Credit partly offset by debit valuation adjustments of negative CHF 19 million

19 Corporate (56%) Operational (57%) 389 OTC 167 [255] LRD5 31 IFRS CHF Exposure QoQ RWA Funded Positive Swiss # counter; leverage of Refer PRV2 line Credit Other YoY billion 63% margin3 to (12%) excluding SRB [133] to assets 6 8 replacement slide represents items reduction Center page Rates 4% 25% LRD risk and 12 [112] 2 (51%) 26 denominator 190 (37%) (24%) Swiss 32% operational 39% for (16%) Funded LRD of collateral Non details (83%) values the 3 (48%) Cash SRB 14 (51%) core1 1Q14 assets4 5% about pro LRD (PRV) risk delivered; financial forma (16%) adjusted (12%) estimate (62%) 4 report Funded (50%) numbers for assets more 31 pro 12 defined information 12 based Basel on total about III period IFRS estimates the ending balance composition and balance sheet FX rates of assets Non in less this core; presentation positive 2 Positive replacement values values (PRV) (gross and exposure collateral excluding delivered against the impact over of the any counterparty (OTC) netting); derivatives; 3 OTC: 5 Swiss over SRB the

20 Corporate (18%) IFRS CHF (40%) [38] PRV2 over ratio Exposure QoQ RWA CDO RLN Muni 20 Other9 17 Refer Monolines Real denominator; the YoY billion assets swaps 12 55% 1% OTC slide estate counter; 31 reduction (13%) Center page [27] Operational margin3 12 and 26 assets 13 [23] 67 Swiss options for RWA represents 31 of 6 Legacy details CDO: Funded ARS the 3 SRB excluding 14 risk 1Q14 & collateralized Portfolio1 about 45% LRD assets4 APS8 financial adjusted operational LRD5 delivered; report debt numbers LRD risk obligation; for 4 value (3%) Funded more pro (46%) information 7 assets RLN: Funded Basel defined reference about III assets estimates the linked total (3%) composition IFRS and notes; (30%) FX balance 8 Positive rates Auction of the sheet in Legacy replacement this rate assets presentation securities Portfolio; less values positive and 2 (PRV) Positive auction replacement (9%) preferred replacement (48%) values stock; Swiss values (PRV) 9 SRB Includes (gross and LRD collateral exposure loan (16%) to BlackRock delivered (39%) excluding against fund the impact and OTC a number of derivatives; any counterparty of smaller 5 Swiss positions netting); SRB leverage 3 OTC:

21 CHF ~400 ~21 ~ ~ ~ Excluding SNB Non Investment WM/WMA/R&C/Global 227 <215 Operational ~ byrisktargettargettype Refer 18 RWA Incremental Legacy Market Credit 227 operational ~258 ~91 5 core StabFund1 billion ~105 <200 to ~220 ~64 (fully associated ~103 slide 99 Portfolio (from 56 incremental risk4 Bank applied) operational ~162 7% 1Q13) ~79 36% 57% for (until with <70 included RWA2 details 89 ~40 and operational 4Q12) <70 UBS s AM/Corporate Legacy about in on RWA 4Q13 option a pro adjusted Portfolio calculated allocated forma to RWA2 Center purchase numbers basis to ~80 from Core the FINMA Basel each SNB 30 Functions 9 III business based StabFund s 11; numbers Non division the core and equity supplemental and FX Legacy (treated rates in Portfolio operational as this a participation presentation included risk capital with on a full pro analysis deduction forma mutually basis from from agreed CET to capital 12; by UBS 4 starting Includes and FINMA; 2Q12); CHF 13 billion for non counterparty related risk

22 13% ~13 Non Refer CHF Low 31% 04% 12 93%98% 62% 30 Swiss 19 For 5% 9% 6% 11 BaselIIIcompliantcapital30Lowtrigger trigger billion additional to SRB 0 ~15 13 ~10 slide 4% 2% 9 3% loss 0% information absorbing 12 details (phase (fully capital/ratios applied1) about in1) 12 refer 13 adjusted to 31 High 7 the 1 3 High 14 Capital trigger numbers trigger loss management loss Basel absorbing III numbers capital section capital Common 7 and of 1 the 1 High FX 0 1Q14 CET1 rates equity trigger financial capital this loss presentation 29 absorbing report 9 RWA capital CET1 capital 41 2 RWA 230

23 50% 47% 42% 39% 38%38%~36%2~34%234% 29%30% 26%~24%2~24% Phase Fully == Total Planned Up ~100 Swiss Run Refer expectation; applied) For to exit down bps4 IFRS applied additional to absorbing 1 SRB increase issuance 195 slide and of CET1 equivalent of Non Basel total exposures assets leverage 4 Swiss Non CET1 Estimate + information capital core exposure of loss III +/ core SRB high low + details ratio leverage and adjustments to absorbing loss and 5 based ~15 exposure CHF trigger Basel : Legacy Leverage absorbing Further about refer 20 ratio billion III 4 loss capital current equivalent adjusted bps to (fully leverage ~CHF Portfolio: ratio pages absorbing capital increase 49 applied); fully (phase 1 numbers billion ratio 38 to billion applied 87 in ~60 capital3: 0 in) 3 of fully %1 Based bps4 the (fully Basel 3 Swiss applied 14 1Q14 Issuance increase applied) on III Leverage guidance numbers financial combined of Leverage remaining fully ratio and of report; applied total FX numerator ratio ~CHF rates Pro Swiss (fully bps in forma 1 and this of 9 SRB applied) billion high denominator presentation number; Leverage trigger equivalent Non 3 Total core loss ratio total and absorbing ~CHF impact ~15 Legacy 9 20 billion based capital bps4 Portfolio on increase of ratio low impact (fully from trigger in of fully applied) deferred individual loss applied absorbing compensation scenariosandarebasedon13314fullyappliedcet1capital Swiss capital SRB programs leverage on ratio and 17 5% our RWA applied target of total <CHF capital 200 requirement billion RWA(fully

24 1Q14 Group Net achieving Wealth Retail Global Investment Corporate Refer 21 Increased Strong Annualized Adjusted Continued Business profit highlights to & Asset Management: slide performance Corporate: divisions1 our attributable Center: RoAE Bank: recurring profitability progress Management: NNM 26 13% PBT Pre target and growth PBT details 28% Americas: fees in to tax best CHF Corporate reduction UBS CHF for with loss first about PBT rate record shareholders CHF 401 improved quarter Record of 659 CHF million adjusted of Center managed 6% million Non client 126 adjusted PBT million performance above continued figures core numbers CHF up activity USD NNM account 17% and target pre CHF Legacy efficient QoQ an Basel strong tax range asset across million adjusted profit III Portfolio net levels 0 with 9 resource all billion numbers since new NNM diluted basis regions inflows money 2010 assets of utilization USD gross and EPS NNM from FX 2 margin CHF 1 excluding WM rates billion 0 27 up and 2 this RoE money third bps presentation 8 to party 7% 87 market Profit bps channels flows before tax (PBT) CHF million adjusted PBT CHF million Basel III fully applied CET1 ratio of 13 2%

25 Appendix

26 Our Refer Funding Due Short 51% Repurchase Cash Securities Prime 22% 32% 59% 17% 19% 31 Strong value) positive liquidity 23 Funded Fully Well High Limited 107% 110% As derivative 12 balance to Deposits Long a collateral to term 07 brokerage percentage liquidity and funding banks diversified proportion cash applied Basel replacement slide by rules 31 assets2 use lending term debt significantly product1 agreements 3 collateral sheet instruments 26 of 14 and III profile Swiss issued position debt short payables for LCR3 NSFR3 down structure by the funding details total stable values issued market SRB FINMA payables term >60% reduced funding leverage and has about wholesale (PRV) tenor from framework liquidity many on balance adjusted sources derivative and peak ratio characteristics funding collateral currency positions sheet of are defined numbers 2007 with 3 transactions not 8% deposits delivered yet are as: Basel of finalized strong repurchase a AA and 59% III against rated numbers prime and Refer agreements over bank long brokerage to and the page term FX counter 72 debt cash payables rates of 19% collateral the (OTC) in this 1Q14 CHF presentation derivatives; financial 1 securities 527 billion report figures lent on for 31 due prior details 12 to to 07 banks 4Q10 about and CHF short include the calculation 660 term collateral billion debt issued of on for UBS s 31 OTC 3 due 14; Basel derivatives; to 2 customers Funded III LCR assets 3 and long As defined of NSFR term 31 3 debt 14 as total Estimated (including IFRS balance pro financial forma sheet liabilities ratios assets Basel at less fair III

27 Breakdown 5(1) (3) products Methodology FX Book 225 (4) 023CHF 227 Non Legacy Portfolio2 Core Investment All 31 Corporate Refer 1 information 24 Incremental 12 3 impact other 14 core2 Functions size to 13 billion slide businesses3 and Center Bank of 26 /Modeldriven operational increase decrease reduction lower other changes Non for core details credit related in in and market Group risk credit about Legacy RWA to RWA bank model risk adjusted calculated Portfolio; RWA primarily specific (fully parameter numbers mainly related due applied) multiplier by through 3 to Wealth to update FINMA book lower to Basel implementation underpinning book size hedge Management change to III based AMA reduction multiplier size numbers benefit for reduction model of the Swiss of trading due and post Wealth change supplemental Basel for to residential FX migration due operational sales book III rates from Management to exposure derivative of in 1 securitization mortgages of operational 25 this risk trades to presentation model 1 Americas and trade 50 to for incremental net the risk for unwinds exposures Swiss shorts correlation Equities capital Retail Mortgages and on analysis RWA1 & OTC derivative expiry trade Corporate portfolio exposure compressions of mutually and the trade model and transition unwinds Global agreed recalibration phase to Asset and by trade UBS Management compressions and FINMA; 2 partly Refer offset to pages by book size of the increase 1Q14 on financial loans and report other for banking more

28 Adjusted Adjusting CHF Own Gains Of Wealth Retail Net Investment Corporate Operating 25 which: loss restructuring gain credit million & Management disposal related Corporate results sales items profit/(loss) income expenses Center Bank on sale financial to Business 55 6 charges real as the remaining 89 Core Non 15 Global adjusted as 0 26 Americas estate buyback reported before liabilities core Functions Global 15 division 210 AM s 40 Corporate 54 (Group) and tax proprietary 178 of 10 Asset as adjusted Canadian Legacy debt designated / 26 (24) (3) (119) Corporate 7 reported Center in (7) Management public (75) trading Portfolio domestic 5 (24) (6) 6 1 at Center FV Core (194) tender business Corporate Functions business 1Q offer Q Center 461 Global Q14 23 Asset Core 288 FY13 Management Functions (181) 34 0 (94) (283)

29 Important Use Unless overview Swiss Basel Leverage From estimates Refer Currency Monthly Annual Rounding Numbers 26 the of 1Q13 III to tables SRB adjusted otherwise Report income numbers risk RWA presented (discussed of ratio translation information Basel Capital adjusted and weighted and numbers Basel text statement indicated III are more leverage throughout with and Management requirements numbers based III related assets information BIS may capital our items adjusted ratio on Basel primary to not this the numbers and of denominator precisely apply BIS presentation III foreign section Basel regulator) capital figures Basel All shown III reflect operations Basel III components the liquidity in exclude may of framework in are this 1Q14 the this III calculated not presentation percentages with numbers the effect ratios financial add adjustment have a as up of functional applicable prior these precisely report are percent same to new calculated basis items for 1Q13 currency basis to capital for changes more of listed the Swiss are Basel of totals on information other charges calculation and III Systemically a the provided than basis fully absolute previous forma Swiss of applied except fully in variances basis relevant slide the francs applied unless for tables Some to differences are banks that otherwise and Swiss translated of extent would text (SRB) disclosed models applicable Percentages stated be with Basel In derived the applied month Our III presentation page based RWA unless percent end a when Group 80 rates under otherwise of calculating figures changes are and into BIS SRB 1Q14 business Swiss that Basel and stated pro financial are absolute francs III division forma not III are rounded numbers Refer report the information variances level same to unless Note Refer as are under required calculated otherwise to 36 pages Currency Swiss regulatory 12 stated SRB based of translation the Basel Our approval 1Q14 rounded fully III rates financial applied and figures included the report and displayed 2013 phase for an in

30 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 ) and Form S-8 (Registration Numbers ; ; ; ; ; ; ; ; ; ; and ) and into each prospectus outstanding under any of the foregoing registration statements, (2) 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 (3) the base prospectus of Corporate Asset Backed Corporation ( CABCO ) dated June 23, 2004 (Registration Number ), the Form 8-K of CABCO filed and dated June 23, 2004 (SEC File Number ), and the Prospectus Supplements relating to the CABCO Series Trust dated May 10, 2004 and May 17, 2004 (Registration Number and ).

31 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: May 6, 2014 UBS AG By: /s/ David Kelly Name: David Kelly Title: Managing Director By: /s/ Sarah M. Starkweather Name: Sarah M. Starkweather Title: Executive Director