1. Outlook 2007 18 March 2007 Dr. Klaus W. Wellershoff Member of the UBS Group Managing Board

2. 1 OCTOBER 2ND—8TH 2004

3. 2 Stock Market: Earnings vs. Price (normalised) Quelle:MSCI, UBS WMR 75 125 175 225 275 325 959697989900010203040506 MSCI World Earnings (normalised)MSCI World Price Index

4. 3 World: Contribution to global growth Estimated growth contribution by region in %, 2006 Source:IMF, UBS WMR Others 4% Africa 3% Middle East 4% Latin America 6% Japan 5% China 14% Western Europe 20% United States 24% Central and Eastern Europe 8% Asia (ex Japan and China) 12%

5. 4 Source:Thomson Financial, UBS WMR World: Consumer sentiment -3 -2 0 1 2 3 909294969800020406 USAEuropeJapan standardized indices

6. 5 Source:Thomson Financial, UBS WMR World: Business Climate -3 -2 0 1 2 3 909294969800020406 USAGermanyJapan standardized indices

7. 6 Growth Forecasts Quelle: Thomson Financial, UBS WM Research 2003200420052006E2007F2008F US2.53.93.23.32.02.4 Canada1.83.32.9 2.52.7 Japan1.42.71.92.11.8 Eurozone0.71.71.52.7 2.3 2.0 UK2.73.31.92.72.52.8 Switzerland-0.22.31.92.81.82.0 Asia (ex Japan)7.27.97.5 8.1 6.97.5 China10.010.19.910.79.110.1 Latin America1.16.03.84.74.13.7 Eastern Europe5.66.85.25.85.94.6 Real GDP Growth, in %

8. 7 Contact Information UBS AG Dr. Klaus W. Wellershoff Member of the UBS Group Managing Board P.O. Box CH-8098 Zurich Tel: +41-44 234 6703 Fax: +41-44 235 2755 www.ubs.com

9. 8 Disclaimer