Through a
series of transactions which were completed for the most part in early June,
UBS AG and other UBS group companies transferred group shared services
functions, which are mainly based in Switzerland, in the UK and the US, to UBS
Business Solutions AG and other related service companies. UBS Business
Solutions AG now operates as the group service company of UBS and is a wholly
owned subsidiary of UBS Group AG. The implementation of UBS Business Solutions
AG enables UBS to maintain operational continuity of critical services should a
recovery or resolution occur. It represents an important step towards improved
resolvability, and is in line with global guidance defined by the Financial
Stability Board.

Bär &
Karrer AG acted in this transaction as lead external advisor with respect to all
relevant legal, regulatory and tax issues in close cooperation with the project
team and the legal and tax departments of UBS. The Bär & Karrer team
included Urs Kägi and Peter Hsu (both M&A, Corporate and Commercial Law,
Banking and Regulatory), Rolf Watter, Daniel Küpfer, Nadina Duss, and Cyrill
Tschudin (all M&A, Corporate and Commercial Law) Daniel Flühmann (Banking
and Regulatory), Markus Wang (IP), Susanne Schreiber, Corinna Seiler and
Laurent Riedweg (all Tax) as well as Daniel Hochstrasser and Isabelle Oehri (both

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