Notes: Nov. 21, 2014 -- UBS Group AG and UBS AG today announced the successful conclusion of the initial acceptance period and the preliminary interim results of UBS Group AG's share-for-share exchange offer. All issued UBS AG shares which, at the close of the initial acceptance period, comprised a total of 3,844,560,913 UBS AG shares. The following UBS AG shares were validly tendered into and not withdrawn from the exchange offer: Treasury shares tendered by UBS AG - 90,815,594 shares. UBS AG shares tendered by UBS AG shareholders - 3,384,540,847 - 90.18% (calculated based on the UBS AG shares held by UBS AG shareholders) and Total of tendered UBS AG shares - 3,475,356,441 - 90.40% of all issued UBS AG shares at the end of the initial acceptance period. UBS Group AG will own 3,475,356,441 UBS AG shares representing 90.40% of the share capital and voting rights of UBS AG, calculated on the basis of a total 3,844,560,913 UBS AG shares as of the close of the initial acceptance period. The definitive interim results are expected to be published on November 26, 2014. As the number of shares accepted is expected to exceed 90% of the outstanding shares of UBS AG, UBS Group AG will own sufficient shares to ensure that remaining UBS AG shares will be squeezed out, although this process may require an extended period of time. It is expected that trading in UBS Group AG shares will commence on the SIX Swiss Exchange and that regular way trading in UBS Group AG shares will commence on the NYSE (Ticker symbol: UBS) when markets open on November 28, 2014. UBS Group AG shares will begin trading today on the NYSE on a when-issued basis (Ticker symbol: UBS.WI. Following the close of the initial acceptance period, if the remaining (non-tendered) UBS AG shares meet the NYSE’s continued listing criteria, the ticker symbol of these remaining non-tendered UBS AG shares will change from UBS to OUBS beginning November 24. 2014. As previously announced, UBS Group AG expects to initiate the delisting of UBS AG shares from the SIX Swiss Exchange and the NYSE as soon as practicable after consummation of the exchange offer. Upon completion of the exchange offer, the market for UBS AG shares is expected to be significantly less liquid, and the value of UBS AG shares remaining publicly held may be lower or fluctuate more widely following completion of the exchange offer than previously. The additional acceptance period (or subsequent offer period) is expected to begin on November 26 and expire on December 10, 2014.