Form 6-K

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

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

Cautionary statement regarding forward-looking statements

Disclaimer:

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 announced 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 the pending Swiss parliamentary proposals and proposals in

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 expressly disclaims any obligation to) update or alter

its forward-looking statements, whether as a result of new information, future events, or otherwise.

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 second 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.

2Q14 highlights

Group

Net

profit

attributable

UBS

shareholders

CHF

792

million

diluted

EPS

CHF

0.21

Profit before tax (PBT) CHF 1,218 million, adjusted PBT CHF 1,191 million including CHF 254 million provisions

for litigation, regulatory and similar matters

Largest

global

wealth

manager

with

combined

underlying

PBT

CHF

941

million

Basel

III

fully

applied

CET1

ratio

13.5%,

fully

applied

Swiss

SRB

leverage

ratio

4.2%

Business

divisions

Wealth

Management:

PBT

CHF

393

million,

NNM

CHF

10.7

billion,

gross

margin

bps

–

Solid performance excluding litigation, strong net new money

Wealth

Management

Americas:

PBT

USD

246

million,

NNM

negative

USD

2.5

billion

–

Solid performance

record

income,

invested

assets

surpass

USD

trillion

Retail

Corporate:

PBT

CHF

367

million,

net

interest

margin

increased

bps

158

bps

–

Strong performance excluding litigation, increased loan margin

Global

Asset

Management:

PBT

CHF

107

million,

NNM

CHF

11.6

billion

excluding

money

market

flows

–

Annualized

NNM

ex-money

market

growth

rate

8.7%

with

strong

inflows

from

and

third-party

channels

Investment

Bank:

PBT

CHF

563

million,

RoAE

30%

–

Strong contribution from CCS with revenues up across all regions

Corporate

Center:

Pre-tax

loss

CHF

387

million,

substantial

progress

reducing

Non-core

and

Legacy

Portfolio

–

CHF 412 million loss in Non-core and Legacy Portfolio driven by exits, CHF 8 billion reduction in RWA

Refer to slide 31 for details about adjusted numbers, Basel III numbers and FX rates in this presentation

1 Total net profit of CHF 904 million, of which CHF 112 million attributable to preferred noteholders and non-controlling interests; 2 Scorpio Partnership Global Private

Banking Benchmark 2014; 3 Adjusted PBT for WM and WMA excluding provisions for litigation, regulatory and similar matters; 4 Business division figures on an

adjusted basis; 5 Includes withdrawals of ~USD 2.5 billion associated with seasonal income tax payments; 6 Euromoney 2014

Named

"Best

Global

Bank"

and

"Best

Bank

Switzerland"

Euromoney

exchange

offer

expected

launched

the

third

quarter

2014

Subject

regulatory

approvals,

including

FINMA

and

the

Swiss

TOB;

Business

days;

Duration

dependent

certain

conditions,

acceptance

period

could

extended

ten

days;

Two

simultaneous

offers

will

conducted

the

USA

and

Switzerland

(to

include

international

component);

Subject

shareholder approval through a General Meeting; 6 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%

T=0

Swiss offer

prospectus

expected to be

published

during 3Q14

T+32

Publication of

preliminary interim

exchange offer results

on T+32, with definitive

results to be released

on T+35

First settlement for UBS shares

tendered in initial acceptance

period, first trading day of UBS

Group Shares on SIX Swiss

Exchange and NYSE

T+37

Publication of

preliminary interim

exchange offer results

on T+46, with definitive

results to be released

on T+49

T+46

Creating a Group holding company

The

exchange

offer

may

take

three

months

from

the

publication

the

Swiss

and

prospectuses

final

settlement

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

the

transaction,

expect

propose

supplementary

capital

return

least

CHF

0.25

per

from

the

Group

holding

company,

which

would

separate

and

addition

our

targeted

capital

return

least

50%

net

profit

attributable

shareholders

T+51

Second settlement for

UBS shares tendered in

additional acceptance

period

T+1

T+10

T+11

T+31

T+35

T+45

T+49

Commencement of

offer; US

prospectus

published

Indicative timetable of principal events²

Cooling-off period

Initial acceptance period

Additional acceptance period

Net new money

CHF billion

Wealth Management

Solid performance excluding litigation; strong net new money

Operating income down 1%

Recurring income up 3% to CHF 1,440 million on higher

recurring net fee income and higher net interest income

Transaction-based income down 13% to

CHF 472 million with decreases across all regions,

primarily due to lower FX and investment fund revenues

Strong net new money at CHF 10.7 billion

APAC delivered its best quarter since 4Q07

Ongoing cross-border asset outflows outpaced domestic

inflows in Europe

CHF 9.6 billion net inflows in UHNW

Annualized NNM growth rate of 4.8%

Adjusted cost/income ratio 80%

Adjusted expenses up 19% to CHF 1,528 million, driven

primarily by an increase in charges for litigation,

regulatory and similar matters to

CHF 291 million, up CHF 205 million

Refer to slide 31 for details about adjusted 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

Operating income and profit before tax

CHF million

730

Profit before tax (adjusted),

further excluding a charge in

relation to the Swiss-UK tax

agreement (2Q13 event), as well

as provisions for litigation,

regulatory and similar matters

745

684

1,953

1,943

1,921

557

619

355

607

659

393

2Q13

1Q14

2Q14

6.6

9.0

10.1

10.9

10.7

FY12

FY13

2Q13

1Q14

2Q14

Wealth Management Americas (USD)

Refer to slide 31 for details about adjusted numbers, Basel III numbers and FX rates in this presentation

USD (2.5) billion net new money

~USD 2.5 billion of client withdrawals associated with

seasonal income tax payments

Adjusted cost/income ratio 87%

Adjusted expenses up 4% to USD 1,652 million driven

by increased FA compensation and increased G&A

expenses

Charges for litigation, regulatory and similar matters

remained elevated at USD 44 million

Operating income up 2%

Record recurring income: Net interest income increased

4% to USD 261 million on continued growth in lending

balances, recurring net fee income increased 4% to USD

1,163 million on higher invested asset levels

Transaction-based income decreased by 2% on lower

client activity, most notably in US municipals

Credit loss expense of USD 2 million, compared with

credit loss recovery of USD 19 million in 1Q14

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

8.4

7.6

Continued strong FA productivity

Record annualized revenue per FA of >USD 1 million

Record invested assets per FA of USD 143 million

Strong performance excluding litigation; invested assets >USD 1 trillion

Operating income and profit before tax

USD million

Net new money

USD billion

3.2

1,780

1,865

1,898

245

272

238

256

284

246

2Q13

1Q14

2Q14

5.5

4.8

2.8

2.1

(2.5)

5.7

6.3

5.6

5.5

5.7

FY12

FY13

2Q13

1Q14

2Q14

Operating income up 1%

Income increased mainly on higher interest income as

well as increased transaction-based income, offsetting a

decline in recurring net fee and other income

CHF 8 million net credit loss expense compared with net

credit loss recovery of CHF 12 million in the prior quarter

Adjusted cost/income ratio 60%

7% increase in adjusted expenses mainly driven by an

increase in charges for litigation, regulatory and similar

matters to CHF 48 million, up CHF 37 million

Refer to slide 31 for details about adjusted 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

Strong performance excluding litigation; net interest margin up 5 bps

NNBV

growth rate (retail business)

%, annualized

Retail & Corporate

948

932

938

377

386

354

390

401

367

2Q13

1Q14

2Q14

4.1

3.5

(0.3)

4.9

1.7

1.1

(0.3)

4.3

2.5

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

547

545

556

531

542

531

540

523

541

161

159

162

154

157

154

157

153

158

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

Global Asset Management

NNM excluding money market flows remained strong at CHF 11.6 billion

WM businesses

Third party

Operating income up 3%

Net management fees up by CHF 23 million mainly in

traditional investments and global real estate, partially

due to strong first quarter NNM

Performance fees down CHF 9 million

to CHF 38 million, mainly in traditional investments and

O'Connor and A&Q

Adjusted cost/income ratio 77%

Adjusted operating expenses up 10%, as the quarter

included CHF 33 million in charges for litigation,

regulatory and similar matters

Refer to slide 31 for details about adjusted numbers, Basel III numbers and FX rates in this presentation

Investment performance: alternatives

Gross margin 31 bps

In line with 1Q14, as invested assets rose at the same

pace as revenues

Quarterly

average

Operating income (as reported)

Profit before tax (as reported)

Profit before tax (adjusted)

CHF 11.6 billion NNM ex-money market

NNM by channel –

excluding money market

CHF billion

Operating income and profit before tax

CHF million

489

451

465

138

122

105

152

126

107

2Q13

1Q14

2Q14

(1.3)

(1.4)

(3.0)

4.0

2.9

(0.2)

0.2

1.6

9.0

8.7

FY12

FY13

2Q13

1Q14

2Q14

>80% of O'Connor and A&Q assets eligible for

performance fees above high water mark at

quarter-end

Net inflows from third party channels and wealth management

businesses across a variety of capabilities

Annualized ex-money market NNM growth rate of 8.7%,

above the target range of 3-5%

Solid performance with strong contribution from CCS and resilient FRC

Adjusted cost/income ratio 75%

Adjusted operating expenses up 2% to

CHF 1,677 million

Adjusted operating income up 3%

CCS: Strong performance with income up 28% to

CHF 986 million, increasing across all regions with

particularly strong contribution from ECM and DCM

ICS: Resilient performance in FX, Rates and Credit,

Equities impacted by lower volumes, total ICS adjusted

income down 11% to CHF 1,260 million

Operating income (adjusted)

Profit before tax (as reported)

Profit before tax (adjusted)

Adjusted operating income and profit before tax²

CHF million

Adjusted operating income²

CHF million

Focused resource utilization

Investment Bank

2,250

2,190

2,241

775

425

579

806

549

563

2Q13

1Q14

2Q14

2Q13

1Q14

2Q14

Corporate Client Solutions

771

770

986

Advisory

163

153

165

Equity Capital Markets

232

196

349

Debt Capital Markets

246

303

371

Financing Solutions

163

128

119

Risk Management

(33)

(10)

(17)

Investor Client Services

1,475

1,420

1,260

Equities

1,113

1,037

906

FX, Rates and Credit

362

382

355

Income

2,246

2,190

2,247

Credit loss (expense)/recovery

(6)

Total operating income (adjusted)

2,250

2,190

2,241

2Q13

1Q14

2Q14

Adjusted cost/income ratio (%)

Adjusted RoAE (%)

RWA (CHF billion)

RWA ex-operational risk (CHF billion)

Adjusted RoRWA (%, gross)

Funded assets (CHF billion)

179

176

182

Swiss SRB LRD

(CHF billion)

272

278

Front office staff (FTE)

5,445

5,254

5,167

Refer to slide 31 for details about adjusted numbers, Basel III numbers and FX rates in this presentation

1 FX, Rates and Credit; 2 2Q14 ICS results adjusted for a gain of CHF 43 million (CHF 39 million in FX, Rates and Credit and CHF 4 million in Equities) from

the partial sale of our investment in Markit; 3 Return on attributed equity; 4 Based on phase-in Basel III RWA; 5 Funded assets defined as total IFRS balance sheet

assets less positive replacement values (PRV) and collateral delivered against over-the-counter (OTC) derivatives; 6 Leverage ratio denominator, fully applied

Corporate Center—Core Functions

Profit before tax of CHF 25 million

Operating expenses

negative CHF 2 million

Operating income CHF 23 million

Refer to slide 31 for details about adjusted numbers, Basel III numbers and FX rates in this presentation

Operating income and profit before tax

CHF million

2Q13

3Q13

4Q13

1Q14

2Q14

Treasury income remaining in CC-CF

(124)

(219)

(343)

(46)

(55)

Own credit gain/(loss)

138

(147)

(94)

Other

(19)

169

Operating income (as reported)

(5)

(197)

(365)

Own credit gain/(loss)

138

(147)

(94)

Gains on sales of real estate

207

Early redemption/buyback of UBS debt

(75)

Adjusted operating income

(162)

(257)

(60)

(50)

Operating expenses (as reported)

126

282

200

227

(2)

Net restructuring charges

(1)

(7)

Adjusted operating expenses

121

283

207

225

(6)

Profit before tax (as reported)

(131)

(479)

(565)

(176)

Profit before tax (adjusted)

(283)

(540)

(464)

(285)

(44)

Personnel (after allocation)

1,006

1,139

1,055

951

881

Net treasury income remaining in Corporate

Center

–

Core

Functions

included

CHF

182

million of retained funding costs, partly offset

by gains of CHF 56 million on cross-currency

basis swaps, CHF 28 million of interest

income related to preferred securities and a

gain of CHF 13 million related to our macro

cash flow hedges

CHF 141 million net release of provisions for

litigation, regulatory and similar matters

CHF 84 million decrease as actual costs

incurred were lower than the guaranteed cost

allocations charged to the business divisions

and Corporate Center Non-core and Legacy

Portfolio

Corporate Center—Non-core and Legacy Portfolio

Operating income and profit before tax

Refer to slide 31 for details about adjusted numbers, Basel III numbers and FX rates in this presentation

Operating income

negative CHF 167 million

Operating expenses

CHF 245 million

CHF million

Profit before tax of negative CHF 412 million

2Q13

3Q13

4Q13

1Q14

2Q14

Non-core

(57)

(120)

(104)

(151)

of which: Debit valuation adjustments

(21)

(47)

(68)

(19)

(44)

Legacy Portfolio

135

(36)

(15)

of which: SNB StabFund option

122

(28)

(1)

Credit loss (expense)/recovery

(5)

(1)

(2)

Total operating income

(100)

(130)

(167)

Adjusted operating income

(100)

(130)

(167)

Operating expenses (as reported)

1,001

593

317

254

245

Net restructuring charges

(2)

Adjusted operating expenses

983

588

293

245

247

Profit before tax (as reported)

(927)

(693)

(446)

(225)

(412)

Profit before tax (adjusted)

(909)

(688)

(422)

(216)

(414)

Personnel (front office)

263

245

222

195

160

Non-core:

Income decreased to negative CHF

151 million, mainly due to a CHF 97 million loss in

structured credit resulting from the exit of the

majority of the correlation trading portfolio

Legacy Portfolio:

Income decreased to

negative CHF 15 million due to lower gains from

the reference-linked notes and real estate

portfolios

Down 4% on further headcount reductions and

decreased variable compensation expenses

Impairment charge related to certain disputed

receivables was partially offset by a net

release of provisions for litigation, regulatory

and similar matters, resulting in net expenses

of CHF 51 million

Corporate

Center—Non-core

and

Legacy

Portfolio

Non-core and Legacy Portfolio RWA

CHF billion

Operational

risk

Non-core rates

Non-core

other

Legacy

Portfolio

RWA excluding operational risk down 21% QoQ; LRD down 10%

Non-core OTC positions natural decay of RWA

CHF billion

Original estimate at 30.9.12

Actual at 30.6.14 and updated

projection for future dates

1 For additional information refer to pages 70-71 of the 2Q14 financial report; 2 Fully applied leverage ratio denominator, pro-forma estimate for 31.12.12,

Legacy Portfolio 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 30.6.14 data

Non-core

Legacy Portfolio

Non-core and Legacy Portfolio Swiss SRB LRD

CHF billion

30.6.14

45%

95% of Non-core RWA

ex-operational risk are

OTC positions which will

naturally decay over time

20.3

7.1

3.7

29.3

11.2

9.6

4.5

1.2

1.3

34.2

17.1

14.1

14.2

23.5

23.1

102.5

60.1

51.9

31.12.12

31.3.14

30.6.14

~255

112

~38

~293

134

121

31.12.12

31.3.14

30.6.14

31.12.14

31.12.15

31.12.16

31.12.17

Non-core

credit

Corporate Center cost reductions

Core Functions:

CHF 1.0 billion net cost reduction target by 2015

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

Adjusted operating expenses

CHF billion

Achieved net cost reduction of ~CHF 0.1 billion vs. 1H13

Net cost reductions more than offset by increased costs of

temporary regulatory demand

Achieved net cost reduction of ~CHF 0.2 billion vs. 1H13

Significantly lower provisions for litigation and regulatory

matters

Approximately CHF 0.3 billion of net cost reductions achieved in

1H14

Cost

reduction

1H13

annualized

adjusted

operating

expenses

1H14

annualized

adjusted

operating

expenses

3.1

Changes in

provisions

for litigation,

regulatory

and similar

matters

Cost

reduction

movements

Changes in

regulatory

demand of

temporary

nature

1H13

annualized

adjusted

operating

expenses

1H14

annualized

adjusted

operating

expenses

7.8

Changes in

provisions

for litigation,

regulatory

and similar

matters

7.4

1.0

(0.3)

0.3

(0.2)

(0.1)

(0.2)

(1.9)

1 Refer to slide 29 in the appendix for more detail; 2 Measured by 2015 year-end exit rate versus FY13 adjusted operating expenses, net of changes

in charges for provisions for litigation, regulatory and similar matters; 3 Measured net of FX movements and changes in regulatory demand of

temporary nature; 4 We estimate an expected reduction in business division allocations of CHF 0.2-0.3 billion for WM, CHF 0.1-0.2 billion for WMA,

CHF 0.3-0.4 billion for IB, CHF 0.1-0.2 billion for R&C and ~CHF 0.1 billion for Global AM (based on current allocation keys); We continue to expect

restructuring charges of up to CHF 0.9 billion in FY14 and CHF 0.8 billion in FY15, with a divisional allocation proportional to the reduction in cost

allocations by business division

1,2,3,4

Swiss SRB capital and leverage ratios

Fully applied CET1 capital ratio of 13.5% 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

4.7%

5.0%

5.3%

3.4%

3.8%

4.2%

Investment Bank

Other business divisions and

Corporate Center –

Core Functions

Non-core and Legacy Portfolio

Total capital ratio (fully applied)

6.2%

12.8%

13.2%

13.5%

15.4%

16.8%

18.1%

160

134

121

1,020

988

981

900

31.12.13

31.3.14

30.6.14

2016

target

105

107

131

~105

<70

~40

~25

~400

225

227

<215

<200

30.9.11

31.12.13

31.3.14

30.6.14

by risk

type

31.12.15

target

31.12.17

target

Operational

37%

Market 6%

Credit

58%

Refer to slide 31 for details about adjusted numbers, Basel III numbers and FX rates in this presentation

1 At the end of the second 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 2Q14 financial report for more detail; 2 Includes CHF 13 billion for

non-counterparty-related risk; 3 Full exit of Non-core and Legacy Portfolio equivalent to ~50-60 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)

CET1 capital ratio (fully applied)

2Q14 highlights

Group

Net profit attributable to UBS shareholders CHF 792 million

, diluted EPS CHF 0.21

Profit before tax (PBT) CHF 1,218 million, adjusted PBT CHF 1,191 million including CHF 254 million provisions

for litigation, regulatory and similar matters

Largest global wealth manager

with combined underlying PBT of CHF 941 million

Basel III fully applied CET1 ratio of 13.5%, fully applied Swiss

SRB leverage ratio of 4.2%

Business divisions

Wealth

Management:

PBT

CHF

393

million,

NNM

CHF

10.7

billion,

gross

margin

bps

–

Solid performance excluding litigation, strong net new money

Wealth

Management

Americas:

PBT

USD

246

million,

NNM

negative

USD

2.5

billion

–

Solid

performance

record

income,

invested

assets

surpass

USD

trillion

Retail

Corporate:

PBT

CHF

367

million,

net

interest

margin

increased

bps

158

bps

–

Strong performance excluding litigation, increased loan margin

Global

Asset

Management:

PBT

CHF

107

million,

NNM

CHF

11.6

billion

excluding

money

market

flows

–

Annualized

NNM

ex-money

market

growth

rate

8.7%

with

strong

inflows

from

and

third-party

channels

Investment

Bank:

PBT

CHF

563

million,

RoAE

30%

–

Strong contribution from CCS with revenues up across all regions

Corporate

Center:

Pre-tax

loss

CHF

387

million,

substantial

progress

reducing

Non-core

and

Legacy

Portfolio

–

CHF 412 million loss in Non-core and Legacy Portfolio driven by exits, CHF 8 billion reduction in RWA

Refer to slide 31 for details about adjusted numbers, Basel III numbers and FX rates in this presentation

1 Total net profit of CHF 904 million, of which CHF 112 million attributable to preferred noteholders and non-controlling interests; 2 Scorpio Partnership Global Private

Banking Benchmark 2014; 3 Adjusted PBT for WM and WMA excluding provisions for litigation, regulatory and similar matters; 4 Business division figures on an

adjusted basis; 5 Includes withdrawals of ~USD 2.5 billion associated with seasonal income tax payments; 6 Euromoney 2014

Named "Best Global Bank" and "Best Bank in Switzerland" by Euromoney

Regional and business division performance¹

CHF billion

1Q14

2Q14

1Q14

2Q14

1Q14

2Q14

1Q14

2Q14

1Q14

2Q14

1Q14

2Q14

0.1

0.5

0.4

1.0

0.4

0.0

1.9

WMA

1.7

0.0

1.7

R&C

0.0

0.9

0.0

0.9

Global AM

0.2

0.1

0.0

0.5

Investment Bank

0.7

0.6

0.7

0.3

(0.0)

0.0

2.2

2.3

Corporate Center

0.0

0.1

(0.1)

0.1

(0.1)

Group

2.6

1.1

1.2

1.7

0.1

(0.1)

7.3

7.1

0.1

0.3

0.7

0.9

0.2

0.0

1.3

1.6

WMA

1.4

1.5

0.0

1.4

1.5

R&C

0.0

0.5

0.6

0.0

0.5

0.6

Global AM

0.1

0.0

0.1

0.0

0.3

0.4

Investment Bank

0.5

0.4

0.5

0.2

0.1

0.0

1.8

1.7

Corporate Center

0.0

0.5

0.2

0.5

0.2

Group

2.2

0.8

1.3

1.5

1.0

1.1

0.6

0.3

5.9

0.0

0.2

0.1

0.3

0.1

0.2

0.1

0.0

0.6

0.4

WMA

0.2

0.0

0.2

R&C

0.0

0.4

0.0

0.4

Global AM

0.0

0.1

0.0

0.1

(0.0)

0.1

Investment Bank

0.2

0.1

0.2

0.1

0.2

0.1

(0.2)

(0.0)

0.4

0.6

Corporate Center

0.0

(0.4)

Group

0.5

0.4

0.3

0.4

0.3

0.7

0.6

(0.6)

(0.4)

1.4

1.2

Switzerland

Corporate Center

and global³

Total

Operating

income

Operating

expenses

Profit

before tax

Americas

Asia Pacific

EMEA²

1 Numbers are not comparable to the disclosed financial statements of our main local subsidiaries; represents a functional view, represents a more complete view

of global and local sales for management purposes, as opposed to the split according to the legal entity where the transaction is recorded;

2 Europe, Middle East, and Africa excluding Switzerland; 3 Refers to items managed globally

Corporate Client Solutions (CCS)

Adjusted income

Advisory

Equity capital markets

Debt capital markets

Financing

solutions

Risk management

Comparison in USD terms (2Q14 vs. 1Q14)

Advisory +8%

Solid contribution from all regions with strong growth

in APAC

Increased participation in M&A transactions

Equity capital markets +78%

Strong performance with increased market share

and increased participation in both IPOs and follow-

ons

Debt capital markets +23%

Increase in leveraged finance, partly offset by lower

investment grade revenues, revenues from

investment grade decreased as improvement in the

Americas was more than offset by decreases in both

EMEA

and

APAC

Financing solutions (8%)

Lower revenue primarily driven by seasonal decline

in Structured finance

CHF million

Key

transactions

2Q14

AerCap’s acquisition of ILFC; Westfield's demerger;

IAG's acquisition of Wesfarmers Insurance

Advisory

ECM

Rights issuance for Deutsche Bank and Gruppo Banco Popolare;

Follow-on for Williams Companies; IPOs of JD.com and Applus

DCM

LBO financings for Carlyle/ADT Korea and SI Organization/QinetiQ

North America; Deutsche Bank’s EUR 3.5 billion AT1 issuance

USD million

+28%

Strong performance with income up across all regions

163

153

165

232

196

349

246

303

371

163

128

119

(33)

(10)

(17)

771

770

986

2Q13

1Q14

2Q14

172

186

245

221

393

261

341

418

174

144

133

(36)

(13)

(20)

816

865

1,110

2Q13

1Q14

2Q14

Refer to slide 31 for details about adjusted numbers, Basel III numbers and FX rates in this presentation

1 Financing solutions provides customized solutions across asset classes via a wide range of financing capabilities including structured financing, real estate

finance and special situations group; 2 Risk management includes corporate lending and hedging activities; 3 Europe, Middle East, and Africa excluding

Switzerland; 4 Transactions closed

Investor Client Services (ICS)

Resilient performance with no negative revenue trading days

Equities (12%)

Revenues declined in derivatives and cash,

reflecting weaker client activity and subdued

volatility,

cash

equities

globally

Increase in Financing Services on strong trading

revenues in equity finance

Voted

"Top

European

Equity

House"

for

consecutive

year

Refer to slide 31 for details about adjusted numbers, Basel III numbers and FX rates in this presentation

1 2Q14 FX, Rates and Credit results adjusted for a gain of CHF 43 million (CHF 39 million in FX, Rates and Credit and CHF 4 million in Equities), or USD 50 million

(USD 44 million in FX, Rates and Credit and USD 5 million in Equities), from the partial sale of our investment in Markit following its initial public offering;

2 Ranked #1 globally in cash commissions, exclusive of swaps income, in a leading private survey (July 2014); 3 Extel (June 2014); 4 Daily revenue distribution

includes DVA

Adjusted

income

Equities

FX, Rates and Credit

FX, Rates and Credit (7%)

Foreign exchange: Decrease in revenues driven by

emerging market short-term interest rate, FX spot

and e-trading businesses, reflecting lower client

activity

Rates and Credit: Relatively flat with continued focus

on client flow

(11%)

CHF million

USD million

(11%)

Comparison in USD terms (2Q14 vs. 1Q14)

CHF million

2Q14 (number of days)

3Q13-1Q14 (number of days)

(5)-0

0-5

5-10

10-15

15-20

20-25

25-30

30-35

35-40

40-45

>45

382

429

400

1,560

1,594

1,420

2Q13

1Q14

2Q14

362

382

355

1,475

1,420

1,260

2Q13

1Q14

2Q14

12-month

daily

revenue

distribution

1,177

1,165

1,020

1,113

1,037

905

Retained Treasury income in Corporate Center—Core Functions

We continue to expect retained funding costs to decline in the mid-term

CHF million

Costs of the Group's overall

long term funding will be

reduced as the long term debt

portfolio rolls off and 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

Gross results (excluding accounting driven adjustments)

664

137

174

Allocations to business divisions

(921)

(206)

(243)

Net revenues

(excluding accounting driven adjustments)

(257)

(69)

of which: retained funding costs

(510)

(165)

(182)

of which: profits retained in Treasury

253

113

Accounting asymmetry and other adjustments

(645)

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)

Central funding costs retained in Group Treasury increased on the back of the issuance of our loss absorbing

notes and as business divisions reduced their consumption of funding

Retained

funding

costs

expected

decrease

approximately

CHF

100

million

FY15

and

negligible

amount in FY16

Treasury income retained in Corporate Center – Core Functions

Our balance sheet, funding and liquidity positions are strong

Our balance sheet structure has many characteristics of a AA-rated bank

Refer to slide 31 for details about adjusted numbers, Basel III numbers and FX rates in this presentation

1 Total funding sources defined as: repurchase agreements, cash collateral on securities lent, due to banks, short-term debt issued, due to customers, long-term

debt (including financial liabilities at fair value), cash collateral payables on derivative transactions and prime brokerage payables. Refer to liquidity and funding

management section of the 2Q14 report for further detail; 2 As of 30.6.14. Pro-forma ratios using supervisory guidance from FINMA. Refer

to the liquidity and funding management section of the 2Q14 financial report for details about the calculation of UBS’s Basel III LCR and NSFR

Strong funding profile

–

Well diversified by market, tenor

and currency

–

Limited use of short-term

wholesale funding

–

105%

Basel

III

NSFR

Strong liquidity position

–

117%

Basel

III

LCR

Funding

product

Repurchase agreements

Short term debt issued

Cash collateral payables on derivative instruments

Securities lending

Prime brokerage payables

Due to customers

Long-term debt issued

Due to banks

CHF 664 billion

High proportion

of stable funding

sources with deposits

59%, and long-term

debt 19%

19%

59%

30.6.14

Breakdown of changes in Group RWA

31.3.14

By type

CHF billion

31.3.14

By business division

CHF billion

227

(1)

227

(8)

30.6.14

Methodology/model-driven

Book size and other:

FX impact

Non-core and Legacy Portfolio

²:

Corporate Center –

Core Functions

Investment Bank:

30.6.14

All other businesses

•

Non-core: CHF 2.4 billion reduction in market risk RWA

primarily due the exit of the majority of the correlation portfolio

•

Non-core: CHF 2.4 billion reduction in credit risk RWA primarily

due to lower advanced CVA

•

Legacy Portfolio: CHF 3.1 billion reduction in securitization RWA

across banking book and trading book due to sales

•

CHF 3.8 billion increase in credit risk RWA primarily due

to aged trade settlements and increase in originated commercial

real estate loans in advance of securitization

•

CHF 1.4 billion increase in market risk RWA

•

CHF 0.6 billion increase related to incremental operational

risk RWA

•

CHF 2.3 billion decrease in market risk RWA due to the

exit of the majority of the correlation portfolio and trading

book securitization exposures partly offset by increased

VaR and stressed VaR

•

CHF 1.0 billion higher credit risk RWA primarily due to

aged trade settlements and increase in originated

commercial real estate loans in advance of securitization,

partly offset by lower banking book securitization

exposures and advanced CVA

•

CHF 1.3 billion increase related to incremental

operational risk RWA¹

Refer to slide 31 for details about adjusted 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 70-71

of the 2Q14 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

Core Functions adjusted operating expenses before service allocation to

business divisions and Non-core and Legacy Portfolio

CC -

Core Functions -

adjusted expenses before service allocation

to business

divisions

and

Non-core

and

Legacy

Portfolio

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

6M13

6M14

FY13

CHF million

Personnel expenses

1,101

1,006

955

1,007

959

904

2,107

1,863

4,070

General and administrative expense

910

849

1,022

970

947

806

1,758

1,753

3,750

Depreciation and impairment of property and equipment

161

180

170

185

179

184

342

364

696

Amortization and impairment of intangible assets

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

4,209

3,982

8,520

Net allocations to business divisions

(1,931)

(1,915)

(1,865)

(1,956)

(1,862)

(1,902)

(3,846)

(3,763)

(7,667)

of which: Wealth Management

(498)

(484)

(460)

(521)

(464)

(504)

(982)

(968)

(1,964)

of which: Wealth Management Americas

(274)

(267)

(264)

(268)

(250)

(264)

(542)

(514)

(1,074)

of which: Retail & Corporate

(316)

(306)

(305)

(319)

(275)

(282)

(622)

(557)

(1,246)

of which: Global Asset Management

(128)

(123)

(126)

(123)

(113)

(114)

(250)

(226)

(499)

of which: Investment Bank

(557)

(562)

(560)

(589)

(632)

(621)

(1,119)

(1,253)

(2,267)

of which: CC -

Non-core and Legacy Portfolio

(157)

(173)

(150)

(136)

(129)

(117)

(330)

(246)

(616)

Total adjusted operating expenses

242

121

283

207

225

(6)

363

219

853

Adjusted results

Adjusting items

Business division / Corporate Center

2Q13

1Q14

2Q14

FY13

CHF million

Operating income as reported (Group)

7,389

7,258

7,147

27,732

Of which:

Own credit on financial liabilities designated at Fair Value

Corporate

Center

Core

Functions

138

(283)

Gains on sales of real estate

Corporate

Center

Core

Functions

288

Corporate

Center

Core

Functions

(194)

Corporate

Center

Non-core

and

Legacy

Portfolio

Gain from the partial sale of our investment in Markit

Investment Bank

Gain on disposal of Global AM's Canadian domestic business

Global Asset Management

Investment Bank

Corporate

Center

Core

Functions

(24)

Operating income adjusted (Group)

7,232

7,147

7,031

27,829

Operating expenses as reported (Group)

6,369

5,865

5,929

24,461

Of which:

Wealth Management

178

Wealth Management Americas

Retail & Corporate

Global Asset Management

Investment Bank

124

210

Corporate

Center

Core

Functions

(6)

Corporate

Center

Non-core

and

Legacy

Portfolio

(2)

235

Operating expenses adjusted (Group)

6,229

5,661

5,840

23,689

Operating profit/(loss) before tax as reported

1,020

1,393

1,218

3,272

Operating profit/(loss) before tax adjusted

1,003

1,486

1,191

4,141

Net gain on sale of remaining proprietary trading business

Net loss related to the buyback of debt in public tender offer

Net restructuring charges

Important information related to numbers shown in this

presentation

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 13-14 of the 2Q14 financial report for an

overview of adjusted 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). 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 85 of the 2Q14 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 2Q14 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 2Q14 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

Net profit attributable to preferred noteholders:

Purchase of UBS AG shares by UBS Group AG pursuant to the exchange offer to create a group holding company is expected to cause a triggering event which

results in accruals for future distributions to preferred noteholders. Assuming the acceptance date for the exchange offer is in the 4Q14, we expect to attribute

further net profit to preferred noteholders of up to approximately CHF 80 million in that period. If we have attributed net profit to preferred noteholders of CHF 80

million in 4Q14, we would expect to attribute net profit to preferred noteholders of approximately CHF 30 million in 2015 and CHF 80 million in 2016.

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) 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 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).

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.


UBS AG

By:		/s/ David Kelly
		Name: David Kelly
		Title: Managing Director

By:		/s/ Sarah M. Starkweather
		Name: Sarah M. Starkweather
		Title: Executive Director