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Quarterly Rating Breakdown

UBS Investment Research Equity Ratings *

UBS 12-Month RatingRating Category
BuyBuy
NeutralHold/Neutral
SellSell
Third Quarter 2009
Coverage(1)IB services(2)
44%39%
40%35%
15%27%
Second Quarter 2009
Coverage(1)IB services(2)
44%38%
39%36%
17%25%
First Quarter 2009
Coverage(1)IB services(2)
51%36%
37%31%
12%22%
Fourth Quarter 2008
Coverage(1)IB services(2)
53%36%
36%34%
10%20%
UBS Short-Term ratingRating Category
BuyBuy
SellSell
Third Quarter 2009
Coverage(3)IB services(4)
less than 1%33%
less than 1%0%
Second Quarter 2009
Coverage(3)IB services(4)
less than 1%33%
less than 1%33%
First Quarter 2009
Coverage(3)IB services(4)
less than 1%43%
less than 1%36%
Fourth Quarter 2008
Coverage(3)IB services(4)
less than 1%43%
less than 1%22%

UBS Investment Research FICC Ratings (Includes Company, Bond, and Credit Default Swaps Rating Systems)

UBS RatingExpectation(1)Rating Category
Buy, Tactical Buy/ Sell ProtectionOutperform/ Tighten by 5 bps or moreBuy
Hold/ Neutral ProtectionPerform in line/ Neither widen nor tighten by more than 5bpsHold
Sell, Tactical Sell/ Buy ProtectionUnderperform/ Widen by 5bps or moreSell
Third Quarter 2009
Coverage(2)IB services(3)
26%16%
54%61%
20%23%
Second Quarter 2009
Coverage(2)IB services(3)
25%24%
59%62%
16%14%
First Quarter 2009
Coverage(2)IB services(3)
24%21%
58%67%
18%12%
Fourth Quarter 2008
Coverage(2)IB services(3)
26%30%
57%59%
17%11%

UBS Investment Research FICC Rating Company Credit Fundamentals Ratings

UBS RatingExpectation(1)Rating Category
ImprovingImproveBuy
StableRemain stableHold
DeterioratingDeteriorateSell
Third Quarter 2009
Coverage(2)IB services(3)
3%3%
56%70%
41%27%
Second Quarter 2009
Coverage(2)IB services(3)
4%3%
54%63%
42%34%
First Quarter 2009
Coverage(2)IB services(3)
4%4%
51%61%
45%35%
Fourth Quarter 2008
Coverage(2)IB services(3)
5%4%
64%70%
31%26%

UBS Investment Research FICC Credit Ratings (Includes UBS-IB Research Credit Rating and UBS Securities Co. Limited Local Credit Rating Scale Systems)

UBS Rating
UBS-IB Research Credit Rating(1)
AAA, AA, A
BB, B
BBB
Third Quarter 2009
Coverage(2)IB services(3)
41%59%
28%14%
29%25%
Second Quarter 2009
Coverage(2)IB services(3)
42%56%
26%12%
30%30%
First Quarter 2009
Coverage(2)IB services(3)
40%56%
27%9%
32%34%
Fourth Quarter 2008
Coverage(2)IB services(3)
36%53%
24%8%
38%37%
UBS Securities Co. Limited Local Credit Rating(1)
cnAAA, cnAA, cnA
cnBBB
cnBB
cnB, cnCCC, cnCC
cnD
Coverage(4)IB services(5)
0%0%
0%0%
0%0%
0%0%
0%0%
Coverage(4)IB services(5)
0%0%
0%0%
0%0%
0%0%
0%0%
Coverage(4)IB services(5)
0%0%
0%0%
0%0%
0%0%
0%0%
Coverage(4)IB services(5)
0%0%
0%0%
0%0%
0%0%
0%0%

UBS Investment Research Equity Ratings:
(1) Percentage of companies under coverage globally within the 12-month rating category.
(2) Percentage of companies within the 12-month rating category for which investment banking (IB) services were provided within the past 12 months.
(3) Percentage of companies under coverage globally within the Short-Term rating category.
(4) Percentage of companies within the Short-Term rating category for which investment banking (IB) services were provided within the past 12 months.

UBS Investment Research FICC Ratings (Includes Company, Bond, and Credit Default Swaps Rating Systems):
(1) Company/Bond is anticipated to <Expectation> other companies/bonds within a given peer group in the local currency investment universe* over a three-month horizon (Note: Recommendations for periods under three months are defined as Tactical, as in Tactical Buy or Tactical Sell); CDS level anticipated to <Expectation>.
(2) Percentage of companies under FICC coverage globally within these rating categories within this timeframe.
(3) Percentage of companies within these rating categories for which investment banking (IB) services were provided within the past 12 months.
* Europe - iBoxx NonSovereign € and NonGilt £ universe measured on a curve-adjusted, excess-return basis.

UBS Investment Research FICC Company Credit Fundamental Ratings:
(1) Credit fundamentals of the company are anticipated to <expectation> over the next six months.
(2) Percentage of companies under FICC coverage globally within this rating category during this timeframe.
(3) Percentage of companies within this rating category for which investment banking (IB) services were provided within the past 12 months.

UBS Investment Research FICC Credit Ratings (Includes UBS-IB Research Credit Rating and UBS Securities Co. Limited Local Credit Rating Scale Systems):
(1) Please click the above FICC Rating System definitions (doc) link to view UBS-IB Research Credit Rating and UBS Securities Co. Limited Local Credit Rating Scale definitions.
(2) Percentage of companies under FICC coverage globally within this rating category during this timeframe.
(3) Percentage of companies within this rating category for which investment banking (IB) services were provided within the past 12 months.
(4) Percentage of companies under UBS Securities Co. Limited coverage within this rating category during this timeframe.
(5) Percentage of companies under UBS Securities Co. Limited coverage within this rating category for which investment banking (IB) services were provided within the past 12 months.

* Note: On 5 August 2007, UBS adopted a new rating system. (See Equity Research Rating System definitions (pdf) for details). Between September 9, 2006 and August 5, 2007, the UBS ratings and their definitions were: Buy 1 = FSR is > 6% above the MRA, higher degree of predictability; Buy 2 = FSR is > 6% above the MRA, lower degree of predictability; Neutral 1 = FSR is between -6% and 6% of the MRA, higher degree of predictability; Neutral 2 = FSR is between -6% and 6% of the MRA, lower degree of predictability; Reduce 1 = FSR is > 6% below the MRA, higher degree of predictability; Reduce 2 = FSR is > 6% below the MRA, lower degree of predictability. Between October 13, 2003 and September 9, 2006 the percentage band criteria used in the rating system was 10%. For the purposes of this table, the historical Buy 1 and Buy 2 have been mapped to Buy; Neutral 1 and Neutral 2 have been mapped to Neutral; Reduce 1 and Reduce 2 have been mapped to Sell.