Professor Axel A Weber, former President of the Deutsche Bundesbank, has asked the Executive Board of the Deutsche Bundesbank for permission to accept a position on the Board of Directors of UBS AG with effect from May 2012 onwards. Professor Weber would initially be appointed Vice Chairman and would then assume the post of Chairman in May 2013. The terms of Professor Weber’s contract with the Deutsche Bundesbank make such permission necessary. The Executive Board of the Deutsche Bundesbank is expected to address Professor Weber’s request at its regularly scheduled meeting on 12 July 2011.