People: UBS AG (UBS)

Mr. Philip J. Lofts has served as Member of the Executive Board and Group Chief Risk Officer of UBS AG since November 4, 2008. He was Chief Executive Officer of UBS Group Americas from January 2011 to November 2011. Prior to that, he served as Deputy Group Chief Risk Officer and Group Risk Chief Operating Officer at the Company from 2008 to 2010. He has been with the Company for over 25 years. In 2008, he became the Group Risk Chief Operating Officer (COO) after having previously been the Group Chief Credit Officer for three years. Before this, Mr. Lofts worked for the Investment Bank in a number of business and risk control positions in Europe, Asia and Pacific (APAC )and the United States. From 1981 to 1984, he was a trainee at Charterhouse Japhet plc, a merchant bank acquired by the Royal Bank of Scotland in 1985. Mr. Lofts is Board Member of the University of Connecticut Foundation.