<SEC-DOCUMENT>0001114446-18-004018.txt : 20180427
<SEC-HEADER>0001114446-18-004018.hdr.sgml : 20180427
<ACCEPTANCE-DATETIME>20180427062936
ACCESSION NUMBER:		0001114446-18-004018
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20180331
FILED AS OF DATE:		20180427
DATE AS OF CHANGE:		20180427

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UBS AG
		CENTRAL INDEX KEY:			0001114446
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15060
		FILM NUMBER:		18780924

	BUSINESS ADDRESS:	
		STREET 1:		BAHNHOFSTRASSE 45
		STREET 2:		P O BOX CH 8001
		CITY:			ZURICH
		STATE:			V8
		ZIP:			CH 8001
		BUSINESS PHONE:		203-719-5241

	MAIL ADDRESS:	
		STREET 1:		600 WASHINGTON BLVD.
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06901

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UBS Group AG
		CENTRAL INDEX KEY:			0001610520
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36764
		FILM NUMBER:		18780925

	BUSINESS ADDRESS:	
		STREET 1:		BAHNHOFSTRASSE 45
		CITY:			ZURICH
		STATE:			V8
		ZIP:			CH-8001
		BUSINESS PHONE:		41-44-234-1111

	MAIL ADDRESS:	
		STREET 1:		BAHNHOFSTRASSE 45
		CITY:			ZURICH
		STATE:			V8
		ZIP:			CH-8001
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>6kubsagctr1q18.htm
<TEXT>

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 8.0cm right 16.0cm;"><font face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>


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<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-GB style="font-size:16.0pt;">UNITED STATES</font></b></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-GB style="font-size:16.0pt;">SECURITIES AND
EXCHANGE COMMISSION</font></b></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">Washington, D.C.
20549</font></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">_________________</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-GB style="font-size:22.0pt;">FORM 6-K</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-GB style="font-size:13.0pt;">REPORT OF
FOREIGN PRIVATE ISSUER</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-GB style="font-size:13.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-GB style="font-size:13.0pt;">PURSUANT TO RULE
13a-16 OR 15d-16 UNDER</font></b></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-GB style="font-size:13.0pt;">THE SECURITIES
EXCHANGE ACT OF 1934</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">Date: </font></b><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">April
27, 2018</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-GB style="font-size:16.5pt;">UBS Group AG</font></b></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">Commission File
Number: 1-36764</font></b></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:16.5pt;">&nbsp;</font></b></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:16.5pt;">UBS AG</font></b><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;"> &nbsp;</font></b></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">Commission File
Number: 1-15060</font></b></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" lang=DE style="font-size:10.0pt;">(Registrants' Names)</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=DE style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" lang=DE style="font-size:11.0pt;">Bahnhofstrasse
45, Zurich, Switzerland</font></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" lang=DE style="font-size:11.0pt;">Aeschenvorstadt
1, Basel, Switzerland</font></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">(Address of principal executive
offices)</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">Indicate by
check mark whether the registrant files or will file annual reports under cover
of Form 20&#8209;F or Form 40-F.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

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<p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;padding:0cm;text-align:center;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">Form
20-F</font><font face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:11.0pt;">&#160; </font><font face="Times New Roman,serif" lang=EN-GB style="font-size:22.0pt;">x&nbsp;</font><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Form 40-F&#160; </font><font face="Times New Roman,serif" lang=EN-GB style="font-size:22.0pt;">o&nbsp;</font></p>

<p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;padding:0cm;text-align:center;"><font face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

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<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 8.0cm right 16.0cm;"><font face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">UBS AG produces regular annual
and quarterly reports, which are submitted to the SEC under Forms 20-F and 6-K,
respectively. These reports are prepared in accordance with International
Financial Reporting Standards (IFRS). SEC regulations require certain
additional disclosures to be included in registration statements relating to
offerings of securities. Certain of this additional disclosure follows herein,
and should be read in conjunction with the annual report on Form 20-F for the
year ended 31 December 2017 of UBS Group AG and UBS AG, filed with the SEC on 9
March 2018, as well as UBS AG's first quarter 2018 report, submitted to the SEC
on Form 6-K on 27 April 2018.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;">&#160;&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:10.0pt;"><br>
<br>
</font>&nbsp;</p>

<p style="margin:0cm;margin-bottom:.0001pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:11.0pt;">Capitalization
of UBS AG</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">The following table presents the consolidated
capitalization of UBS AG in accordance with International Financial Reporting
Standards (IFRS) in Swiss francs, the presentation currency of UBS AG, and
translated into US dollars.</font></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:13.0pt;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:14.25pt;">
  <td width=57% style="border:none;border-bottom:solid #74726F 1.0pt;height:14.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:9.0pt;">&nbsp;</font></b></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:14.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:9.0pt;">&nbsp;</font></b></p>
  </td>
 <td colspan=5 width=42% style="border:none;border-bottom:solid #74726F 1.0pt;height:14.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">As of</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td width=57% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=1% style="border:none;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 width=21% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">31.3.18</font></b></p>
  </td>
 <td width=1% style="border:none;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 width=20% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">31.12.17</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td width=57% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">in million</font></i></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></i></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">CHF</font></b></p>
  </td>
 <td width=10% style="border-bottom:solid #74726F 1.0pt;border-left:none;border-right:none;border-top:solid #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">USD</font></b></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=10% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">CHF</font></p>
  </td>
 <td width=10% style="border-bottom:solid #74726F 1.0pt;border-left:none;border-right:none;border-top:solid #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">USD</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td width=57% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">Debt:</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></b></p>
  </td>
 <td width=10% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></b></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=10% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=10% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td width=57% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">Short term debt issued&#185;</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">73,952</font></b></p>
  </td>
 <td width=10% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">77,571</font></b></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=10% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">78,219</font></p>
  </td>
 <td width=10% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">80,242</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td width=57% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">Long term debt issued&#178;</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">80,319</font></b></p>
  </td>
 <td width=10% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">84,249</font></b></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=10% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">76,031</font></p>
  </td>
 <td width=10% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">77,998</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td width=57% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">Total debt issued</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">154,272</font></b></p>
  </td>
 <td width=10% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">161,820</font></b></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=10% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">154,251</font></p>
  </td>
 <td width=10% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">158,240</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td width=57% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">Equity attributable to UBS AG shareholders</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">50,788</font></b></p>
  </td>
 <td width=10% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">53,273</font></b></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=10% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">50,718</font></p>
  </td>
 <td width=10% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">52,030</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td width=57% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">Equity attributable to non-controlling interests</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">62</font></b></p>
  </td>
 <td width=10% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">65</font></b></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=10% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">57</font></p>
  </td>
 <td width=10% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">59</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td width=57% style="border:none;border-bottom:solid #74726F 1.5pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">Total capitalization</font></b></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.5pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></b></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.5pt;height:11.25pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">205,121</font></b></p>
  </td>
 <td width=10% style="border:none;border-bottom:solid #74726F 1.5pt;height:11.25pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">215,159</font></b></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.5pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=10% style="border:none;border-bottom:solid #74726F 1.5pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">205,026</font></p>
  </td>
 <td width=10% style="border:none;border-bottom:solid #74726F 1.5pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">210,328</font></p>
  </td>
 </tr>
<tr style="height:31.5pt;">
  <td colspan=7 valign=top width=100% style="border:none;height:31.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:6.5pt;">1 Short-term debt issued is comprised of debt issued measured at
  amortized cost and debt issued designated at fair value by UBS AG and its
  subsidiaries with a remaining contractual maturity of less than one year
  without considering any early redemption features.&#160;&#160;&#160; 2 Long-term debt issued
  is comprised of debt issued measured at amortized cost and debt issued
  designated at fair value by UBS AG and its subsidiaries with a remaining
  contractual maturity of more than one year without considering any early
  redemption features.</font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:13.0pt;">&nbsp;</font></p>

<p style="margin-bottom:3.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">Swiss
franc (CHF) amounts as of </font><font face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">31 March 2018 have been
translated into </font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">US dollars (USD) </font><font face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">at the rate of CHF 1 = </font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">USD 1.04893 </font><font face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">(the exchange rate in effect as of 31 March 2018), and CHF amounts
as of 31 December 2017 have
been translated into </font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">USD </font><font face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">at the
rate of CHF 1 = </font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">USD 1.02586 </font><font face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">(the
exchange rate in effect as of 31 December 2017).</font></p>





<DIV bclFooter>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 8.0cm right 16.0cm;"><font face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_3"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 8.0cm right 16.0cm;"><font face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:3.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;line-height:12.0pt;">Ratio of Earnings to Fixed Charges of UBS
AG</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">The following
table sets forth UBS AG&#8217;s ratio of earnings to fixed charges on an IFRS basis
for the periods indicated. The ratios are calculated based on earnings from
continuing operations. </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:19.5pt;">
  <td width=28% style="border:none;border-bottom:solid #74726F 1.0pt;height:19.5pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=1% style="height:19.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:19.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">For the quarter ended</font></b></p>
  </td>
 <td width=1% style="height:19.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=9 valign=bottom width=59% style="border:none;border-bottom:solid #74726F 1.0pt;height:19.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">For the year ended</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td width=28% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">CHF million, except for
  ratio</font></i></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><i><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></i></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">31.3.18</font></b></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">31.12.17</font></p>
  </td>
 <td width=1% style="border-bottom:solid #74726F 1.0pt;border-left:none;border-right:none;border-top:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border-bottom:solid #74726F 1.0pt;border-left:none;border-right:none;border-top:solid #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">31.12.16</font></p>
  </td>
 <td width=1% style="border-bottom:solid #74726F 1.0pt;border-left:none;border-right:none;border-top:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border-bottom:solid #74726F 1.0pt;border-left:none;border-right:none;border-top:solid #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">31.12.15&#185;</font></p>
  </td>
 <td width=1% style="border-bottom:solid #74726F 1.0pt;border-left:none;border-right:none;border-top:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border-bottom:solid #74726F 1.0pt;border-left:none;border-right:none;border-top:solid #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">31.12.14</font></p>
  </td>
 <td width=1% style="border-bottom:solid #74726F 1.0pt;border-left:none;border-right:none;border-top:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border-bottom:solid #74726F 1.0pt;border-left:none;border-right:none;border-top:solid #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">31.12.13</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td width=28% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">Pre-tax earnings from continuing operations</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">1,769</font></b></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">4,977</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">4,009</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">5,349</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">2,424</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">3,287</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td width=28% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">Add: Fixed charges</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">2,152</font></b></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">7,865</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">7,998</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">7,153</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">7,293</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">8,030</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td width=28% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">Pre-tax earnings before fixed charges</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">3,921</font></b></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">12,842</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">12,007</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">12,502</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">9,717</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">11,317</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td width=28% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td width=28% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">Fixed charges:</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></b></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td width=28% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">&#160;&#160;&#160;&#160; Interest expense</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">2,120</font></b></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">7,728</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">7,399</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">6,550</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">6,639</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:dotted #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">7,351</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td width=28% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">&#160;&#160;&#160;&#160; Other&#178;</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">33</font></b></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">137</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">599</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">603</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">653</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">679</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td width=28% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">Total fixed charges</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">2,152</font></b></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">7,865</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">7,998</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">7,153</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">7,293</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 3.5pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">8,030</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td width=28% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></b></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></b></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.0pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td width=28% style="border:none;border-bottom:solid #74726F 1.5pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">Ratio of earnings to fixed
  charges&#179;</font></b></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.5pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></b></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.5pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#9A3D37 face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">1.82</font></b></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.5pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.5pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">1.63</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.5pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.5pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">1.50</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.5pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.5pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">&#160;1.75&nbsp;</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.5pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.5pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">&#160;1.33&nbsp;</font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.5pt;height:11.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.0pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid #74726F 1.5pt;height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:7.5pt;">&#160;1.41&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:39.75pt;">
  <td colspan=13 valign=top width=100% style="border:none;height:39.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Frutiger 47 Light CN,sans-serif" lang=EN-GB style="font-size:6.5pt;">1 Upon adoption of the amendments to IAS 1, UBS AG presents
  interest income and expense from financial instruments measured at amortized
  cost and fair value through other comprehensive income separately from interest
  income and expense from financial instruments measured at fair value through
  profit or loss. Prior periods were amended for this change in presentation.
  As a consequence, interest expense for the year ended 31 December 2015
  increased by CHF 101 million, which resulted in a reduction of the ratio of
  earnings to fixed charges from 1.76 to 1.75. All other periods presented were
  not affected by this change in presentation.&#160;&#160; 2 Other fixed charges relate
  to the estimated interest component of rental expense.&#160;&#160;&#160; 3 UBS AG redeemed
  its last outstanding preferred notes in December 2017. A ratio of earnings to
  combined fixed charges and preference security dividends was not presented
  for periods prior to 2018 as there were no mandatory preferred share dividends
  in these periods. Accordingly, the ratio would have equaled the ratio of
  earnings to fixed charges.</font></p>
  </td>
 </tr>
</table></div>




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</DIV>
<p style="margin:0cm;margin-bottom:12.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">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 333-204908) and of UBS Group AG on Form S-8 (Registration Numbers
333-200634; 333-200635; 333-200641; 333-200665; 333-215254; and 333-215255) 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&#8217;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 (&#8220;CABCO&#8221;) 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).</font></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></p>





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</DIV>
<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">SIGNATURES</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:6.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned, thereunto duly authorized.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-indent:216.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">UBS Group AG</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-indent:216.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">By: </font><u><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">_/s/
David Kelly_____________</font></u></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-indent:234.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">Name:&#160; David
Kelly</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-indent:234.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">Title:&#160;&#160;&#160;&#160;
Managing Director </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-indent:216.0pt;"><font face="Times New Roman,serif" lang=ES style="font-size:11.0pt;">By: </font><u><font face="Times New Roman,serif" lang=ES style="font-size:11.0pt;">_/s/ Ella
Campi&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ____</font></u></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-indent:234.0pt;"><font face="Times New Roman,serif" lang=ES style="font-size:11.0pt;">Name:&#160; Ella Campi</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-indent:234.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">Title:&#160;&#160;&#160;
Executive Director</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-indent:216.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-indent:216.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">UBS AG</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-indent:216.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">By: </font><u><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">_/s/
David Kelly_____________</font></u></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-indent:234.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">Name:&#160; David
Kelly</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-indent:234.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">Title:&#160;&#160;&#160;&#160;
Managing Director </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-indent:216.0pt;"><font face="Times New Roman,serif" lang=ES style="font-size:11.0pt;">By: </font><u><font face="Times New Roman,serif" lang=ES style="font-size:11.0pt;">_/s/ Ella
Campi&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ____</font></u></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-indent:234.0pt;"><font face="Times New Roman,serif" lang=ES style="font-size:11.0pt;">Name:&#160; Ella Campi</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-indent:234.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">Title:&#160;&#160; &#160;Executive
Director</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-indent:234.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">Date:&#160;
April 27, 2018</font></p>

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