<SEC-DOCUMENT>0001610520-18-000098.txt : 20181203
<SEC-HEADER>0001610520-18-000098.hdr.sgml : 20181203
<ACCEPTANCE-DATETIME>20181203151047
ACCESSION NUMBER:		0001610520-18-000098
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20181203
DATE AS OF CHANGE:		20181203
EFFECTIVENESS DATE:		20181203

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:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-228653
		FILM NUMBER:		181213828

	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>S-8
<SEQUENCE>1
<FILENAME>S8.UBS.VIP-DCO.2018.htm
<TEXT>

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<title>S82018InvestmentPlan</title>


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<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

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<p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

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<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:4.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:18.0pt;">UNITED STATES SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">Washington, </font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">D.C. 20549</font></b></p>

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<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;padding:0in;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:6.0pt;line-height:4.0pt;">&nbsp;</font></p>

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<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:4.0pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:16.0pt;layout-grid-mode:line;">FORM S-8</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;">REGISTRATION STATEMENT</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;">UNDER THE SECURITIES ACT OF 1933<br>
<br>
</font></b></p>

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<p align=center style="border:none;margin:0in;margin-bottom:6.0pt;padding:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;line-height:2.0pt;">&nbsp;</font></b></p>

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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:16.0pt;layout-grid-mode:line;">UBS GROUP AG</font></b></p>

<p align=center style="margin:0in;margin-bottom:5.0pt;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;">(Exact name of registrant as specified in its charter)<br>
<br>
</font></p>

<p align=center style="margin:0in;margin-bottom:5.0pt;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:5.0pt;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:8.0pt;layout-grid-mode:line;">Switzerland</font></b></p>
  </td>
 <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:8.0pt;layout-grid-mode:line;">[98-0186363]</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:8.0pt;layout-grid-mode:line;">(State or other jurisdiction of</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:8.0pt;layout-grid-mode:line;">incorporation or organization)</font></p>
  </td>
 <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:8.0pt;layout-grid-mode:line;">(I.R.S. Employer</font></p>
  <p align=center style="margin:0in;margin-bottom:5.0pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:8.0pt;layout-grid-mode:line;">Identification Number)</font></p>
  </td>
 </tr>
</table></div>



<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:4.0pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=DE style="font-size:8.0pt;layout-grid-mode:line;">BAHNHOFSTRASSE 45, ZURICH, SWITZERLAND, AND</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=DE style="font-size:8.0pt;layout-grid-mode:line;">AESCHENVORSTADT 1, BASEL, SWITZERLAND </font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;">(Address, including ZIP Code, and telephone number,
including area code, of registrant&#8217;s principal executive offices)</font></p>

<div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:193.7pt;margin-right:193.7pt;padding:0in 0in 0in 0in;">

<p align=center style="border:none;margin:0in;margin-bottom:.0001pt;margin-top:3.0pt;padding:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;line-height:6.0pt;">&nbsp;</font></b></p>

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<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:4.0pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;">UBS VOLUNTARY INVESTMENT PLAN</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;">(Full title of the plans)</font></p>

<div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:193.7pt;margin-right:193.7pt;padding:0in 0in 0in 0in;">

<p align=center style="border:none;margin:0in;margin-bottom:.0001pt;margin-top:3.0pt;padding:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;line-height:6.0pt;">&nbsp;</font></b></p>

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<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:4.0pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:center;"><b><font color=#333333 face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:14.25pt;">David Kelly </font></b></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=#333333 face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:14.25pt;">600
Washington Boulevard </font></b></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=#333333 face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:14.25pt;">Stamford, CT
06901 </font></b></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=#333333 face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:14.25pt;">(203)
719-3000 </font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;">&#160;(Name, address, including ZIP Code, and telephone
number, including area code, of agent for service)</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;">Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company.&#160; See the definitions of
&quot;large accelerated filer,&quot; &quot;accelerated filer&quot; and
&quot;smaller reporting company&quot; in Rule 12b-2 of the Exchange Act.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;">Large accelerated filer &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; X</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;">Accelerated filer &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;">&#9744;&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;">Non-accelerated filer&#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;">&#9744;&nbsp;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;"> (Do not check if a smaller
reporting company.)</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;">Smaller reporting company&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;">&#9744;&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<div style="border:solid white 1.0pt;border-bottom:double black 2.25pt;padding:0in 0in 0in 0in;">

<p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

</div>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;&nbsp;</font></p>









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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:11.5pt;">CALCULATION
OF REGISTRATION FEE</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:17.25pt;">
  <td valign=bottom width=34% style="border:none;border-bottom:solid #74726F 1.0pt;height:17.25pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="Frutiger 47 Light CN,sans-serif" style="font-size:7.5pt;layout-grid-mode:line;">Title of securities to be registered </font></b></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.0pt;height:17.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=17% style="border:none;border-bottom:solid #74726F 1.0pt;height:17.25pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Frutiger 47 Light CN,sans-serif" style="font-size:7.5pt;layout-grid-mode:line;">Amount to be registered<sup>1</sup></font></b></p>
  </td>
 <td valign=bottom width=16% style="border:none;border-bottom:solid #74726F 1.0pt;height:17.25pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Frutiger 47 Light CN,sans-serif" style="font-size:7.5pt;layout-grid-mode:line;">Proposed maximum offering price per share<sup>2</sup></font></b></p>
  </td>
 <td valign=bottom width=16% style="border:none;border-bottom:solid #74726F 1.0pt;height:17.25pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Frutiger 47 Light CN,sans-serif" style="font-size:7.5pt;layout-grid-mode:line;">Proposed maximum aggregate offering price<sup>2</sup></font></b></p>
  </td>
 <td valign=bottom width=16% style="border:none;border-bottom:solid #74726F 1.0pt;height:17.25pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Frutiger 47 Light CN,sans-serif" style="font-size:7.5pt;layout-grid-mode:line;">Amount of registration&nbsp;fee<sup>3</sup></font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=34% style="border:none;border-bottom:solid #74726F 1.5pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" style="font-size:7.5pt;layout-grid-mode:line;">Deferred Compensation Obligations<sup>1</sup></font></p>
  </td>
 <td width=1% style="border:none;border-bottom:solid #74726F 1.5pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td width=17% style="border:none;border-bottom:solid #74726F 1.5pt;height:12.0pt;padding:0in 3.5pt 0in 2.0pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" style="font-size:7.5pt;layout-grid-mode:line;">$100,000,000</font></p>
  </td>
 <td width=16% style="border:none;border-bottom:solid #74726F 1.5pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" style="font-size:7.5pt;layout-grid-mode:line;">100%</font></p>
  </td>
 <td width=16% style="border:none;border-bottom:solid #74726F 1.5pt;height:12.0pt;padding:0in 3.5pt 0in 2.0pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" style="font-size:7.5pt;layout-grid-mode:line;">$100,000,000</font></p>
  </td>
 <td width=16% style="border:none;border-bottom:solid #74726F 1.5pt;height:12.0pt;padding:0in 3.5pt 0in 2.0pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 47 Light CN,sans-serif" style="font-size:7.5pt;layout-grid-mode:line;">$12,450</font></p>
  </td>
 </tr>
<tr style="height:9.0pt;">
  <td colspan=6 valign=top width=100% style="border:none;height:9.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Frutiger 47 Light CN,sans-serif" style="font-size:6.5pt;layout-grid-mode:line;">1&nbsp;The deferred compensation obligations are unsecured
  obligations of UBS Group AG to pay deferred compensation in the future in
  accordance with the terms of the UBS Voluntary Investment Plan.&#160;&#160;&#160;
  2&nbsp;Estimated solely for the purpose of calculating the registration
  fee.&#160;&#160;&#160; 3&nbsp;Calculated pursuant to rule 457(h) under the Securities Act of
  1933, as amended.</font></p>
  </td>
 </tr>
</table></div>




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<p style="margin:0in;margin-bottom:.0001pt;mso-line-height-rule:exactly;mso-pagination:no-line-numbers;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;line-height:.7pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:30.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:18.0pt;line-height:20.0pt;">PART
I.&#160;&#160;&#160; INFORMATION REQUIRED IN THE 10(a) PROSPECTUS</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">The documents containing the information specified in
&#8220;Item 1. Plan Information&#8221; and &#8220;Item 2. Registrant Information and Employee
Plan Annual Information&#8221; of Form S-8 will be sent or given to participants of
the UBS Voluntary Investment Plan (the &#8220;Plan&#8221;), as specified by Rule 428(b)(1)
under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). Such
documents are not required to be, and are not, filed with the Securities and
Exchange Commission (the &#8220;Commission&#8221;) either as part of this Registration
Statement or as a prospectus or prospectus supplement pursuant to Rule 424
under the Securities Act. These documents and the documents incorporated by
reference in this Registration Statement pursuant to Item 3 of Part II of Form
S-8, taken together, constitute a prospectus that meets the requirements of
Section 10(a) of the Securities Act.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin-bottom:30.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:18.0pt;line-height:20.0pt;">PART II.&#160;&#160; INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT</font></p>

<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:11.3pt;"><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Item 3.&#160;
Incorporation of documents by reference.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">The following documents previously filed by UBS Group AG
(the &#8220;Company&#8221; or the &#8220;Registrant&#8221;) with the Commission are incorporated by
reference in this Registration Statement:</font></p>

<p style="margin-bottom:0in;margin-left:14.2pt;margin-right:0in;margin-top:0in;text-indent:-14.2pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">1.&#160;&#160; The Company&#8217;s Annual Report on Form 20-F for the year
ended December 31, 2017, which the Company filed with the Commission on March 9,
2018; and</font></p>

<p style="margin-bottom:0in;margin-left:14.2pt;margin-right:0in;margin-top:0in;text-indent:-14.2pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.&#160;&#160; The Company&#8217;s Reports of Foreign Issuer on Form 6-K,
which the Company filed with the Commission on March 9, 2018 (only first three
reports filed on such date), March 26, 2018, April 3, 2018 (two reports), April
23, 2018 (only first report filed on such date), April 27, 2018 (two reports),
May 3, 2018, July 24, 2018 (only first report filed on such date), July 27,
2018 (only first report filed on such date), September 25, 2018, October 25,
2018 (only first and fifth reports filed on such date) and October 31, 2018
(only first report filed on such date).</font></p>

<p style="margin-bottom:0in;margin-left:14.2pt;margin-right:0in;margin-top:0in;text-indent:-14.2pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">In addition, all subsequent reports that the Company files on
Form 20-F under the Securities Exchange Act of 1934 and, to the extent
designated therein, certain reports on Form 6-K subsequently furnished by the
Company that should be deemed filed, in each case prior to the filing of a
post-effective amendment which indicates that all securities offered hereby
have been sold or which deregisters all securities then remaining unsold, shall
be deemed to be incorporated by reference in this Registration Statement and to
be a part hereof from the date of filing or furnishing such documents.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Any statement contained in a document incorporated or deemed
to be incorporated herein by reference shall be deemed to be modified or
superseded for purposes of this Registration Statement to the extent that a
statement contained herein or in any other subsequently filed document which
also is or is deemed to be incorporated herein by reference modifies or supersedes
such statement. Any such statement so modified or superseded will not be
deemed, except as so modified or superseded, to constitute a part of this
Registration Statement.</font></p>





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</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:11.3pt;"><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Item 4.&#160; Description of
securities.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Under the Plan, the Company may provide eligible
employees of the Company and certain affiliates of the Company (each, a
&#8220;Participating Employer&#8221;) the opportunity to defer a specified percentage or
dollar amount of their regular or incentive-based compensation under the Plan.
Deferred amounts will be credited to an account maintained on the books and
records of the Company in the name of the participant and may be notionally
invested in one or more notional investments. A description of the notional
investments will be included in the documents referred to in Part I of this
Registration Statement. A Participating Employer may also, in its sole
discretion, credit employer contributions to a participant&#8217;s account under such
terms as it shall determine. The obligations of the Company to pay deferred amounts,
together with any notional earnings thereof, in accordance with the Plan are
referred to as &#8220;Deferred Compensation Obligations&#8221;.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">The participant&#8217;s deferral election, made in accordance with
the terms of the Plan, will determine the amount of compensation elected to be
deferred. At the time of the deferral request, the participant will specify the
date on which the payment of the deferral amount will be made or commenced. Participants&#8217;
account balances will be adjusted from time to time to reflect any additional
deferrals made under the Plan, positive or negative returns based on the
notional investments chosen by the participants, from time to time, and any
applicable administrative charges. The plan does not guarantee a minimum rate
of return.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Deferred Compensation Obligations will be unsecured
obligations of the Company and will rank equally with other unsecured and
unsubordinated indebtedness of the Company and/or its subsidiaries from time to
time outstanding. The Company may, but is not obligated to, fund its Deferred
Compensation Obligations through one or more employee benefit trusts that may
be subject to claims of the Company&#8217;s (and/or its subsidiaries) creditors.
Nothing in the Plan will be construed to give a participant or any other person
rights to any specific assets of the Company, its subsidiaries or its
affiliates.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Any rights that a participant or beneficiary may have under
the Plan are not assignable and non-transferable. Any attempt to assign or
transfer any such rights shall be null and void and of no force or effect.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Balances in the Deferred Compensation Obligation accounts are
payable at the end of the deferral period specified at the time of the grant of
the deferred compensation award or the deferral election, as applicable. Except
in the case of (i) death prior to a termination of employment, (or, at the
discretion of the Plan&#8217;s administrative committee, following a termination of
employment) or disability (as defined in the Plan), (ii) to comply with a
domestic relations order (as defined in Section 414(p)(1)(B) of the Internal
Revenue Code), (iii) the cashout of certain de minimis amounts upon termination
of the Plan, (iv) a change in control (as defined in the Plan) of a
participant&#8217;s employer and (v) certain distributions in the event of an
unforeseeable emergency (as defined in the Plan), the Deferred Compensation
Obligations are not subject to redemption, in whole or in part, prior to the
individual distribution dates specified at the time of election or grant.
However, the Company may amend or terminate the Plan at any time, with respect
to any or all participants, including in any manner that adversely affects
participants&#8217; rights. Upon termination, each participant&#8217;s deferral account
will be distributed in accordance with the applicable deferral elections and
the terms of the Plan.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">The Deferred Compensation Obligations are not convertible into
any other security of the Company. The Deferred Compensation Obligations will
not have the benefit of a negative pledge or any other affirmative or negative
covenant on the part of the Company. No trustee has been appointed having the
authority to take action with respect to the Deferred Compensation Obligations,
and each participant will be responsible for acting independently with respect
to, among other things, the giving of notices, responding to any requests for
consents, waivers or amendments pertaining to the Deferred Compensation
Obligations, enforcing covenants and taking action upon a default.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">The Plan will be administered by an administrative committee,
composed of one or more persons appointed by the Company to administer the
Plan, which will have discretionary authority to make, amend, interpret and
enforce all appropriate rules and regulations for the administration of the Plan.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">A participant&#8217;s rights with respect to the Deferred
Compensation Obligations are generally not subject to assignment, sale or other
transfer during the participant&#8217;s lifetime nor are they liable or subject in
any manner to attachment, garnishment or execution; except that the
Administrative Committee has the discretion to make payments to an alternate
payee in accordance with the terms of a domestic relations order.</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;mso-line-height-rule:exactly;mso-pagination:no-line-numbers;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;line-height:.7pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></b></p>

<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:22.65pt;"><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:16.0pt;">Item
5.&#160; Interests of named experts and counsel.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Not applicable.</font></p>

<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:22.65pt;"><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:16.0pt;">Item
6.&#160; Indemnification of directors and officers.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Under Swiss law, directors and senior officers acting in
violation of their statutory duties&#8212;whether dealing with bona fide third
parties or performing any other acts on behalf of the corporation&#8212;may become
liable to the corporation, its shareholders and (in bankruptcy) its creditors
for damages. The directors&#8217; liability is joint and several but only to the
extent the damage is attributable to each director based on willful or
negligent violation of duty. If the board of directors lawfully delegated the
power to carry out day-to-day management to a different corporate body, e.g.,
the executive board, the board of directors is not vicariously liable for the
acts of the members of the executive board. Instead the directors can be held
liable for their failure to properly select, instruct or supervise the
executive board members. If directors and officers enter into a transaction on
behalf of the corporation with bona fide third parties in violation of their
statutory duties, the transaction is nevertheless valid as long as it is not
excluded by the corporation&#8217;s business purpose.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Under Swiss law, a corporation may indemnify a director or
officer of the corporation against losses and expenses (unless arising from his
gross negligence or willful misconduct), including attorney&#8217;s fees, judgments,
fines and settlement amounts actually and reasonably incurred in a civil or
criminal action, suit or proceeding by reason of having been the representative
of or serving at the request of the corporation.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Because the Company is a Swiss company headquartered in
Switzerland, many of the directors and officers of the Company are residents of
Switzerland and not the U.S. As a result, U.S. investors may find it difficult
in a lawsuit based on the civil liability provisions of the U.S. federal
securities laws to:</font></p>

<p style="margin-bottom:0in;margin-left:11.35pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&#8211;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">effect service within the U.S. upon the Company and the directors and
officers of the Company located outside the U.S.,</font></p>

<p style="margin-bottom:0in;margin-left:11.35pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&#8211;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">enforce in U.S. courts or outside the U.S. judgments obtained against those
persons in U.S. courts,</font></p>

<p style="margin-bottom:0in;margin-left:11.35pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&#8211;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">enforce in U.S. courts, judgments obtained against those persons in
courts in jurisdictions outside the U.S., and</font></p>

<p style="margin-bottom:0in;margin-left:11.35pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&#8211;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">enforce against those persons in Switzerland, whether in original
actions or in actions for the enforcement of judgments of U.S. courts, civil
liabilities based solely upon the U.S. federal securities laws.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Neither the Registrant&#8217;s articles of association nor Swiss
statutory law contain provisions regarding the indemnification of directors and
officers. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">According to general principles of Swiss employment law, an
employer may, under certain circumstances, be required to indemnify an employee
against losses and expenses incurred by him in the execution of his duties
under the employment agreement, unless the losses and expenses arise from the
employee&#8217;s gross negligence or willful misconduct. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">It is the Company&#8217;s policy to indemnify its current or former
directors and/or employees against certain losses and expenses in respect of
service as a director or employee of the Company, one of its affiliates or
another entity, which the Company has approved, subject to specific conditions
or exclusions. The Registrant maintains directors&#8217; and officers&#8217; insurance for
its directors and officers. </font></p>

<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:22.65pt;"><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:16.0pt;">Item
7.&#160; Exemption from registration claimed.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Not applicable.</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;mso-line-height-rule:exactly;mso-pagination:no-line-numbers;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;line-height:.7pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:22.65pt;"><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:16.0pt;">Item
8.&#160; Exhibits.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">The following exhibits are filed
herewith or incorporated by reference in this Registration Statement.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Exhibit No.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Description of
Exhibit</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">4.1 &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a href="exhibit041.htm" style="-sec-extract:exhibit"><u><font color=blue face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">UBS Voluntary Investment Plan</font></u></a></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">5.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a href="exhibit0511.htm" style="-sec-extract:exhibit"><u><font color=blue face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Opinion of Homburger AG as to the legality of securities
to be registered (filed herewith)</font></u></a></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">5.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a href="exhibit0512.htm" style="-sec-extract:exhibit"><u><font color=blue face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Opinion of Debevoise &amp; Plimpton LLP as to the
legality of securities to be registered (New York law) (filed herewith)</font></u></a></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">23.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a href="exhibit231.htm" style="-sec-extract:exhibit"><u><font color=blue face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Consent of Ernst &amp; Young Ltd. (filed herewith)</font></u></a></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">23.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a href="exhibit0511.htm" style="-sec-extract:exhibit"><u><font color=blue face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Consent of Homburger AG (included in Exhibit 5.1)</font></u></a></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">23.3&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a href="exhibit0512.htm" style="-sec-extract:exhibit"><u><font color=blue face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Consent of Debevoise &amp; Plimpton LLP (included in
Exhibit 5.1)</font></u></a></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">24.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><a href="exhibit240.htm" style="-sec-extract:exhibit"><u><font color=blue face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Powers of Attorney (filed herewith)</font></u></a></p>

<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:22.65pt;"><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:16.0pt;">Item 9&#160;&#160;&#160; Undertakings</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">The Company hereby undertakes: </font></p>

<p style="margin-bottom:0in;margin-left:14.2pt;margin-right:0in;margin-top:0in;text-indent:-14.2pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">1. To file, during any period in which offers or sales are
being made, a post-effective amendment to this registration statement: </font></p>

<p style="margin-bottom:0in;margin-left:14.2pt;margin-right:0in;margin-top:0in;text-indent:-14.2pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(i) To include any prospectus required by Section 10(a)(3)
of the Securities Act of 1933 (the &#8220;Securities Act&#8221;); </font></p>

<p style="margin-bottom:0in;margin-left:14.2pt;margin-right:0in;margin-top:0in;text-indent:-14.2pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(ii) To reflect in the prospectus any facts or events
arising after the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in the
registration statement. Notwithstanding the foregoing, any increase or decrease
in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the
low or high end of the estimated maximum offering range may be reflected in the
form of prospectus filed with the Securities and Exchange Commission (the
&#8220;Commission&#8221;) pursuant to Rule 424(b) if, in the aggregate, the changes in
volume and price represent no more than a 20% change in the maximum aggregate
offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the
effective registration statement; and </font></p>

<p style="margin-bottom:0in;margin-left:14.2pt;margin-right:0in;margin-top:0in;text-indent:-14.2pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(iii) To include any material information with respect to
the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;<br>
<br>
</font><i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">provided, however,</font></i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> that (A) paragraphs (1)(i) and (1)(ii) above do not
apply if the registration statement is on Form S-8 and the information required
to be included in a post-effective amendment by those paragraphs is contained
in reports filed with or furnished to the Commission by the Company pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934 (the
&#8220;Exchange Act&#8221;) that are incorporated by reference in the registration
statement; </font></p>

<p style="margin-bottom:0in;margin-left:14.2pt;margin-right:0in;margin-top:0in;text-indent:-14.2pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:14.2pt;margin-right:0in;margin-top:0in;text-indent:-14.2pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2. That, for the purpose of determining any liability
under the Securities Act, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof; </font></p>

<p style="margin-bottom:0in;margin-left:14.2pt;margin-right:0in;margin-top:0in;text-indent:-14.2pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:14.2pt;margin-right:0in;margin-top:0in;text-indent:-14.2pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">3. To remove from registration by means of a
post-effective amendment any of the securities being registered which remain
unsold at the termination of the offering; </font></p>

<p style="margin-bottom:0in;margin-left:14.2pt;margin-right:0in;margin-top:0in;text-indent:-14.2pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:14.2pt;margin-right:0in;margin-top:0in;text-indent:-14.2pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">4. That, for purposes of determining any liability under
the Securities Act, each filing of the Company&#8217;s annual report pursuant to
Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by
reference in the registration statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof. </font></p>





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<p style="margin:0in;margin-bottom:.0001pt;mso-line-height-rule:exactly;mso-pagination:no-line-numbers;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;line-height:.7pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:14.2pt;margin-right:0in;margin-top:0in;text-indent:-14.2pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">5. Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers and
controlling persons of the Company pursuant to the foregoing provisions, or
otherwise, the Company has been advised that in the opinion of the Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Company of expenses incurred or
paid by a director, officer or controlling person of the Company in the
successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being
registered, the Company will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.</font></p>









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<p style="border:none;margin:0in;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;"><font style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;line-height:13.5pt;">&nbsp;</font></font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">SIGNATURES</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Pursuant to the
requirements of the Securities Act of 1933, the Company certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing
on Form S-8 and has duly caused this registration statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of Zurich,
Switzerland on November 30, 2018.</font></p>

<p style="margin-bottom:24.0pt;margin-left:3.0in;margin-right:0in;margin-top:24.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">UBS GROUP AG</font></p>

<p style="margin-bottom:24.0pt;margin-left:3.0in;margin-right:0in;margin-top:24.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">By: </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&#160; /s/ Ella Campi</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">____________________ <br>
&#160;&#160;&#160;&#160;&#160; Name: Ella Campi<br>
&#160;&#160;&#160;&#160;&#160; Title:&#160; Executive Director</font></p>

<p style="margin-bottom:24.0pt;margin-left:3.0in;margin-right:0in;margin-top:24.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">By: </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&#160; /s/ Ueli Studer</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">_____________________ <br>
&#160;&#160;&#160;&#160;&#160; Name: Ueli Studer<br>
&#160;&#160;&#160;&#160;&#160; Title:&#160; Managing Director</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Pursuant to the
requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the dates
indicated.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=36% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">Signatures</font></u></p>
  </td>
 <td valign=top width=64% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">Title</font></u></p>
  </td>
 </tr>
<tr>
  <td valign=top width=36% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;text-decoration:none;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">__________*___________<br>
  </font></u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">Sergio P. Ermotti</font></p>
  </td>
 <td valign=top width=64% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Group Chief Executive Officer
  (principal executive officer)</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=36% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;text-decoration:none;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">__________*___________<br>
  </font></u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">Kirt Gardner</font></p>
  </td>
 <td valign=top width=64% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Group Chief Financial Officer
  (principal financial officer)</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=36% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;text-decoration:none;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">_________*___________<br>
  </font></u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">Todd Tuckner</font></p>
  </td>
 <td valign=top width=64% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Group Chief Accounting
  Officer (principal accounting officer)</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=36% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;text-decoration:none;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">__________*___________<br>
  </font></u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">Axel A. Weber</font></p>
  </td>
 <td valign=top width=64% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Chairman and Member of Board
  of Directors</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=36% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;text-decoration:none;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">__________*___________<br>
  </font></u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">Michel Demar&#233;</font></p>
  </td>
 <td valign=top width=64% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Member of Board of Directors</font></p>
  </td>
 </tr>
</table></div>







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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
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  <td valign=top width=36% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;text-decoration:none;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">__________*___________<br>
  </font></u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">David Sidwell</font></p>
  </td>
 <td valign=top width=64% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Member of Board of Directors</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=36% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;text-decoration:none;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">__________*___________<br>
  </font></u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">Jeremy Anderson</font></p>
  </td>
 <td valign=top width=64% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Member of Board of Directors</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=36% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;text-decoration:none;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">__________*___________<br>
  </font></u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">Reto Francioni</font></p>
  </td>
 <td valign=top width=64% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Member of Board of Directors</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=36% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">__________*___________</font></u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;"><br>
  Ann. F. Godbehere</font></p>
  </td>
 <td valign=top width=64% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Member of Board of Directors</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=36% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">__________*___________<br>
  </font></u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">Fred Hu</font></p>
  </td>
 <td valign=top width=64% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Member of Board of Directors</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=36% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">__________*___________</font></u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;"><br>
  Julie G. Richardson</font></p>
  </td>
 <td valign=top width=64% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Member of Board of Directors</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=36% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">__________*___________</font></u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;"><br>
  Isabelle Romy</font></p>
  </td>
 <td valign=top width=64% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Member of Board of Directors</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=36% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">__________*___________</font></u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;"><br>
  Robert W. Scully</font></p>
  </td>
 <td valign=top width=64% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Member of Board of Directors</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=36% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">__________*___________</font></u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;"><br>
  Beatrice Weder di Mauro</font></p>
  </td>
 <td valign=top width=64% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Member of Board of Directors</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=36% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">__________*___________</font></u><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;"><br>
  Dieter Wemmer</font></p>
  </td>
 <td valign=top width=64% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Member of Board of Directors</font></p>
  </td>
 </tr>
</table></div>



<p style="margin:0in;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-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">By: </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; /s/ Ella
Campi</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160; <br>
Ella Campi, as attorney-in-fact</font></p>





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<p style="border:none;margin:0in;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;"><font style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;line-height:13.5pt;">&nbsp;</font></font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Pursuant to the
requirements of Section 6(a) of the Securities Act, as amended, the Authorized
Representative has duly caused this Registration Statement to be signed, solely
in his capacity as the duly authorized representative of UBS Group AG in the
United States, in the City of Stamford, State of Connecticut, on November 30,
2018.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:216.05pt;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;">By: </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;">&#160; /s/ David Kelly</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;">____________________ <br>
&#160;&#160;&#160;&#160;&#160; Name: David Kelly</font></p>

<p style="margin-bottom:24.0pt;margin-left:216.05pt;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;">Title:
Managing Director</font></p>

<p style="margin-bottom:24.0pt;margin-left:3.0in;margin-right:0in;margin-top:24.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"><br>
&#160; </font>&nbsp;</p>

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<DOCUMENT>
<TYPE>EX-4
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<FILENAME>exhibit041.htm
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<title>exhibit.4.1</title>


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<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Exhibit 4.1 </font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;line-height:20.0pt;">UBS</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;line-height:20.0pt;">VOLUNTARY
INVESTMENT PLAN</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Effective Date</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">December 1, 2018</font></p>




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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;">UBS Voluntary Investment Plan</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><a href="#establishment"><b><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Article I </font></b><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Establishment and Purpose</font></i></a><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#8230;&#8230;&#8230;&#8230;..............................................................................................................................................</font><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;">2&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#definitions"><b><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Article II </font></b><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Definitions&nbsp;</font></i></a><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;....</font><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;">2&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#eligibility"><b><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Article III</font></b><b><font color=windowtext face=Helvetica,sans-serif lang=EN-US style="font-size:10.0pt;text-decoration:none;"> </font></b><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Eligibility
and Participation</font></i></a><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;.</font><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;">6&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#defferrals"><b><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Article IV</font></b><b><font color=windowtext face=Helvetica,sans-serif lang=EN-US style="font-size:10.0pt;text-decoration:none;"> </font></b><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Deferrals&nbsp;</font></i></a><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;..&#8230;</font><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;">7&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#discretionary"><b><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Article V</font></b><b><font color=windowtext face=Helvetica,sans-serif lang=EN-US style="font-size:10.0pt;text-decoration:none;"> </font></b><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Discretionary
Company Contributions</font></i></a><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;.&#8230;..</font><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;">9&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#payments"><b><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Article VI</font></b><b><font color=windowtext face=Helvetica,sans-serif lang=EN-US style="font-size:10.0pt;text-decoration:none;"> </font></b><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Payments
from Accounts</font></i></a><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;..&#8230;...</font><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;">10&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#valuation"><b><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Article VII</font></b><b><font color=windowtext face=Helvetica,sans-serif lang=EN-US style="font-size:10.0pt;text-decoration:none;"> </font></b><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Valuation
of Account Balances; Investments</font></i></a><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#8230;&#8230;&#8230;&#8230;.&#8230;.&#8230;.&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;.</font><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;">13&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#administration"><b><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Article VIII</font></b><b><font color=windowtext face=Helvetica,sans-serif lang=EN-US style="font-size:10.0pt;text-decoration:none;"> </font></b><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Administration&nbsp;</font></i></a><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;....</font><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;">14&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#amendment"><b><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Article IX</font></b><b><font color=windowtext face=Helvetica,sans-serif lang=EN-US style="font-size:10.0pt;text-decoration:none;"> </font></b><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Amendment
and Termination</font></i></a><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;.&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;.&#8230;..</font><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;">15&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#informal_funding"><b><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Article X</font></b><b><font color=windowtext face=Helvetica,sans-serif lang=EN-US style="font-size:10.0pt;text-decoration:none;"> </font></b><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Informal
Funding</font></i></a><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#8230;........................................................................................................................................................................</font><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;">15&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#claims"><b><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Article XI</font></b><b><font color=windowtext face=Helvetica,sans-serif lang=EN-US style="font-size:10.0pt;text-decoration:none;"> </font></b><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Claims&nbsp;</font></i></a><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;...</font><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;">16&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#general_provisions"><b><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Article XII</font></b><b><font color=windowtext face=Helvetica,sans-serif lang=EN-US style="font-size:10.0pt;text-decoration:none;"> </font></b><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">General Provisions</font></i></a><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;.</font><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;">20&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#data_privacy"><b><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Article XIII</font></b><b><font color=windowtext face=Helvetica,sans-serif lang=EN-US style="font-size:10.0pt;text-decoration:none;"> </font></b><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;text-decoration:none;">Data
Privacy</font></i></a><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..&#8230;</font><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;">22&nbsp;</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;">UBS Voluntary Investment Plan</font></p>

<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=windowtext style="font-variant:normal !important;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:18.0pt;font-weight:normal;letter-spacing:0pt;line-height:20.0pt;text-decoration:none;">ARTICLE
I</font></font></font></u></b></p>

<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:11.3pt;"><a name=establishment></a><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=black style="font-variant:normal !important;"><i><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;font-weight:normal;letter-spacing:0pt;line-height:11.5pt;text-decoration:none;">Establishment and Purpose</font></i></font></font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><a name="establishment_bclEnd"></a><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">UBS Group AG (the
&#8220;Company&#8221;) has adopted this UBS Voluntary Investment Plan, applicable to
Compensation deferred under Compensation Deferral Agreements submitted on and
after the Effective Date and discretionary Company Contributions, if any,
credited on or after the Effective Date.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">The Plan is not intended to meet the
qualification requirements of Code Section 401(a), but is intended to meet the
requirements of Code Section 409A, and shall be operated and interpreted
consistent with that intent. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">The Plan constitutes an unsecured
promise by a Participating Employer to pay benefits in the future. Participants
in the Plan shall have the status of general unsecured creditors of the Company
or the Participating Employer, as applicable. Each Participating Employer shall
be solely responsible for payment of the benefits attributable to services
performed for it. The Plan is unfunded for Federal tax purposes and is intended
to be an unfunded arrangement for Eligible Persons who are part of a select
group of management or highly compensated employees of the Employer within the
meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. Any amounts set aside
to defray the liabilities assumed by the Company or an Participating Employer
will remain the general assets of the Company or the Participating Employer and
shall remain subject to the claims of the Company&#8217;s or the Participating
Employer&#8217;s creditors until such amounts are distributed to the Participants.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=windowtext style="font-variant:normal !important;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:18.0pt;font-weight:normal;letter-spacing:0pt;line-height:20.0pt;text-decoration:none;">ARTICLE
II</font></font></font></u></b></p>

<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:11.3pt;"><a name=definitions></a><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=black style="font-variant:normal !important;"><i><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;font-weight:normal;letter-spacing:0pt;line-height:11.5pt;text-decoration:none;">Definitions</font></i></font></font></u></b><a name="definitions_bclEnd"></a></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.1</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Administrative
Committee.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Administrative Committee means a committee of one or more
persons appointed by UBS to administer the Plan.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.2</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Account.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
Account means a bookkeeping account maintained by the Administrative Committee
to record the payment obligation of a Participating Employer to a Participant
as determined under the terms of the Plan. The Administrative Committee may
maintain an Account to record the total obligation to a Participant and
component Accounts to reflect amounts payable at different times and in
different forms. Reference to an Account means any such Account established by
the Administrative Committee, as the context requires. Accounts are intended to
constitute unfunded obligations within the meaning of Sections 201(2),
301(a)(3) and 401(a)(1) of ERISA.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.3</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Account
Balance.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Account Balance means, with respect to any Account, the total
payment obligation owed to a Participant from such Account as of the most recent
Valuation Date.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.4</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Affiliate.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
Affiliate means a corporation, trade or business that, together with the
Company, is treated as a single employer under Code Section 414(b) or (c).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.5</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Appeals
Committee.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Appeals Committee means the committee designated by the Board to
hear appeals of claims that have been denied in whole or in part in accordance
with Section 11.3 or Section 11.4.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.6</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Asset-Based
Earned Payout.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Asset-Based Earned Payout means Earned Payout meeting the
definition of Investment Commission Compensation as defined in Treas. Reg.
Section 1.409A-2(a)(12)(ii).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.7</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Banking
Secrecy Rules.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Banking Secrecy Rules means any legislation, regulations or
rules which prohibit the disclosure of personal information of a financial
nature or allow an individual to insist that any such personal information is
not disclosed, other than the EU&#8217;s General Data Protection Regulation
(2016/679) (or similar data protection laws in the EEA or former member states
of the EU);</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.8</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Beneficiary.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
Beneficiary means a natural person, estate, or trust designated by a
Participant in accordance with Section 6.4 hereof to receive payments to which
a Beneficiary is entitled in accordance with provisions of the Plan.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.9</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Board
of Directors.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Board of Directors means the Board of Directors of UBS or,
for a Participating Employer organized as a corporation, its board of directors
and for a Participating Employer organized as a limited liability company, its
board of managers.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.10</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Business
Day.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Business Day means each day on which the New York Stock Exchange is
open for business.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.11</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Change
in Control</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">. Change in Control means, with respect to a Participating
Employer that is organized as a corporation, a change in the ownership of the
Participating Employer, provided that such event constitutes a change of
control event within the meaning of Code Section 409A.</font></p>




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 <p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><i><font style="mso-bidi-font-style:normal;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">Content Copyright &#169;2018 Newport Group, Inc. All Rights
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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;">UBS Voluntary Investment Plan</font></p>

<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;"><i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Change
in Ownership.</font></i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> For purposes of this Section, a change in the ownership of
the Participating Employer occurs on the date on which any one person, or more
than one person acting as a group, acquires ownership of stock of the
Participating Employer that, together with stock held by such person or group
constitutes more than 50% of the total fair market value or total voting power
of the stock of the Participating Employer or acquires all or substantially all
of the assets of the Participating Employer. The acquisition by a person or
group owning more than 50% of the total fair market value or total voting power
of the stock of such Participating Employer of additional shares or assets of
such Participating Employer or the acquisition by the Company or an Affiliate
thereof shall not constitute a &#8220;change of the ownership&#8221; of such Participating
Employer and a transfer of assets shall not be treated as a &#8220;change in
ownership&#8221; when such transfer is made to an entity that is controlled by the
shareholders of the transferor corporation as determined under Treas. Reg.
section 1.409A-3(i)(5)(vii)(B).<br>
<br>
An event constitutes a Change in Control with respect to a Participant only if
the Participant performs services for the Participating Employer that has
experienced the Change in Control, or the Participant&#8217;s relationship to the
affected Participating Employer otherwise satisfies the requirements of
Treasury Regulation Section 1.409A-3(i)(5)(ii).<br>
<br>
Notwithstanding anything to the contrary herein, with respect to a
Participating Employer that is a partnership or limited liability company,
Change in Control means only a change in the ownership of such entity or its
assets, and the provisions set forth above respecting such change relative to a
corporation shall be applied by analogy. Any reference to a &#8220;majority
shareholder&#8221; shall be treated as referring to a partner or member that (a) owns
more than 50% of the capital and profits interest of such entity, and (b) alone
or together with others is vested with the continuing exclusive authority to
make management decisions necessary to conduct the business for which the
partnership or limited liability company was formed.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.12</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Claimant.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
Claimant means a Participant or Beneficiary filing a claim under Article XI of
this Plan.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.13</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Code.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
Code means the Internal Revenue Code of 1986, as amended from time to time. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.14</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Code
Section 409A.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Code Section 409A means section 409A of the Code, and regulations
and other guidance issued by the Treasury Department and Internal Revenue
Service thereunder. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.15</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Company
or UBS.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Company or UBS means UBS Group AG, an Aktiengesellschaft organized
under the laws of Switzerland or any successor corporation or other Person into
which UBS Group AG is merged or consolidated to which UBS Group AG transfers or
sells all or substantially all of its assets.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.16</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Company
Contribution.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Company Contribution means a credit by a Participating
Employer to a Participant&#8217;s Account(s) in accordance with the provisions of
Article V of the Plan. All Company Contributions are discretionary; the credit
of a Company Contribution by a Participating Employer in one Plan Year does not
obligate the Participating Employer to continue to make contributions in
subsequent Plan Years. Unless the context clearly indicates otherwise, a
reference to a Company Contribution shall include Notional Earnings
attributable to such contribution.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.17</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Compensation.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
Compensation means a Participant&#8217;s salary, bonus, Earned Payout, and / or such
other cash or equity-based compensation in each case as approved by the
Administrative Committee as Compensation that may be deferred under Section 4.2
of this Plan, excluding any compensation that has been previously deferred
under this Plan or any other arrangement subject to Code Section 409A, and
excluding any component of compensation that the Administrative Committee
determines prior to the commencement of any Plan Year should be excluded from
deferral under the Plan for such year.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.18</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Compensation
Deferral Agreement.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Compensation Deferral Agreement means an agreement
between a Participant and the Company or a Participating Employer that
specifies: (i) the amount of each component of Compensation that the
Participant has elected to defer to the Plan with respect to a Plan Year in
accordance with the provisions of Article IV, and (ii) the Payment Schedules
applicable to the Plan Year Account.</font></p>




<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;text-decoration:none;">&nbsp;</font></p>


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 <p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><i><font style="mso-bidi-font-style:normal;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">Content Copyright &#169;2018 Newport Group, Inc. All Rights
 Reserved</font></i><font style="mso-tab-count:2;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></font></font></i><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"> <font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="mso-no-proof:yes;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">3</font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font face="Frutiger 45 Light,sans-serif" style="mso-ascii-font-family:Helvetica;mso-hansi-font-family:Helvetica;">&nbsp;</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;">UBS Voluntary Investment Plan</font></p>

<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.19</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Covered Claims.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Covered Claims means disputes between a
Participant or any Beneficiary and the Group and its officers, directors,
employees, and agents, including but not limited to all claims and disputes
arising out of or in any way relating to the Participant&#8217;s employment,
compensation, benefits and terms and conditions of employment with the Group,
including, without limitation, UBS AG , UBS Securities LLC, UBS Business
Solutions US LLC, UBS Financial Services Inc. and any other Participating
Employer, or the termination thereof, including but not limited to contract,
tort, defamation, breach of fiduciary duty and other common law claims, wage
and hour claims, statutory discrimination, harassment and retaliation claims,
and claims arising under or relating to any federal, state or local
constitution, statute or regulation, including, without limitation, the Fair
Labor Standards Act (&#8220;FLSA&#8221;), Title VII of the Civil Rights Act of 1964 (&#8220;Title
VII&#8221;), the Age Discrimination in Employment Act (&#8220;ADEA&#8221;), the Older Workers
Benefit Protection Act (&#8220;OWBPA&#8221;), the Participant Retirement Income Security
Act (&#8220;ERISA&#8221;), the Worker Adjustment and Retraining Notification Act (&#8220;WARN&#8221;), the
Equal Pay Act (&#8220;EPA&#8221;), the Americans With Disabilities Act (&#8220;ADA&#8221;), the Family
and Medical Leave Act (&#8220;FMLA&#8221;), the Consolidated Omnibus Budget Reconciliation
Act (&#8220;COBRA&#8221;), and all amendments thereto, and any other federal, state or
local wage and hour, compensation, benefits, or discrimination law, and any and
all other federal, state, or local constitutional, statutory, regulatory, or
common law claims or causes of action now or hereafter recognized.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.20</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Deferral.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
Deferral means a credit to a Participant&#8217;s Account(s) that records that portion
of the Participant&#8217;s Compensation that the Participant has elected to defer to
the Plan in accordance with the provisions of Article IV. Unless the context of
the Plan clearly indicates otherwise, a reference to Deferrals includes
Notional Earnings attributable to such Deferrals.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.21</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Earned
Payout.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Earned Payout shall have the meaning set forth in the applicable
Financial Advisor Compensation Plan of a Participating Employer under which the
Participant receives Transaction-Based Earned Payout or Asset-Based Earned
Payout.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.22</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Effective
Date.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Effective Date means November 1, 2018 (with respect to Compensation
Deferral Agreements submitted on or after such date, applicable for the Plan
Year beginning January 1, 2019 and subsequent Plan Years).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.23</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Eligible
Person.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Eligible Person means an Employee who is a member of a select group
of management or highly compensated employees who has been notified during an
applicable enrollment of his or her status as an Eligible Person. The
Administrative Committee has the discretion to determine which Employees are
Eligible Persons for each enrollment.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.24</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Employee.
</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Employee means an individual who is employed by a Participating Employer,
where termination of such employment has not been stipulated under a
termination agreement with a Participating Employer at the time of submission
of a Compensation Deferral Agreement or, where the context requires, his or her
personal representatives. Unless otherwise determined by the Administrative
Committee, contractors, consultants, advisors, temporary staff, leased
employees, any persons on the payroll of any entity that is not a Participating
Employer or other similar persons shall not be considered to be Employees for
purposes of the Plan. References to the Employee shall include any former
employee who holds an Award.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.25</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Employer.
</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Employer means the Company and each Affiliate.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.26</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">ERISA.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
ERISA means the Employee Retirement Income Security Act of 1974, as amended
from time to time.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.27</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Group.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
Group means the Company and its subsidiaries.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.28</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Notional
Earnings.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Notional Earnings means an adjustment to the value of an Account
in accordance with Article VII.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.29</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Participant.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
Participant means an individual described in Article III.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.30</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Participating
Employer.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Participating Employer means an Employer who has adopted the Plan
with the consent of the Company. Each Participating Employer shall be
identified on Schedule A attached hereto.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.31</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Payment
Schedule. </font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Payment Schedule means the date as of which payment of an Account
under the Plan will commence and the form in which payment of such Account will
be made.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.32</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Performance-Based
Compensation.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Performance-Based Compensation means Compensation where the
amount of, or entitlement to, the Compensation is contingent on the
satisfaction of pre-established organizational or individual performance
criteria relating to a performance period of at least 12 consecutive months.
Organizational or individual performance criteria are considered
pre-established if established in writing by not later than 90 days after the
commencement of the period of service to which the criteria relate, provided
that (i) the outcome is substantially uncertain at the time the criteria are
established, and (ii) the Participant performs services continuously from the
later of the beginning of the performance period or the date the performance
criteria are established through the date the Compensation Deferral Agreement
is submitted. Performance-Based Compensation shall not include any Compensation
payable upon the Participant&#8217;s death or disability (as defined in Treas.
Section 1.409A-1(e)) without regard to the satisfaction of the performance
criteria.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.33</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Person.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
Person means any individual, corporation, partnership, limited liability
company, trust, firm or other entity of whatever nature </font></p>




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 <p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><i><font style="mso-bidi-font-style:normal;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">Content Copyright &#169;2018 Newport Group, Inc. All Rights
 Reserved</font></i><font style="mso-tab-count:2;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></font></font></i><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"> <font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="mso-no-proof:yes;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">4</font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font face="Frutiger 45 Light,sans-serif" style="mso-ascii-font-family:Helvetica;mso-hansi-font-family:Helvetica;">&nbsp;</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;">UBS Voluntary Investment Plan</font></p>

<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.34</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Plan.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Plan means &#8220;UBS Voluntary Investment Plan&#8221; as documented
herein and as may be amended from time to time hereafter. However, to the
extent permitted or required under Code Section 409A, the term Plan may in the
appropriate context also mean a portion of the Plan that is treated as a single
plan under Treas. Reg. Section 1.409A-1(c), or the Plan or portion of the Plan
and any other nonqualified deferred compensation plan or portion thereof that
is treated as a single plan under such section. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.35</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Plan
Year.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Plan Year means January 1 through December 31 or such other period
which may be designated by the Administrator. For the avoidance of doubt, the
Plan Year may differ with respect to different forms of Compensation as
determined by the Administrator. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.36</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Plan
Year Account.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Plan Year Account means the Account established for each Plan
Year to record a Participant&#8217;s total Deferrals for the Plan Year.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.37</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Relevant
Person. </font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Relevant Person means the Company, any member of the Group, the
Participating Employer, or the trustees of any grantor trust which operates in
connection with and for the purpose of the Plan, and where applicable, any
third-party plan administrator designated by the Company or the Administrative
Committee to provide services in connection with the operation of the Plan.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.38</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Separation
from Service.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Separation from Service means an Employee&#8217;s termination of
employment with the Company and all Affiliates.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
Except in the case of an Employee on a bona fide leave of absence as provided
below, an Employee is deemed to have incurred a Separation from Service if the
Employer and the Employee reasonably anticipated that the level of services to
be performed by the Employee after a date certain would be reduced to 20% or
less of the average services rendered by the Employee during the immediately
preceding 36-month period (or the total period of employment, if less than 36
months), disregarding periods during which the Employee was on a bona fide
leave of absence</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
An Employee who is absent from work due to military leave, sick leave, or other
bona fide leave of absence shall incur a Separation from Service on the first
date immediately following the later of: (i) the six month anniversary (12
months in the case of disability or sick leave) of the commencement of the
leave, or (ii) the expiration of the Employee&#8217;s right, if any, to reemployment
under statute or contract.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
If a Participant ceases to provide services as an Employee and begins providing
services as an independent contractor for the Employer, a Separation from Service
shall occur only if the parties anticipate that the level of services to be
provided as an independent contractor are such that a Separation from Service
would have occurred if the Participant had continued to provide services at
that level as an Employee. If, in accordance with the preceding sentence, no
Separation from Service occurs as of the date the individual&#8217;s employment
status changes, a Separation from Service shall occur thereafter only upon the
12-month anniversary of the date all contracts with the Employer have expired,
provided the Participant does not perform services for the Employer during that
time. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
For purposes of determining whether a Separation from Service has occurred, the
Employer means the Employer as defined in Section 2.25 of the Plan, except that
in applying Code sections 1563(a)(1), (2) and (3) for purposes of determining
whether another organization is an Affiliate of the Company under Code Section
414(b), and in applying Treasury Regulation Section 1.414(c)-2 for purposes of
determining whether another organization is an Affiliate of the Company under
Code Section 414(c), &#8220;at least 50 percent&#8221; shall be used instead of &#8220;at least
80 percent&#8221; each place it appears in those sections.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
The Administrative Committee specifically reserves the right to determine
whether a sale or other disposition of substantial assets to an unrelated party
constitutes a Separation from Service with respect to a Participant providing
services to the seller immediately prior to the transaction and providing
services to the buyer after the transaction.</font></p>




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 <p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><i><font style="mso-bidi-font-style:normal;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">Content Copyright &#169;2018 Newport Group, Inc. All Rights
 Reserved</font></i><font style="mso-tab-count:2;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></font></font></i><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"> <font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="mso-no-proof:yes;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">5</font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font face="Frutiger 45 Light,sans-serif" style="mso-ascii-font-family:Helvetica;mso-hansi-font-family:Helvetica;">&nbsp;</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;">UBS Voluntary Investment Plan</font></p>

<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.39</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Substantial Risk of Forfeiture.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Substantial Risk of Forfeiture
has the meaning specified in Treas. Reg. Section 1.409A-1(d).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.40</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Transaction-Based
Earned Payout.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Transaction-Based Earned Payout means Earned Payout meeting
the definition of Sales Commission Compensation as defined in Treas. Reg.
Section 1.409A-2(a)(12)(ii).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.41</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Unforeseeable
Emergency.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Unforeseeable Emergency means a severe financial hardship to the
Participant resulting from an illness or accident of the Participant, the
Participant&#8217;s spouse, the Participant&#8217;s dependent (as defined in Code section
152, without regard to section 152(b)(1), (b)(2), and (d)(1)(B)), or a
Beneficiary; loss of the Participant&#8217;s property due to casualty (including the
need to rebuild a home following damage to a home not otherwise covered by
insurance, for example, as a result of a natural disaster); or other similar
extraordinary and unforeseeable circumstances arising as a result of events
beyond the control of the Participant. The types of events which may qualify as
an Unforeseeable Emergency may be limited by the Administrative Committee.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.4in;text-align:justify;text-indent:-.4in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.42</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Valuation
Date. </font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Valuation Date means each Business Day.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=windowtext style="font-variant:normal !important;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:18.0pt;font-weight:normal;letter-spacing:0pt;line-height:20.0pt;text-decoration:none;">ARTICLE
III</font></font></font></u></b></p>

<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name=eligibility></a><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=black style="font-variant:normal !important;"><i><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;font-weight:normal;letter-spacing:0pt;line-height:20.0pt;text-decoration:none;">Eligibility
and participation</font></i></font></font></u></b><a name="eligibility_bclEnd"></a></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.3in;text-align:justify;text-indent:-.3in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">3.1.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Eligibility and
Participation.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> All Eligible Persons may enroll in the Plan. Eligible
Persons become Participants on the date on which the first discretionary
Compensation Deferral Agreement becomes irrevocable under Article IV.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.3in;text-align:justify;text-indent:-.3in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">3.2.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Duration.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Only
Eligible Persons may submit Compensation Deferral Agreements during an
enrollment period and receive discretionary Company Contributions during the
Plan Year. A Participant who is no longer an Eligible Person but has not
incurred a Separation from Service will not be allowed to submit Compensation
Deferral Agreements but may otherwise exercise all of the rights of a
Participant under the Plan with respect to his or her Account(s). On and after
a Separation from Service, a Participant shall remain a Participant as long as
his or her Account Balance is greater than zero (0). All Participants,
regardless of employment status, will continue to be credited with Notional
Earnings and during such time may continue to make allocation elections as
provided in Section 7.4. An individual shall cease being a Participant in the
Plan when his or her Account has been reduced to zero (0).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.3in;text-align:justify;text-indent:-.3in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">3.3.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Rehires.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> An
Eligible Person who Separates from Service and who subsequently resumes
performing services for the Employer in the same calendar year (regardless of
eligibility) will have his or her Compensation Deferral Agreement for such
year, if any, reinstated, but his or her eligibility to participate in the Plan
in years subsequent to the year of rehire shall be governed by the provisions
of Section 3.1.</font></p>




<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>


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 <p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><i><font style="mso-bidi-font-style:normal;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">Content Copyright &#169;2018 Newport Group, Inc. All Rights
 Reserved</font></i><font style="mso-tab-count:2;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></font></font></i><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"> <font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="mso-no-proof:yes;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">6</font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font face="Frutiger 45 Light,sans-serif" style="mso-ascii-font-family:Helvetica;mso-hansi-font-family:Helvetica;">&nbsp;</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;">UBS Voluntary Investment Plan</font></p>

<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=windowtext style="font-variant:normal !important;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:18.0pt;font-weight:normal;letter-spacing:0pt;line-height:20.0pt;text-decoration:none;">ARTICLE
IV</font></font></font></u></b></p>

<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name=defferrals></a><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=black style="font-variant:normal !important;"><i><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;font-weight:normal;letter-spacing:0pt;line-height:20.0pt;text-decoration:none;">Deferrals</font></i></font></font></u></b><a name="defferrals_bclEnd"></a></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.3in;text-align:justify;text-indent:-.3in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">4.1.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Deferral Elections,
Generally. </font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">a)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">A
Participant may make an initial election to defer Compensation by submitting a
Compensation Deferral Agreement during the enrollment periods established by
the Administrative Committee and in the manner specified by the Administrative
Committee, but in any event, in accordance with Section 4.2. Unless an earlier
date is specified in the Compensation Deferral Agreement, deferral elections
with respect to a Compensation source (such as salary, bonus or other Compensation)
become irrevocable on the latest date applicable to such Compensation source
under Section 4.2.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">b)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">A
Compensation Deferral Agreement that is not timely filed with respect to a
service period or component of Compensation, or that is submitted by a Participant
who Separates from Service prior to the latest date such agreement would become
irrevocable under Section 409A, shall be considered null and void and shall not
take effect with respect to such item of Compensation. The Administrative
Committee may modify or revoke any Compensation Deferral Agreement prior to the
date the election becomes irrevocable under the rules of Section 4.2.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">c)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">The
Administrative Committee may permit different deferral amounts for each
component of Compensation and may establish a minimum or maximum deferral
amount for each such component. Unless otherwise specified by the
Administrative Committee in the Compensation Deferral Agreement, Participants
may defer up to (75%) of their base compensation and up to (75%) of bonus,
Earned Payout, or other Compensation earned during a Plan Year.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">d)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Deferrals
of cash Compensation shall be calculated with respect to the gross cash
Compensation payable to the Participant prior to any deductions or
withholdings, but shall be reduced by the Administrative Committee as necessary
so as not to exceed 100% of the cash Compensation of the Participant remaining
after deduction of all required income and employment taxes, required employee
benefit deductions, deferrals to 401(k) plans and other deductions required by
law. Changes to payroll withholdings that affect the amount of Compensation
being deferred to the Plan shall be allowed only to the extent permissible
under Code Section 409A.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">4.2.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Timing Requirements for
Compensation Deferral Agreements.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">a)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Initial
Eligibility.</font></i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> The Administrative Committee may permit an Eligible Person to
defer Compensation earned in the first year of eligibility. The Compensation
Deferral Agreement must be filed within 30 days after attaining Eligible Person
status and becomes irrevocable not later than the 30th day.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
A Compensation Deferral Agreement filed under this paragraph applies to
Compensation earned after the date that the Compensation Deferral Agreement
becomes irrevocable.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">b)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Prior
Year Election.</font></i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Except as otherwise provided in this Section 4.2, the
Administrative Committee may permit an Eligible Person to defer Compensation by
filing a Compensation Deferral Agreement no later than December 31 of the year
prior to the year in which the Compensation to be deferred is earned. A Compensation
Deferral Agreement filed under this paragraph shall become irrevocable with
respect to such Compensation not later than the December 31 filing deadline.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">c)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Performance-Based
Compensation.</font></i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> The Administrative Committee may permit an Eligible Person to
defer Compensation which qualifies as Performance-Based Compensation by filing
a Compensation Deferral Agreement no later than the date that is six months
before the end of the applicable performance period, provided that:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(i)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">the Participant performs services continuously from the later of the
beginning of the performance period or the date the performance criteria are
established through the date the Compensation Deferral Agreement is submitted;
and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(ii)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">the Compensation is not readily ascertainable as of the date the
Compensation Deferral Agreement is filed.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Any election to defer
Performance-Based Compensation that is made in accordance with this paragraph
and that becomes payable as a result of the Participant&#8217;s death or disability
(as defined in Treas. Reg. Section 1.409A-1(e)) or upon a change in control (as
defined in Treas. Reg. Section 1.409A-3(i)(5)) prior to the satisfaction of the
performance criteria, will be void unless it would be considered timely under
another rule described in this Section.</font></p>




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 <p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><i><font style="mso-bidi-font-style:normal;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">Content Copyright &#169;2018 Newport Group, Inc. All Rights
 Reserved</font></i><font style="mso-tab-count:2;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></font></font></i><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"> <font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="mso-no-proof:yes;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">7</font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font face="Frutiger 45 Light,sans-serif" style="mso-ascii-font-family:Helvetica;mso-hansi-font-family:Helvetica;">&nbsp;</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;">UBS Voluntary Investment Plan</font></p>

<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">d)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Short-Term Deferrals.</font></i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> The Administrative Committee may permit
Compensation that meets the definition of a &#8220;short-term deferral&#8221; described in
Treas. Reg. Section 1.409A-1(b)(4) to be deferred in accordance with the rules
of Section 6.10, applied as if the date the Substantial Risk of Forfeiture
lapses is the date payments were originally scheduled to commence, provided,
however, that the provisions of Section 6.10(b) shall not apply to payments
attributable to a change in control (as defined in Treas. Reg. Section
1.409A-3(i)(5)). A Compensation Deferral Agreement submitted in accordance with
this paragraph becomes irrevocable on the latest date it could be submitted
under Section 6.10.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">e)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Asset-Based
Earned Payout Compensation.</font></i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> The Administrative Committee may permit an
Eligible Person to defer Asset-Based Earned Payout Compensation by filing a
Compensation Deferral Agreement no later than December 31 of the year prior to
the year in which the services with respect to such Asset-Based Earned Payout
Compensation are deemed to commence. In accordance with Treas. Reg. Section
1.409A-2(b)(9), the services with respect to Asset-Based Earned Payout
Compensation are deemed to be performed over the 12 months immediately
preceding the date as of which the overall value of the assets or asset
accounts is determined for purposes of the calculation of the Asset-Based
Earned Payout Compensation. A Compensation Deferral Agreement filed under this
paragraph shall become irrevocable with respect to such Compensation not later
than the December 31 filing deadline. The Administrative Committee may require
that all Asset-Based Earned Payout Compensation and Transaction-Based Earned
Payout Compensation be deferred at the same rate.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">f)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Certain
Forfeitable Rights.</font></i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> With respect to a legally binding right to a payment in
a subsequent year that is subject to a forfeiture condition requiring the
Participant&#8217;s continued services for a period of at least 12 months from the
date the Participant obtains the legally binding right, the Administrative
Committee may permit an Eligible Person to defer such Compensation by filing a
Compensation Deferral Agreement on or before the 30th day after the legally
binding right to the Compensation accrues, provided that the Compensation Deferral
Agreement is submitted at least 12 months in advance of the earliest date on
which the forfeiture condition could lapse. The Compensation Deferral Agreement
described in this paragraph becomes irrevocable not later than such 30th day.
If the forfeiture condition applicable to the payment lapses before the end of
such 12-month period as a result of the Participant&#8217;s death or disability (as
defined in Treas. Reg. Section 1.409A-3(i)(4)) or upon a change in control (as
defined in Treas. Reg. Section 1.409A-3(i)(5)), the Compensation Deferral
Agreement will be void unless it would be considered timely under another rule
described in this Section.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">g)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&#8220;Evergreen&#8221;
Deferral Elections.</font></i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> The Administrative Committee, in its discretion, may
provide that Compensation Deferral Agreements will continue in effect for
subsequent years or performance periods by communicating that intention to
Participants in writing prior to the date Compensation Deferral Agreements
become irrevocable under this Section 4.2. An evergreen Compensation Deferral
Agreement may be revoked or modified in writing prospectively by the
Participant or the Administrative Committee with respect to Compensation for
which such election remains revocable under this Section 4.2. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
A Compensation Deferral Agreement is deemed to be revoked for subsequent years
if the Participant is not an Eligible Person as of the last permissible date
for making elections under this Section 4.2 or if the Compensation Deferral
Agreement is cancelled in accordance with Section 4.6.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">4.3.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Deductions from Pay. </font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">The
Administrative Committee has the authority to determine the payroll practices
under which any component of Compensation subject to a Compensation Deferral
Agreement will be deducted from a Participant&#8217;s Compensation.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">4.4.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Vesting.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Participant
Deferrals of cash Compensation shall be 100% vested at all times. Interest and
Notional Earnings with respect to Deferrals are 100% vested, subject to the
provisions of Section 5.3. Deferrals of vesting awards of Compensation shall
become vested in accordance with the provisions of the underlying award.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">4.5.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Cancellation of
Deferrals.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> The Administrative Committee may cancel a Participant&#8217;s
Deferrals: (i) for the balance of the Plan Year in which an Unforeseeable
Emergency occurs, and (ii) during periods in which the Participant is unable to
perform the duties of his or her position or any substantially similar position
due to a mental or physical impairment that can be expected to result in death
or last for a continuous period of at least twelve months (&#8220;Disability&#8221;),
provided cancellation occurs by the later of the end of the taxable year of the
Participant or the 15th day of the third month following the date the
Participant incurs the Disability (as defined in this clause (ii)).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">4.6.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Coordination with Other
Plans.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Neither (i) Participant Deferrals of Compensation, nor (ii)
distributions to a Participant under the Plan shall constitute compensation to
the Participant for purposes of any plan sponsored by the Company or a
Participating Employer that is qualified under Section 401(k) of the Code.</font></p>




<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>


<DIV bclFooter>

 <p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><i><font style="mso-bidi-font-style:normal;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">Content Copyright &#169;2018 Newport Group, Inc. All Rights
 Reserved</font></i><font style="mso-tab-count:2;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></font></font></i><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"> <font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="mso-no-proof:yes;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">8</font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font face="Frutiger 45 Light,sans-serif" style="mso-ascii-font-family:Helvetica;mso-hansi-font-family:Helvetica;">&nbsp;</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;">UBS Voluntary Investment Plan</font></p>

<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=windowtext style="font-variant:normal !important;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:18.0pt;font-weight:normal;letter-spacing:0pt;line-height:20.0pt;text-decoration:none;">ARTICLE
V</font></font></font></u></b></p>

<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name=discretionary></a><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=black style="font-variant:normal !important;"><i><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;font-weight:normal;letter-spacing:0pt;line-height:20.0pt;text-decoration:none;">Discretionary
Company Contributions</font></i></font></font></u></b><a name="discretionary_bclEnd"></a></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">5.1.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Discretionary Company
Contributions.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> A Participating Employer may, from time to time in its
discretion, credit discretionary Company Contributions in the form of matching,
profit sharing or other contributions to any Participant in any amount
determined by the Participating Employer. Discretionary Company Contributions
are credited to the Plan Year Account for the Plan Year in which the Company
Contribution is declared, unless the Committee specifies a different Plan Year
Account at the time the Company Contribution is declared. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
Discretionary Company Contributions are credited at the discretion of the
Participating Employer and the fact that a discretionary Company Contribution
is credited in one year shall not obligate the Participating Employer to
continue to make such discretionary Company Contributions in subsequent years.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">5.2.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Vesting.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
Discretionary Company Contributions vest according to the schedule specified by
the Participating Employer on or before the time the contributions are made.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
All Accounts become 100% vested, if while employed by a Participating Employer,
a Participant dies, incurs a Disability, or upon the occurrence of such other
events as the Participating Employer may specify on or before the time the
contributions are made.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">5.3.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Clawback.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
Notwithstanding anything in the Plan to the contrary, all discretionary Company
Contributions, interest (including interest credited on Participant Deferrals),
and Notional Earnings, without regard to whether such amounts are vested, shall
be subject to reduction, forfeiture and/or clawback in accordance with the
clawback provisions under the UBS AG Total Reward Principles and any other
applicable clawback policy that either UBS or the applicable Participating
Employer may adopt from time to time. By accepting the right to participate
under the Plan, Participants agree and acknowledge that they are obligated to
cooperate with, and provide any and all assistance necessary to, UBS or their
Participating Employer to recover or recoup any award or amount paid under this
Plan subject to clawback pursuant to such policy. Such cooperation and
assistance shall include, but is not limited to, executing, completing and
submitting any documentation necessary to recover or recoup any award or
amounts paid under this Plan from a Participant&#8217;s accounts, or pending or
future compensation awards. For the avoidance of doubt, Participant Deferrals
shall not be subject to clawback.</font></p>




<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>


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 <p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><i><font style="mso-bidi-font-style:normal;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">Content Copyright &#169;2018 Newport Group, Inc. All Rights
 Reserved</font></i><font style="mso-tab-count:2;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></font></font></i><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"> <font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="mso-no-proof:yes;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">9</font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font face="Frutiger 45 Light,sans-serif" style="mso-ascii-font-family:Helvetica;mso-hansi-font-family:Helvetica;">&nbsp;</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;">UBS Voluntary Investment Plan</font></p>

<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=windowtext style="font-variant:normal !important;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:18.0pt;font-weight:normal;letter-spacing:0pt;line-height:20.0pt;text-decoration:none;">ARTICLE
VI</font></font></font></u></b></p>

<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name=payments></a><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=black style="font-variant:normal !important;"><i><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;font-weight:normal;letter-spacing:0pt;line-height:20.0pt;text-decoration:none;">Payments
from Accounts</font></i></font></font></u></b><a name="payments_bclEnd"></a></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">6.1.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">General Rules.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> A Plan
Year Account become payable upon the first to occur of the payment events applicable
to such Account under Sections 6.2 through 6.8.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Payment Schedules elected by the Participant shall be set forth in a valid
Compensation Deferral Agreement submitted in accordance with Section 4.2 or in
a valid modification election applicable to such Account as described in
Section 6.10.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
Payment amounts are based on Account Balances as of the last Valuation Date of
the month next preceding the month actual payment is made.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">6.2.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Specified Date Payment
Schedule. </font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
</font></u><i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Commencement.&nbsp;</font></i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Payment commences in the third calendar year following
the Plan Year for which a Compensation Deferral Agreement becomes effective.
For example, deferrals of Compensation under a Compensation Deferral Agreement
in effect for the 2019 Plan Year are paid in 2022 unless the Participant
elected a later year.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
</font></u><i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Form of Payment.</font></i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Payment of a Plan Year Account will be made in a
lump sum, unless the Participant elected to receive such Account in annual
installments from two (2) to ten (10) years.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;text-decoration:none;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">6.3.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Separation from Service</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">.
Upon a Participant&#8217;s Separation from Service other than death, the Participant
is entitled to receive his or her Plan Year Accounts that have not commenced
payment under Section 6.2.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
</font></u><i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Commencement.&nbsp;</font></i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Subject to the requirements of Section 6.10, payment
will commence in the calendar year next following the calendar year in which
Separation from Service occurs. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
Notwithstanding the foregoing, payment to a Participant who is a &#8220;specified
employee&#8221; as defined in Code Section 409A(a)(2)(B), as determined in accordance
with the uniform methodology and procedures adopted by UBS then in effect, will
commence no earlier than six months following his or her Separation from
Service.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
</font><i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Form of Payment.</font></i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Payment will be made in a single lump sum unless the
Participant elected during his or her initial enrollment in the Plan or under
Section 6.10 to receive annual installments from two (2) to ten (10) years.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
</font><i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Asset Sales.</font></i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> In the event of a Separation from Service occurring upon
the closing of a sale of assets constituting a Change in Control with respect
to a Participant&#8217;s Employer, payment to such Participant will be made under the
provisions of Section 6.6 and not under this Section 6.3.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
</font><i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Obligations.&nbsp;</font></i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> If, following a Participant&#8217;s Separation from Service and
at the time any payment is scheduled to be made from the Participant&#8217;s Account,
such Participant has any outstanding obligations (whether in connection with
the Plan or otherwise arising in with the course of the Participant&#8217;s
employment or service) to any member of the Group, as determined by the
Administrative Committee in its discretion, then the Administrative Committee
will be entitled to retain a sufficient amount of cash otherwise due to be
released to the Employee to satisfy all or part of any such obligations,
provided that no such deduction would result in the imposition of any
additional tax under Code Section 409A. Any amounts deducted pursuant to this
Rule will be deducted on an after tax basis. </font></p>




<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>


<DIV bclFooter>

 <p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><i><font style="mso-bidi-font-style:normal;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">Content Copyright &#169;2018 Newport Group, Inc. All Rights
 Reserved</font></i><font style="mso-tab-count:2;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></font></font></i><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"> <font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="mso-no-proof:yes;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">10</font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font face="Frutiger 45 Light,sans-serif" style="mso-ascii-font-family:Helvetica;mso-hansi-font-family:Helvetica;">&nbsp;</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;">UBS Voluntary Investment Plan</font></p>

<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">6.4.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Death.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
Notwithstanding anything to the contrary in this Article VI, upon the death of
the Participant while an Employee, all remaining vested Account Balances shall
be paid to his or her Beneficiary in a single lump sum no later than December
31 of the calendar year following the year of the Participant&#8217;s death.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">a)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Designation
of Beneficiary.</font></i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> The Participant shall designate a Beneficiary in the manner
and on such terms and conditions and on such form or by such other means as the
Administrative Committee may prescribe. No such designation shall become
effective unless filed with the Administrative Committee in the form and manner
(electronic or otherwise) specified by the Administrative Committee during the
Participant&#8217;s lifetime. Any designation shall remain in effect until a new
designation is filed with the Administrative Committee. A Participant may from
time to time change his or her designated Beneficiary without the consent of a
previously-designated Beneficiary by filing a new designation with the
Administrative Committee prior to the death of the Participant.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">b)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Default
Designations.</font></i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> If a designated Beneficiary does not survive the Participant,
or if there is no valid Beneficiary designation, amounts payable under the Plan
upon the death of the Participant shall be paid to the Participant&#8217;s spouse or
domestic partner, or if there is no surviving spouse or domestic partner, then
to the duly appointed and currently acting personal representative of the
Participant&#8217;s estate. In the event that more than one Beneficiary is designated
without specifying the percentage interest for each person, then each such
Beneficiary who survives the Participant shall have the same percentage
interest. If more than one Beneficiary is designated without stating whether
they have joint or successor interests, they shall be deemed to have a joint
interest.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">6.5.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Unforeseeable Emergency.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
A Participant who experiences an Unforeseeable Emergency may submit a written
request to the Administrative Committee to receive payment of all or any
portion of his or her vested Accounts. If the emergency need cannot be relieved
by cessation of Deferrals to the Plan, the Administrative Committee may approve
an emergency payment therefrom not to exceed the amount reasonably necessary to
satisfy the need, taking into account the additional compensation that is
available to the Participant as the result of cancellation of deferrals to the
Plan, including amounts necessary to pay any taxes or penalties that the
Participant reasonably anticipates will result from the payment. The amount of
the emergency payment shall be subtracted pro rata from the Participant&#8217;s Plan
Year Accounts. Emergency payments shall be paid in a single lump sum within the
90-day period following the date the payment is approved by the Administrative
Committee. The Administrative Committee may specify that Deferrals will be
distributed before any discretionary Company Contributions.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">6.6.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Change in Control.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
Notwithstanding anything to the contrary in this Article VI, in the event of a
Change in Control with respect to the Participating Employer of a Participant,
all remaining vested Account Balances shall be paid to the Participant or his
or her Beneficiary, as applicable, in a single lump sum no later than December
31 of the calendar year in which such Change in Control occurs, provided that
such payment is effected in compliance with Section 409A.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">6.7.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Administrative Cash-Out
of Small Balances.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Notwithstanding anything to the contrary in this Article
VI, the Administrative Committee may at any time and without regard to whether
a payment event has occurred, direct in writing an immediate lump sum payment
of the Participant&#8217;s Accounts if the balance of such Accounts, combined with
any other amounts required to be treated as deferred under a single plan
pursuant to Code Section 409A, does not exceed the applicable dollar amount
under Code Section 402(g)(1)(B), provided any other such aggregated amounts are
also distributed in a lump sum at the same time.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">6.8.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Acceleration of or Delay
in Payments.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Notwithstanding anything to the contrary in this Article VI,
the Administrative Committee, in its discretion, may elect to accelerate the
time or form of payment of an Account, provided such acceleration is permitted
under Treas. Reg. Section 1.409A-3(j)(4). The Administrative Committee may
also, in its discretion, delay the time for payment of an Account, to the
extent permitted under Treas. Reg. Section 1.409A-2(b)(7). </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">6.9.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Rules Applicable to
Installment Payments.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> If a Payment Schedule specifies installment payments,
payments will be made beginning as of the payment commencement date for such
installments and shall continue to be made in each subsequent payment period
until the number of installment payments specified in the Payment Schedule has
been paid. The amount of each installment payment shall be determined by
dividing (a) by (b), where (a) equals the Account Balance as of the last
Valuation Date in the month preceding the month of payment and (b) equals the
remaining number of installment payments. For purposes of Section 6.10,
installment payments will be treated as a single payment. If an Account is
payable in installments, the Account will continue to be credited with Earnings
in accordance with Article VII hereof until the Account is completely
distributed.</font></p>




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 <p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><i><font style="mso-bidi-font-style:normal;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">Content Copyright &#169;2018 Newport Group, Inc. All Rights
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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;">UBS Voluntary Investment Plan</font></p>

<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">6.10.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Modifications to Payment Schedules.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> A Participant may modify the
Payment Schedule described in Section 6.2 in effect for a Plan Year Account, or
the Payment Schedule described in Section 6.3 consistent with the permissible
Payment Schedules available under each such Section, provided such modification
complies with the requirements of this Section 6.10. Only one modification may
be made to a Payment Schedule, and any attempt to make a second modification is
deemed to be void and shall have no effect.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">a)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Time of
Election.</font></i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> The modification election must be submitted to the Administrative
Committee not less than 12 months prior to the date payments would have
commenced under the Payment Schedule in effect prior to modification (the
&#8220;Prior Election&#8221;).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">b)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Date of
Payment under Modified Payment Schedule.</font></i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> The date payments are to commence
under the modified Payment Schedule must be five years after the date payment
would have commenced under the Prior Election. Under no circumstances may a
modification election result in an acceleration of payments in violation of
Code Section 409A. Payments shall commence in the fifth calendar year after the
calendar year payment would have commenced under the Prior Election if (i) no
payment year is designated and (ii) with respect to a modification of the
Separation from Service Payment Schedule under Section 6.3.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">c)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Irrevocability;
Effective Date.</font></i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> A modification election is irrevocable when filed and
becomes effective 12 months after the filing date.</font></p>

<p style="margin:0in;margin-bottom:11.3pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">d)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Effect on Accounts.</font></i><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> An election to modify a Payment Schedule is
specific to that Payment Schedule and payment event, and shall not be construed
to affect any other Payment Schedules.</font></p>




<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>


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 <p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><i><font style="mso-bidi-font-style:normal;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">Content Copyright &#169;2018 Newport Group, Inc. All Rights
 Reserved</font></i><font style="mso-tab-count:2;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></font></font></i><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"> <font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="mso-no-proof:yes;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">12</font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font face="Frutiger 45 Light,sans-serif" style="mso-ascii-font-family:Helvetica;mso-hansi-font-family:Helvetica;">&nbsp;</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;">UBS Voluntary Investment Plan</font></p>

<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=windowtext style="font-variant:normal !important;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:18.0pt;font-weight:normal;letter-spacing:0pt;line-height:20.0pt;text-decoration:none;">ARTICLE
VII</font></font></font></u></b></p>

<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name=valuation></a><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=black style="font-variant:normal !important;"><i><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;font-weight:normal;letter-spacing:0pt;line-height:20.0pt;text-decoration:none;">Valuation
of Account Balances; Investments</font></i></font></font></u></b><a name="valuation_bclEnd"></a></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">7.1.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Valuation.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Deferrals
shall be credited to appropriate Accounts on the date such Compensation would
have been paid to the Participant absent the Compensation Deferral Agreement.
Valuation of Accounts shall be performed under procedures approved by the
Administrative Committee.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">7.2.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Notional Earnings Credit.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
Each Account will be credited with Notional Earnings on each Business Day,
based upon the Participant&#8217;s investment allocation among a menu of notional
investment options selected in advance by the Administrative Committee, in
accordance with the provisions of this Article VII (&#8220;investment allocation&#8221;).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">7.3.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Investment Options.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
Notional investment options will be determined by the Administrative Committee.
The Administrative Committee, in its discretion, shall be permitted to add or
remove notional investment options from the Plan menu from time to time,
provided that any such additions or removals of notional investment options
shall not be effective with respect to any period prior to the effective date
of such change.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">7.4.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Investment Allocations.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
A Participant&#8217;s investment allocation constitutes a deemed, not actual,
investment among the notional investment options comprising the investment
menu. At no time shall a Participant have any real or beneficial ownership in
any investment option included in the investment menu, nor shall the
Participating Employer or any trustee acting on its behalf have any obligation
to purchase actual securities as a result of a Participant&#8217;s investment
allocation. A Participant&#8217;s investment allocation shall be used solely for
purposes of adjusting the value of a Participant&#8217;s Account Balances.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">A Participant shall specify an investment allocation for each of his or her
Accounts in accordance with procedures established by the Administrative
Committee. Allocation among the investment options must be designated in
increments of 1%. The Participant&#8217;s investment allocation will become effective
on the same Business Day or, in the case of investment allocations received
after a time specified by the Administrative Committee, the next Business Day.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
A Participant may change an investment allocation on any Business Day, both
with respect to future credits to the Plan and with respect to existing Account
Balances, in accordance with procedures adopted by the Administrative
Committee. Changes shall become effective on the same Business Day or, in the
case of investment allocations received after a time specified by the
Administrative Committee, the next Business Day, and shall be applied
prospectively.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">7.5.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Valuations Final After
180 Days.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> The Participant shall have 180 days following the Valuation Date
on which the Participant failed to receive the full amount of Notional Earnings
and to file a claim under Article XI for the correction of such error. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">7.6.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Administration Fee.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
To the extent permitted under applicable law, the Administrative Committee may
charge, at its discretion, an annual or quarterly administration fee (as
applicable) on any Account that has not been distributed at the start of the
period for which the fee is payable. It is intended that such administration
fee will only be charged in respect of Accounts of Participants who have ceased
to be employed by any entity within the Group on the start date of the period
for which the fee is payable.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">To the extent permitted under applicable law, the Administrative Committee
may, in its discretion, deduct the administration fee from a Participant&#8217;s
Account by causing a notional reallocation of the investments and/or by
offsetting any administration fee against the notional reallocation value on a
reallocation requested by a Participant.</font></p>




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 <p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><i><font style="mso-bidi-font-style:normal;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">Content Copyright &#169;2018 Newport Group, Inc. All Rights
 Reserved</font></i><font style="mso-tab-count:2;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></font></font></i><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"> <font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="mso-no-proof:yes;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">13</font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font face="Frutiger 45 Light,sans-serif" style="mso-ascii-font-family:Helvetica;mso-hansi-font-family:Helvetica;">&nbsp;</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;">UBS Voluntary Investment Plan</font></p>

<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=windowtext style="font-variant:normal !important;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:18.0pt;font-weight:normal;letter-spacing:0pt;line-height:20.0pt;text-decoration:none;">ARTICLE
VIII</font></font></font></u></b></p>

<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name=administration></a><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=black style="font-variant:normal !important;"><i><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;font-weight:normal;letter-spacing:0pt;line-height:20.0pt;text-decoration:none;">Administration</font></i></font></font></u></b><a name="administration_bclEnd"></a></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">8.1.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Plan Administration.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
This Plan shall be administered by the Administrative Committee which shall
have discretionary authority to make, amend, interpret and enforce all
appropriate rules and regulations for the administration of this Plan and to
utilize its discretion to decide or resolve any and all questions, including
but not limited to eligibility for benefits and interpretations of this Plan
and its terms, as may arise in connection with the Plan. All such decisions on
any matter concerning the Plan shall be final and binding. Claims for benefits
shall be filed with the Administrative Committee and resolved in accordance
with the claims procedures in Article XI.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">The Administrative Committee may delegate its responsibility to administer
the Plan, appoint agents to assist in the day-to-day administration of the Plan
and delegate authority to create documents under the Plan to one or more of its
members. However, the responsibility for amendment of the key terms or
termination of the Plan remains with the Administrative Committee and may not
be delegated.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
For all purposes under the Plan, &#8220;discretion,&#8221; &#8220;discretionary&#8221; or terms of
similar import used with respect to the Company, the Board of Directors, a
Participating Employer, the Administrator, the Administrative Committee, the
Appeals Committee or any agent, administrator or delegee thereof shall mean the
sole and absolute discretion of such person.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">8.2.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Withholding.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> The
Participating Employer shall have the right to withhold from any payment due
under the Plan (or with respect to any amounts credited to the Plan) any taxes
required by law to be withheld in respect of such payment (or credit).
Withholdings with respect to amounts credited to the Plan shall be deducted
from Compensation that has not been deferred to the Plan.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">8.3.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Delegation of Authority.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
In the administration of this Plan, the Administrative Committee may, from time
to time, employ agents and delegate to them such administrative duties as it
sees fit, and may from time to time consult with legal counsel who shall be
legal counsel to the Company.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">8.4.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Binding Decisions or
Actions.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> The decision or action of the Administrative Committee in respect
of any question arising out of or in connection with the administration,
interpretation and application of the Plan and the rules and regulations
thereunder shall be final and conclusive and binding upon all persons having
any interest in the Plan. </font></p>




<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>


<DIV bclFooter>

 <p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><i><font style="mso-bidi-font-style:normal;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">Content Copyright &#169;2018 Newport Group, Inc. All Rights
 Reserved</font></i><font style="mso-tab-count:2;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></font></font></i><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"> <font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="mso-no-proof:yes;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">14</font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font face="Frutiger 45 Light,sans-serif" style="mso-ascii-font-family:Helvetica;mso-hansi-font-family:Helvetica;">&nbsp;</font></p>

</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;">UBS Voluntary Investment Plan</font></p>

<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=windowtext style="font-variant:normal !important;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:18.0pt;font-weight:normal;letter-spacing:0pt;line-height:20.0pt;text-decoration:none;">ARTICLE
IX</font></font></font></u></b></p>

<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name=amendment></a><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=black style="font-variant:normal !important;"><i><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;font-weight:normal;letter-spacing:0pt;line-height:20.0pt;text-decoration:none;">Amendment
and Termination</font></i></font></font></u></b><a name="amendment_bclEnd"></a></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">9.1.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Amendment and
Termination.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> The Company may at any time and from time to time amend the
Plan or may terminate the Plan as provided in this Article IX; each
Participating Employer may also terminate its participation in the Plan, in
each case, in compliance with Section 409A.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">9.2.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Amendments.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> The
Company, by action taken by its Board of Directors, may amend the Plan at any
time and for any reason, provided that any such amendment shall not reduce the
vested Account Balances of any Participant accrued as of the date of any such
amendment or restatement (as if the Participant had incurred a voluntary
Separation from Service on such date). The Board of Directors of the Company
may delegate to the Administrative Committee the authority to amend the Plan
without the consent of the Board of Directors for the purpose of: (i)
conforming the Plan to the requirements of law; (ii) facilitating the
administration of the Plan; (iii) clarifying provisions based on the
Administrative Committee&#8217;s interpretation of the Plan documents; and (iv)
making such other amendments as the Board of Directors may authorize. No
amendment is needed to revise the list of Participating Employers set forth on
Schedule A attached hereto.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">9.3.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Termination.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> The
Company, by action taken by its Board of Directors, may terminate the Plan and
pay Participants and Beneficiaries their Account Balances in a single lump sum
at any time, to the extent permitted by and in accordance with Treas. Reg.
Section 1.409A-3(j)(4)(ix).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">9.4.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Accounts Taxable Under
Code Section 409A.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> The Plan is intended to constitute a plan of deferred
compensation that meets the requirements for deferral of income taxation under
Code Section 409A. The Administrative Committee, pursuant to its authority to
interpret the Plan, may sever from the Plan or any Compensation Deferral
Agreement any provision or exercise of a right that otherwise would result in a
violation of Code Section 409A.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=windowtext style="font-variant:normal !important;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:18.0pt;font-weight:normal;letter-spacing:0pt;line-height:20.0pt;text-decoration:none;">ARTICLE
X</font></font></font></u></b></p>

<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="informal_funding"></a><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=black style="font-variant:normal !important;"><i><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;font-weight:normal;letter-spacing:0pt;line-height:20.0pt;text-decoration:none;">Informal Funding</font></i></font></font></u></b><a name="informal_funding_bclEnd"></a></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">10.1.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">General
Assets.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Obligations established under the terms of the Plan may be
satisfied from the general funds of the Participating Employers, or a trust
described in this Article X. No Participant, spouse or Beneficiary shall have
any right, title or interest whatever in assets of the Participating Employers.
Nothing contained in this Plan, and no action taken pursuant to its provisions,
shall create or be construed to create a trust of any kind, or a fiduciary
relationship, between the Participating Employers and any Participant, spouse,
or Beneficiary. To the extent that any person acquires a right to receive
payments hereunder, such rights are no greater than the right of an unsecured
general creditor of the Participating Employer.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">10.2.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Rabbi
Trust.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> A Participating Employer may, in its discretion, establish a grantor
trust, commonly known as a rabbi trust, as a vehicle for accumulating assets to
pay benefits under the Plan. Payments under the Plan may be paid from the
general assets of the Participating Employer or from the assets of any such
rabbi trust. Payment from any such source shall reduce the obligation owed to
the Participant or Beneficiary under the Plan.</font></p>




<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>


<DIV bclFooter>

 <p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><i><font style="mso-bidi-font-style:normal;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">Content Copyright &#169;2018 Newport Group, Inc. All Rights
 Reserved</font></i><font style="mso-tab-count:2;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></font></font></i><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"> <font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="mso-no-proof:yes;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">15</font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font face="Frutiger 45 Light,sans-serif" style="mso-ascii-font-family:Helvetica;mso-hansi-font-family:Helvetica;">&nbsp;</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;">UBS Voluntary Investment Plan</font></p>

<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=windowtext style="font-variant:normal !important;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:18.0pt;font-weight:normal;letter-spacing:0pt;line-height:20.0pt;text-decoration:none;">ARTICLE
XI</font></font></font></u></b></p>

<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name=claims></a><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=black style="font-variant:normal !important;"><i><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;font-weight:normal;letter-spacing:0pt;line-height:20.0pt;text-decoration:none;">Claims</font></i></font></font></u></b><a name="claims_bclEnd"></a></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">11.1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Initial Claim.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Any claim with respect to amounts deferred,
and Notional Earnings thereon, under this Plan shall be made in writing to the
Administrative Committee. The initial claim for benefits must be submitted to
the Administrative Committee no later than 180 days after the disputed award or
distribution, or from the failure to make an award or distribution, but in no
event may such an initial claim be submitted more than 180 days after the
Participant has terminated his or her employment with the Company or its Affiliates.
If a claim for benefits is wholly or partially denied, the Administrative
Committee, or its delegate, shall so notify the Claimant within 90 days after
receipt of the claim. If the Administrative Committee determines that an
extension is necessary, the Administrative Committee will notify the Claimant
within the initial 90-day period that the Administrative Committee needs up to
an additional 90 days to review the claim. In the case of a claim for
disability benefits, the Administrative Committee shall notify the Claimant
within 45 days after the claim is received unless the Administrative Committee
determines that an extension of time for processing is required due to matters
beyond the control of the Plan, in which case written notice of the extension
shall be furnished to the Claimant prior to termination of the original 45-day
period. Such extension shall not exceed 30 days from the end of the initial
period. If, prior to the end of the first 30-day extension period, the
Administrative Committee determines that, due to matters beyond the control of
the Plan, an additional extension of time for processing is required, written
notice of a second 30-day extension shall be furnished to the Claimant prior to
termination of the first 30-day extension. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">11.2.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Notice
of Denial.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> The notice of denial shall be written in a manner calculated to
be understood by the Claimant and shall contain (i) the specific reason or
reasons for denial of the claim, (ii) specific references to the pertinent Plan
provisions upon which the denial is based, (iii) a description of any
additional material or information necessary to perfect the claim together with
an explanation of why such material or information is necessary and (iv) an
explanation of the claims review procedure and time limits, including a
statement of the Claimant&#8217;s right to bring a civil action under section 502(a)
of ERISA following an adverse benefit determination on review. In the case of a
claim for disability benefits, the notification shall also advise the Claimant
whether the Administrative Committee&#8217;s denial relied upon any specific rule,
guideline, protocol or scientific or clinical judgment. The decision or action
of the Administrative Committee shall be final, conclusive and binding on all
persons having any interest in the Plan, unless a written appeal is filed as
provided in Section 11.3 hereof. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">11.3.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Review
of Claim.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Within 60 days after the receipt by the Claimant of notice of
denial of a claim, the Claimant may (i) file a request with the Appeals
Committee that it conduct a full and fair review of the denial of the claim,
(ii) receive, upon request and free of charge, reasonable access to, and copies
of, all documents, records, and other information relevant to the claim for
benefits, and (iii) submit questions and comments to the Appeals Committee in
writing.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">11.4.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Decision
After Review.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Within 60 days after the receipt of a request for review
under Section 11.3, the Appeals Committee shall deliver to the Claimant a
written decision with respect to the claim, except that if there are special
circumstances which require more time for processing, the 60-day period shall
be extended to 120 days upon notice to that effect to the Claimant. The
decision shall be written in a manner calculated to be understood by the Claimant
and shall (i) include the specific reason or reasons for the decision, (ii)
contain a specific reference to the pertinent Plan provisions upon which the
decision is based, (iii) a statement that the Claimant is entitled to receive,
upon request and free of charge, reasonable access to, and copies of, all
documents, records, and other information relevant to the claim for benefits,
and (iv) a statement of the Claimant&#8217;s right to bring a civil action under
section 502(a) of ERISA. In the case of a claim for disability benefits, the
notice shall set forth: (1) whether the denial relied upon any specific rule,
guideline, protocol or scientific or clinical judgment; and (2) the following
statement: &#8220;You and your Plan may have other voluntary alternative dispute
resolution options, such as mediation. One way to find out what may be
available is to contact your local U.S. Department of Labor Office and your
State insurance regulatory agency.&#8221;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">11.5.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Exhaustion
of Plan Procedures and Remedies; Expiration of Claims. </font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">A Claimant may not
seek relief of any sort in arbitration or in any forum with respect to a claim
for benefits unless and until the Claimant has followed the claims procedures
under the Plan and exhausted the Claimant&#8217;s administrative remedies under such
claims procedures. Further, no Claimant may initiate a claim with respect to
amounts deferred, and Notional Earnings thereon, under this Plan after the
first anniversary of the date on which the Claimant&#8217;s administrative remedies
under the Plan&#8217;s claims procedures in respect of such claim were exhausted, and
no relief shall be available in respect of any claim for which a Claimant
initiates an action for relief following such anniversary.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">11.6.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Discretion
of Appeals Committee.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> All interpretations, determinations and decisions of
the Appeals Committee with respect to any claim shall be made in its
discretion, and shall be final and conclusive.</font></p>




<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>


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 <p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><i><font style="mso-bidi-font-style:normal;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">Content Copyright &#169;2018 Newport Group, Inc. All Rights
 Reserved</font></i><font style="mso-tab-count:2;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></font></font></i><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"> <font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="mso-no-proof:yes;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">16</font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font face="Frutiger 45 Light,sans-serif" style="mso-ascii-font-family:Helvetica;mso-hansi-font-family:Helvetica;">&nbsp;</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;">UBS Voluntary Investment Plan</font></p>

<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">11.7.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Arbitration.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> By participating in the Plan, each Participant
agrees to the Arbitration Agreement set forth in this Section 11.7, subject to
exhaustion of the procedures set forth in Sections 11.1-11.5. If any claim or
controversy between a Participating Employer and a Participant or Beneficiary
is not resolved through the claims procedure set forth in Article XI, subject
to exhaustion of the procedures set forth in Sections 11.1-11.5, such claim
shall be submitted to and resolved exclusively by arbitration conducted in
accordance with the following procedures:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">a)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Binding
Mutual Arbitration.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Any Covered Claims will be resolved by final and
binding arbitration as set forth in this Section 11.7 (the &#8220;Arbitration
Agreement&#8221;). This Arbitration Agreement shall be governed by and interpreted in
accordance with the U.S. Federal Arbitration Act (&#8220;FAA&#8221;) and the law of the
State of New York to the extent New York law is not inconsistent with the FAA
and without regard to conflicts of law principles. This Arbitration Agreement
applies to both the Participant and its Beneficiaries and the Group, including,
without limitation, UBS Group AG, UBS AG, UBS Securities LLC, UBS Business
Solutions US LLC, UBS Financial Services Inc. and each other Participating
Employer, and makes arbitration the required and exclusive forum for the
resolution of all Covered Claims between the Participant and the Group. Therefore,
the Participant and the Group are giving up their rights to a jury trial, in
any forum, of Covered Claims. Except for the Excluded Claims (defined below),
and to the fullest extent permitted by law, this Arbitration Agreement applies
to both existing and future claims, including any claims that occurred before
this Arbitration Agreement.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">b)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Excluded
Claims.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> The following claims and disputes are not subject to this
Arbitration Agreement: (i) applications for temporary or preliminary injunctive
relief in aid of arbitration or for the maintenance of the status quo pending
arbitration, (ii) claims for workers&#8217; compensation benefits, but not
retaliation claims arising out of or relating to claims for workers&#8217;
compensation benefits, (iii) claims for unemployment compensation benefits,
(iv) claims under the National Labor Relations Act, as amended, within the
exclusive jurisdiction of the National Labor Relations Board, and (v) any claim
that is expressly precluded from arbitration by a federal statute or regulation.
Nothing in this Arbitration Agreement shall prohibit a Participant from filing
a charge or complaint with the U.S. Equal Employment Opportunity Commission,
the National Labor Relations Board, the U.S. Department of Labor, the
Occupational Safety and Health Commission, or any other federal, state, or
local administrative agency. The Participant also has the right to challenge
the validity of the terms and conditions of this Arbitration Agreement on any
grounds that may exist in law and equity, and the Group shall not discipline,
discharge, or engage in any retaliatory actions against the Participant in the
event the Participant chooses to do so or engage in other protected legal
activity. The Group, however, reserves the right to enforce the terms and conditions
of this Arbitration Agreement in any appropriate forum.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">c)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">CLASS,
COLLECTIVE, AND REPRESENTATIVE ACTION WAIVERS. TO THE MAXIMUM EXTENT PERMITTED
BY LAW, THE PARTICIPANT AND THE GROUP AGREE THAT ARBITRATION ON A NON-CLASS,
NON-COLLECTIVE AND NON&#172;REPRESENTATIVE ACTION BASIS PURSUANT TO THIS ARBITRATION
AGREEMENT IS THE EXCLUSIVE PROCESS FOR RESOLVING ANY COVERED CLAIMS THAT MIGHT
OTHERWISE BE BROUGHT ON A CLASS, COLLECTIVE OR REPRESENTATIVE ACTION BASIS.
ACCORDINGLY, THE PARTICIPANT MAY NOT PARTICIPATE AS A CLASS, COLLECTIVE OR
REPRESENTATIVE ACTION REPRESENTATIVE OR AS A MEMBER OF ANY CLASS, COLLECTIVE OR
REPRESENTATIVE ACTION, AND WILL NOT BE ENTITLED TO ANY RECOVERY FROM A CLASS,
COLLECTIVE OR REPRESENTATIVE ACTION IN ANY FORUM RELATING TO ANY COVERED CLAIMS.
An arbitrator appointed under the rules referenced by this Arbitration
Agreement shall not conduct a class, collective or representative action
arbitration and shall not allow the Participant to serve as a representative of
others in an arbitration of Covered Claims conducted under this Arbitration
Agreement. The Participant further agrees that if the Participant is included
within any class action, collective action or representative action in court or
in arbitration involving any such Covered Claims, the Participant will take all
steps necessary to opt-out of the action or refrain from opting in, as the case
may be.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
Nothing in this Section 11.7 shall preclude the Participant from pursuing or
participating in a class, collective or representative action in court where
the Participant&#8217;s claim is based solely on the Participant&#8217;s status as a
customer or an investor and does not arise out of or in any way relate to the
Participant&#8217;s employment.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
Any disputes concerning the validity or enforceability of the Class, Collective
and Representative Action Waivers contained in this Arbitration Agreement shall
be governed by and determined under and in accordance with the FAA, and shall
be decided only by a court of competent jurisdiction, not by an arbitrator. To
the extent any Covered Claims are not eligible for arbitration or otherwise are
excluded from or not subject to arbitration, for any reason, the Class,
Collective and Representative Action Waivers set forth in this Arbitration
Agreement remain valid and enforceable.</font></p>




<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>


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 <p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><i><font style="mso-bidi-font-style:normal;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">Content Copyright &#169;2018 Newport Group, Inc. All Rights
 Reserved</font></i><font style="mso-tab-count:2;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></font></font></i><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"> <font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="mso-no-proof:yes;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">17</font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font face="Frutiger 45 Light,sans-serif" style="mso-ascii-font-family:Helvetica;mso-hansi-font-family:Helvetica;">&nbsp;</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;">UBS Voluntary Investment Plan</font></p>

<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">d)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Selection and Rules.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Except as specified herein, the applicable
arbitration rules will be the rules of the selected arbitration forum as
indicated below, or any successor rules or, if none exist, the rules most
applicable to employment claims and disputes and, if the forum no longer
exists, the successor forum.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">e)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Registered
Employees:</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Except as specified herein, if the Participant is or was a
registered employee or has executed a Uniform Application for Securities
Industry Registration or Transfer (Form U-4) and/or holds a securities license
with a self-regulatory organization (&#8220;registered employee&#8221;), any arbitration of
a Covered Claim that is properly subject to the jurisdiction of the Financial
Industry Regulatory Authority (&#8220;FINRA&#8221;) must be conducted under the auspices
and rules of FINRA in accordance with the FINRA Code of Arbitration Procedure
for Industry Disputes (&#8220;FINRA Arbitration Rules&#8221;). If a Covered Claim of a
registered employee is not eligible for arbitration before FINRA or is otherwise
excluded from or not subject to arbitration before FINRA, then such Covered
Claim will be resolved by final and binding arbitration conducted under the
auspices and rules of JAMS (&#8220;JAMS Arbitration.&#8221;) In addition, in lieu of FINRA
arbitration, a registered employee may elect to arbitrate discrimination claims
under any federal, state or local law (including claims of harassment and
retaliation under those laws) before JAMS. Any JAMS Arbitration shall be
conducted in accordance with and subject to the JAMS Employment Arbitration
Rules and Procedures and the JAMS Policy on Employment Arbitration Minimum
Standards of Procedural Fairness (&#8220;JAMS Arbitration Rules&#8221;), except as
specified herein, and shall be conducted before a single arbitrator unless all
parties to the arbitration agree otherwise in writing.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">f)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Non-Registered
Participants:</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Except as specified herein, any arbitration of a Covered
Claim of a non-registered Participant, or of a registered employee that is not
otherwise eligible for arbitration before FINRA (as indicated above), will be
conducted under the auspices and rules of JAMS in accordance with and subject
to the JAMS Arbitration Rules, except as specified herein, and shall be
conducted before a single arbitrator unless all parties to the arbitration
agree otherwise in writing.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
Information about FINRA, including its FINRA Arbitration Rules, can be found at
</font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">www.finra.org.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Information about JAMS, including its JAMS Arbitration
Rules, can be found at </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">www.jamsadr.com&nbsp;</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
Notwithstanding any language in this Arbitration Agreement, to the extent any
of the terms, conditions or requirements of this Arbitration Agreement conflict
with the FINRA Arbitration Rules or JAMS Arbitration Rules, the terms,
conditions or requirements of this Arbitration Agreement shall govern.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">g)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Hearing
Location. </font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Arbitration shall be held in the city, county, town or
municipality in which the Participant worked at the time the claim arose or, if
not possible, in the city, county, town or municipality closest to the
Participant&#8217;s principal place of employment at the time the claim arose where
the arbitration can be held, unless all parties to the arbitration agree in
writing to a different location for the arbitration. If the Participant&#8217;s
current or last principal place of employment with the Group is outside of the
U.S. or Puerto Rico, the arbitration shall be held in New York, New York.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">h)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Awards.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
Arbitrators are required to issue a written award and, subject to the parties&#8217;
right to appeal or seek vacatur under applicable law, their awards shall be
final and binding, and any judgment or award issued by an arbitrator may be
entered in any court of competent jurisdiction. No arbitration award or
decision will have any preclusive effect as to any issues or claims in any
other arbitration or court proceeding unless each of the parties in such
proceeding was also a named party in the arbitration.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">i)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Remedies.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
The Participant and the Group agree that the arbitrator(s) is authorized to
award any party the full remedies that would be available to such party if the
Covered Claim had been filed in a court of competent jurisdiction, including
attorneys&#8217; fees and costs.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">j)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Additional
Provisions Applicable to Arbitration of Statutory Claims and Counterclaims.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
Subject to any applicable fee-shifting provisions, if the Participant initiates
arbitration of statutory claims with FINRA or JAMS or assert any statutory
claims as counterclaims, the Participant shall be responsible for the filing
fee required to initiate arbitration of such claims up to the amount of the
filing fee the Participant would have incurred had the Participant filed such
claims in federal district court, and the Group shall be responsible for all
additional arbitration filing fees, forum fees, and other fees and costs
assessed in any such arbitration.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">k)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Additional
Provisions Applicable to Arbitration Before JAMS.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> In any arbitration before
JAMS, the parties may file and the arbitrator shall hear and decide at any
point in the proceedings any motion permitted by the Federal Rules of Civil
Procedure, including but not limited to motions to compel discovery, motions
for protective orders, motions to dismiss, motions for summary judgment, and
motions in limine.</font></p>




<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;text-decoration:none;">&nbsp;</font></p>


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 <p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><i><font style="mso-bidi-font-style:normal;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">Content Copyright &#169;2018 Newport Group, Inc. All Rights
 Reserved</font></i><font style="mso-tab-count:2;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></font></font></i><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"> <font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="mso-no-proof:yes;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">18</font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font face="Frutiger 45 Light,sans-serif" style="mso-ascii-font-family:Helvetica;mso-hansi-font-family:Helvetica;">&nbsp;</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;">UBS Voluntary Investment Plan</font></p>

<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">l)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Pending Class or Collective Actions.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Nothing set forth in this
Arbitration Agreement applies to any Covered Claims in a class or collective
action for which the Participant is a putative member of and that is pending
and conditionally certified or certified on the date the Participant enters
into this Arbitration Agreement, and any such Covered Claims shall be governed
by the agreement(s) between the Participant and the Grantor in effect at the
time such Covered Claims were filed.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">m)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Consideration.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&#160;&#160;&#160;&#160;&#160; The
Participant&#8217;s acceptance of the benefits of participation in the Plan and/or
any other form of compensation or benefit provided to the Participant by UBS
shall constitute consideration for the Participant&#8217;s rights and obligations
under this Arbitration Agreement, including the Class, Collective and
Representative Action Waivers contained herein.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">n)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Modification.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
Notwithstanding anything to the contrary in the Plan Rules, any modification or
discontinuance of the Arbitration Agreement by the Group will be made by the
Group providing thirty (30) calendar days written notice; however, any such
modification or rescission shall only be applied prospectively. The Participant
shall complete the processing of any dispute pending pursuant to this
Arbitration Agreement at the time of an announced change, under the terms of
the procedures in effect at the time such Covered Claims were initially
submitted to arbitration pursuant to this Arbitration Agreement.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">o)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Severability.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
The provisions of this Arbitration Agreement shall be severable and, if any
provisions hereof shall be determined to be legally unenforceable or void, such
unenforceable or void provision shall not affect the legality, validity or
enforceability of the remaining provisions hereof. Any such unenforceable or
void provision shall be severed from the remaining provisions as appropriate,
to the extent permitted by law, except that, in the event any of the waivers
set forth in Section 11.7(c) (&#8220;Class, Collective and Representative Action
Waivers&#8221;) are determined to be invalid, unenforceable or void with respect to
any Covered Claim, that Covered Claim and only that Covered Claim shall proceed
in a court of competent jurisdiction and not in arbitration (and such court
shall be the exclusive forum for all such claims), and the waivers set forth in
Section 11.7(c) shall remain effective and enforceable with respect to all
other Covered Claims. If a court of competent jurisdiction determines that a
particular provision of this Agreement is invalid, unenforceable or void under
the applicable law in a particular jurisdiction, such provision will not be
enforced with respect to you in that jurisdiction but shall remain effective
and enforceable in all other jurisdictions.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;text-decoration:none;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;text-decoration:none;">&nbsp;</font></p>




<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;text-decoration:none;">&nbsp;</font></p>


<DIV bclFooter>

 <p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><i><font style="mso-bidi-font-style:normal;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">Content Copyright &#169;2018 Newport Group, Inc. All Rights
 Reserved</font></i><font style="mso-tab-count:2;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></font></font></i><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"> <font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="mso-no-proof:yes;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">19</font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font face="Frutiger 45 Light,sans-serif" style="mso-ascii-font-family:Helvetica;mso-hansi-font-family:Helvetica;">&nbsp;</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;">UBS Voluntary Investment Plan</font></p>

<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=windowtext style="font-variant:normal !important;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:18.0pt;font-weight:normal;letter-spacing:0pt;line-height:20.0pt;text-decoration:none;">ARTICLE
XII</font></font></font></u></b></p>

<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="general_provisions"></a><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=black style="font-variant:normal !important;"><i><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;font-weight:normal;letter-spacing:0pt;line-height:20.0pt;text-decoration:none;">General Provisions</font></i></font></font></u></b><a name="general_provisions_bclEnd"></a></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">12.1.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Assignment.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
No interest of any Participant, spouse or Beneficiary under this Plan and no
benefit payable hereunder shall be assigned as security for a loan, and any
such purported assignment shall be null, void and of no effect, nor shall any
such interest or any such benefit be subject in any manner, either voluntarily
or involuntarily, to anticipation, sale, transfer, assignment or encumbrance by
or through any Participant, spouse or Beneficiary. Notwithstanding anything to
the contrary herein, however, the Administrative Committee has the discretion
to make payments to an alternate payee in accordance with the terms of a
domestic relations order (as defined in Code Section 414(p)(1)(B)). </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"><br>
The Company may assign any or all of its liabilities under this Plan in
connection with any restructuring, recapitalization, sale of assets or other
similar transactions affecting a Participating Employer without the consent of
the Participant.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">12.2.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">No
Legal or Equitable Rights or Interest.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> No Participant or other person shall
have any legal or equitable rights or interest in this Plan that are not
expressly granted in this Plan. Participation in this Plan does not give any
person any right to be retained in the service of the Participating Employer.
The right and power of a Participating Employer to dismiss or discharge a
Participant is expressly reserved. The Participating Employers make no
representations or warranties as to the tax consequences to a Participant or a
Participant&#8217;s beneficiaries resulting from a deferral of income pursuant to the
Plan.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">12.3.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">No
Employment Contract.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Nothing contained herein shall be construed to
constitute a contract of employment between an Employee and a Participating
Employer. Nothing contained herein shall be construed as changing a
Participant&#8217;s status from employee to independent contractor or from independent
contractor to employee. This Plan does not constitute, nor should it be
construed to constitute, a waiver by UBS or any Participating Employer of its
rights under the &#8220;employment-at-will&#8221; doctrine, nor does it afford a prospective,
current or former Employee any rights or remedies not otherwise available under
applicable law.</font></p>




<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>


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 <p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><i><font style="mso-bidi-font-style:normal;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">Content Copyright &#169;2018 Newport Group, Inc. All Rights
 Reserved</font></i><font style="mso-tab-count:2;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></font></font></i><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"> <font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="mso-no-proof:yes;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">20</font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font face="Frutiger 45 Light,sans-serif" style="mso-ascii-font-family:Helvetica;mso-hansi-font-family:Helvetica;">&nbsp;</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;">UBS Voluntary Investment Plan</font></p>

<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">12.4.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Notice.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Any notice or filing required or permitted to be
delivered to the Administrative Committee under this Plan shall be delivered in
writing, in person, or through such electronic means as is established by the
Administrative Committee. Notice shall be deemed given as of the date of
delivery or, if delivery is made by mail, as of the date shown on the postmark
on the receipt for registration or certification. Written transmission shall be
sent by certified mail to:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:center;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">UBS</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:center;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">1000
Harbor Boulevard, 10th Floor</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:center;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Weehawken,
NJ 07086</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:center;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">ATTN:
HUMAN RESOURCES, VOLUNTARY INVESTMENT PLAN</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:center;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Any notice or filing or
communication required or permitted to be given to a Participant under this Plan
shall be sufficient if in writing and delivered by personal delivery or sending
it by post or by facsimile, email or any other form of electronic transfer
acceptable to the Administrative Committee to the last known address, facsimile
number or email address of the Participant or, where the Participant is a
Participant of a member of the Group, to the Participant&#8217;s workplace address,
facsimile number or email address or by other means of electronic transfer
acceptable to the Administrative Committee. Any communication will be deemed to
have been served: (i) if delivered personally, at the time of delivery, (ii) if
posted, at 10:00am on the third business day after it was put in the post; or
(iii) if sent by facsimile process, email or any other form of electronic
transfer, at the time of dispatch. Each Participant will be taken to have
consented to any electronic transfer. In proving service of a notice to any
Participant, it will be sufficient to prove that delivery was made or that the
envelope containing it was properly addressed, prepaid and posted or that the
facsimile message, email or other form of electronic transfer was properly
addressed and dispatched, as appropriate.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">It shall be the duty and
responsibility of each Participant to notify the plan administrator or the
Employer of all changes in address and of all other changes that might affect
the rights of such person under the Plan.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">12.5.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Headings.&nbsp;</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
The headings of Sections are included solely for convenience of reference, and
if there is any conflict between such headings and the text of this Plan, the
text shall control. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">12.6.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Invalid
or Unenforceable Provisions.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> If any provision of this Plan shall be held
invalid or unenforceable, such invalidity or unenforceability shall not affect
any other provisions hereof and the Administrative Committee may elect in its
discretion to construe such invalid or unenforceable provisions in a manner
that conforms to applicable law or as if such provisions, to the extent invalid
or unenforceable, had not been included.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">12.7.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Lost
Participants or Beneficiaries.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> Any Participant or Beneficiary who is
entitled to a benefit from the Plan has the duty to keep the Administrative
Committee advised of his or her current mailing address. If benefit payments
are returned to the Plan or are not presented for payment after a reasonable
amount of time, the Administrative Committee shall presume that the payee is
missing. The Administrative Committee, after making such efforts as in its
discretion it deems reasonable and appropriate to locate the payee, may stop
payment on any uncashed checks and may discontinue making future payments until
contact with the payee is restored. A Participant&#8217;s Account shall not be
credited with Notional Earnings following the first anniversary of such date on
which payment is to be made.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">12.8.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Facility
of Payment to a Minor.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> If a distribution is to be made to a minor, or to a
person who is otherwise incompetent, then the Administrative Committee may, in
its discretion, make such distribution: (i) to the legal guardian, or if none,
to a parent of a minor payee with whom the payee maintains his or her
residence, or (ii) to the conservator or Administrative Committee or, if none,
to the person having custody of an incompetent payee. Any such distribution
shall fully discharge the Administrative Committee, the Company, and the Plan
from further liability on account thereof.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">12.9.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Governing
Law.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> To the extent not preempted by ERISA, the laws of the State of New
York shall govern the construction and administration of the Plan, excluding
any principals of conflicts of law that would apply the law of any other
jurisdiction.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">12.10.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Compliance
With Code Section 409A; No Guarantee.</font></u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> This Plan is intended to be
administered in compliance with Code Section 409A and each provision of the
Plan shall be interpreted consistent with Code Section 409A. Although intended
to comply with Code Section 409A, this Plan shall not constitute a guarantee to
any Participant or Beneficiary that the Plan in form or in operation will
result in the deferral of federal or state income tax liabilities or that the
Participant or Beneficiary will not be subject to the additional taxes imposed
under Section 409A. No Employer shall have any legal obligation or liability to
a Participant with respect to taxes imposed under Code Section 409A</font></p>




<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;text-decoration:none;">&nbsp;</font></p>


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 <p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><i><font style="mso-bidi-font-style:normal;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">Content Copyright &#169;2018 Newport Group, Inc. All Rights
 Reserved</font></i><font style="mso-tab-count:2;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></font></font></i><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"> <font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="mso-no-proof:yes;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">21</font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font face="Frutiger 45 Light,sans-serif" style="mso-ascii-font-family:Helvetica;mso-hansi-font-family:Helvetica;">&nbsp;</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;">UBS Voluntary Investment Plan</font></p>

<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=windowtext style="font-variant:normal !important;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:18.0pt;font-weight:normal;letter-spacing:0pt;line-height:20.0pt;text-decoration:none;">ARTICLE
XIII</font></font></font></u></b></p>

<p style="margin-bottom:11.3pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="data_privacy"></a><b><u><font color=#C0504D style="font-variant:small-caps;"><font color=black style="font-variant:normal !important;"><i><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;font-weight:normal;letter-spacing:0pt;line-height:20.0pt;text-decoration:none;">Data
Privacy </font></i></font></font></u></b><a name="data_privacy_bclEnd"></a></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">13.1.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">The
Participant will be provided access to the appropriate UBS privacy notice and
disclosures available via the Participant's EquatePlus or other Plan account at
the time of onboarding to the Voluntary Investment Plan, and will be taken to
have read and understood the use and disclosure of personal information, the
protections that apply, the purposes of processing activities, the legal basis
on which processing activities are based, and data protection rights, as
defined herein. The Participant will therefore be taken to have consented to
the collection, use and disclosure by the Relevant Persons of any personal
information or data necessary for the administration of a Plan.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">13.2.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Pursuant
to the data privacy notices, the Participant will be taken to have
acknowledged, understood, and agreed that the Relevant Persons:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-indent:-.5in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(a)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">shall retain the Participant&#8217;s personal information for as long as is
necessary for the purpose of administering the Plan and that the personal
information may be kept for a period extending beyond the termination of the
Participant&#8217;s participation in the Plan. The Participant&#8217;s personal information
shall be destroyed, erased or made anonymous in such a fashion as to ensure
that the security of the personal information is maintained in the course of
such disposal;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-indent:-.5in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(b)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">shall only disclose the Participant&#8217;s personal information to a third
party (other than other Relevant Persons) with the express consent of the
Participant, or where disclosure otherwise complies with law;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-indent:-.5in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(c)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">shall ensure that the Participant&#8217;s personal information is kept in a
secure location (which shall include reasonable administrative, technical and
physical protections to safeguard the personal information against unauthorized
use, access, disclosure, copying or modification thereof), and that it is
accessible only to authorized Persons on a &quot;need to know&quot; basis. Such
persons shall be trained to, and subject to contractual or other obligations
to, preserve the private and personal nature of the personal information;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-indent:-.5in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(d)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">shall provide the Participant with access to the personal information in
their possession in order to ensure that the personal information is accurate,
complete and up-to-date;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-indent:-.5in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(e)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">may, in such circumstances as required or permitted by law, collect,
use, or disclose the Participant&#8217;s personal information without the
Participant&#8217;s consent;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-indent:-.5in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(f)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">may transfer the Participant&#8217;s personal information to any jurisdiction
(including but not limited to Germany, Jersey, Poland, Switzerland, the United
Kingdom, and among the states of the United States of America) and governments,
courts, law enforcement or regulatory agencies provided that the lawful
disclosure of the Participant&#8217;s personal information through the laws of the
jurisdictions in question has been obtained; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-indent:-.5in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(g)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">in the event the Participant has any questions or concerns regarding the
treatment of personal information by the Relevant Persons, he should contact Equatex
via ubs plan administration@equatex.com or (where applicable) refer to the
Company's privacy notice described in Section 13.1 above.</font></p>




<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>


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 <p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><i><font style="mso-bidi-font-style:normal;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">Content Copyright &#169;2018 Newport Group, Inc. All Rights
 Reserved</font></i><font style="mso-tab-count:2;"><i><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></font></font></i><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"> <font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="mso-no-proof:yes;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">22</font></font></font><font color=black style="mso-bidi-font-size:10.0pt;mso-themecolor:text1;"><font style="display:none;mso-hide:all;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font face="Frutiger 45 Light,sans-serif" style="mso-ascii-font-family:Helvetica;mso-hansi-font-family:Helvetica;">&nbsp;</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.0pt;">UBS Voluntary Investment Plan</font></p>

<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>
<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><b><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Appendix
B</font></u></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><b><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">California Terms
and Conditions</font></u></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-indent:11.35pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">The terms and conditions contained in this Appendix B
shall apply to Contributions. Interest and Notional Earnings credited under the
Plan that are subject to the California Corporate Securities Law of 1968, as amended
(the &#8220;California Code&#8221;). In each case, the terms and conditions contained in
this Appendix B will supersede any contrary provision contained in the Plan in
a manner that results in Section 409A Compliance. To the extent there is no
conflict between the terms contained in this Appendix B and the Plan, the Plan
will govern. Capitalized terms shall have the meaning given to such terms in
the Plan.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:29.35pt;text-align:justify;text-indent:-.25in;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">A.</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp; </font></b><b><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Termination
of the Plan.</font></u></b><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> To the extent required by the California Code, the Plan will
terminate ten (10) years from the Effective Date with respect to Participants
employed in California and, in the discretion of the Board of Directors, may be
replaced by a new plan.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:29.35pt;text-align:justify;text-indent:-.25in;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">B.</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Total
Value of Voluntary Contributions.</font></u></b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;"> To the extent required by the
California Code, in no event shall the total value of Voluntary Contributions
credited under the Plan exceed $500 million.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:29.35pt;text-align:justify;text-indent:-.25in;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">C.</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Non-Transferability.&nbsp;</font></u></b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">
Pursuant to Section 12.1 of the Plan, a Participant&#8217;s or Beneficiary&#8217;s right to
receive any payment under the Plan is not transferable except pursuant to the
laws of descent and distribution or to a Beneficiary or distributee as
expressly permitted under the Plan.</font></p>




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<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>3
<FILENAME>exhibit0511.htm
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<title>exhibit.5.1</title>


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<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Exhibit 5.1 </font></b></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face=Arial,sans-serif lang=DE-CH style="font-size:7.5pt;line-height:10.0pt;">&nbsp;</font></b></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 45 Light,sans-serif" lang=DE style="font-size:9.0pt;font-weight:normal;line-height:10.0pt;">Homburger AG</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 45 Light,sans-serif" lang=DE style="font-size:9.0pt;font-weight:normal;line-height:10.0pt;">Prime Tower</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 45 Light,sans-serif" lang=DE style="font-size:9.0pt;font-weight:normal;line-height:10.0pt;">Hardstrasse 201</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 45 Light,sans-serif" lang=DE style="font-size:9.0pt;font-weight:normal;line-height:10.0pt;">CH&#8211;8005 Zurich</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 45 Light,sans-serif" lang=DE style="font-size:9.0pt;">&nbsp;</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 45 Light,sans-serif" lang=DE style="font-size:9.0pt;">T&#160;
+41 43 222 10 00</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 45 Light,sans-serif" lang=DE style="font-size:9.0pt;">F&#160;
+41 43 222 15 00</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 45 Light,sans-serif" lang=DE style="font-size:9.0pt;">lawyers@homburger.ch</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:right;"><font color=black face="Frutiger 45 Light,sans-serif" lang=DE style="font-size:9.0pt;">December 3, 2018 </font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face="Frutiger 45 Light,sans-serif" lang=DE style="font-size:7.0pt;">329747|9457264v6</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Frutiger 45 Light,sans-serif" lang=DE style="font-size:9.0pt;">To:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Frutiger 45 Light,sans-serif" lang=DE style="font-size:9.0pt;">UBS Group AG,<br>
Bahnhofstrasse 45,<br>
8001 Zurich, Switzerland</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">UBS Group AG | Form
S-8 Registration Statement for Deferred Compensation Obligations</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">Ladies and Gentlemen,
</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">We, Homburger AG,
have acted as special Swiss counsel to UBS Group AG (the </font><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">Company</font></b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">), a
corporation organized under the laws of Switzerland, in connection with the
registration statement on Form S-8 (excluding the documents incorporated by
reference therein, the </font><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">Registration Statement</font></b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">) to be filed by the
Company under the United States Securities Act of 1933, as amended (the </font><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">Securities
Act</font></b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">), with the U.S. Securities and Exchange Commission (the </font><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">SEC</font></b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">) on December
3, 2018, for the purpose of registering on or after the date hereof USD
$100,000,000 aggregate principal amount of deferred compensation obligations
(the </font><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">Obligations</font></b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">) to be issued from time to time on or after the date hereof
by the Company under the Plan (as defined below). As such counsel, we have been
requested to give our opinion as to certain matters of Swiss law relating to
the Obligations.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">Capitalized terms
used but not defined herein have the meanings assigned to such terms in the
Plan.</font></p>

<p style="margin-bottom:.0001pt;margin-left:.75in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;text-indent:-.5in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:18.0pt;">I.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:18.0pt;">Basis of Opinion</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;text-align:justify;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">This
opinion is confined to and given on the basis of the laws of Switzerland in
force at the date hereof. Such laws and the interpretation thereof are subject
to change. In the absence of explicit statutory law, we base our opinion solely
on our independent professional judgment. This opinion is also confined to the
matters stated herein and the Documents, and is not to be read as extending, by
implication or otherwise, to any agreement or other document referred to in any
of the Documents (including, in the case of the Registration Statement, any
document incorporated by reference therein or exhibited thereto) or any other matter.<br>
<br>
</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">For purposes of this opinion, we have not conducted any due
diligence or similar investigation as to factual circumstances, which are or
may be referred to in the Documents, and we express no opinion as to the
accuracy of representations and warranties of facts set out in the Documents or
the factual background assumed therein.
</font></p>


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 <p align=right style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;text-align:right;"><font style="display:none;mso-hide:all;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;"></font></font><font style="mso-no-proof:yes;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;">1</font></font><font color=windowtext face="Frutiger 45 Light,sans-serif" style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font color=windowtext face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:8.0pt;"></font></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:justify;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">For purposes of this opinion, we have only reviewed the following
documents (collectively, the </font><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">Documents</font></b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">):<br>
<br>
</font></p>

<p style="margin-bottom:.0001pt;margin-left:.2in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.2in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">(i)&#160;&#160; an electronic copy of the Registration Statement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:.2in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.2in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">(ii)&#160; an electronic copy of the UBS Voluntary Investment Plan
effective as of December 1, 2018 (the </font><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">Plan</font></b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">);&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:.2in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.2in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">(iii) a certified excerpt from the Commercial Register of the
Canton of Zurich for the Company, dated October 31, 2018 (the </font><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">Excerpt</font></b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">);&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:.2in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.2in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">(iv)&#160; a copy of the articles of association (</font><i><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">Statuten</font></i><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">) of
the Company in their version as of March 5, 2018 (the </font><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">Articles</font></b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">);&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:.2in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.2in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">(v)&#160;&#160; an electronic copy of the Organization Regulations of the
Company, valid as of March 1, 2018, including the annexes thereto (the </font><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">Regulations</font></b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">);&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:.2in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.2in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">(vi)&#160; an electronic copy of the Plan's Business Requirements
Document (Version 1.3, dated November 8, 2018 (the </font><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">Business Requirements
Document</font></b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">);&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:.2in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.2in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">(vii) an e-mail from Stefan Seiler, the Head of Group Human
Resources, dated December 2, 2018, approving the Plan and the Business
Requirements Document (the </font><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">Group Head HR Approval</font></b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">); and</font></p>

<p style="margin-bottom:.0001pt;margin-left:.2in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.2in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">(viii)an electronic copy of an email from the Group Company
Secretary, dated November 28, 2018, attaching an excerpt from the minutes of a
meeting of the Company's Compensation Committee held on October 17, 2018 (the </font><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">Minutes</font></b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">),
setting out the resolution adopted by such committee at such meeting approving
the Plan (the </font><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">Resolution</font></b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">).&nbsp;</font></p>

<p style="margin-left:0in;margin-right:0in;page-break-after:avoid;text-align:justify;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">No documents
have been reviewed by us in connection with this opinion other than the
Documents. Accordingly, we shall limit our opinion to the Documents and their
legal implications under Swiss law.</font></p>

<p style="margin-left:0in;margin-right:0in;page-break-after:avoid;text-align:justify;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">In this
opinion, Swiss legal concepts are expressed in English terms and not in their
original language. These concepts may not be identical to the concepts
described by the same English terms as they exist under the laws of other
jurisdictions. With respect to Documents governed by laws other than the laws
of Switzerland, for purposes of this opinion, we have relied on the plain
meaning of the words and expressions contained therein without regard to any
import they may have under the relevant governing law.</font></p>

<p style="margin-left:0in;margin-right:0in;page-break-after:avoid;text-align:justify;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;"><br>
<br>
</font>&nbsp;</p>

<p style="margin-bottom:.0001pt;margin-left:.75in;margin-right:0in;margin-top:12.0pt;text-indent:-.5in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:18.0pt;line-height:28.0pt;">II.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:28.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:18.0pt;line-height:28.0pt;">Assumptions&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">In rendering
the opinion below, we have assumed the following: </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.2in;text-align:justify;text-indent:-.2in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(a)&#160; all documents produced to us as originals are
authentic and complete, and all documents produced to us as copies (including,
without limitation, fax and electronic copies) conform to the original;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.2in;text-align:justify;text-indent:-.2in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(b)&#160; all documents produced to us as originals and the
originals of all documents produced to us as copies were duly executed and
certified, as applicable, by the individuals purported to have executed or
certified, as the case may be, such documents;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.2in;text-align:justify;text-indent:-.2in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(c)&#160;&#160; all factual information contained in the Documents
is, and all material statements made to us in connection with the Documents
are, true and accurate;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.2in;text-align:justify;text-indent:-.2in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(d)&#160; the Registration Statement will (i) be duly executed
and filed with the SEC in the form reviewed by us, (ii) become effective under
the Securities Act following SEC review prior to the issuance of Obligations by
the Company and (iii) remain in full force and effect and not be amended or
supplemented as to any matter affecting the opinions herein;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.2in;text-align:justify;text-indent:-.2in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(e)&#160; so long as the Plan is in full force and effect, each
member of the committee administering the Plan (the </font><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Administrative Committee</font></b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">)
is validly appointed to the Administrative Committee by the Head of Group Human
Resources in accordance with the Business Requirements Document;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.2in;text-align:justify;text-indent:-.2in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(f)&#160;&#160; immediately after giving effect to the issuance of
any Obligations, the aggregate amount of outstanding obligations of the Company
and its affiliates under the Plan will not exceed $100,000,000;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.2in;text-align:justify;text-indent:-.2in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(g)&#160; the Plan, the Articles, the Regulations, the Group
Head HR Approval and the Business Requirements Document continue in full force
and effect and have not been amended;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.2in;text-align:justify;text-indent:-.2in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(h)&#160; the Excerpt and the Minutes are correct and complete;
and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.2in;text-align:justify;text-indent:-.2in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(i)&#160;&#160; the Resolution (i) has been duly resolved in a
meeting duly convened and otherwise in the manner set forth therein, (ii) has
not been amended, and (iii) is in full force and effect.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>




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<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:.75in;margin-right:0in;margin-top:12.0pt;text-indent:-.5in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:18.0pt;line-height:28.0pt;">III.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:28.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:18.0pt;line-height:28.0pt;">Opinion&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Based on the
foregoing and subject to the qualifications set out below, we are of the
opinion that as of the date hereof:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.2in;text-align:justify;text-indent:-.2in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">1.&#160;&#160; The Company is a corporation (</font><i><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Aktiengesellschaft</font></i><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">)
duly incorporated and validly existing under the laws of Switzerland.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.2in;text-align:justify;text-indent:-.2in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.&#160;&#160; The Company has the necessary corporate power and
authority to issue the Obligations.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.2in;text-align:justify;text-indent:-.2in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">3.&#160;&#160; The Plan has been duly authorized by all necessary
corporate action by the Company.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.2in;text-align:justify;text-indent:-.2in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">4.&#160;&#160; With respect to each Obligation to be issued by the
Company under any Compensation Deferral Agreement, when the terms of such
Compensation Deferral Agreement have been duly approved by the Administrative
Committee in accordance with the Business Requirements Documents and the Plan,
the entry into such Compensation Deferral Agreement and the issuance of such
Obligation thereunder will have been duly authorized by all necessary corporate
action by the Company.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:.75in;margin-right:0in;margin-top:12.0pt;text-indent:-.5in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:18.0pt;line-height:28.0pt;">IV.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:28.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:18.0pt;line-height:28.0pt;">Qualifications&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">The above opinions
are subject to the following qualifications:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.2in;text-align:justify;text-indent:-.2in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(a)&#160; The lawyers of
our firm are members of the Zurich bar and do not hold themselves out to be
experts in any laws other than the laws of Switzerland. Accordingly, we are
opining herein as to Swiss law only and we express no opinion with respect to
the applicability or the effect of the laws of any other jurisdiction to or on
the matters covered herein.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.2in;text-align:justify;text-indent:-.2in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(b)&#160; We express no
opinion on the legality, validity or enforceability of any of the provisions of
the Plan, any Compensation Deferral Agreement or any Obligations or the
performance of the obligations assumed by the Company thereunder. We also
express no opinion on any Company Contribution.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.2in;text-align:justify;text-indent:-.2in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(c)&#160;&#160; Further, we
express no opinion as to tax matters, regulatory matters or as to any commercial,
accounting, calculating, auditing or other non-legal matter.</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:center;text-indent:-.5in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">*&#160;&#160; *&#160;&#160; *</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">We have issued this opinion as of the
date hereof and we assume no obligation to advise you of any changes in fact or
in law that are made or brought to our attention after the date hereof. This
opinion is addressed to you for your benefit, and is not to be relied upon by
any other person without our express consent.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:11.35pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">We hereby consent to the filing of
this opinion with the SEC as an exhibit to the Registration Statement. In
giving such consent, we do not admit that we are in the category of persons
whose consent is required under Section 7 of the U.S. Securities Act of 1933,
as amended. Save as aforementioned, this opinion may not be transmitted by you
to any other person, quoted or referred to in any public document or filed with
anyone, in each case, without our express consent.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">This opinion shall be governed by and
construed in accordance with the laws of Switzerland. We confirm our
understanding that all disputes arising out of or in connection with this
opinion shall be subject to the exclusive jurisdiction of the courts of the
Canton of Zurich, Switzerland, venue being the City of Zurich.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

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<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
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  <p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;">Sincerely yours,</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;">/s/ Homburger AG</font></p>
  </td>
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</table>


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<FILENAME>exhibit0512.htm
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<title>exhibit.5.1</title>


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<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Exhibit 5.1</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><img height=49 id="Picture 1" src="exhibit0512x0x0.jpg" width=330></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:right;"><font color=red face=Helvetica,sans-serif lang=DE style="font-size:10.0pt;"><br>
</font><font color=black face="Frutiger 45 Light,sans-serif" lang=DE style="font-size:9.0pt;">December 3, 2018 </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><font color=black face="Frutiger 45 Light,sans-serif" lang=DE style="font-size:9.0pt;">UBS Group AG,<br>
Bahnhofstrasse 45,<br>
CH-8001 Zurich, Switzerland. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><a name=Debevoise></a><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">Ladies
and Gentlemen<a name="Debevoise_bclEnd"></a>:</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;"> &nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">In
connection with the registration under the Securities Act of 1933 (the &#8220;Act&#8221;)
of USD $100,000,000 aggregate amount of deferred compensation obligations (the
&#8220;Obligations&#8221;) of UBS Group AG, a corporation organized under the laws of
Switzerland (the &#8220;Company&#8221;), pursuant to the Registration Statement on Form S-8
(as amended from time to time, the &#8220;Registration Statement&#8221;), we, as your
counsel, have examined the UBS Group AG Voluntary Investment Plan (the &#8220;Plan&#8221;),
and such corporate records, certificates and other documents, and such
questions of law, as we have considered necessary or appropriate for the
purposes of this opinion.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">Upon
the basis of such examination and subject to the qualifications stated herein,
we are of the opinion that when Obligations are issued in accordance with the
Plan, such Obligations will constitute valid and legally binding obligations of
the Company, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating
to or affecting creditors&#8217; rights and to general equity principles.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">The
foregoing opinion is limited to the Federal laws of the United States and the
laws of the State of New York, and we are expressing no opinion as to the
effect of the laws of any other jurisdiction. In rendering the foregoing
opinion, we have assumed, without independent verification, that the Company
has been duly incorporated and is an existing corporation in good standing
under the laws of Switzerland, that the Obligations were or will be duly
authorized, executed and delivered by the Company insofar as the laws of
Switzerland are concerned and that all corporate action by the Company related
to the Obligations was or will be duly authorized as a matter of Swiss law.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">In
rendering the foregoing opinion, we are not passing upon, and assume no
responsibility for, any disclosure in the Registration Statement or any related
prospectus or other offering material regarding the Company or the Securities
or their offering and sale.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">We have relied as to certain factual matters on information
obtained from public officials, officers of the Company and other sources believed
by us to be responsible, and we have assumed that the Obligations have been
duly authorized, executed and delivered by the Trustee thereunder, an
assumption which we have not independently verified.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">We hereby consent to
the filing of this opinion as an exhibit to the Registration Statement. In
giving such consent, we do not thereby admit that we are in the category of
persons whose consent is required under Section 7 of the Act.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<div align=right>

<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
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  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;">Very truly yours,</font></p>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;">/s/ Debevoise &amp; Plimpton LLP</font></p>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>6
<FILENAME>exhibit231.htm
<TEXT>

<html>

<head>
<meta content="text/html; charset=utf-8" />


<title>exhibit.23.1</title>


</head>

<body link=blue vlink=purple><a name="page_1"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>
<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Exhibit 23.1 </font></b></p>

<p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:right;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">Zurich, 30
November 2018</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">Consent of Independent Registered Public Accounting Firm</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">We consent to the incorporation by reference in the Registration
Statement pertaining to the Employees' Savings Plan of UBS Group AG of our
reports dated 8 March 2018, with respect to the consolidated financial
statements of UBS Group AG and the effectiveness of internal control over
financial reporting of UBS Group AG included in its Annual Report (Form 20-F)
for the year ended December 31, 2017, filed with the Securities and Exchange
Commission. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">Ernst &amp; Young Ltd</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;margin-left:.4pt;width:100%;">
 <tr style="height:16.65pt;page-break-inside:avoid;">
  <td valign=top width=49% style="border:none;border-bottom:solid windowtext 1.0pt;height:16.65pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;line-height:14.0pt;">/s/ Marie-Laure Delarue</font></p>
  </td>
 <td valign=top width=3% style="height:16.65pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;line-height:14.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=48% style="border:none;border-bottom:solid windowtext 1.0pt;height:16.65pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;line-height:14.0pt;">/s/ Ira Fitlin</font></p>
  </td>
 </tr>
<tr style="height:14.0pt;page-break-inside:avoid;">
  <td valign=top width=49% style="border:none;height:14.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:9.0pt;line-height:14.0pt;">Marie-Laure Delarue</font></p>
  </td>
 <td valign=top width=3% style="height:14.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:9.0pt;line-height:14.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=48% style="border:none;height:14.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:9.0pt;line-height:14.0pt;">Ira Fitlin</font></p>
  </td>
 </tr>
<tr style="height:10.0pt;page-break-inside:avoid;">
  <td valign=bottom width=49% style="height:10.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:9.0pt;line-height:9.0pt;">Licensed Audit Expert</font></p>
  </td>
 <td valign=bottom width=3% style="height:10.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=48% style="height:10.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-GB style="font-size:9.0pt;line-height:9.0pt;">Certified Public Accountant (U.S.)</font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>




<DIV bclFooter>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2></BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>7
<FILENAME>exhibit240.htm
<TEXT>

<html>

<head>
<meta content="text/html; charset=utf-8" />


<title>exhibit.24.1</title>


</head>

<body link=blue vlink=purple><a name="page_1"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>
<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Exhibit 24.1 </font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:20.0pt;">UBS GROUP AG</font></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.0pt;line-height:20.0pt;">POWER OF ATTORNEY</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">KNOW ALL MEN BY THESE PRESENTS, that
each undersigned does hereby make, constitute and appoint each of David Kelly,
Jordan Schiffman, Ella Campi, and each of them, each with full power to act
without the others, as his or her true and lawful attorneys-in-fact and agent,
with full power of substitution and resubstitution, in his or her name, place
and stead, in any and all capacities, to sign the registration statements on
Form S-8 relating to the registration of the UBS Voluntary Investment Plan for
US employees, and any and all amendments thereto (including post-effective
amendments), and to file the same, with all exhibits thereto and other
documents in connection therewith, with the Securities and Exchange Commission,
granting to said attorneys-in-fact and agents full power and authority to do
and perform each and every act and thing whatsoever necessary or appropriate to
be done in and about the premises as fully for all intents and purposes as he
or she might or could do in person, hereby ratifying and confirming all that
his or her said attorneys-in-fact and agent or their substitutes may lawfully
do or cause to be done by virtue hereof.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">Signatures</font></u></p>
  </td>
 <td valign=top width=67% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">Title</font></u></p>
  </td>
 </tr>
<tr>
  <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;text-decoration:none;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">/s/
  Sergio P. Ermotti _____<br>
  </font></u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">Sergio
  P. Ermotti</font></p>
  </td>
 <td width=67% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;">Group
  Chief Executive Officer (principal executive officer)</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;text-decoration:none;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">/s/
  Kirt Gardner _________<br>
  </font></u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">Kirt
  Gardner</font></p>
  </td>
 <td width=67% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;">Group
  Chief Financial Officer (principal financial officer)</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;text-decoration:none;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">/s/
  Todd Tuckner ________<br>
  </font></u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">Todd
  Tuckner</font></p>
  </td>
 <td width=67% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;line-height:115%;text-autospace:ideograph-other;">Group Chief Accounting
  Officer (principal accounting officer)</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">

  <p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;text-decoration:none;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">/s/
  Axel A. Weber __ _____<br>
  </font></u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">Axel
  A. Weber</font></p>
  </td>
 <td valign=top width=67% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;text-decoration:none;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;">Chairman
  and Member of Board of Directors</font></p>
  </td>
 </tr>
</table></div>



<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>




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<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font color=red face=Helvetica,sans-serif lang=EN-US style="font-size:20.0pt;">&nbsp;</font></p>


</DIV>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;text-decoration:none;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">/s/
  Michel Demar&#233; ______<br>
  </font></u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">Michel
  Demar&#233;</font></p>
  </td>
 <td valign=top width=67% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;">Member
  of Board of Directors</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;text-decoration:none;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">/s/
  David Sidwell _____ __<br>
  </font></u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">David
  Sidwell</font></p>
  </td>
 <td valign=top width=67% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;">Member
  of Board of Directors</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;text-decoration:none;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">/s/
  Jeremy Anderson ____<br>
  </font></u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">Jeremy
  Anderson</font></p>
  </td>
 <td valign=top width=67% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;line-height:115%;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:12.0pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;line-height:115%;text-autospace:ideograph-other;">Member of Board of
  Directors</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;text-decoration:none;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">/s/
  Reto Francioni ___&#160;&#160; __<br>
  </font></u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">Reto
  Francioni</font></p>
  </td>
 <td valign=top width=67% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;line-height:115%;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:12.0pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;line-height:115%;text-autospace:ideograph-other;">Member of Board of
  Directors</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;text-decoration:none;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">/s/
  Ann. F. Godbehere ___<br>
  </font></u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">Ann.
  F. Godbehere</font></p>
  </td>
 <td valign=top width=67% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;line-height:115%;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:12.0pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;line-height:115%;text-autospace:ideograph-other;">Member of Board of
  Directors</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;text-decoration:none;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">/s/
  Fred Hu ____________<br>
  </font></u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">Fred
  Hu</font></p>
  </td>
 <td valign=top width=67% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;line-height:115%;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:12.0pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;line-height:115%;text-autospace:ideograph-other;">Member of Board of
  Directors</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;text-decoration:none;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">/s/
  Julie G. Richardson ___<br>
  </font></u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">Julie
  G. Richardson</font></p>
  </td>
 <td valign=top width=67% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;line-height:115%;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:12.0pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;line-height:115%;text-autospace:ideograph-other;">Member of Board of
  Directors</font></p>
  </td>
 </tr>
<tr style="height:66.55pt;page-break-inside:avoid;">
  <td valign=top width=33% style="height:66.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;text-decoration:none;">&nbsp;</font></p>
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">/s/
  Isabelle Romy ________<br>
  </font></u><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:9.0pt;">Isabelle
  Romy</font></p>
  </td>
 <td valign=top width=67% style="height:66.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;line-height:115%;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:12.0pt;"><font color=windowtext face="Frutiger 45 Light,sans-serif" style="font-size:9.0pt;line-height:115%;text-autospace:ideograph-other;">Member of Board of
  Directors</font></p>
  </td>
 </tr>
</table></div>



<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Dated: October 19, 2018</font></p>




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