Exhibit 7

STATEMENT REGARDING RATIO OF EARNINGS TO FIXED CHARGES

     The following table sets forth UBS’s ratio of earnings to fixed charges on a IFRS basis for the periods indicated. The ratios are calculated based on earnings from continuing operations. Ratios of earnings to combined fixed charges and preferred stock dividend requirements are not presented as there were no preferred share dividends in any of the periods indicated. Prior period amounts have been restated. See Note 36 to the Financial Statements (Discontinued Operations) on pages 107 to 109 of the Financial Statements 2007 for further information.

For the year ended		31.12.07		31.12.06		31.12.05		31.12.04		31.12.03
CHF million except for ratios
Pre-tax earnings from continuing operations	1		-3,577		14,179		12,178		9,625		6,827
Add: Fixed charges			104,805		81,809		50,584		28,298		28,607
Pre-tax earnings before fixed charges			101,228		95,988		62,762		37,923		35,434
Fixed charges:
Interest			103,775		80,880		49,758		27,484		27,784
Other	2		1,030		929		826		814		823
Total fixed charges			104,805		81,809		50,584		28,298		28,607
Ratio of earnings to fixed charges			0.97		1.17		1.24		1.34		1.24

1	Pre-tax earnings from continuing operations includes the elimination of subsidiary associate and minority interest income and the addition of dividends received from associates.
2	Other fixed charges is the interest component of rental expense.