Exhibit 12

Ratio of Earnings to Fixed Charges

The following table sets forth UBS AG’s ratio of earnings to fixed charges, for the years indicated.

For the year ended 31 December		2000		1999		1998			1997
IAS(1)
Pre-tax earnings from continuing operations(2)			10,109		7,709		3,560			(851	)
Add: Fixed Charges			44,251		30,246		32,958			17,273
Pre-Tax Earnings Before Fixed Charges			54,360		37,955		36,518			16,422
Fixed charges:
	Interest		43,615		29,695		32,424			16,733
	Other(3)		636		551		534			540
	Total Fixed Charges		44,251		30,246		32,958			17,273
Ratio of Earnings to Fixed Charges(4)			1.23		1.25		1.11			0.95
U.S. GAAP(1)
Pre-tax earnings from continuing operations(1)			6,617		4,216		(5,319	)
Add: Fixed charges			44,220		30,211		26,307
Pre-Tax Earnings Before Fixed Charges			50,837		34,427		20,988
Fixed charges:
	Interest		43,584		29,660		25,773
	Other(3)		636		551		534
	Total Fixed Charges		44,220		30,211		26,307
Ratio of Earnings to Fixed Charges(5)			1.15		1.14		0.80

(1)	The ratio is provided using both IAS and U.S. GAAP values, as the ratio is materially different between the two accounting standards. No U.S. GAAP information is provided for 31 December 1997 as a U.S. GAAP reconciliation was not required for that period.
(2)	Pre-tax earnings from continuing operations includes the elimination of subsidiary, associate, and minority interest income and the addition of dividends received from associates.
(3)	Other fixed charges is the interest component of rental expense.
(4)	The deficiency in the coverage of fixed charges by earnings before fixed charges at 31 December 1997 was CHF 851 million.
(5)	The deficiency in the coverage of fixed charges by earnings before fixed charges at 31 December 1998 was CHF 5,319 million.