Banking StandardsLetter from Dr Marcel Rohner

After long and careful deliberations I have come to the conclusion that I will accept your invitation to appear before the Parliamentary Commission on Banking Standards, primarily out of respect for the House of Commons and for the House of Lords of the United Kingdom, and based on the United Kingdom’s centuries old tradition of fairness and due process. Further, given my involvement in the financial industry as a chief executive of a major global financial institution between 2007 and 2009, I accept my responsibilities and I am willing and honoured to contribute to your understanding of the reasons for and lessons learned from and during the financial crisis.

I know that my position has been the subject of correspondence and discussions between the Commission and my UK counsel, but for the avoidance of doubt, I would like to make you aware of the following points:

1.I was not involved in any way in the LIBOR manipulation, as has been explicitly stated by the investigating regulatory authorities. I have up until now neither been questioned nor asked for any comments by any party involved in this matter. As a result my understanding of the issue is very limited and I will not be able to answer any detailed questions with respect to the functioning, setting and reporting of the LIBOR rate, or any alleged misconduct by anyone at UBS relating to LIBOR. Thus, I assume that I will not be asked questions which the Commission already knows I will not be able to answer.

2.I am a Swiss citizen and resident, and as such, I am entitled to express protections under the law of Switzerland. Because of my responsibilities as the former CEO of UBS AG, I have elected to appear voluntarily before the Commission, and to waive these protections notwithstanding the fact that I will, as a result, expose myself to the possible risk of reputational harm.

I left UBS nearly four years ago and have not held an executive position in a financial institution ever since. I will almost certainly never hold one in the future. The request to appear before the Commission has created a serious personal dilemma for me which I opt to resolve by appearing and giving evidence. I now depend on your understanding of my specific situation.

6 January 2013