UBS Financial Highlights

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UBS Financial Highlights

UBS income statement

	Quarter ended			% change from		Year to date

CHF million, except where indicated	30.9.05	30.6.05	30.9.04	2Q05	3Q04	30.9.05	30.9.04


Net profit attributable to UBS shareholders	2,770	2,147	1,618	29	71	7,542	5,938


Basic earnings per share (CHF)¹	2.75	2.10	1.59	31	73	7.44	5.72
Diluted earnings per share (CHF)¹	2.64	2.01	1.50	31	76	7.13	5.43
Return on equity attributable to UBS shareholders (%)²						29.0	25.1
Performance indicators ³

Basic earnings per share (CHF)¹	2.75	2.10	1.77	31	55	7.44	6.26
Return on equity attributable to UBS shareholders (%)²						29.0	27.4
Financial Businesses ⁴

Operating income	10,711	9,381	8,410	14	27	30,196	27,974
Operating expenses	7,309	6,583	6,293	11	16	20,769	20,240
Net profit attributable to UBS shareholders	2,642	2,111	1,579	25	67	7,180	5,767


Cost / income ratio (%)⁵	68.5	70.7	74.9			69.3	72.7
Net new money, wealth management businesses (CHF billion)⁶	31.1	20.2	16.5			75.4	47.5


Personnel (full-time equivalents)	70,502	69,200	66,878	2	5
Pre-goodwill earnings ³

Operating income	10,711	9,381	8,410	14	27	30,196	27,974
Operating expenses	7,309	6,583	6,109	11	20	20,769	19,693
Net profit attributable to UBS shareholders	2,642	2,111	1,763	25	50	7,180	6,314


Cost / income ratio (%)⁵	68.5	70.7	72.7			69.3	70.8

UBS balance sheet & capital management

	As at			% change from

CHF million, except where indicated	30.9.05	30.6.05	30.9.04	30.6.05	30.9.04


Balance sheet key figures
Total assets	2,125,162	2,091,062		2
Equity attributable to UBS shareholders	39,019	38,002		3


Market capitalization	116,732	108,193	95,812	8	22


BIS capital ratios
Tier 1 (%)⁷	11.3	12.2	11.7
Total BIS (%)	12.5	13.9	13.5
Risk-weighted assets	316,586	300,636	273,679	5	16


Invested assets (CHF billion)	2,666	2,518	2,226	6	20


Long-term ratings
Fitch, London	AA+	AA+	AA+
Moody’s, New York	Aa2	Aa2	Aa2
Standard & Poor’s, New York	AA+	AA+	AA+

1 For the EPS calculation, see note 8 to the financial statements.
2 Net profit attributable to UBS shareholders (annualized) / average equity attributable to UBS shareholders less dividends.
3 Excludes the amortization of goodwill in 2004. Due to changes in accounting standards, there is no amortization of goodwill from 2005 onwards.
4 Excludes results from industrial holdings.
5 Operating expenses / operating income less credit loss expense or recovery.
6 Includes Wealth Management International & Switzerland and Wealth Management USA. Excludes interest and dividend income.
7 Includes hybrid Tier 1 capital, please refer to the BIS capital and ratios table in the capital management section.

From third quarter 2005 onwards, all tables, charts, comments and analysis reflect the integration of Wealth Management USA into the new Global Wealth Management & Business Banking Business Group, the change in treatment of the Wealth Management USA cash management business and the shift of the municipal securities business to the Investment Bank. Prior periods are restated to reflect those changes.

From first quarter 2005 onwards, the entire private equity portfolio is reported as part of the Industrial Holdings segment.

Throughout this report, 2004 results have been restated to reflect accounting changes (IAS 1, IFRS 2, IFRS 4, IAS 27, and IAS 28) effective 1 January 2005 as well as the presentation of discontinued operations.

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