UBS Financial Highlights

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UBS Financial Highlights

UBS income statement

	Quarter ended			% change from		Year ended

CHF million, except where indicated	31.12.05	30.9.05	31.12.04	3Q05	4Q04	31.12.05	31.12.04


Net profit attributable to UBS shareholders	6,487	2,770	2,078	134	212	14,029	8,016


Basic earnings per share (CHF)¹	6.56	2.75	2.07	139	217	13.93	7.78
Diluted earnings per share (CHF)¹	6.28	2.64	1.97	138	219	13.36	7.40
Return on equity attributable to UBS shareholders (%)²						39.4	25.5
Performance indicators from continuing operations³

Basic earnings per share (CHF)¹	2.66	2.59	2.05	3	30	9.78	8.02
Return on equity attributable to UBS shareholders (%)⁴						27.6	26.3
Financial Businesses⁵

Operating income	10,593	10,403	8,794	2	20	39,896	35,971
Operating expenses	7,417	7,146	6,413	4	16	27,704	26,149
Net profit attributable to UBS shareholders	6,337	2,642	1,889	140	235	13,517	7,656


Cost / income ratio (%)⁶	70.9	68.9	73.4			70.1	73.2
Net new money, wealth management businesses (CHF billion)⁷	19.7	31.1	12.9			95.1	60.4


Personnel (full-time equivalents)	69,569	70,502	67,407	(1)	3
Pre-goodwill earnings from continuing operations³

Operating income	10,593	10,403	8,794	2	20	39,896	35,971
Operating expenses	7,417	7,146	6,260	4	18	27,704	25,503
Net profit attributable to UBS shareholders	2,597	2,528	1,964	3	32	9,442	8,003


Cost / income ratio (%)⁶	70.9	68.9	71.6			70.1	71.4

UBS balance sheet & capital management

	As at			% change from

CHF million, except where indicated	31.12.05	30.9.05	31.12.04	30.9.05	31.12.04


Equity attributable to UBS shareholders	44,324	39,019	33,941	14	31


Market capitalization	131,949	116,732	103,638	13	27


BIS capital ratios
Tier1 (%)⁸	12.9	11.3	11.9
Total BIS (%)	14.1	12.5	13.8
Risk-weighted assets	310,409	316,586	264,832	(2)	17


Invested assets (CHF billion)	2,652	2,666	2,217	(1)	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 / average equity attributable to UBS shareholders less distributions.
3 Excludes the amortization of goodwill in 2004. Due to changes in accounting standards, there is no amortization of goodwill from 2005 onwards.
4 Net profit attributable to UBS shareholders from continuing operations / average equity attributable to UBS shareholders less distributions.
5 Excludes results from industrial holdings.
6 Operating expenses / operating income less credit loss expense or recovery.
7 Includes Wealth Management International & Switzerland and Wealth Management US. Excludes interest and dividend income.
8 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 US into the new Global Wealth Management & Business Banking Business Group, the change in treatment of the Wealth Management US cash management business and the shift of the municipal securities business to the Investment Bank. Prior periods have been 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 (IAS1, IFRS2, IFRS 4, IAS27, and IAS28) effective 1January 2005 as well as the presentation of discontinued operations.

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