Financial Highlights

UBS Share Performance

Shareholder returns				% change from

For the year ended	31.12.03	31.12.02	31.12.01	31.12.02
Basic EPS (CHF) as reported¹ before goodwill and adjusted for significant financial events²	5.72 6.56	2.92 4.57	3.93 4.97	96 44
RoE (%) as reported³ before goodwill and adjusted for significant financial events⁴	18.2 20.9	8.9 13.9	11.7 14.8
Financial strength & ratings

As at	31.12.03	31.12.02	31.12.01
BIS Tier 1 capital ratio (%)⁵	11.8	11.3	11.6
Long-term ratings Fitch, London Moody's, New York Standard & Poor's, New York	AA+ Aa2 AA+	AAA Aa2 AA+	AAA Aa2 AA+

Key income statement figures				% change from

CHF million, except where indicated For the year ended	31.12.03	31.12.02	31.12.01	31.12.02
Income statement key figures Operating income Operating expenses Operating profit before tax Net profit	33,972 25,624 8,348 6,385	34,121 29,577 4,544 3,535	37,114 30,396 6,718 4,973	0 (13) 84 81
Cost/income ratio (%)⁶	75.2	86.2	80.8
Earnings adjusted for significant financial events and pre-goodwill^7,8 Operating income Operating expenses Operating profit before tax Net profit	33,811 24,681 9,130 7,326	33,894 27,117 6,777 5,529	37,114 29,073 8,041 6,296	0 (9) 35 33
Cost/income ratio (%)⁹	72.7	79.5	77.3

Other key figures				% change from

CHF million, except where indicated As at	31.12.03	31.12.02	31.12.01	31.12.02
Total assets Shareholders' equity	1,386,000 35,446	1,181,118 38,991	1,253,297 43,530	17 (9)
Market capitalization	95,401	79,448	105,475	20
Invested assets (CHF billion)	2,209	2,037	2,448	8
Headcount (full-time equivalents) Switzerland Europe (excluding Switzerland) Americas Asia Pacific Total	26,662 9,906 25,511 3,850 65,929	27,972 10,009 27,350 3,730 69,061	29,163 9,650 27,463 3,709 69,985	(5) (1) (7) 3 (5)

Footnotes:
1 Details of the EPS calculation can be found in Note 8 in the Financial Report 2003.
2 Net profit less the amortization of goodwill and other intangible assets and significant financial events (after-tax)/weighted average shares outstanding.
3 Net profit/average shareholders' equity less dividends.
4 Net profit less the amortization of goodwill and other intangible assets and significant financial events (after-tax)/average shareholders' equity less dividends.
5 Includes hybrid Tier 1 capital, please refer to Note 29 in the Financial Report 2003.
6 Operating expenses/operating income less credit loss expense or recovery.
7 Excludes the amortization of goodwill and other intangible assets.
8 Details of significant financial events can be found within the Financial Results section.
9 Operating expenses less the amortization of goodwill and other intangible assets and significant financial events/operating income less credit loss expense or recovery and significant financial events.

Throughout this report, 2001 and 2002 segment results have been restated to reflect the transfer of the Private Banks & GAM to Corporate Center.