B – Selected Financial Data

The tables below set forth, for the periods and dates indicated, information concerning the noon buying rate for the Swiss franc, expressed in United States dollars, or USD, per one Swiss franc. The noon buying rate is the rate in New York City for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York.

On 28 February 2006, the noon buying rate was 0.7627 USD per 1 CHF.

Year ended 31 December	High	Low	Average rate ¹ (USD per 1 CHF)	At period end
2001	0.6331	0.5495	0.5910	0.5857
2002	0.7229	0.5817	0.6453	0.7229
2003	0.8189	0.7048	0.7493	0.8069
2004	0.8843	0.7601	0.8059	0.8712
2005	0.8721	0.7544	0.8039	0.7606

Month	High	Low
September 2005	0.8139	0.7712
October 2005	0.7855	0.7679
November 2005	0.7825	0.7544
December 2005	0.7820	0.7570
January 2006	0.7940	0.7729
February 2006	0.7788	0.7575

¹ The average of the noon buying rates on the last business day of each full month during the relevant period.

	For the year ended
CHF million, except where indicated	31.12.05	31.12.04	31.12.03	31.12.02	31.12.01
Income statement data
Interest income	59,286	39,228	40,045	39,896	52,187
Interest expense	(49,758)	(27,484)	(27,784)	(29,417)	(44,236)
Net interest income	9,528	11,744	12,261	10,479	7,951
Credit loss (expense) / recovery	375	241	(102)	(112)	(499)
Net interest income after credit loss (expense) / recovery	9,903	11,985	12,159	10,367	7,452
Net fee and commission income	21,436	18,506	16,673	17,481	19,440
Net trading income	7,996	4,902	3,670	5,381	8,732
Other income	1,125	932	225	285	609
Income from Industrial Holdings	10,515	6,086	2,900	1,245	1,691
Total operating income	50,975	42,411	35,627	34,759	37,924
Total operating expenses	37,926	32,124	28,355	31,007	31,723
Operating profit from continuing operations before tax	13,049	10,287	7,272	3,752	6,201
Tax expense	2,549	2,224	1,419	597	1,359
Net profit from continuing operations	10,500	8,063	5,853	3,155	4,842
Net profit from discontinued operations	4,190	407	400	210	445
Net profit	14,690	8,470	6,253	3,365	5,287
Net profit attributable to minority interests	661	454	349	348	356
Net profit attributable to UBS shareholders	14,029	8,016	5,904	3,017	4,931
Cost / income ratio (%) ¹	70.1	73.2	76.8	84.7	79.1
Per share data (CHF)
Basic earnings per share ²	13.93	7.78	5.44	2.59	4.05
Diluted earnings per share ²	13.36	7.40	5.19	2.54	3.90
Operating profit before tax per share	12.96	9.99	6.70	3.22	5.09
Cash dividends declared per share (CHF) ³	3.20	3.00	2.60	2.00	0.00
Cash dividend equivalent in USD ³		2.54	2.00	1.46	0.00
Dividend payout ratio (%)	23.0	38.6	47.8	77.2
Rates of return (%)
Return on equity attributable to UBS shareholders ⁴	39.4	25.5	17.8	8.2	12.4
Return on average equity	36.9	23.6	16.8	7.6	11.9
Return on average assets	0.67	0.44	0.38	0.20	0.36

¹ Operating expenses / operating income before credit loss expense for Financial Businesses. ² For EPS calculation, see Note 8 to the Financial Statements. ³ Dividends are normally declared and paid in the year subsequent to the reporting period. In 2001 an amount of CHF 1.60 per share was distributed to shareholders in the form of a par value reduction, in respect of 2000. No dividend was paid out for the year 2001. A par value reduction of CHF 2.00 per share was paid on 10 July 2002. A dividend of CHF 2.00 per share was paid on 23 April 2003, CHF 2.60 on 20 April 2004 and CHF 3.00 on 26 April 2005. A dividend of CHF 3.20 per share will be paid on 24 April 2006, and a par value reduction of CHF 0.60 per share will be distributed in July 2006 subject to approval by shareholders at the Annual General Meeting. The USD amount per share will be determined on 20 April 2006. ⁴ Net profit attributable to UBS shareholders / average equity attributable to UBS shareholders less distributions.

	As at
CHF million, except where indicated	31.12.05	31.12.04	31.12.03	31.12.02	31.12.01
Balance sheet data
Total assets	2,060,250	1,737,118	1,553,979	1,350,852	1,258,093
Equity attributable to UBS shareholders	44,324	33,941	33,659	36,010	40,873
Average equity to average assets (%)	1.81	1.86	2.25	2.67	3.03
Market capitalization	131,949	103,638	95,401	79,448	105,475
Shares
Registered ordinary shares	1,088,632,522	1,126,858,177	1,183,046,764	1,256,297,678	1,281,717,499
Treasury shares	104,259,874	124,663,310	136,741,227	141,230,691	89,804,451
BIS capital ratios
Tier 1 (%)	12.9	11.9	12.0	11.3	11.6
Total BIS (%)	14.1	13.8	13.5	13.8	14.8
Risk-weighted assets	310,409	264,832	252,398	238,790	253,735
Invested assets (CHF billion)	2,652	2,217	2,098	1,959	2,448
Personnel Financial Businesses (full-time equivalents)
Switzerland	26,028	25,990	26,662	27,972	29,163
Europe (excluding Switzerland)	11,007	10,764	9,906	10,009	9,650
Americas	27,136	26,232	25,511	27,350	27,463
Asia Pacific	5,398	4,438	3,850	3,730	3,709
Total	69,569	67,424	65,929	69,061	69,985
Long-term ratings ¹
Fitch, London	AA+	AA+	AA+	AAA	AAA
Moody's, New York	Aa2	Aa2	Aa2	Aa2	Aa2
Standard & Poor's, New York	AA+	AA+	AA+	AA+	AA+

¹ See the Handbook 2005/2006, page 57 for information about the nature of these ratings.


Balance Sheet Data
	As at
CHF million	31.12.05	31.12.04	31.12.03	31.12.02	31.12.01
Assets
Total assets	2,060,250	1,737,118	1,553,979	1,350,852	1,258,093
Due from banks	33,644	35,419	31,959	32,777	27,736
Cash collateral on securities borrowed	300,331	220,242	213,932	139,049	162,938
Reverse repurchase agreements	404,432	357,164	320,499	294,067	269,256
Trading portfolio assets	499,297	389,487	354,558	261,080	397,888
Trading portfolio assets pledged as collateral	154,759	159,115	120,759	110,365
Positive replacement values	333,782	284,577	248,206	247,421	73,447
Loans	269,969	232,167	212,670	211,707	226,535
Liabilities and Equity
Due to banks	124,328	120,026	129,084	83,561	107,031
Cash collateral on securities lent	77,267	61,545	53,278	36,870	30,317
Repurchase agreements	478,508	422,587	415,863	366,858	368,620
Trading portfolio liabilities	188,631	171,033	143,957	106,453	105,798
Negative replacement values	337,663	303,712	254,768	247,206	71,443
Financial liabilities designated at fair value	117,401	65,756	35,286	14,516
Due to customers	451,533	376,076	346,577	306,876	333,781
Debt issued	160,710	117,856	88,874	115,798	158,307
Equity attributable to UBS shareholders	44,324	33,941	33,659	36,010	40,873


US GAAP Income Statement Data
	For the year ended
CHF million	31.12.05	31.12.04	31.12.03	31.12.02	31.12.01
Operating income
Interest income	59,039	38,991	39,802	39,612	51,817
Interest expense	(49,588)	(27,245)	(27,628)	(29,334)	(44,096)
Net interest income	9,451	11,746	12,174	10,278	7,721
Credit loss (expense) / recovery	375	334	(74)	(112)	(499)
Net interest income after credit loss (expense) / recovery	9,826	12,080	12,100	10,166	7,222
Net fee and commission income	21,436	18,435	16,606	17,481	19,440
Net trading income	6,864	4,795	3,944	5,870	8,889
Other income	793	1,180	382	(65)	504
Revenues from Industrial Holdings	8,674	3,648
Total operating income	47,593	40,138	33,032	33,452	36,055
Operating expenses
Personnel expenses	20,220	18,297	17,234	18,224	19,294
General and administrative expenses	6,667	6,545	5,917	6,953	7,465
Depreciation of property and equipment	1,414	1,365	1,368	1,573	1,759
Amortization of goodwill	0	0	0	0	2,385
Amortization of other intangible assets	201	180	110	1,443	298
Goods and materials purchased	7,142	2,861
Restructuring costs	0	0	0	0	112
Total operating expenses	35,644	29,248	24,629	28,193	31,313
Operating profit from continuing operations before tax	11,949	10,890	8,403	5,259	4,742
Tax expense	3,078	2,015	1,790	456	1,323
Minority interests	(410)	(435)	(350)	(331)	(344)
Net profit from continuing operations	8,461	8,440	6,263	4,472	3,075
Net profit from discontinued operations	3,853	372	250	435	159
Change in accounting principle: cumulative effect of adoption of
“AICPA Audit and Accounting Guide, Audits of Investment Companies”
on certain financial investments, net of tax				639
Cumulative adjustment of accounting for certain equity-based
compensation plans as cash settled, net of tax		6
Cumulative adjustment due to the adoption of SFAS 123 (revised 2004),
“Share-Based Payment” on 1 January 2005, net of tax	38
Net profit	12,352	8,818	6,513	5,546	3,234


US GAAP Balance Sheet Data
	As at
CHF million	31.12.05	31.12.04	31.12.03	31.12.02	31.12.01
Assets
Total assets	2,322,261	1,903,186	1,699,007	1,296,938	1,361,920
Due from banks	33,427	35,286	31,758	32,481	27,550
Cash collateral on securities borrowed	274,099	218,414	211,058	139,073	162,566
Reverse repurchase agreements	404,432	357,164	320,499	294,086	269,256
Trading portfolio assets	607,432	449,389	423,733	331,480	455,406
Trading portfolio assets pledged as collateral	152,237	159,115	120,759	110,365
Positive replacement values 1	337,409	284,468	248,924	83,757	73,474
Loans	267,530	228,968	212,729	211,755	226,747
Goodwill	28,104	26,977	26,775	28,127	29,255
Other intangible assets	1,665	1,722	1,174	1,222	4,510
Other assets	116,831	101,068	64,381	21,314	36,972
Liabilities and Equity
Due to banks	127,252	119,021	127,385	83,178	106,531
Cash collateral on securities lent	66,916	57,792	51,157	36,870	30,317
Repurchase agreements	482,843	423,513	415,863	366,858	368,620
Trading portfolio liabilities	193,965	190,907	149,380	117,721	119,528
Obligation to return securities received as collateral	67,430	12,950	13,071	16,308	10,931
Negative replacement values ¹	432,171	360,345	326,136	132,354	116,666
Due to customers	466,410	386,913	347,358	306,872	333,766
Accrued expenses and deferred income	18,707	14,830	13,673	15,330	17,289
Debt issued	240,212	164,744	123,259	129,527	156,462
Shareholders' equity	60,475	52,668	53,174	55,576	59,282

¹ Positive and negative replacement values represent the fair value of derivative instruments. From 2003 onwards, they are presented on a gross basis under US GAAP.

Ratio of Earnings to Fixed Charges

The following table sets forth UBS's ratio of earnings to fixed charges for the periods indicated. Ratios of earnings to combined fixed charges and preferred stock dividend requirements are not presented as there were no preferred share dividends in any of the periods indicated.



	For the year ended
	31.12.05	31.12.04	31.12.03	31.12.02	31.12.01
IFRS ¹	1.24	1.35	1.24	1.11	1.13
US GAAP ¹	1.23	1.37	1.28	1.17	1.10

¹ The ratio is provided using both IFRS and US GAAP values, since the ratio is materially different under the two accounting standards.

Important legal information - please read the disclaimer before proceeding.
Products and services in these webpages may not be available for residents of certain nations. Please consult the sales restrictions relating to the service in question for further information.
© UBS 1998-2009. All rights reserved.
Privacy Policy