UBS Financial Highlights

Interactive Report

	Quarter ended			% change from		Year to date

CHF million, except where indicated	30.9. 2003	30.6. 2003	30.9. 2002	2Q03	3Q02	30.9. 2003	30.9. 2002


Income statement key figures
Operating income	8,490	9,111	8,000	(7)	6	25,374	26,597
Operating expenses	6,353	6,788	6,788	(6)	(6)	19,318	21,801
Operating profit before tax	2,137	2,323	1,212	(8)	76	6,056	4,796
Net profit	1,673	1,639	942	2	78	4,526	3,636
Cost / income ratio (%) ¹	75.1	74.7	83.9			76.0	81.3


Per share data (CHF)
Basic earnings per share ²	1.52	1.44	0.79	6	92	4.00	2.98
Diluted earnings per share ²	1.47	1.42	0.76	4	93	3.93	2.84


Return on shareholders' equity (%) ³						16.9	11.8

CHF million, except where indicated				% change from

As at	30.9. 2003	30.6. 2003	31.12. 2002	30.6. 2003	31.12. 2002


Balance sheet key figures
Total assets	1,328,140	1,365,491	1,181,118	(3)	12
Shareholders' equity	35,704	36,692	38,991	(3)	(8)


Market capitalization	84,440	88,219	79,448	(4)	6


BIS capital ratios
Tier 1 (%) ⁴	11.5	12.0	11.3
Total BIS (%)	13.3	14.0	13.8
Risk-weighted assets	241,533	243,032	238,790	(1)	1


Invested assets (CHF billion)	2,182	2,168	2,037	1	7


Headcount (full time equivalents)
Switzerland	26,901	27,209	27,972	(1)	(4)
Europe (excluding Switzerland)	9,922	10,063	10,009	(1)	(1)
Americas	25,506	25,914	27,350	(2)	(7)
Asia / Pacific	3,824	3,787	3,730	1	3
Total	66,153	66,973	69,061	(1)	(4)


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

Earnings adjusted for significant financial events and pre-goodwill ^{5, 6}

	Quarter ended			% change from		Year to date

CHF million, except where indicated	30.9. 2003	30.6. 2003	30.9. 2002	2Q03	3Q02	30.9. 2003	30.9. 2002


Operating income	8,490	8,950	8,000	(5)	6	25,213	26,442
Operating expenses	6,115	6,550	6,483	(7)	(6)	18,600	20,858
Operating profit before tax	2,375	2,400	1,517	(1)	57	6,613	5,584
Net profit	1,911	1,875	1,247	2	53	5,242	4,454


Cost / income ratio (%) ⁷	72.2	73.4	80.1			73.6	78.2
Basic earnings per share (CHF) ⁸	1.73	1.65	1.04	5	66	4.64	3.65
Diluted earnings per share (CHF) ⁹	1.68	1.62	1.01	4	66	4.55	3.50


Return on shareholders' equity (%) ¹⁰						19.6	14.6

1 Operating expenses/operating income less credit loss expense or recovery.
2 For the EPS calculation, see Note 8 to the Financial Statements.
3 Year to date annualized net profit/average shareholders’ equity less dividends.
4 Includes hybrid Tier 1 capital, please refer to the BIS capital and ratios table in the UBS Results section.
5 Excludes the amortization of goodwill and other intangible assets.
6 Details of significant financial events can be found in the UBS Results section on page 7.
7 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.
8 Net profit less the amortization of goodwill and other intangible assets and significant financial events (after tax)/weighted average shares outstanding.
9 Net profit for diluted EPS less the amortization of goodwill and other intangible assets and significant financial events (after tax)/weighted average shares outstanding for diluted EPS.
10 Year to date annualized net profit less the amortization of goodwill and other intangible assets and significant financial events (after tax)/average shareholders’ equity less dividends.

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

All financial information included in this report is unaudited, except for balance sheet information as at 31 December 2002, which is audited.

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