UBS Financial Highlights

Interactive Report

	Quarter ended			% change from		Year ended

CHF million, except where indicated	31.12. 2003	30.9. 2003	31.12. 2002	3Q03	4Q02	31.12. 2003	31.12. 2002


Income statement key figures
Operating income	8'598	8'490	7'524	1	14	33'972	34'121
Operating expenses	6'306	6'353	7'776	(1)	(19)	25'624	29'577
Operating profit / (loss) before tax	2'292	2'137	(252)	7		8'348	4'544
Net profit / (loss)	1'859	1'673	(101)	11		6'385	3'535
Cost / income ratio (%) ¹	72.8	75.1	103.5			75.2	86.2


Per share data (CHF)
Basic earnings per share ²	1.73	1.52	(0.09)	14		5.72	2.92
Diluted earnings per share ²	1.68	1.47	(0.09)	14		5.61	2.87


Return on shareholders' equity (%) ³						18.2	8.9

CHF million, except where indicated				% change from

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


Shareholders' equity	35'446	35'704	38'991	(1)	(9)


Market capitalization	95'401	84'440	79'448	13	20


BIS capital ratios
Tier 1 (%) ⁴	11.4	11.5	11.3
Total BIS (%)	12.8	13.3	13.8
Risk-weighted assets	261'618	241'533	238'790	8	10


Invested assets (CHF billion)	2'209	2'182	2'037	1	8


Headcount (full time equivalents)
Switzerland	26'662	26'901	27'972	(1)	(5)
Europe (excluding Switzerland)	9'906	9'922	10'009	0	(1)
Americas	25'511	25'506	27'350	0	(7)
Asia/Pacific	3'850	3'824	3'730	1	3
Total	65'929	66'153	69'061	0	(5)


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 ended

CHF million, except where indicated	31.12. 2003	30.9. 2003	31.12. 2002	3Q03	4Q02	31.12. 2003	31.12. 2002


Operating income	8'598	8'490	7'452	1	15	33'811	33'894
Operating expenses	6'081	6'115	6'259	(1)	(3)	24'681	27'117
Operating profit before tax	2'517	2'375	1'193	6	111	9'130	6'777
Net profit	2'084	1'911	1'075	9	94	7'326	5'529


Cost / income ratio (%) ⁷	70.2	72.2	84.1			72.7	79.5
Basic earnings per share (CHF) ⁸	1.94	1.73	0.92	12	111	6.56	4.57
Diluted earnings per share (CHF) ⁹	1.89	1.68	0.92	13	105	6.43	4.50


Return on shareholders' equity (%) ¹⁰						20.9	13.9

1 Operating expenses / operating income less credit loss expense or recovery.
2 For the EPS calculation, see Note 8 to the Financial Statements.
3 Net profit / (loss) / 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 9.
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 / (loss) less the amortization of goodwill and other intangible assets and significant financial events (after-tax) /weighted average shares outstanding.
9 Net profit / (loss) 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 Net profit / (loss) 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.

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