UBS Financial Highlights

Interactive Report

	Quarter ended			% change from

CHF million, except where indicated	31.3.2004	31.12.2003	31.3.2003	4Q03	1Q03


Income statement key figures
Operating income	10,295	8,538	7,768	21	33
Operating expenses	7,206	6,303	6,174	14	17
Operating profit before tax and minority interest	3,089	2,235	1,594	38	94
Net profit	2,423	1,808	1,209	34	100
Cost / income ratio (%)¹	70.0	73.4	78.8


Per share data (CHF)
Basic earnings per share ²	2.25	1.68	1.05	34	114
Diluted earnings per share ²	2.18	1.64	1.02	33	114


Return on shareholders' equity (in %) ³	29.2	17.8	13.2

CHF million, except where indicated				% change from

As at	31.3.2004	31.12.2003	31.3.2003	31.12.2003	31.3.2003


Balance sheet key figures
Total assets	1,670,033	1,550,056		8
Shareholders' equity	37,602	35,310		6


Market capitalization	105,857	95,401	67,808	11	56


BIS capital ratios
Tier 1 (%) ⁴	12.1	11.8	11.5
Total BIS (%)	13.5	13.3	13.6
Risk-weighted assets	262,674	251,901	238,746	4	10


Invested assets (CHF billion)	2,238	2,133	1,923	5	16


Headcount (full time equivalents)
Switzerland	26,469	26,662	27,689	(1)	(4)
Europe (excluding Switzerland)	10,011	9,906	10,130	1	(1)
Americas	25,211	25,511	26,770	(1)	(6)
Asia/Pacific	3,939	3,850	3,806	2	3
Total	65,630	65,929	68,395	0	(4)


Long-term ratings
Fitch, London	AA+	AA+	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

CHF million, except where indicated	31.3.2004	31.12.2003	31.3.2003	4Q03	1Q03


Operating income	10,295	8,538	7,768	21	33
Operating expenses	6,981	6,078	5,932	15	18
Operating profit before tax and minority interest	3,314	2,460	1,836	35	81
Net profit	2,648	2,033	1,451	30	82


Cost / income ratio (%) ⁷	67.8	70.8	75.7
Basic earnings per share (CHF) ⁸	2.46	1.89	1.26	30	95
Diluted earnings per share (CHF) ⁹	2.38	1.84	1.23	29	93


Return on shareholders' equity (%) ¹⁰	31.9	20.5	15.8

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 year to date (annualized as applicable)/ 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 There were no significant financial events in the current and comparative periods.
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 Net profit year to date (annualized as applicable) less the amortization of goodwill and other intangible assets and significant financial events (after tax) / average shareholders’ equity less dividends.

Throughout this report, 2003 and 2002 results have been restated to reflect the accounting changes (IAS 32/39, investment property, credit risk losses incurred on OTC derivatives, change in treatment of corporate client assets in Business Banking Switzerland) effective 1 January 2004 and announced 22 April 2004.

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