UBS Financial Highlights

UBS Financial Highlights

UBS Income Statement

	Quarter ended			% change from		Year ended

CHF million, except where indicated	31.12. 2004	30.9. 2004	31.12. 2003	3Q04	4Q03	31.12. 2004	31.12. 2003


Net profit	2,021	1,671	1,808	21	12	8,089	6,239


Basic earnings per share (CHF)¹	1.97	1.60	1.68	23	17	7.68	5.59
Return on shareholders’ equity (%)²						24.7	17.8


Performance Indicators adjusted for significant financial events and pre-goodwill^{3, 4}
Basic earnings per share (CHF)⁵	2.21	1.86	1.89	19	17	8.60	6.43
Return on shareholders’ equity (%)⁶						27.7	20.5
Financial Businesses⁷

Operating income	9,167	8,456	8,538	8	7	37,402	33,790
Operating expenses	6,575	6,265	6,303	5	4	26,935	25,613
Net profit	1,993	1,654	1,808	20	10	8,044	6,239


Cost / income ratio (%)⁸	72.7	74.2	73.4			72.6	75.6
Net new money, wealth management businesses (CHF billion)⁹	13.3	16.7	14.2			59.4	50.8


Headcount (full-time equivalents)	67,424	66,894	65,929	1	2


Earnings adjusted for significant financial events and pre-goodwill^{3, 4, 7}
Operating income	9,167	8,456	8,538	8	7	37,402	33,629
Operating expenses	6,365	6,038	6,078	5	5	26,048	24,670
Net profit	2,203	1,881	2,033	17	8	8,931	7,180


Cost / income ratio (%)⁸	70.4	71.5	70.8			70.2	73.2

UBS Balance Sheet & Capital Management

CHF million, except where indicated				% change from

As at	31.12. 2004	30.9. 2004	31.12. 2003	3Q04	4Q03


Shareholders’ equity	34,978	34,524	35,310	1	(1)


Market capitalization	103,638	95,812	95,401	8	9


BIS capital ratios
Tier 1 (%)¹⁰	11.8	11.5	11.8
Total BIS (%)	13.6	13.3	13.3
Risk-weighted assets	264,125	272,813	251,901	(3)	5


Invested assets (CHF billion)	2,250	2,261	2,133	0	5


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

From third quarter 2004 onwards, Motor-Columbus is fully consolidated in UBS’s Financial Statements.

The reporting structure is split into two components: Financial Businesses and Industrial Holdings.

1 For the EPS calculation, see Note 8 to the Financial Statements.
2 Net profit / average shareholders’ equity less dividends.
3 Excludes the amortization of goodwill and other intangible assets.
4 Details of significant financial events can be found in the UBS Targets section.
5 Net profit less the amortization of goodwill and other intangible assets and significant financial events (after-tax) / weighted average shares outstanding.
6 Net profit less the amortization of goodwill and other intangible assets and significant financial events (after-tax) / average shareholders’ equity less dividends.
7 Excludes results from Industrial Holdings.
8 Operating expenses / operating income less credit loss expense or recovery.
9 Includes Wealth Management and Wealth Management USA. Excludes interest and dividend income.
10 Includes hybrid Tier 1 capital, please refer to the BIS capital and ratios table in the capital management section.

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