Results

In full-year 2004, UBS reported net profit of CHF 8,089 million, up 30% from CHF 6,239 million a year earlier. Our financial businesses achieved a record result, contributing CHF 8,044 million to 2004 net profit, up 29% from CHF 6,239 million a year earlier. Our industrial holdings made a CHF 45 million contribution to 2004 net profit.

In fourth quarter 2004, UBS reported net profit of CHF 2,021 million, up CHF 213 million from CHF 1,808 million in the same period a year earlier. Our financial businesses contributed CHF 1,993 million to fourth quarter 2004 net profit, up 10% from a year earlier. Our industrial holdings contributed CHF 28 million to net profit, representing 1.4% of UBS’s net profit, almost 18% of operating income, and 22% of operating expenses in the quarter.