UBS Financial Highlights

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UBS Financial Highlights

UBS Income Statement

	Quarter ended			% change from

CHF million, except where indicated	31.3.05	31.12.04	31.3.04	4Q04	1Q04


Net profit attributable to UBS shareholders	2,625	2,078	2,277	26	15


Basic earnings per share (CHF)¹	2.60	2.07	2.16	26	20
Diluted earnings per share (CHF)¹	2.48	1.97	2.05	26	21
Return on equity attributable to UBS shareholders (%)²	32.4	25.5	28.8
Performance indicators ³

Basic earnings per share (CHF)⁴	2.60	2.23	2.34	17	11
Return on equity attributable to UBS shareholders (%)²	32.4	27.8	31.1
Financial Businesses ⁵

Operating income	10,104	9,084	10,135	11	0
Operating expenses	6,877	6,600	7,120	4	(3)
Net profit attributable to UBS shareholders	2,427	1,889	2,248	28	8


Cost / income ratio (%)⁶	69.0	73.0	70.3
Net new money, wealth management businesses (CHF billion)⁷	21.2	13.3	19.0


Headcount (full-time equivalents)	68,197	67,407	65,607	1	4
Pre-goodwill earnings ³

Operating income	10,104	9,084	10,135	11	0
Operating expenses	6,877	6,433	6,940	7	(1)
Net profit attributable to UBS shareholders	2,427	2,056	2,428	18	0


Cost / income ratio (%)⁶	69.0	71.1	68.5

UBS balance sheet & capital management

	As at			% change from

CHF million, except where indicated	31.3.05	31.12.04	31.3.04	31.12.04	31.3.04
Balance sheet key figures

Total assets	1,838,823	1,737,118		6
Equity attributable to UBS shareholders	38,130	33,941		12


Market capitalization	109,838	103,638	105,857	6	4
BIS capital ratios

Tier 1 (%)⁸	11.5	11.9	12.4
Total BIS (%)	13.0	13.8	13.8
Risk-weighted assets	286,014	264,832	263,833	8	8


Invested assets (CHF billion)	2,360	2,250	2,238	5	5
Long-term ratings

Fitch, London	AA+	AA+	AA+
Moody’s, New York	Aa2	Aa2	Aa2
Standard & Poor’s, New York	AA+	AA+	AA+

1 For the EPS calculation, see note 8 to the financial statements.
2 Net profit attributable to UBS shareholders year to date (annualized as applicable) / average equity attributable to UBS shareholders less dividends.
3 Excludes the amortization of goodwill in 2004. Due to changes in accounting standards, there is no amortization of goodwill from 2005 onwards.
4 Net profit attributable to UBS shareholders /weighted average shares outstanding.
5 Excludes results from industrial holdings.
6 Operating expenses / operating income less credit loss expense or recovery.
7 Includes Wealth Management and Wealth Management USA. Excludes interest and dividend income.
8 Includes hybrid Tier 1 capital, please refer to the BIS capital and ratios table in the capital management section.

From first quarter 2005 onwards, the entire private equity portfolio is reported as part of the Industrial Holdings segment.

Throughout this report, 2004 and 2003 results have been restated to reflect accounting changes (IAS 1, IFRS 2, IFRS 4, IAS 27 and IAS 28) effective 1 January 2005.

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