Fourth Quarter Report 2005

In full-year 2005, UBS reported net profit attributable to UBS shareholders (“attributable profit”) of CHF 14,029 million, with CHF 9,844 million from continuing operations and CHF 4,185 million from discontinued operations. For our financial businesses, attributable profit from continuing operations was a record CHF 9,442 million (this excludes the impact of Private Banks & GAM, which was sold in December 2005).

In fourth quarter 2005, UBS reported attributable profit of CHF 6,487 million. This includes a contribution from discontinued operations of CHF 3,858 million, mainly related to the gain from the sale of Private Banks & GAM. Attributable profit from continuing operations was CHF 2,629 million. Financial businesses contributed CHF 2,597 million to this figure. Industrial holdings, which includes our private equity portfolio and a majority stake in Motor-Columbus, contributed CHF 32 million to fourth quarter 2005 attributable profit from continuing operations. Although the profit contribution is small, this segment made up 23.6% of our operating income and 29.7% of operating expenses.