瑞银第二季度调整后税前利润17亿瑞郎

UBS Group AG股东应占净利润10.34亿瑞郎；摊薄后每股盈利0.27瑞郎调整后有形股权资产年化回报率为10.1% 整体业绩强劲；个人和企业银行业务表现格外出色全面采纳的CET1 资本充足率为14.2%；全面采纳的CET1杠杆率为3.4% 瑞银采取行动支持联合国可持续发展目标

苏黎世/巴塞尔，2016年7月29日——2016年第二季度，瑞银实现强劲的业绩，调整后1税前利润为16.72亿瑞郎，略高于2015年第二季度，而2015年第二季度的市场环境更加利好，尤其是亚洲市场。UBS Group AG股东应占净利润为10.34亿瑞郎，摊薄后每股盈利为0.27瑞郎。集团调整后1有形股权资产年化回报率为10.1%。尽管经济和地缘政治方面的不确定性持续升级，导致客户活动始终处于非常低的水平，并且一级市场发行量低迷，瑞银依然实现了上述业绩。

瑞银保持强劲的资本状况，全面采纳的CET1 资本充足率为14.2%，全面采纳的CET1杠杆率为3.4%。尽管监管不断加强，风险加权资产（RWA）与前一季度相比保持稳定，为2,140亿瑞郎。全面采纳的杠杆率分母（LRD）小幅减少至8,980亿瑞郎。

截至2016年6月30日，集团达成之前宣布的节省净成本14亿瑞郎的目标，本季度节省2亿瑞郎，正在稳步实现2017年末前减少净成本21亿瑞郎的目标，同时继续承担显著提高的监管成本。在当前充满挑战的环境下，瑞银正采取负责任的措施以节省整个公司范围的成本支出，同时确保其内控框架、客户服务质量和战略增长重点不受影响。

集团首席执行官Sergio P. Ermotti 表示：“我们通过帮助客户应对艰难的市场环境，同时严格控制风险并进一步降低成本，从而实现这一季度的强劲业绩。瑞银依然处于稳固地位，拥有强劲的资本、明确的战略和十分多元化的业务模式。”

2016年第二季度：业务部门和企业中心业绩概况2

本新闻稿所提供的内容除特别指出均为UBS Group AG的合并财务信息。UBS AG（合并）与UBS Group AG（合并）的财务信息未存在本质上区别， UBS Group AG（合并）和 UBS AG（合并）之间的比较将在本新闻稿末尾处提供。UBS AG 2016年第二季度报告将于2016年8月4日公布于网站www.ubs.com/investors的“季度报告”部分。

2016年第二季度：业务部门和企业中心业绩概况²

财富管理业务实现调整后¹税前利润6.06亿瑞郎，较2015年第二季度减少1.63亿瑞郎，尽管客户活动进一步减少，公司仍取得了这强韧的业绩。财富管理业务吸引了60亿瑞郎的净新资金，同时继续实现可持续的收益，这是由于亚太地区和瑞士地区取得强劲的资金净流入，但被新兴市场和欧洲地区跨境资金流出所部分抵消。第二季度净新委托投资为69亿瑞郎，渗透率上升至投资资产的27.1%。

美洲财富管理业务录得调整后¹税前利润2.81亿美元，而2015年第二季度为2.31亿美元，反映出净利息收入创下纪录且营业支出降低。尽管出现与季节性税务相关的资金外流，第二季度仍吸引净新资金24亿美元，而去年同一季度为净流出资金7亿美元。

个人与企业银行业务录得调整后¹税前利润4.63亿瑞郎，高于2015年第二季度的4.14亿瑞郎，创下2008年第四季度以来的最佳季度业绩，尽管负利率环境形成持续性挑战，但是营业收入提高及营业支出降低。个人银行业务的年化新业务量的净增长稳定，增长率为3.0%.在处于市场领先地位的电子及手机银行业务的推动下，上半年新增客户的净增长创下纪录。

资产管理业务实现调整后¹税前利润1.48亿瑞郎，较去年同期的1.34亿瑞郎增长了10%，主要原因是全球房地产业务的业绩费增加。不包括货币市场的资金流量，净新资金流出为88亿瑞郎，原因是资产配置的调整（包括从主动投资转向被动投资）和客户流动性的需求。

投资银行业务录得调整后¹税前利润4.47亿瑞郎，而2015年第二季度为6.17亿瑞郎。得益于审慎的风险和资源管理以及对成本控制采取果断的措施，第二季度调整后¹专属股本年化回报率表现强劲。尽管外汇、利率和信贷业务表现强劲，但投资客户服务部门 (Investor Client Services) 的业绩同比出现下滑。企业客户解决方案部门(Corporate Client Solutions) 的收入下降，部分原因是全球佣金收入规模的缩小，反映出参与交易时审慎的风险偏好。截至季度末，投资银行业务的风险加权资产（RWA）为640亿瑞郎，而杠杆率分母（LRD）为2,670亿瑞郎。

企业中心—服务(Corporate Centre – Services) 录得调整后¹税前亏损2.13亿瑞郎，较2015年第二季度减少4，000万瑞郎。集团资产负债管理部门录得调整后¹税前利润7，000万瑞郎。非核心和遗留资产组合录得调整后¹税前亏损1.24亿瑞郎，杠杆率分母（LRD）较2016年一季度降低80亿瑞郎，至330亿瑞郎。

¹参阅新闻稿末尾处“调整后业绩”段落。

²从2016年二季度开始，我们每季度对集团和业务部门以及企业中心业绩的说明是基于与前一年同一季度业绩的比较。

瑞银支持联合国可持续性举措

瑞银于6月份宣布了‘瑞银大奖赛’（UBS Grand Challenge）的获胜者，UBS Grand Challenge是一项动员了1，200名员工参与的内部竞赛，旨在为五项新的联合国可持续发展目标设计创新解决方案。获胜团队的解决方案是“随手存（save-as-you-go）”移动支付技术，用以帮助缩小低收入与中等收入人群的养老金缺口，让他们在每次使用电子手段支付时都能自动储存一笔养老金。获胜团队将与全球发展中心（Center for Global Development）合作，将产品推向市场。

作为“联合国全球契约”(UN Global Conpact) 的首批签署公司，且拥有最大的可持续投资基金组合之一，瑞银致力于支持“联合国全球契约100可持续性指数”的推出。瑞银协助开发了该指数，为投资者在投资于环境、社会与治理（ESG）相关的企业时提供了一个基准。

奖项和成就

根据财富管理研究机构Scorpio Partnership的调查，瑞银为全球最大的财富管理机构，管理资产总额为1.7万亿美元。在最近的《欧洲货币》杂志（Euromoney）的卓越大奖中，瑞银获得了“全球最佳财富管理银行”、“瑞士最佳银行”和“全球最佳业界银行”等殊荣。瑞银投资银行的创新交易平台UBS Neo在《Profit & Loss》杂志主办的“2016年度电子外汇大奖”中获得四个奖项，包括“最佳平台奖”，“客户体验大奖”，“最佳利率平台”和“最佳结构性产品平台奖”。《亚洲金融》杂志（FinanceAsia）在其20周年纪念特刊中授予瑞银一系列铂金奖项，包括泛亚洲铂金奖中的最佳私人银行奖，以及最佳股票公司类别的共同优胜者。瑞银最近还在Trendence Institute的年度调查中被商科学生评为瑞士最受欢迎雇主。

展望

持续不断的市场波动、宏观经济的不确定性和加剧的地缘政治风险，加上英国公投决定退出欧盟带来的影响，持续造成客户的风险规避情绪和整体交易量降低。这些情况在可预见的未来难以改变。此外，利率低于预期并已陷入负值以及瑞郎（尤其是兑欧元）相对走强继续带来较大的挑战。瑞士银行资本标准的变动和国际银行监管框架的变动见议将带来更高的资本要求和成本。瑞银具备有利条件，可获益于当前即便温和改善的市场条件，并将继续严格执行自身策略，以缓解上述影响。

Performance by business division and Corporate Center unit – reported and adjusted¹,²

	For the quarter ended 30.6.16
CHF million	Wealth Manage- ment	Wealth Manage- ment Americas	Personal & Corporate Banking	Asset Manage- ment	Investment Bank	CC – Services³	CC – Group ALM	CC – Non- core and Legacy Portfolio	UBS
Operating income as reported	1,815	1,879	1,085	483	2,000	78	45	19	7,404
of which: gain on sale of investment in Visa Europe	21		102						123
of which: gains on sales of real estate						120			120
of which: net foreign currency translation losses⁴							(26)		(26)
of which: losses on sales of subsidiaries and businesses	(23)								(23)
Operating income (adjusted)	1,817	1,879	983	483	2,000	(42)	71	19	7,210

Operating expenses as reported	1,297	1,643	551	369	1,716	190	2	148	5,915
of which: personnel-related restructuring expenses⁵	7	5	1	4	37	139	0	0	192
of which: non-personnel-related restructuring expenses⁵	6	0	0	6	4	168	0	0	185
of which: restructuring expenses allocated from CC Services⁵	73	33	30	24	122	(287)	0	5	0
Operating expenses (adjusted)	1,211	1,605	520	335	1,553	170	2	143	5,538
of which: expenses for provisions for litigation, regulatory and similar matters	9	16	0	(5)	26	2	0	23	72

Operating profit / (loss) before tax as reported	518	237	534	114	284	(113)	44	(129)	1,489
Operating profit / (loss) before tax (adjusted)	606	275	463	148	447	(213)	70	(124)	1,672

	For the quarter ended 30.6.15
CHF million	Wealth Manage- ment	Wealth Manage- ment Americas	Personal & Corporate Banking	Asset Manage- ment	Investment Bank	CC – Services³	CC – Group ALM	CC – Non- core and Legacy Portfolio	UBS
Operating income as reported	2,080	1,823	952	476	2,355	(41)	138	35	7,818
of which: own credit on financial liabilities designated at fair value							259		259
of which: gains on sales of subsidiaries and businesses	56								56
of which: gain on a further partial sale of investment in Markit					11				11
Operating income (adjusted)	2,024	1,823	952	476	2,344	(41)	(121)	35	7,492

Operating expenses as reported	1,324	1,631	555	346	1,804	212	7	180	6,059
of which: personnel-related restructuring expenses⁵	18	0	0	0	0	85	0	7	110
of which: non-personnel-related restructuring expenses⁵	10	0	0	0	1	70	0	0	81
of which: restructuring expenses allocated from CC Services⁵	41	24	16	4	65	(155)	0	6	0
of which: impairment of an intangible asset					11				11
Operating expenses (adjusted)	1,255	1,607	538	342	1,727	212	7	167	5,857
of which: expenses for provisions for litigation, regulatory and similar matters	10	51	0	0	(12)	0	0	23	71

Operating profit / (loss) before tax as reported	756	191	397	130	551	(253)	132	(145)	1,759
Operating profit / (loss) before tax (adjusted)	769	215	414	134	617	(253)	(127)	(132)	1,635

¹ Adjusted results are non-GAAP financial measures as defined by SEC regulations. ²Comparative figures in this table may differ from those originally published in quarterly and annual reports due to adjustments following organizational changes, restatements due to the retrospective adoption of new accounting standards or changes in accounting policies, and events after the reporting period. ³ Corporate Center - Services operating expenses presented in this table are after service allocations to business divisions and other Corporate Center units. ⁴ Related to the disposal of foreign subsidiaries and branches. ⁵ Refer to “Note 18 Changes in organization and disposals” in the “Consolidated financial statements” section of the UBS Group second quarter 2016 report for more information.

UBS Group AG key figures

	As of or for the quarter ended				As of or year-to-date
CHF million, except where indicated	30.6.16	31.3.16	31.12.15	30.6.15	30.6.16	30.6.15

Group results
Operating income	7,404	6,833	6,775	7,818	14,237	16,659
Operating expenses	5,915	5,855	6,541	6,059	11,770	12,193
Operating profit / (loss) before tax	1,489	978	234	1,759	2,467	4,467
Net profit / (loss) attributable to UBS Group AG shareholders	1,034	707	949	1,209	1,741	3,186
Diluted earnings per share (CHF)¹	0.27	0.18	0.25	0.32	0.45	0.85

Key performance indicators²
Profitability
Return on tangible equity (%)	8.9	6.0	8.1	11.0	7.4	14.4
Return on assets, gross (%)	3.0	2.9	2.8	3.1	2.9	3.2
Cost / income ratio (%)	79.8	85.7	95.7	77.4	82.6	73.1
Growth
Net profit growth (%)	(14.5)	(64.2)	10.6	52.7	(45.4)	72.6
Net new money growth for combined wealth management businesses (%)³	1.7	5.9	2.9	1.5	3.8	2.6
Resources
Common equity tier 1 capital ratio (fully applied, %)⁴	14.2	14.0	14.5	14.4	14.2	14.4
Leverage ratio (phase-in, %)⁵	6.0	6.0	6.2	5.4	6.0	5.4

Additional information
Profitability
Return on equity (RoE) (%)	7.7	5.1	6.9	9.4	6.4	12.4
Return on risk-weighted assets, gross (%)⁶	13.9	13.0	12.9	14.7	13.4	15.5
Resources
Total assets	989,397	966,873	942,819	950,168	989,397	950,168
Equity attributable to UBS Group AG shareholders	52,876	54,845	55,313	50,211	52,876	50,211
Common equity tier 1 capital (fully applied)⁴	30,264	29,853	30,044	30,265	30,264	30,265
Common equity tier 1 capital (phase-in)⁴	37,064	36,580	40,378	38,706	37,064	38,706
Risk-weighted assets (fully applied)⁴	213,840	213,558	207,530	209,777	213,840	209,777
Common equity tier 1 capital ratio (phase-in, %)⁴	17.1	16.9	19.0	18.2	17.1	18.2
Total capital ratio (fully applied, %)⁴	23.1	22.7	22.9	21.2	23.1	21.2
Total capital ratio (phase-in, %)⁴	25.4	25.7	26.8	25.0	25.4	25.0
Leverage ratio (fully applied, %)⁵	5.5	5.4	5.3	4.7	5.5	4.7
Leverage ratio denominator (fully applied)⁵	898,195	905,801	897,607	944,422	898,195	944,422
Liquidity coverage ratio (%)⁷	133	134	124	114	133	114
Other
Invested assets (CHF billion)⁸	2,677	2,618	2,689	2,628	2,677	2,628
Personnel (full-time equivalents)	60,093	60,547	60,099	59,648	60,093	59,648
Market capitalization⁹	48,398	59,638	75,147	74,547	48,398	74,547
Total book value per share (CHF)⁹	14.27	14.74	14.75	13.71	14.27	13.71
Tangible book value per share (CHF)⁹	12.54	13.04	13.00	12.04	12.54	12.04

¹ Refer to "Note 9 Earnings per share (EPS) and shares outstanding" in the "Consolidated financial statements" section of the UBS Group second quarter 2016 report for more information. ² Refer to the "Measurement of performance" section of our Annual Report 2015 and to the “Recent developments” section of the UBS Group second quarter 2016 report for the definitions of our key performance indicators. ³ Based on adjusted net new money which excludes the negative effect on net new money of CHF 6.6 billion in Wealth Management from our balance sheet and capital optimization program in the second quarter of 2015. ⁴ Based on the Basel III framework as applicable for Swiss systemically relevant banks (SRBs). Refer to the "Capital management" section of the UBS Group second quarter 2016 report for more information. ⁵ Calculated in accordance with Swiss SRB rules. Refer to the “Capital management” section of the UBS Group second quarter 2016 report for more information. From 31 December 2015 onward, the leverage ratio denominator calculation is aligned with the Basel III rules. Figures for periods prior to 31 December 2015 are calculated in accordance with former Swiss SRB rules and are therefore not fully comparable. ⁶Based on fully applied risk-weighted assets. ⁷ Refer to the "Balance sheet, liquidity and funding management" section of the UBS Group second quarter 2016 report for more information. Figures represent a 3-month average. The second, third and fourth quarter 2015 liquidity coverage ratios were adjusted from 121% to 114%, 127% to 121% and 128% to 124%, respectively. ⁸ Includes invested assets for Personal & Corporate Banking. ⁹ Refer to the "UBS shares" section of the UBS Group second quarter 2016 report for more information.

Income statement

	For the quarter ended			% change from		Year-to-date
CHF million	30.6.16	31.3.16	30.6.15	1Q16	2Q15	30.6.16	30.6.15
Net interest income	1,164	1,712	1,490	(32)	(22)	2,876	3,127
Credit loss (expense) / recovery	(7)	(3)	(13)	133	(46)	(9)	(29)
Net interest income after credit loss expense	1,158	1,709	1,478	(32)	(22)	2,867	3,098
Net fee and commission income	4,087	4,093	4,409	0	(7)	8,180	8,810
Net trading income	1,891	1,013	1,647	87	15	2,904	3,781
of which: net trading income excluding own credit	1,891	1,013	1,387	87	36	2,904	3,296
of which: own credit on financial liabilities designated at fair value			259				486
Other income	269	17	285		(6)	286	970
Total operating income	7,404	6,833	7,818	8	(5)	14,237	16,659
of which: net interest and trading income	3,055	2,725	3,137	12	(3)	5,780	6,909
Personnel expenses	3,985	3,924	4,124	2	(3)	7,910	8,297
General and administrative expenses	1,666	1,664	1,695	0	(2)	3,330	3,408
Depreciation and impairment of property, equipment and software	240	243	209	(1)	15	483	429
Amortization and impairment of intangible assets	24	23	30	4	(20)	47	58
Total operating expenses	5,915	5,855	6,059	1	(2)	11,770	12,193
Operating profit / (loss) before tax	1,489	978	1,759	52	(15)	2,467	4,467
Tax expense / (benefit)	376	270	443	39	(15)	646	1,113
Net profit / (loss)	1,113	708	1,316	57	(15)	1,820	3,354
Net profit / (loss) attributable to non-controlling interests	79	0	106		(25)	79	168
Net profit / (loss) attributable to UBS Group AG shareholders	1,034	707	1,209	46	(14)	1,741	3,186

Comprehensive income
Total comprehensive income	1,558	349	(584)	346		1,907	1,142
Total comprehensive income attributable to non-controlling interests	407	(50)	11			357	(71)
Total comprehensive income attributable to UBS Group AG shareholders	1,151	399	(595)	188		1,550	1,213

Comparison UBS Group AG (consolidated) versus UBS AG (consolidated)

	As of or for the quarter ended 30.6.16			As of or for the quarter ended 31.3.16			As of or for the quarter ended 31.12.15
CHF million, except where indicated	UBS Group AG (consolidated)	UBS AG (consolidated)	Difference (absolute)	UBS Group AG (consolidated)	UBS AG (consolidated)	Difference (absolute)	UBS Group AG (consolidated)	UBS AG (consolidated)	Difference (absolute)
Income statement
Operating income	7,404	7,399	5	6,833	6,855	(22)	6,775	6,771	4
Operating expenses	5,915	5,942	(27)	5,855	5,876	(21)	6,541	6,543	(2)
Operating profit / (loss) before tax	1,489	1,457	32	978	979	(1)	234	228	6
of which: Wealth Management	518	514	4	557	552	5	344	342	2
of which: Wealth Management Americas	237	225	12	211	204	7	14	8	6
of which: Personal & Corporate Banking	534	533	1	399	399	0	355	356	(1)
of which: Asset Management	114	113	1	90	90	0	171	171	0
of which: Investment Bank	284	267	17	253	236	17	80	83	(3)
of which: Corporate Center	(198)	(195)	(3)	(534)	(502)	(32)	(729)	(732)	3
of which: Services	(113)	(109)	(4)	(203)	(193)	(10)	(345)	(349)	4
of which: Group ALM	44	42	2	(148)	(127)	(21)	(56)	(54)	(2)
of which: Non-core and Legacy Portfolio	(129)	(128)	(1)	(183)	(182)	(1)	(329)	(329)	0
Net profit / (loss)	1,113	1,088	25	708	713	(5)	950	951	(1)
of which: net profit / (loss) attributable to shareholders	1,034	1,009	25	707	713	(6)	949	950	(1)
of which: net profit / (loss) attributable to preferred noteholders		78	(78)		0	0		0	0
of which: net profit / (loss) attributable to non-controlling interests	79	1	78	0	0	0	1	1	0
Statement of comprehensive income
Other comprehensive income	445	446	(1)	(358)	(358)	0	214	214	0
of which: attributable to shareholders	117	118	(1)	(308)	(308)	0	177	177	0
of which: attributable to preferred noteholders		328	(328)		(50)	50		35	(35)
of which: attributable to non-controlling interests	329	0	329	(50)	(1)	(49)	37	2	35
Total comprehensive income	1,558	1,535	23	349	355	(6)	1,164	1,165	(1)
of which: attributable to shareholders	1,151	1,127	24	399	405	(6)	1,126	1,126	0
of which: attributable to preferred noteholders		406	(406)		(50)	50		35	(35)
of which: attributable to non-controlling interests	407	1	406	(50)	(1)	(49)	38	3	35
Balance sheet
Total assets	989,397	990,135	(738)	966,873	968,158	(1,285)	942,819	943,256	(437)
Total liabilities	935,835	936,096	(261)	910,088	910,557	(469)	885,511	886,013	(502)
Total equity	53,562	54,039	(477)	56,786	57,601	(815)	57,308	57,243	65
of which: equity attributable to shareholders	52,876	53,353	(477)	54,845	55,660	(815)	55,313	55,248	65
of which: equity attributable to preferred noteholders		649	(649)		1,905	(1,905)		1,954	(1,954)
of which: equity attributable to non-controlling interests	686	37	649	1,941	36	1,905	1,995	41	1,954
Capital information
Common equity tier 1 capital (fully applied)	30,264	32,184	(1,920)	29,853	32,118	(2,265)	30,044	32,042	(1,998)
Common equity tier 1 capital (phase-in)	37,064	38,913	(1,849)	36,580	38,762	(2,182)	40,378	41,516	(1,138)
Additional tier 1 capital (fully applied)	7,785	2,688	5,097	7,585	2,643	4,942	6,154	1,252	4,902
Tier 2 capital (fully applied)	11,331	10,441	890	11,112	10,217	895	11,237	10,325	912
Total capital (fully applied)	49,381	45,313	4,068	48,551	44,978	3,573	47,435	43,619	3,816
Risk-weighted assets (fully applied)	213,840	214,210	(370)	213,558	214,973	(1,415)	207,530	208,186	(656)
Common equity tier 1 capital ratio (fully applied, %)	14.2	15.0	(0.8)	14.0	14.9	(0.9)	14.5	15.4	(0.9)
Common equity tier 1 capital ratio (phase-in, %)	17.1	17.9	(0.8)	16.9	17.8	(0.9)	19.0	19.5	(0.5)
Total capital ratio (fully applied, %)	23.1	21.2	1.9	22.7	20.9	1.8	22.9	21.0	1.9
Leverage ratio denominator (fully applied)	898,195	899,075	(880)	905,801	907,277	(1,476)	897,607	898,251	(644)
Leverage ratio (fully applied, %)	5.5	5.0	0.5	5.4	5.0	0.4	5.3	4.9	0.4

Group and business division targets and expectations (ranges for sustainable performance over the cycle)1

Wealth Management	Net new money growth rate Adjusted cost/income ratio	3–5% 55–65%	10–15% annual adjusted pre-tax profit growth for combined businesses through the cycle
Wealth Management Americas	Net new money growth rate Adjusted cost/income ratio	2–4% 75–85%
Personal & Corporate Banking	Net new business volume growth rate Net interest margin Adjusted cost/income ratio	1–4% (personal banking) 140–180 bps 50–60%
Asset Management	Net new money growth rate Adjusted cost/income ratio Adjusted annual pre-tax profit	3–5% excluding money market flows 60–70% CHF 1 billion in the medium term
Investment Bank	Adjusted annual pre-tax RoAE Adjusted cost/income ratio RWA (fully applied) LRD (fully applied)	>15% 70–80% Expectation: around CHF 85 billion short/medium term²Expectation: around CHF 325 billion short/medium term²
Group	Net cost reduction Adjusted cost/income ratio Adjusted return on tangible equity Basel III CET1 ratio (fully applied) RWA (fully applied) LRD (fully applied)	CHF 2.1 billion by end 2017 60–70% >15% at least 13% Expectation: around CHF 250 billion short/medium term²Expectation: around CHF 950 billion short/medium term²

UBS’s second quarter 2016 report, news release and slide presentation will be available from

06:45 CEST on Friday, 29 July 2016, at

www.ubs.com/quarterlyreporting

UBS will hold a presentation of its second quarter 2016 results on Friday, 29 July 2016. The results will be presented by Sergio P. Ermotti, Group Chief Executive Officer, Kirt Gardner, Group Chief Financial Officer, Martin Osinga, Global Head of Investor Relations ad interim, and Hubertus Kuelps, Group Head of Communications & Branding.

Time

09:00–11:00 CEST
08:00–10:00 BST
03:00–05:00 US EDT

Audio webcast

The presentation for analysts can be followed live on www.ubs.com/quarterlyreporting with a simultaneous slide show.

Webcast playback

An audio playback of the results presentation will be made available at www.ubs.com/investors later in the day.

Investor contactUBS Group AG and UBS AG

Switzerland: +41-44-234 41 00

Media contact

Switzerland: +41-44-234 85 00
UK: +44-207-567 47 14
Americas: +1-212-882 58 57
APAC: +852-297-1 82 00

www.ubs.com

Cautionary Statement Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements,” including but not limited to management’s outlook for UBS’s financial performance and statements relating to the anticipated effect of transactions and strategic initiatives on UBS’s business and future development. While these forward-looking statements represent UBS’s judgments and expectations concerning the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBS’s expectations. These factors include, but are not limited to: (i) the degree to which UBS is successful in executing its announced strategic plans, including its cost reduction and efficiency initiatives and its targets for risk-weighted assets (RWA) and leverage ratio denominator (LRD), and the degree to which UBS is successful in implementing changes to its wealth management businesses to meet changing market, regulatory and other conditions; (ii) the continuing low or negative interest rate environment, developments in the macroeconomic climate and in the markets in which UBS operates or to which it is exposed, including movements in securities prices or liquidity, credit spreads, and currency exchange rates, and the effects of economic conditions, market developments, and geopolitical tensions on the financial position or creditworthiness of UBS’s clients and counterparties as well as on client sentiment and levels of activity; (iii) changes in the availability of capital and funding, including any changes in UBS’s credit spreads and ratings, as well as availability and cost of funding to meet requirements for debt eligible for total loss-absorbing capacity (TLAC) requirements, or loss-absorbing capital; (iv) changes in or the implementation of financial legislation and regulation in Switzerland, the US, the UK and other financial centers that may impose, or result in, more stringent capital, TLAC, leverage ratio, liquidity and funding requirements, incremental tax requirements, additional levies, limitations on permitted activities, constraints on remuneration or other measures, and the effect this would have on UBS’s business activities; (v) uncertainty as to when and to what degree the Swiss Financial Market Supervisory Authority (FINMA) will approve a limited reduction of gone concern requirements due to measures to reduce resolvability risk; (vi) the degree to which UBS is successful in implementing further changes to its legal structure to improve its resolvability and meet related regulatory requirements, including changes in legal structure and reporting required to implement US enhanced prudential standards, implementing a service company model, completing the transfer of the Asset Management business to a holding company, and the potential need to make further changes to the legal structure or booking model of UBS Group in response to legal and regulatory requirements relating to capital requirements, resolvability requirements and proposals in Switzerland and other countries for mandatory structural reform of banks and the extent to which such changes have the intended effects; (vii) the uncertainty arising from the UK referendum vote to withdraw from the EU and the potential need to make changes in UBS's legal structure and operations as a result of a UK exit from the EU; (viii) changes in UBS’s competitive position, including whether differences in regulatory capital and other requirements among the major financial centers will adversely affect UBS’s ability to compete in certain lines of business; (ix) changes in the standards of conduct applicable to our businesses that may result from new regulation or new enforcement of existing standards, including proposed measures to impose new and enhanced duties when interacting with customers and in the execution and handling of customer transactions; (x) the liability to which UBS may be exposed, or possible constraints or sanctions that regulatory authorities might impose on UBS, due to litigation, contractual claims and regulatory investigations, including the potential for disqualification from certain businesses or loss of licenses or privileges as a result of regulatory or other governmental sanctions, as well as the effect that litigation, regulatory and similar matters have on the operational component of our RWA; (xi) the effects on UBS’s cross-border banking business of tax or regulatory developments and of possible changes in UBS’s policies and practices relating to this business; (xii) UBS’s ability to retain and attract the employees necessary to generate revenues and to manage, support and control its businesses, which may be affected by competitive factors including differences in compensation practices; (xiii) changes in accounting or tax standards or policies, and determinations or interpretations affecting the recognition of gain or loss, the valuation of goodwill, the recognition of deferred tax assets and other matters; (xiv) limitations on the effectiveness of UBS’s internal processes for risk management, risk control, measurement and modeling, and of financial models generally; (xv) whether UBS will be successful in keeping pace with competitors in updating its technology, particularly in trading businesses; (xvi) the occurrence of operational failures, such as fraud, misconduct, unauthorized trading, financial crime, cyber-attacks, and systems failures; (xvii) restrictions on the ability of UBS Group AG to make payments or distributions, including due to restrictions on the ability of its subsidiaries to make loans or distributions, directly or indirectly, or, in the case of financial difficulties, due to the exercise by FINMA of its broad statutory powers in relation to protective measures, restructuring and liquidation proceedings; (xviii) the degree to which changes in regulation, capital or legal structure, financial results or other factors, including methodology, assumptions and stress scenarios, may affect UBS’s ability to maintain its stated capital return objective; and (xix) the effect that these or other factors or unanticipated events may have on our reputation and the additional consequences that this may have on our business and performance. The sequence in which the factors above are presented is not indicative of their likelihood of occurrence or the potential magnitude of their consequences. Our business and financial performance could be affected by other factors identified in our past and future filings and reports, including those filed with the SEC. More detailed information about those factors is set forth in documents furnished by UBS and filings made by UBS with the SEC, including UBS’s Annual Report on Form 20-F for the year ended 31 December 2015. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

Adjusted results

In addition to reporting our results in accordance with International Financial Reporting Standards (IFRS), we report adjusted results that exclude items that management believes are not representative of the underlying performance of our businesses. Such adjusted results are non-GAAP financial measures as defined by SEC regulations. Unless otherwise indicated, second quarter of 2016 “adjusted“ figures exclude each of the following items, to the extent applicable, on a Group and business division level: a gain of CHF 123 million on the sale of our investment in Visa Europe, gains on sales of real estate in Switzerland of CHF 120 million, net foreign currency translation losses of CHF 26 million, a loss of CHF 23 million on the sale of a subsidiary, and net restructuring expenses of CHF 377 million. For the second quarter of 2015, we excluded an own credit gain of CHF 259 million, gains of CHF 56 million on the sale of a business, a gain from a further partial sale of our investment in Markit of CHF 11 million, as well as net restructuring expenses of CHF 191 million and an impairment of an intangible asset of CHF 11 million. Refer to the “Group performance“ section of UBS's second quarter 2016 report for more information on adjusted results.

Rounding

Numbers presented throughout this news release may not add up precisely to the totals provided in the tables and text. Percentages, percent changes and absolute variances are calculated on the basis of rounded figures displayed in the tables and text and may not precisely reflect the percentages, percent changes and absolute variances that would be calculated on the basis of figures that are not rounded.

Tables

Within tables, blank fields generally indicate that the field is not applicable or not meaningful, or that information is not available as of the relevant date or for the relevant period. Zero values generally indicate that the respective figure is zero on an actual or rounded basis. Percentage changes are presented as a mathematical calculation of the change between periods.

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