第四季度净利润10亿瑞士法郎；普通股股息翻番

2014年股东应占净利润上升13%至36亿瑞士法郎；摊薄后每股盈利为0.94瑞士法郎
建议2014财年普通股每股派息0.50瑞士法郎
应计一次性补充股息每股0.25瑞士法郎
全面采纳的巴塞尔协议 III 普通股一级资本充足率依然在同行中保持最佳水平

苏黎世/巴塞尔, 2015年2月10日 – UBS Group AG 2014年净利润同比上升13%至36亿瑞士法郎，其中第四季度股东应占净利润为10亿瑞士法郎。调整后 全年税前利润为29亿瑞士法郎，而根据报告基准，税前利润为26亿瑞士法郎。2014年，瑞银各业务部门均取得长足进步。财富管理业务的调整后1 税前利润上升4%，所吸引亚太地区的净新资金达到2007年以来的最高水平。美洲财富管理业务的调整后1 税前利润再度刷新纪录，超过10亿美元。零售与企业业务实现所有目标，调整后1 税前利润上升4%。环球资产管理业务的净新资金取得重大好转，而投资银行业务亦实现强劲业绩，企业客户解决方案部门收入上升8%。

2014年，瑞银继续减少风险加权资产（RWA），改善杠杆率，并在同行中保持最佳的全面采纳的巴塞尔协议 III 普通股一级资本充足率。上述成果加上净利润上升13%，使得公司得以为股东提供具有吸引力的回报。因此，瑞银拟建议2014财年的普通股每股派息0.50 瑞士法郎，比上一年增加100%，股息发放比例占报告基准下集团净利润的53%。

为反映成立新集团控股公司的进展（包括成功完成换股方案），瑞银为2014年第四季度充分计提了每股0.25瑞士法郎的补充资本回报。有待股东批准后，瑞银集团拟在成功完成排挤式交易过程后支付以上一次性补充资本回报。UBS Group AG拟本月稍后时间（取决于市场条件) 面向资本市场进行首次额外一级资本证券发行。

谈及瑞银全年及第四季度业绩时，集团首席执行官Sergio P. Ermotti 表示：“我对瑞银在2014年取得的成果感到高兴。集团业绩强劲，资本充裕，我们已经完成战略转型，为未来作好了充分准备。尽管此时对于本季度下结论还言之尚早，但我们在2015年已经迈出了非常坚实的开始。这也让我们更有信心为股东提供优厚的资本回报。”

本新闻稿所提供的内容除特别指出均为UBS Group AG的综合财务信息。关于UBS AG的重大数据包含于新闻稿末尾处。UBS AG 与UBS Group AG的财务信息未存在本质上区别；有关区别已在UBS Group AG 季报的第11页与第12页上进行了说明。

全年业绩亮点

• UBS Group AG 股东应占净利润为36亿瑞士法郎； 摊薄后每股盈利为0.94瑞士法郎
• 2014财年拟建议普通股每股派息0.50瑞士法郎，增加50%，股息发放比率为53%
• 应计一次性补充股息为每股0.25瑞士法郎
• 调整后1税前利润为29亿瑞士法郎
• 全面采纳的普通股一级资本充足率超过公司13%的长期目标，使得公司即便在计提增加的股东回报的情况下，能够在同行中保持最佳的全面采纳的巴塞尔协议 III 一级资本充足率
• 全面采纳的风险加权资产为2,160亿瑞士法郎，而2015年末的目标在2,150亿瑞士法郎之下
• 全面采纳的瑞士SRB 杠杆率上升70个 基点至4.1%；杠杆、资金和流动性比率均保持远高于监管要求的水平
• 财富管理业务调整后¹税前利润上升4%至25亿瑞士法郎，达到2008年以来最高水平；净新资金强劲，达到344亿瑞士法郎，反映出2007年以来最大的资金净流入量，净新资金增长率位于目标区间
• 美洲财富管理业务实现超过10亿美元的创纪录调整后¹税前利润；净新资金达到100亿美元；毛利和调整后¹成本/ 收入比率均在目标区间内
• 零售与企业业务调整后¹税前利润上升 4%至16亿瑞士法郎；净新业务量增幅、净息差和调整后¹成本 / 收入比率均在目标区间内
• 环球资产管理业务调整后¹ 税前利润为 5亿瑞士法郎；净新资金（不包含货币市场资金流）为226亿瑞士法郎，净新资金增长率位于目标区间
• 投资银行业务录得调整后¹税前利润3亿瑞士法郎，原因是该业务须应对有关全行业的法律和监管事宜，并在资源紧张的条件下运营；企业客户解决方案部门的收入增长8%

第四季度业绩亮点

• UBS Group AG股东应占净利润 为9.63亿瑞士法郎；摊薄后每股盈利为0.26瑞士法郎
• 调整后¹ 税前利润为 6.48亿瑞士法郎
• 财富管理业务调整后¹ 税前利润为6.94亿瑞士法郎；净新资金达到30亿瑞士法郎，来自亚太地区客户、全球超高净值客户及其在欧洲地区的国内业务的活跃的净新资金流入，；调整后¹成本 / 收入比率保持在目标区间
• 美洲财富管理业务调整后¹ 税前利润为2.33亿美元；季度营业收入创下记录；净新资金增至55亿美元；年化净新资金增幅、毛利和调整后¹成本 / 收入比率均在目标区间内
• 零售与企业业务调整后¹税前利润为3.56亿瑞士法郎；净息差和调整后¹ 成本 / 收入比率均保持在目标区间内
• 环球资产管理业务调整后¹ 税前利润为1.24亿瑞士法郎；营业收入上升主要反映出传统投资及全球房地产业务的业绩报酬的增加
• 投资银行业务调整后¹税前利润为 4.26亿瑞士法郎；资讯和股票资本市场收入均有所增长；虽然调整后¹年化专属股本回报低于年度目标，但超过了季度目标；调整后¹成本 / 收入比率改善，并位于目标区间

年度业绩目标

对于2015年及后续年度，我们修改了集团和业务部门的若干外部业绩目标及重要指标。以下是业绩目标的完整列表，其中假设汇率保持一致。这些目标取代早前表述的所有目标。

集团

• 有形股权资产调整后¹ 回报率：2015年为大约10%，2016年起高于15%
• 全面采纳的巴塞尔协议 III 普通股一级资本1 充足率：13%以及10%（压力测试后）
• 巴塞尔协议 III 风险加权资产：截至2015年12月31日低于2,150亿瑞士法郎
• 巴塞尔协议III 风险加权资产：截至2017年12月31日低于2,000亿瑞士法郎
• 瑞士SRB杠杆比率的分母截至2016年达到9,000亿瑞士法郎 ²
• 调整后¹ 成本 / 收入比率：60–70%

财富管理业务

• 净新资金增幅：3–5%
• 调整后¹ 成本 / 收入比率： 55–65%

美洲财富管理业务

• 净新资金增幅：2–4%
• 调整后¹ 成本 / 收入比率：75–85%

财富管理业务及美洲财富管理业务

• 中期之每年合并调整后¹税前利润增长率10–15%
• 零售与企业业务零售业务的净新业务量增幅：1-4%
• 净息差：140–180个基点
• 调整后¹ 成本 / 收入比率：50–60%

环球资产管理业务

• 净新资金增幅：3–5%（不包含货币市场）
• 调整后¹ 成本 / 收入比率：60–70%
• 中期之调整后¹ 年度税前利润：10亿瑞士法郎

投资银行业务

• 调整后¹ 年度税前专属股本回报率：高于15%
• 调整后¹ 成本 / 收入比率： 70–80%
• 巴塞尔协议 III 风险加权资产限额：700亿瑞士法郎
• 融资资产限额：2,000亿瑞士法郎

企业中心 – 核心职能部门

• 截至2015年底年度净成本节省额为10亿瑞士法郎 ^3,4

企业中心 – 非核心和遗留资产组合

• 巴塞尔协议 III 风险加权资产：截至2015年12月31日约为400亿瑞士法郎
• 巴塞尔协议 III 风险加权资产：截至2017年12月31日约为250亿瑞士法郎
• 截至2015年底年度净成本节省额为4亿瑞士法郎³
• 2015年底后年度净成本节省额增加7亿瑞士法郎^5,6

第四季度：集团和部门概况

2014年第四季度录得股东应占净利润9.63亿瑞士法郎，摊薄后每股收益0.26瑞士法郎。该业绩包含4.93亿瑞士法郎的净税收利益。我们的各业务部门均实现盈利，集团调整后¹ 税前利润达到6.48亿瑞士法郎。我们的表现再度展现出业务的根本盈利实力，以及在具挑战的环境中实现业绩的能力。

财富管理业务实现调整后¹ 税前利润6.94亿瑞士法郎，为2008年以来最强劲的第四季度业绩。利息收入及经常性净收费收入的增加反映出借贷和按揭业务的增长，以及提高委托业务普及率的努力，并且也是投资资产增加的结果，但由于经历非常强劲的第三季度后交易收益的减少对此有所抵消。因此，毛利率下降至82个基点，低于目标区间。亚太地区客户、全球超高净值客户和欧洲本地业务客户的净新资金流入保持活跃，但受预期的欧洲跨境资金流出被部分抵消。总体而言净新资金为30亿美元。季度而言，该业务部门的年化净新资金增长率位于目标区间之外，但全年来看却在目标区间内。该季度的调整后¹ 成本 / 收入比率保持在目标区间。

美洲财富管理业务实现调整后¹ 税前利润2.33亿美元，反映出季度营业收入创新记录，但被营业费用的增加有所抵消。交易收入及净利息收入增加推动总营业收入上升，后一项收入体现出该部门的银行服务和借贷业务的持续成功。净新资金增至55亿美元，净增聘理财顾问带来更多资金流入，使得年化净新资金增长率达到2.2%，符合目标区间。投资资产的毛利率和调整后¹ 成本 / 收入比率均保持在目标区间。

零售与企业业务录得调整后¹ 税前利润3.56亿瑞士法郎。经历表现非常强劲的第3季度后营业收入有所下降。较高的信贷损失费用及下降的经常性净收费和净利息收入，被基于交易的收入增加部分抵消。零售业务的净新业务量年化增长率下降，低于目标区间，原因是净新客户资产为正，但净新贷款却出现小幅负值，这符合该部门选择性增长的业务策略。净利息收益率和调整后¹ 成本 / 收入比率均保持在目标区间。

环球资产管理业务录得调整后¹ 税前利润1.24亿瑞士法郎。营业收入上升主要反映出传统投资和全球房地产业务的业绩报酬增加。营业费用有所增加，主要原因是诉讼、监管和类似事宜的支出上升。扣除货币市场资金流动，净新资金流出量为58亿瑞士法郎，主要来于传统投资业务，毛利率和调整后¹ 成本 / 收入比率未达目标区间。第四季度的年化净新资金的增长率为负，但全年增长率仍在目标区间内。

投资银行业务实现调整后¹税前利润 4.26亿瑞士法郎。与上季度相比，按报告基准，营业收入基本保持不变。更多参与并购交易使得企业客户解决方案部门的顾问收入增加，而股权资本市场则得益于私人交易收入的上升。不过，债券资本市场业务量减少及风险管理成本增加抵消了收入的增加。投资者客户服务方面，股票业务由于现金和衍生品业务的业绩上升而表现强劲，反映出客户业务活动增多。成本下降，反映出诉讼、监管及类似事宜的拨备费用显著降低，但被年度英国银行征费的开支所部分抵消。虽然全年的调整后¹归属权益的年化回报率低于目标，但季度的年化回报率为22.7%，仍高于目标区间。调整后¹成本 / 收入比率在目标区间内。最近数月，投资银行获得若干奖项，包括瑞银被《国际融资评论》评为“年度最佳股票衍生品机构”，被《银行家》杂志评为“最具创新力银行—并购”。

企业中心 – 核心职能部门税前亏损为3.87亿瑞士法郎。营业收入为负值，主要是由于全年新发行债务部分导致较高的留存集中融资成本以及留存成本上升。企业中心– 非核心和遗留资产组合的税前亏损为7.25亿瑞士法郎。资产负债表敞口的减少超过目标。全面采纳的巴塞尔协议 III 的风险加权资产减少60亿瑞士法郎至360亿瑞士法郎，资产负债表资产减少50亿瑞士法郎。第四季度包括了对非核心资产组合进行平仓和债务更新而产生的亏损，以及终止遗留资产组合中某些信贷违约掉期合约导致的亏损和年度英国银行征费的开支。

展望 – 2015年第一季度初，我们先前强调过的许多潜在挑战和地缘政治问题依然存在。全球增长的前景喜忧参半，欧洲问题悬而未决、依然缺乏持久且有效的改善，美国财政和货币政策问题延续，地缘政治进一步不稳定，能源及其他大宗商品价格下降及潜在波动带来更大的不确定性，这一切会使当前的市场环境难以改善。此外，瑞士央行近期取消欧元兑瑞士法郎最低价，以及欧洲中央银行通过量化宽松进一步扩张资产负债表的举动，给金融市场，特别是瑞士的金融服务机构带来额外挑战。瑞士法郎相对于其他货币的升值，尤其是对美元和欧元，以及欧元区和瑞士的负利率会令我们的盈利能力承压；如果这种状况持续，则会影响到我们的某些业绩水平目标。尽管面对持续和新的挑战，我们将继续执行自身战略，以确保公司的长期成功，并为股东实现持久回报。

¹ 请参阅新闻稿末尾处“调整后业绩”部分（Adjusted Results），获取调整后业绩信息。

²  基于发布目标时（2014年5月6日）适用的规则。

³ 2015年底退出率是相对于2013年全年调整后营业费用的衡量，不包括诉讼、监管及类似事宜拨备费用变动

⁴ 衡量时不考虑汇率波动及监管要求的临时变动。

⁵ 不假设外币换算率保持恒定。

⁶ 相对于2013年全年的年度调整后营业费用减少。

/content/sites/global/en/investor-relations/financial-information/quarterly-reporting/2014porting/2014porting/2014porting/2014tion will be available from 06:45 CET on Tuesday 10 February 2015 at www.ubs.com/investors.

UBS will hold separate presentations of its fourth quarter 2014 results for analysts and the media on Tuesday 10 February 2015. The results will be presented by Sergio P. Ermotti, Group Chief Executive Officer, Tom Naratil, Group Chief Financial Officer and Group Chief Operating Officer, Caroline Stewart, Global Head of Investor Relations, and Hubertus Kuelps, Group Head of Communications & Branding.

Presentation for analysts

• 09:00 (CET)
• 08:00 (GMT)
• 03:00 (US EST)

Audio webcast

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

Presentation for the media

• 11:00 (CET)
• 10:00 (GMT)
• 05:00 (US EST)

Audio webcast

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

Webcast playback

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

UBS Group AG

Investor contact
Switzerland:    +41-44-234 41 00

Media contact
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UK:                 +44-207-567 47 14
Americas:        +1-212-882 58 57
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www.ubs.com

Cautionary Statement Regarding Forward-Looking Statements – 4Q14
This report 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 efficiency initiatives and its planned further reduction in its Basel III risk-weighted assets (RWA) and leverage ratio denominator (LRD); (ii) developments in the markets in which UBS operates or to which it is exposed, including movements in securities prices or liquidity, credit spreads, currency exchange rates and interest rates and the effect of economic conditions and market developments on the financial position or creditworthiness of UBS’s clients and counterparties; (iii) changes in the availability of capital and funding, including any changes in UBS’s credit spreads and ratings, or arising from requirements for bail-in debt 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 more stringent capital (including leverage ratio), liquidity and funding requirements, incremental tax requirements, additional levies, limitations on permitted activities, constraints on remuneration or other measures; (v) uncertainty as to when and to what degree the Swiss Financial Market Supervisory Authority (FINMA) will approve reductions to the incremental RWA resulting from the supplemental operational risk capital analysis mutually agreed to by UBS and FINMA, or will approve a limited reduction of capital requirements due to measures to reduce resolvability risk; (vi) the degree to which UBS is successful in executing the announced creation of a new Swiss banking subsidiary and a US intermediate holding company, the squeeze-out to complete the establishment of a holding company for the UBS Group, changes in the operating model of UBS Limited and other changes which UBS may make in its legal entity structure and operating model, including the possible consequences of such changes, and the potential need to make other changes to the legal structure or booking model of UBS Group in response to legal and regulatory requirements, including capital requirements, resolvability requirements and proposals in Switzerland and other countries for mandatory structural reform of banks; (vii) 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; (viii) 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; (ix) 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; (x) 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; (xi) 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; (xii) limitations on the effectiveness of UBS’s internal processes for risk management, risk control, measurement and modeling, and of financial models generally; (xiii) whether UBS will be successful in keeping pace with competitors in updating its technology, particularly in trading businesses; (xiv) the occurrence of operational failures, such as fraud, unauthorized trading and systems failures; and (xv) 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 2013. 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.

Important Notice
This document and the information it contains are not a prospectus for any security, they are not an offer or solicitation of an offer to buy or sell securities of any kind. They are solely provided as information only. This document does not contain all of the information that is material to an investor.

This press release does not constitute an offer of securities for sale in the United States of America. Securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States of America absent registration or an exemption from registration thereunder.

Adjusted Results
Unless otherwise indicated, fourth-quarter 2014 "adjusted" figures exclude each of the following items, to the extent applicable, on a Group and business division level: an own credit gain of CHF 70 million, gains on sales of real estate of CHF 20 million, net restructuring charges of CHF 208 million and a credit of CHF 8 million related to changes to retiree benefit plans in the US. For the third quarter of 2014, the items we excluded were an own credit gain of CHF 61 million, a loss of CHF 48 million related to the impairment of a financial investment available-for-sale, net restructuring charges of CHF 176 million and a credit of CHF 33 million related to changes to a retiree benefit plan in the US. For the full year 2014, the items we excluded were an own credit gain of CHF 292 million, gains on sales of real estate of CHF 44 million, a loss of CHF 48 million related to the impairment of a financial investment available-for-sale, a gain of CHF 43 million on the partial sale of a financial investment available-for-sale, net restructuring charges of CHF 677 million and a credit of CHF 41 million related to changes to retiree benefit plans in the US. For the full year 2013, the items we excluded were an own credit loss of CHF 283 million, gains on sales of real estate of CHF 288 million, net losses related to the buyback of debt in public tender offers of CHF 167 million, a gain on the sale of Global Asset Management’s Canadian domestic business of CHF 34 million, a net gain on the sale of our remaining proprietary trading business of CHF 31 million and net restructuring charges of CHF 772 million. Adjusted results are non-GAAP financial measures as defined by SEC regulations. Please refer to the "Group performance" section of the Fourth Quarter 2014 Report for more information on adjusted results.

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